SSE PLC (LON:SSE) Stock Outlook December 2025: Share Price, £33bn Grid Plan and Analyst Forecasts

SSE plc enters December 2025 as one of the standout performers in the UK utilities sector, trading close to record highs on the back of an ambitious £33 billion investment plan, a fresh £2 billion equity raise and strong political support for grid expansion. ^[1]

This article pulls together the latest news, numbers and forecasts as of 2 December 2025 to give a full picture of where the SSE share price stands – and what the market currently expects from here.

Where the SSE share price stands on 2 December 2025

On the London Stock Exchange, SSE shares are trading a little above 2,200p. Hargreaves Lansdown shows a bid–offer of 2,216p–2,218p at the 2 December close, implying a market capitalisation of around £26.6 billion. ^[2]

Other data providers put the last traded price around 2,206p–2,219p, with intraday trading on 2 December spanning roughly 2,211p to 2,236p. ^[3]

Key price metrics:

52‑week range: roughly 1,447.5p to 2,307p. ^[4]
1‑month performance: about +15%. ^[5]
Year‑to‑date performance: around +38%, with a 12‑month gain near +25% and a five‑year gain over +60%. ^[6]

For US investors, the SSEZY ADR on the OTC market closed at $30.12 on 1 December, up 1.76% on the day. ^[7]

Momentum has also turned technically notable. A fresh MarketBeat alert on 2 December flagged that SSE’s share price has crossed above its 200‑day moving average, with the 200‑day MA around 1,838p and the stock recently trading in the low 2,200s on heavy volume. ^[8]

The £33 billion “Transformation for Growth” plan

The centrepiece of the SSE investment story is the £33 billion fully funded five‑year capex plan announced on 12 November 2025, branded “Transformation for Growth.” ^[9]

According to the company’s regulatory filing and investor materials, the plan runs through FY2029/30 and is heavily skewed to regulated networks: ^[10]

SSEN Transmission (~£22 bn, ~67% of capex)
- Focused on delivering the RIIO‑T3 investment programme.
- Expected to increase gross regulated asset value (RAV) to around £30 bn by 2029/30 (≈30% compound growth).
SSEN Distribution (~£5 bn, ~15%)
- Completing RIIO‑ED2 and stepping into future ED3 works.
- Target RAV of £9–10 bn by 2029/30 (≈10% CAGR).
SSE Renewables (~£4 bn, ~12%)
- Funding the construction portfolio and selective new projects.
- Targeting roughly 9 GW of installed capacity by 2029/30 (up from ~5 GW).
SSE Thermal & other (~£2 bn, ~6%)
- Primarily flexible generation, including gas plants designed for future hydrogen use.

Financially, the plan aims to: ^[11]

Grow adjusted EPS by ~50%, with a 7–9% CAGR delivering 225–250p EPS by 2029/30.
Shift the business so that ~80% of EBITDA is index‑linked by 2029/30, improving earnings visibility.
Increase adjusted net debt plus hybrids by about 35% (£14 bn) while keeping net debt/EBITDA below 4.5x to preserve its investment‑grade rating.

On the policy side, SSE’s plan sits squarely inside the UK’s net‑zero strategy and “Pathway to 2030” grid build‑out, targeting a faster roll‑out of transmission lines and offshore wind connections. ^[12]

Equity raise, share capital and JPMorgan’s stake

To support the capex ramp‑up, SSE completed a £2 billion equity issue on 12 November 2025: ^[13]

Gross proceeds: about £2.0 bn.
New shares:
- 97.56 m via institutional placing.
- 339k via a retail offer.
- 16k subscribed by directors.
Placing price:2,050p, a 3.8% premium to the 11 November close at 1,975p.
Dilution: new shares equal about 8.8% of pre‑issue share capital.

After the raise and scrip adjustments, SSE’s latest share‑capital update shows: ^[14]

1,210,452,595 ordinary shares issued.
3,397,924 held in treasury.
Total voting rights:1,207,054,671 shares.

