SSE PLC (LON:SSE) Stock on 5 December 2025: Share Price, Ofgem Ruling, £33bn Grid Plan and 2026

As of Friday 5 December 2025, SSE plc sits close to its record highs, right in the cross‑hairs of two gigantic forces: the UK’s need for a supercharged electricity grid and investors’ eternal suspicion of capital‑hungry utilities.

SSE’s own investor page shows the shares trading at around 2,173p today, giving the FTSE 100 utility a market value in the mid‑£20bn range and placing it near the top of its 52‑week band of roughly 1,450p–2,307p. ^[1] Over the past five years, long‑term shareholders have enjoyed total returns of roughly 70%, comfortably ahead of the wider UK market. ^[2]

The question for 2026 and beyond is whether SSE’s bold £33bn investment plan and a new regulatory settlement will justify today’s valuation – or whether the market has already priced in most of the good news.

SSE share price today (5 December 2025)

Latest indicated price: about 2,173p per share (LON:SSE) on SSE’s own site as of 5 December 2025. ^[3]
52‑week range: roughly 1,447.5p–2,307p, meaning the stock is trading near the upper end of its recent band. TechStock²
Recent momentum: a sharp rally in November after the company unveiled a fully funded £33bn grid and renewables investment plan, with the shares jumping about 11–17% in a matter of days. ^[4]

The run‑up has not been a straight line. On 4 December, SSE traded about 2.2% lower at 2,178p, partly reflecting the stock going ex‑dividend and the market digesting a major regulatory decision from Ofgem. ^[5]

On simple numbers:

Using 2024/25 adjusted EPS of 160.9p, the shares trade on roughly 13.5× trailing earnings. ^[6]
The 2024/25 full‑year dividend of 64.2p implies a yield just under 3% at today’s share price. ^[7]

For a regulated‑heavy utility with visible growth, that’s not nosebleed territory, but it’s also not the bargain‑basement 8–10× multiples UK utilities sometimes trade on when everyone is miserable.

The November reset: £33bn “Transformation for Growth” plan

The big pivot in the SSE story came on 12 November 2025, when new CEO Martin Pibworth launched a £33bn fully funded five‑year investment plan dubbed Transformation for Growth. ^[8]

Key elements:

Scale & timing
- £33bn to be invested between now and around 2030.
- 80% of that directed at regulated electricity networks (high‑voltage transmission in Scotland and regional distribution networks), with the remaining 20% split between renewables and flexible thermal generation. ^[9]
Funding mix
- Around £21bn from internal cash flow.
- Roughly £14bn additional net debt and hybrid capital over the period.
- About £2bn from asset disposals.
- A £2bn equity raise completed via a placing and retail offer at 2,050p per share on 12 November. ^[10]
Growth ambitions
- SSE expects the plan to more than treble its regulated asset base, with gross regulated asset value (RAV) growing at about 25% compound over the period. ^[11]
- Management has guided for adjusted EPS of 175–200p in 2026/27, reaffirming this target in the half‑year update. ^[12]
- Longer‑term, the company forecasts 7–9% annual EPS growth to 2030, aiming for 225–250p of adjusted earnings per share by that year. ^[13]

The plan lands on top of a very strong 2024/25 performance, where SSE delivered:

Adjusted operating profit: £2,419m
Adjusted EPS: 160.9p, in line with guidance
Record annual capex: about £2.9bn in energy infrastructure. ^[14]

Markets clearly liked the clarity and the growth tilt towards relatively low‑risk regulated assets: on the day of the announcement and following trading, the shares at one point jumped 10–17%, and the FTSE 100 itself got a noticeable nudge from the move. ^[15]

That said, half‑year numbers were not spectacular:

H1 2025/26 adjusted operating profit: £655m, down from £860m a year earlier.
Adjusted EPS:36.1p, versus 50.7p in the prior period.
Heavy capex (about £1.6bn in the half) and weaker renewables output weighed on short‑term earnings. ^[16]

It’s basically the classic “jam tomorrow” utilities trade: lower near‑term profit in exchange for a much bigger, more valuable regulated asset base later.

Ofgem’s RIIO‑3 decision: what it means for SSE

Right on cue, just as SSE laid out its growth plan, UK energy regulator Ofgem dropped its RIIO‑3 final determinations for the next five‑year price control period (2026–2031). ^[17]

Big picture:

Ofgem has approved around £28bn of investment for energy networks over the first RIIO‑3 period, part of a broader £90bn programme to 2031. ^[18]
About £10.3bn is earmarked for high‑voltage electricity grids, including in northern Scotland where SSEN Transmission – SSE’s network arm – operates, with the rest for gas networks. ^[19]
Network charges on household bills are expected to rise by around £108 per year by 2031, but Ofgem argues that better network utilisation and reduced curtailment of wind farms should bring net bill increases closer to £30 per year. ^[20]

SSE’s SSEN Transmission has responded cautiously:

It “welcomes improvements” in baseline allowed expenditure and adjustments to Ofgem’s proposed financial parameters and incentives, but says a detailed review is needed to assess the “overall investability” of the package. ^[21]
The business emphasises that the settlement must support the unprecedented scale of grid investment needed to connect remote renewables in Scotland to centres of demand further south. ^[22]

Investors, naturally, zoomed in on the tension here:

On the one hand, Ofgem is clearly allowing a larger investment envelope than originally floated in draft determinations.
On the other, networks like SSEN and National Grid must be satisfied that allowed returns, incentives and inflation‑linked revenues justify multi‑decade commitments and rising debt piles.

SSE and National Grid both dipped on 4 December, a move partly attributed to the ex‑dividend effect and partly to cautious first reactions to the RIIO‑3 package. ^[23]

The next few weeks will likely bring more detail from both Ofgem and SSE on how RIIO‑3 interacts with the £33bn plan – a key swing factor for medium‑term earnings.

