Feb 4 (Reuters) - British utility SSE forecast annual adjusted earnings below last year on Wednesday, weighed down by mixed weather conditions, as it advances its five-year plan to upgrade the UK's electricity networks.
Scotland-headquartered SSE launched its 33 billion pound ($45.22 billion) five-year investment plan in November as part of efforts to boost its renewables portfolio, highlighting the wider need to modernise Britain's ageing grid amid growing power demand from the electric vehicle and artificial intelligence sectors.
"Since announcing our 33 billion pound investment programme... our focus has been on accelerating investment and delivering the plan that will create compounding, long-term earnings and value for investors," CFO Barry O'Regan said in a statement.
Last month, SSE and Germany's RWE emerged as the biggest winners in Britain's latest power auction that secured a record amount of offshore wind capacity, as the country seeks to largely decarbonise its power sector by 2030.
SSE expects adjusted earnings per share between 144 and 152 pence for the year ending March 2026, compared with the 160.9 pence reported last year.
It reported a slightly higher renewables output for the first nine-month period ended December 31, 2025.
($1 = 0.7297 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Subhranshu Sahu)
