All figures and developments in this article are as of Wednesday, 3 December 2025. This is not investment advice, just information and analysis.
SSE share price today: trading near multi‑year highs
SSE PLC’s share price continues to hover around record territory.
- Share price: about 2,219p on the London Stock Exchange on 3 December 2025. [1]
- Market value: roughly £26.7 billion in market capitalisation, up more than 40% over the past 12 months. [2]
- Valuation: trailing P/E ratio around 25–26x, notably richer than where the stock traded a year ago. [3]
The rally has been particularly sharp in 2025. UBS estimates that SSE shares are up about 37% year‑to‑date and 50% from their February 2025 lows, outpacing the wider utilities sector. [4]
On the technical side, the momentum story is strong too. On 2 December 2025, SSE’s share price moved above its 200‑day moving average of roughly 1,839p, trading intraday above 2,212p, a classic “golden cross” style signal for trend followers. [5]
The big structural story: SSE’s £33bn grid and energy transition plan
The main reason SSE PLC is back in the spotlight is its new £33 billion fully‑funded five‑year investment programme, announced alongside its half‑year results in November. [6]
At a high level, the plan aims to:
- Massively scale UK electricity networks – especially high‑voltage transmission via SSEN Transmission, and distribution networks via SSEN Distribution
- Support the UK’s net zero targets, focusing on offshore wind connections, onshore reinforcement and inter‑regional “electricity superhighways”
- Shift SSE further towards regulated earnings, with networks already contributing around two‑thirds of adjusted operating profit in the latest half‑year period. [7]
The investment plan is backed by:
- Higher regulated asset base (RAB) growth in UK networks
- A large project pipeline including Dogger Bank offshore wind, Banniskirk Hub in Caithness, Highland grid hubs and hydrogen‑ready thermal assets TS2 Tech+1
- A funding mix of operating cash flow, additional debt, hybrid capital and an equity placing completed in November 2025. [8]
This is the backbone of almost every analyst note on SSE right now. Bulls see decades of regulated growth; bears see execution, regulatory and financing risk baked into a now‑expensive share price.
Fresh company news on 3 December 2025
1. JPMorgan increases its stake
On 3 December 2025, SSE published a TR‑1 “Holding(s) in Company” notification showing JPMorgan Chase & Co. has lifted its total position to 5.92% of voting rights, up from 5.23%.
- Direct voting rights via shares: about 5.13%
- Additional exposure via derivatives and swaps: about 0.79% [9]
For a stock already heavily owned by large institutions (around 80% institutional ownership according to earlier disclosures), [10] this reinforces the picture of SSE as a core infrastructure holding in big global portfolios rather than a niche green‑energy play.
2. Tarbert “Next Generation” Power Station enters full construction
Also on 3 December 2025, SSE announced that full construction has started at the Tarbert Next Generation Power Station in County Kerry, Ireland. [11]
Key details:
- Up to €300 million of investment
- 300MW “peaker” plant designed to provide fast‑responding backup capacity
- Runs initially on Hydrotreated Vegetable Oil (HVO) sourced entirely from waste feedstocks, in line with EU sustainability rules
- First power station in Ireland designed to run on sustainable biofuels
- Around 200 full‑time construction jobs at peak, plus new permanent roles once operational
- The site is being future‑proofed for hydrogen conversion, extending its role well into the 2030s and beyond
Strategically, Tarbert is about shoring up security of supply in a renewables‑heavy Irish system. Financially, it illustrates SSE’s pivot toward flexible, lower‑carbon backup capacity that complements its wind portfolio.
3. SSE backs Ireland’s Accelerating Infrastructure Action Plan
In a separate 3 December statement, SSE welcomed Ireland’s new Accelerating Infrastructure Action Plan, calling it a “timely and essential intervention” to tackle planning delays. [12]
SSE:
- Highlights a >€1 billion fully funded Irish investment pipeline to 2030, spanning onshore wind and flexible power
- Stresses that quicker planning and regulatory clarity are critical to unlock projects like Arklow Bank Wind Park 2
- Repeats that faster permitting is a bottleneck for delivering both Ireland’s and SSE’s own climate targets
For shareholders, these Irish announcements show that growth is not just a UK‑networks story; SSE is also positioning itself as a major player in Ireland’s decarbonisation.
