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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Scottish and Southern Energy    SSE   GB0007908733

SCOTTISH AND SOUTHERN ENERGY (SSE)
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SCOTTISH & SOUTHERN ENERGY : Phase 1 of Walney offshore wind farm operational

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07/12/2011 | 09:40am CEST

The first phase of the offshore wind farm being developed in the Irish Sea by Walney (UK) Offshore Windfarms Ltd, in which SSE (Scottish and Southern Energy plc) has a 25.1% stake, is now operational.

This means that 51 turbines, with a total installed capacity of 183.6MW, have successfully completed commissioning tests and are now available to generate electricity. As a result, SSE has added 46MW to its total electricity generation capacity.

Construction of the second and final phase of the wind farm, which also comprises 51 turbines with a total installed capacity of 183.6MW, is now well under way. The first turbine was installed in early June 2011 and a further 17 have since been installed. Phase two of the wind farm will be commissioned next year.

The wind farm as a whole is expected to have an average load factor of around 43% and produce around 1,300 GWh (gigawatt hours) of electricity in a typical year. Under the UK government’s Renewables Obligation Scheme, this output will qualify for 2.0 Renewable Obligation Certificates per MWh. SSE will receive output in proportion to its equity stake.

SSE’s share of the construction cost of the whole wind farm is expected to be around £250m, excluding connection to the electricity grid.

Colin Hood, Chief Operating Officer of SSE, said:

“This is an important milestone in SSE’s programme of investment in large capital projects and a significant addition to the company’s asset base. With good progress also being made on phase two of Walney, I am confident that the wind farm as a whole will be commissioned, as planned, next year.”

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Financials (GBP)
Sales 2019 33 782 M
EBIT 2019 1 264 M
Net income 2019 1 041 M
Debt 2019 9 448 M
Yield 2019 8,62%
P/E ratio 2019 13,29
P/E ratio 2020 11,26
EV / Sales 2019 0,62x
EV / Sales 2020 0,60x
Capitalization 11 625 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 13,6  GBP
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Alistair Phillips-Davies Chief Executive Officer & Executive Director
Richard D. Gillingwater Chairman
Anthony Edward Keeling Chief Operating Officer
Gregor Alexander Finance Director & Executive Director
Martin Pibworth Director & Managing Director-Wholesale Division
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