SSE (LSE:SSE), the FTSE 100 energy group, reiterated the financial outlook it set out at its full-year results on 28 May, in a first-quarter trading update ahead of Wednesday's annual general meeting.
Regulated networks investment rose 83% year-on-year to £0.9 billion, adjusted for SSEN Transmission's 25% minority interest, as construction continued on the major ASTI and LOTI transmission projects.
Generation output from SSE Renewables climbed 31% year-on-year, which the company attributed to more favourable weather and continued capacity additions.
SSE said its guidance remains subject to weather, market conditions and plant availability, "with the key winter months still to come".
The group remains on track to invest a record £5 billion this year within its five-year, £33 billion investment plan, with construction underway at the Netherton Hub near Peterhead and preparatory work started on the Western Isles HVDC link.
At Dogger Bank B, 30 turbines have been installed at a run-rate exceeding the first phase, while commissioning at Dogger Bank A remains in line with expectations.
The company raised £1.1 billion of hybrid debt at an average cost of 4.6% and £1.3 billion of senior debt at 5.1% during the quarter, diversifying its funding sources.
SSE also announced John Pettigrew, formerly of National Grid, will join the board as an independent non-executive director on 1 December.
"We remain confident in sustained momentum behind a homegrown energy system," said Barry O'Regan, chief financial officer.