One notable buyer into this refreshed share register is JPMorgan Chase & Co. A recent TR‑1 filing reveals JPMorgan now controls just over 5.23% of voting rights in SSE (combining shares and derivatives), crossing the 5% disclosure threshold in late November. ^[15]

The strengthened equity base sits alongside earlier hybrid bond issuance and supports SSE’s claim that the £33 bn programme is “fully funded” without needing further big equity calls in the near term, assuming regulatory returns and project timings stay broadly on track. ^[16]

Earnings, balance sheet and dividend growth

SSE’s latest half‑year numbers (six months to 30 September 2025) were released alongside the strategic update: ^[17]

Adjusted EPS:36.1p, in line with management expectations and reflecting typical seasonality (winter is the stronger half).
Adjusted capex:£1.6 bn, up 22% year‑on‑year; about 70% went into regulated networks.
Adjusted net debt + hybrids: roughly £11.4 bn.

Reported figures highlight the shift from volatile generation towards steadier networks: TS2 Tech+1

Adjusted pre‑tax profit fell about 28% year‑on‑year to ~£522 m, mainly due to lower renewable output and adverse weather.
Revenue for the half year was around £4.63 bn, slightly ahead of analyst expectations.
Networks generated roughly two‑thirds of adjusted operating profit, underlining SSE’s pivot to regulated returns.

On a full‑year basis (to 31 March 2025), SSE’s fundamental profile looked like this: ^[18]

Revenue: ~£10.1 bn.
Net income: ~£1.26 bn.
Total assets: ~£30.4 bn, with total debt around £10.6 bn.
Adjusted EPS:160.9p.

Dividend policy and yield

SSE remains a dividend stock, but after the share‑price rally its yield is modest rather than high:

Dividend policy: grow DPS 5–10% annually to 2029/30 from a 64.2p 2024/25 baseline. ^[19]
Interim dividend for 2025/26:21.4p, with ex‑dividend date 4 December 2025 and payment on 30 January 2026. ^[20]
At current prices near 2,20x p, the forward yield is just under 3%, depending on where the full‑year DPS lands. ^[21]

Broker UBS has explicitly highlighted that SSE’s yield is below peers like National Grid, arguing it could take a decade for SSE’s cash yield to reach sector averages if current payout trajectories persist. TS2 Tech+1

Project pipeline: Dogger Bank, Banniskirk and Highland jobs hub

Recent company newsflow underlines how central SSE has become to the UK’s energy transition.

Key late‑2025 milestones include: ^[22]

Dogger Bank offshore wind – foundations complete
- On 27 November 2025, SSE and partners announced completion of all 277 transition pieces and monopiles at Dogger Bank Wind Farm, marking the end of the foundation installation phase at what is set to be the world’s largest offshore wind farm. TS2 Tech+1
Banniskirk Hub – planning consent granted
- On 26 November, SSE’s transmission subsidiary secured consent for the Banniskirk Hub, a new 400 kV substation and HVDC converter station in Caithness.
- The project is part of the “Pathway to 2030” programme, enabling more Scottish wind power to flow south and highlighting the planning and community‑engagement challenges of rapid grid build‑out. ^[23]
Highland hub and jobs boost
- On 1 December 2025, SSEN Transmission and BAM announced a Highland hub in Inverness expected to support around 200 jobs and deepen ties with the University of the Highlands and Islands, framing the grid plan as a regional development story as well as an infrastructure project. ^[24]
Hydrogen‑ready generation (“Mission H2 Power”)
- SSE has begun expanding a hydrogen turbine test facility in Berlin with Siemens Energy and Equinor, aimed at gas turbines capable of running on 100% hydrogen. The work links to decarbonising Keadby 2 and proposed “next‑generation” plants at Keadby and Ferrybridge. TS2 Tech

These investments all feed into SSE’s Net Zero Transition Plan, which targets, by 2030: TS2 Tech+1

72.5% reduction in absolute Scope 1 & 2 emissions (vs 2017/18).
Net‑zero Scope 1 & 2 emissions by 2040.
An 80% cut in carbon intensity of generation to 61 gCO₂e/kWh.
Growth in installed renewables from ~5 GW to ~7 GW by 2027, backed by a long‑term pipeline of ~20 GW+ (Dogger Bank, Seagreen, Viking, Berwick Bank and others).

