Energy company SSE has announced a £33 billion five-year investment plan to transform the UK’s electricity network.
To help fund the plan, existing and new retail shareholders are being invited to subscribe a minimum of £250 for new shares which will run alongside a placing with institutions.
The issue price for the new shares will be announced following the close of a bookbuilding process and trading will begin on 14 November.
Martin Pibworth, chief executive of the Perth-based company, said: “Today’s transformational investment plan will help build a cleaner, more secure and more affordable energy system.
“Upgrading the UK electricity network offers a once-in-a-generation opportunity for accelerated investment that is underpinned by secure UK Government regulatory frameworks.
“It will unlock much-needed growth across the wider economy and support thousands of jobs over the course of the plan.
“Our focused, disciplined and comprehensively funded investment plan will improve lives, whilst creating sustainable value for our shareholders and society for decades to come.”
The group said interim dividends will be one-third of the prior year full dividend, “reflecting the inherent seasonality of the business”.
Half-year adjusted operating profit fell 24% to £655m from £860.5m and profit before tax was down by 28% to £521.5m from £724.7m as capital investment increased by 22% to £1.6bn, primarily in SSEN Transmission.
For 2025/26 an interim dividend of 21.4p has been declared, a third of the 2024/25 full year dividend of 64.2p. The board will continue to announce the final dividend recommendation in May, as part of the full Year Results announcement, which is expected to reflect an increase of between 5 – 10% on 2024/25.
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