Half‑year results: solid operations, heavy investment
SSE released its half‑year results for the six months to 30 September 2025 on 12 November. [13]
Selected financial highlights (adjusted numbers):
- Operating profit: £655m (down from £860m a year earlier) [14]
- Profit before tax: £521.5m, down about 28% year‑on‑year [15]
- Adjusted EPS:36.1p (vs 50.7p in the prior half‑year) [16]
- Capex and investment: about £1.6bn, up 22%, with roughly 70% directed to regulated networks [17]
- Net debt + hybrids: around £11.4bn, up 16% year‑on‑year as spending ramps up [18]
The profit drop isn’t as bad as it looks at first glance:
- Networks earnings are growing as planned, and now dominate group profits. [19]
- The drag came from lower renewable output and less favourable hedges plus some one‑off factors in last year’s distribution profits. [20]
Crucially, management has kept full‑year expectations unchanged, implying that second‑half seasonality (winter demand, better pricing) should make up much of the gap.
From a balance‑sheet perspective, rising leverage is deliberate: SSE is loading up on growth projects while still trying to stay within a manageable net debt / EBITDA range and maintaining its BBB+ / A‑2 credit rating with a stable outlook from S&P Global Ratings. [21]
Dividend policy: still growing, but yield is no longer fat
SSE has long been seen as a classic UK income stock, and it is determined not to lose that label.
Current guidance and payouts:
- Dividend policy: grow dividends per share (DPS) by 5–10% a year to 2029/30, from a 2024/25 baseline of 64.2p. TS2 Tech
- Interim dividend for 2025/26:21.4p per share, with:
- Ex‑dividend date: 4 December 2025
- Record date: 5 December 2025
- Payment date: 30 January 2026 TS2 Tech+1
At the current share price around 2,219p, that points to a forward dividend yield just under 3%, depending on where the final dividend lands. TS2 Tech+1
Here lies one of the central debates about SSE:
- Supportive view: dividend growth plus RAB growth offers a blend of income and infrastructure‑style capital gains.
- Cautious view (UBS and others): the cash yield is now materially below peers — UBS estimates a cash yield of about 2.4% for SSE vs 3.2% for National Grid and roughly 4.5% for the wider sector, arguing that it might take a decade for SSE to catch up. [22]
In short: SSE is less of a “bond‑proxy” high‑yield utility than it used to be. Today’s story is growth‑led, with dividends along for the ride.
Analyst sentiment: broadly positive, but upside looks more modest
Despite the sharp share‑price recovery, analyst opinion is still tilted towards the bullish side.
Consensus ratings and price targets
Different data providers carry slightly different samples, but they paint a consistent picture:
- MarketBeat:
- Consensus rating: “Moderate Buy”
- Average 12‑month target: 2,311p
- Range: 1,997p–2,500p, implying around 4% upside from recent levels. [23]
- Investing.com consensus:
- 15 analysts
- Average target: about 2,416p
- High: 2,600p, low: 1,997p
- Consensus recommendation: “Buy”. [24]
- ValueInvesting.io:
- 23 analysts
- Average target: 2,359p, roughly 7% upside vs current levels
- Consensus recommendation: “Buy” with a skew towards Buy/Overweight ratings. [25]
- Stockopedia:
- Analyst consensus target: 2,377.46p
- Framed as about 8% above a recent closing price of 2,198p
- Next‑year EPS forecast: approximately £1.53 per share. [26]
- TipRanks:
- 10 Wall Street analysts
- Consensus rating: “Moderate Buy” (8 Buy, 1 Hold, 1 Sell)
- Average target around 2,389p, indicating high‑single‑digit upside. [27]
Put together, the analyst crowd largely agrees that SSE is:
- A quality UK utility and energy‑transition play
- With modest expected upside (mostly 5–10% over 12 months) from today’s price, not the deep value opportunity it was after its spring 2025 sell‑off.