Policy backdrop: UK Budget and credit rating

The political and regulatory context is unusually supportive for SSE’s strategy right now:

In a 26 November statement, SSE welcomed the UK government’s Budget, particularly the idea of moving legacy policy costs off energy bills and into general taxation, arguing this should make the benefits of network investment more visible to consumers and support electrification of heat and transport. ^[25]
On 13 November, S&P Global Ratings affirmed SSE’s BBB+ credit rating with a stable outlook, explicitly taking into account the larger capex plan and funding strategy (equity issue plus hybrids). TS2 Tech+1

Stronger policy support doesn’t eliminate risk – Ofgem’s final decisions on the RIIO‑T3 price control will still be crucial for allowed returns – but it does make the political narrative more aligned with SSE’s core business than in some past cycles. TS2 Tech+1

What analysts and models are forecasting for SSE stock

Across major platforms, the consensus on SSE is positive, but valuation support is slimmer after the rally.

Broker and platform consensus (12‑month view) TS2 Tech+2MarketBeat+2

MarketBeat:
- Rating: “Moderate Buy” (6 Buy, 1 Sell).
- Average target: 2,311p (range 1,997–2,500p).
- Implied upside: about 6% from a reference price around 2,18x p.
TipRanks:
- Rating: “Moderate Buy” from about 10 analysts (8 Buy, 1 Hold, 1 Sell).
- Average target: roughly 2,389p (range 1,997–2,600p).
- Implied upside: ~9% from prices near 2,20x p.
TradingView analyst summary:
- Average target near 2,431p, again with a band around 1,997–2,600p, and an overall Buy/Strong Buy tilt over the last three months.

Recent broker moves TS2 Tech+2MarketBeat+2

Goldman Sachs, Barclays, Deutsche Bank, RBC and JPMorgan have all raised targets or reiterated bullish views since the November strategy update, highlighting:
- Improved visibility on regulated asset base (RAB) growth.
- A more network‑heavy earnings mix.
- Solid long‑term earnings and dividend growth potential.
Citi (14 November 2025) downgraded SSE to “Sell” while lifting its target to 1,997p, arguing the stock had re‑rated by roughly 40% in two months and was no longer cheap. TS2 Tech+1
UBS (27 November 2025) cut SSE from “Buy” to “Neutral” but raised its target from 2,200p to 2,350p, implying about 7% upside at the time. UBS still models 2030 EPS of ~233p within SSE’s own target range but argues that the big share‑price rebound, lower yield and rising leverage make the stock “no longer cheap versus the sector.” TS2 Tech+1

On the valuation side, data from TipRanks and Hargreaves Lansdown suggest SSE is trading on: ^[26]

A P/E multiple in the mid‑teens on trailing adjusted earnings (c. 13–17x depending on the earnings definition).
Price‑to‑book around 1.6x.
Dividend yield just under 3%.

Morningstar, meanwhile, has pushed its fair value estimate up to 2,430p, explicitly citing the combination of limited equity dilution and strong 2030 guidance, and has at points named SSE its top pick among European utilities. ^[27]

Technical and quantitative signals

Technical and quant‑driven services also see a generally constructive trend, while warning about volatility after the big move up:

MarketBeat’s 2 December alert emphasises that SSE shares are trading well above both 50‑day and 200‑day moving averages, with a 12‑month gain of about 25% and a year‑to‑date gain above 38%. ^[28]
StockInvest (SSE.L) classifies the stock as a “Buy or Hold candidate” since late October and estimates that, given the current uptrend, the price could rise around 35% over the next three months, with a 90% confidence interval of roughly 2,750–3,300p. It also notes high day‑to‑day volatility and a recent pivot‑top sell signal, suggesting scope for short‑term pullbacks within the broader uptrend. ^[29]
For the US ADR SSEZY, the same service projects a similar order of magnitude for three‑month upside in dollar terms, while warning that recent gains have come with declining volumes. ^[30]

Some AI‑driven models (e.g. Meyka, as summarised by TS2) are more cautious, forecasting modestly lower prices in 2026–2030 as they factor in mean reversion after a strong rally. These models tend to be rules‑based and don’t always fully capture regulatory decisions or specific project pipelines, so they should be treated as an additional datapoint rather than destiny. TS2 Tech

Key risks investors are watching

Even with strong policy tailwinds and analyst support, several material risks hang over the SSE investment case: TS2 Tech+2Reuters+2

Regulatory and policy risk
- SSE’s returns depend heavily on Ofgem’s RIIO‑T3 price control for transmission and ongoing debates over grid charging, potential zonal pricing and planning rules. Small changes in allowed real returns (e.g. 5.6% vs 6% CPIH‑linked) can move valuations meaningfully.
Execution risk on huge capex
- Delivering £33 bn of investment on time and budget is non‑trivial. Local opposition, as seen in some responses to projects like Banniskirk, and supply‑chain or permitting delays could push spending to the right and delay earnings growth.
Balance‑sheet and funding risk
- Net debt and hybrid capital are already above £11 bn and set to rise. The plan assumes credit markets remain reasonably supportive and that equity markets stay open for occasional top‑ups or scrip buybacks if needed. A sharp rise in rates or a risk‑off episode could make funding more expensive.
Valuation risk after a big rally
- The stock has rallied about 50% from early‑2025 lows and now trades close to many broker targets, with average forecast upside in the mid‑single digits plus a sub‑3% yield. That doesn’t preclude further gains, especially if RIIO‑T3 is generous, but it does thin out the margin of safety. ^[31]
Earnings mix and weather risk
- While networks are becoming the dominant profit engine, renewables and flexible generation still matter. Poor wind conditions or power‑price swings can still create noise in short‑term earnings, as the latest half‑year showed. TS2 Tech+1

Upcoming catalysts to watch

Near‑term events that could move the SSE share price include: TS2 Tech+2sse.com+2

4 December 2025
- Ex‑dividend date for the 21.4p interim dividend.
- Market expectation for Ofgem’s RIIO‑T3 final decision around this window, which will clarify allowed returns on the transmission investment programme.
Early February 2026
- Q3 trading statement, likely to update on Dogger Bank progress, early spending under the new capex plan and any regulatory or policy developments.
30 January 2026
- Interim dividend payment date.
Policy follow‑through from the UK Budget, including any further steps on bill rebalancing, planning reform, or incentives for hydrogen and carbon capture.

Bottom line: how the market sees SSE PLC in December 2025

As of 2 December 2025, the market’s view of SSE plc can be summarised as follows: TS2 Tech+2MarketBeat+2

A network‑heavy FTSE 100 utility, increasingly driven by regulated electricity infrastructure rather than merchant generation.
Backed by a £33 billion, fully funded investment plan which, if delivered, should significantly expand its regulated asset base and earnings by 2030.
Benefiting from strong policy support for grid expansion and decarbonisation, plus a recently affirmed BBB+ / stable credit rating.
Enjoying strong share‑price momentum, with the stock near record highs and above key moving averages.
Rated “Moderate Buy” by most covering brokers, but with consensus upside now in the single‑digit percentages and a modest ~3% dividend yield, as much of the good news has already been priced in.

For investors, the current debate is less about whether SSE is a structurally attractive business – the long‑term electrification and net‑zero story is compelling – and more about whether today’s price adequately compensates for execution, regulatory and funding risks on such an aggressive capex programme.