SSE has made no decision to carve up the group into separate renewables and network units amid speculation that one of its investors plans to break up the utility.
The company issued a statement to the London stock exchange “in response to media speculation” that hedge fund Elliott Investment Management – which has been building its stake in SSE, according to Bloomberg – planned to carve up the company.
SSE’s board of directors stated that its “clear strategic focus is on renewables and regulated electricity networks”. The utility also produces power from gas-fired generators.
It is due to provide an update on plans to grow its portfolio when it releases its half-year results in November. This will include details of its five-year spending plans and ambitions for installed renewable and flexible capacity, SSE added.
The utility launched a renewables business unit in 2018, and has overseen onshore wind, offshore wind, hydro and pumped storage projects. It has since sold its retail business, through which it sold energy.
SSE has stakes in 14GW of operational and under-development wind capacity, according to Windpower Intelligence, the research and data division of Windpower Monthly. The majority (10.9GW) of this pipeline is offshore wind.