Key broker moves around early December 2025
Recent broker actions help explain the two competing narratives:
- Morgan Stanley: on 3 December 2025, raised its price target for SSE’s London line and ADR to £25 (2,500p) — above many peers’ targets — while maintaining a positive stance. [28]
- Deutsche Bank: in mid‑November, lifted its target from 2,000p to 2,350p and reiterated a bullish view, arguing that the new investment plan supports higher earnings and RAB growth. [29]
- Barclays: keeps an “overweight” rating with a 2,500p target, positioning SSE firmly as a preferred UK energy infrastructure name. [30]
- JPMorgan: maintains an “overweight” view and a 2,425p target, seeing value in the transmission growth story. [31]
- Citi: stands out on the bearish side, having downgraded SSE to “sell” with a 1,997p target, essentially arguing the stock has run ahead of its fundamentals. [32]
- UBS: on 27 November 2025, cut SSE from “buy” to “neutral” even as it raised its price target from 2,200p to 2,350p. UBS thinks recent share gains already price in much of the growth, and highlights a relatively low cash yield and significant execution risk in the £33bn plan. [33]
Stepping back, the street is constructive, not euphoric: most see upside, but the easy money from the 2025 lows is probably gone.
Technical backdrop: trending up after reclaiming key averages
The technical picture has brightened significantly over the autumn:
- SSE now trades well above its 50‑day and 200‑day moving averages
- The recent break above the 200‑day MA at ~1,839p came with solid trading volume (~7.2 million shares on 2 December). [34]
Meanwhile, third‑party quant and AI tools:
- TipRanks’ AI “Spark” model tags SSE as “Outperform”, citing a strong investment plan and favourable trend, albeit with warnings about overbought signals and cash‑flow pressure. [35]
Technical setups can reverse quickly, but for now they reinforce the fundamental story: SSE is back in favour with both human analysts and quant screens.
Regulatory and capex backdrop: RIIO, re‑openers and Ofgem decisions
Owning SSE is increasingly about understanding regulation, not just wind speeds and power prices.
A few important moving parts:
- RIIO‑T3 (Transmission) and RIIO‑ED3 (Distribution): these next‑generation UK network price controls, starting from 2026 and 2028 respectively, will largely determine how profitable SSE’s £33bn investment plan actually is.
- Load‑Related Expenditure Re‑opener: in October 2025, SSE’s distribution arm SSEN submitted a major application to Ofgem seeking roughly £723m of additional allowances in RIIO‑ED2 to handle higher demand, electrification and “ED3 mobilisation” – essentially front‑loading some investment to avoid a cliff between regulatory periods. [36]
- The submission argues that costs for network reinforcement have risen about 40% above inflation, and that timely approvals are critical to avoid delays to new connections and decarbonisation projects. [37]
UBS explicitly cites regulatory timing and planning risks – particularly for six large overhead line projects scheduled for RIIO‑T3 – as part of its reasoning for stepping back from a buy rating even while acknowledging strong structural growth. [38]
In plain English: SSE is asking regulators for permission to build a lot, very fast, in an inflation‑distorted world. The long‑term rewards could be big, but they depend heavily on Ofgem’s final decisions and the pace of planning approvals.
Valuation debate: infrastructure premium or fully priced?
From a numbers perspective:
- Share price: ~2,219p
- Market capitalisation: £26.7bn
- Trailing P/E: around 25–26x
- Consensus EPS growth: strong double‑digit growth over the next couple of years, driven by networks and major projects. [39]
That valuation doesn’t scream bargain, especially in a sector where many peers trade on lower multiples with higher cash yields.
The core arguments on each side:
Bull case highlights
- Central role in the UK and Irish energy transition: SSE is building grid capacity, offshore wind and flexible generation that governments clearly want.
- Regulated networks as an anchor: network earnings are relatively stable, inflation‑linked and now dominate profit. [40]
- Clear growth pathway: the £33bn plan, Dogger Bank foundations completion, new Highland hubs and Irish projects like Tarbert offer visible capex and RAB expansion into the 2030s. TS2 Tech+2SSE+2
- Solid credit profile: S&P’s reaffirmation of the BBB+ rating with stable outlook suggests agencies believe the plan is fundable. [41]
Bear case highlights
- Valuation stretch: after a 37% YTD rally, SSE now trades at a premium to many utilities, with a relatively low cash yield. UBS bluntly says the stock is “no longer cheap versus the sector.” [42]
- Execution and regulatory risk: success hinges on delivering huge, complex projects on time and on budget, while also persuading Ofgem and governments to approve and appropriately remunerate them. [43]
- Heavy capex and leverage: net debt is rising, and although management has laid out a funding plan (including equity issuance), any cost overruns or regulatory disappointments could pressure credit metrics and dividends. [44]
- Concentrated exposure to UK policy: SSE’s fortunes are tightly bound to UK and Irish energy policy, including debates over zonal pricing, grid costs and consumer bills. [45]
SSE PLC stock outlook: what to watch heading into 2026
From a high‑level perspective, SSE PLC’s stock story on 3 December 2025 looks something like this:
- Share price and technicals
- Riding strong momentum, trading above key averages, and supported by high media and broker attention in the utilities and energy‑transition theme. [46]
- Fundamentals
- Half‑year results are decent, networks are performing well, and renewables volatility is manageable. Debt is climbing, but within a framework that rating agencies still tolerate. [47]
- Growth pipeline
- The £33bn programme, plus Irish investments such as Tarbert and Arklow, puts SSE at the heart of grid modernisation and renewables integration in two countries. [48]
- Income profile
- Dividends are still growing, but yield has slimmed to around 3% at current prices, so income‑only investors may find more generous options elsewhere. TS2 Tech+2StockAnalysis+2
- Analyst stance
- Consensus: Buy/Moderate Buy, with typical targets in the 2,300–2,450p zone – i.e., mid‑single to high‑single‑digit upside, not a “double‑from‑here” call. [49]
- Key risks and catalysts
- Regulatory decisions on RIIO re‑openers and future price controls
- Delivery milestones on Dogger Bank, Banniskirk Hub, Irish projects and load‑related reinforcement
- Further broker upgrades/downgrades if the shares move sharply in either direction
- Macro factors: bond yields (important for utility valuations), political sentiment on energy bills, and carbon policy
For now, SSE PLC looks like a core infrastructure‑and‑transition stock trading at a fair‑to‑full price, with upside tied to flawless execution of an extremely ambitious capital programme.
References
1. www.sse.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. www.investing.com, 5. www.marketbeat.com, 6. www.sse.com, 7. www.sse.com, 8. www.sse.com, 9. www.investegate.co.uk, 10. finance.yahoo.com, 11. www.sse.com, 12. www.sse.com, 13. www.sse.com, 14. www.sse.com, 15. www.directorstalkinterviews.com, 16. www.sse.com, 17. www.directorstalkinterviews.com, 18. www.sse.com, 19. www.sse.com, 20. www.sse.com, 21. www.spglobal.com, 22. www.investing.com, 23. www.marketbeat.com, 24. www.investing.com, 25. www.valueinvesting.io, 26. www.stockopedia.com, 27. www.tipranks.com, 28. www.streetinsider.com, 29. www.marketbeat.com, 30. www.defenseworld.net, 31. www.marketbeat.com, 32. www.lse.co.uk, 33. www.investing.com, 34. www.marketbeat.com, 35. www.tipranks.com, 36. www.ssen.co.uk, 37. www.ssen.co.uk, 38. www.investing.com, 39. stockanalysis.com, 40. www.sse.com, 41. www.spglobal.com, 42. www.investing.com, 43. www.investing.com, 44. www.sse.com, 45. www.investing.com, 46. www.marketbeat.com, 47. www.sse.com, 48. www.sse.com, 49. www.marketbeat.com