Dividend outlook: ex‑dividend, yield and ADRs

For income‑focused investors, the latest dividend mechanics are important.

From the interim results and related announcements:

SSE has moved to a formulaic interim dividend equal to one‑third of the prior year’s full‑year dividend.
For 2025/26, that means an interim dividend of 21.4p, one third of the 64.2p paid for 2024/25. ^[24]
The interim dividend went ex‑dividend on 4 December 2025, with a record date of 5 December 2025 and payment scheduled for 30 January 2026. ^[25]

On today’s share price around 2,173p, that puts the trailing yield just under 3%, and management is still guiding for 5–10% annual dividend per share growth this year. ^[26]

For US‑based investors, SSE also trades as an ADR (SSEZY / SSEZF). Recent notices show:

The sponsored ADR SSEZY going ex‑dividend on 5 December 2025 with a cash distribution of about $0.2818 per ADR payable in early February 2026. ^[27]

So the share price dip around 4–5 December is not just sentiment; it’s also the mechanical impact of the stock and ADR going ex‑dividend.

Project pipeline: Drumnahough, Dogger Bank and Ireland’s new plan

While the RIIO‑3 decision hogs the headlines, SSE has been very busy on the project news front in late November and early December.

Drumnahough onshore wind farm (Donegal, Ireland)

SSE Renewables and partner FuturEnergy Ireland are pressing ahead with the ~58–60MW Drumnahough Wind Farm in County Donegal:

The project will use 12 Nordex N133/4.8 turbines and represents about €120m of investment. TechStock²+1
It sits around 13km from Letterkenny, near SSE’s existing Lenalea wind farm. ^[28]
Construction is ramping up, with SSE hosting public information events on 10 and 11 December to update local communities and discuss supply‑chain opportunities. ^[29]

For the equity story, Drumnahough is small in megawatts but helpful as:

A tangible proof point that SSE is converting pipeline into steel‑in‑the‑ground.
A template for further onshore projects in Ireland, where planning and grid delays have historically been a bottleneck.

Dogger Bank and offshore wind milestones

On 27 November 2025, SSE and partner Seaway7 confirmed completion of all 277 foundation transition pieces at Dogger Bank Wind Farm, set to be the world’s largest offshore wind project at 3.6GW. ^[30]

Dogger Bank is already well known to the market, but each construction milestone reduces execution risk and brings future cash flows closer to reality.

Ireland’s Accelerating Infrastructure Action Plan

On 3 December, SSE publicly welcomed Ireland’s new “Accelerating Infrastructure Action Plan”, calling it a necessary step to tackle chronic delays in infrastructure delivery. ^[31]

Why this matters for SSE:

SSE is heavily involved in Irish renewables and grid projects, including wind farms like Drumnahough.
Faster planning and grid connections could speed up project realisation and reduce the cost of capital for future assets.

Together, these updates reinforce the idea that SSE is not just sitting on a grand strategy slide deck – it’s actively building the projects that are supposed to drive that 7–9% EPS growth to 2030.

Balance sheet, credit rating and share capital

A £33bn investment programme inevitably raises questions about leverage and balance‑sheet resilience.

The interim results and related announcements show: ^[32]

Adjusted net debt + hybrid capital: about £11.4bn as of 30 September 2025.
Capex in H1 2025/26: around £1.6bn, with ~70% going into regulated networks.
Net debt/EBITDA target: management expects this to sit in the 3.5–4.0× range as capex ramps, before accounting for the equity placing.

In parallel:

S&P Global Ratings reaffirmed SSE’s BBB+ credit rating with a stable outlook on 13 November, explicitly taking into account the £33bn plan and funding mix. ^[33]
On 1 December, SSE updated the market on its share capital: about 1.21bn ordinary shares issued, of which roughly 3.4m are held in treasury, leaving just over 1.207bn voting shares – a jump that reflects the recent equity raise. ^[34]

The rating reaffirmation is important: SSE’s ability to invest at scale hinges on remaining an investment‑grade issuer with access to relatively cheap long‑dated debt.

Analyst sentiment and price targets (as of early December 2025)

Equity analysts are broadly positive on SSE, but there is real disagreement around how much upside is left after the November rally.

Across several data providers:

Investing.com reports a consensus “Buy” rating based on 15 analysts, with 12 Buys, 2 Holds and 1 Sell, and an average 12‑month price target around 2,422p (high: 2,600p, low: 1,997p). ^[35]
MarketBeat shows a slightly narrower panel of 7 analysts, with an average target near 2,311p, implying mid‑single‑digit upside from recent prices, and a consensus rating of “Moderate Buy”. ^[36]
TipRanks lists most recent ratings as Buy‑leaning, with individual targets often clustering between 2,200p and 2,600p. ^[37]

Recent broker moves underline how split the Street is:

JPMorgan maintains an “Overweight” stance and has raised its target to 2,600p, arguing that SSE’s balance sheet and regulated growth justify a premium. ^[38]
Barclays has also upgraded its target to £26 (2,600p) alongside positive commentary on the £33bn plan and Irish wind pipeline. TechStock²+1
Citigroup, by contrast, has cut SSE to “sell” with a target of 1,997p, citing valuation concerns after the sharp share price rise. ^[39]

In other words: bulls see a high‑quality infrastructure growth story; bears see a capital‑intensive regulated utility already priced for a lot of that growth.

Valuation snapshot: what’s priced in?

Using today’s price around 2,173p and the company’s own guidance:

Trailing P/E (2024/25):
- 2,173p ÷ 160.9p ≈ 13.5×. ^[40]
Implied 2026/27 P/E on guidance:
- At the low end (175p EPS), about 12.4×.
- At the high end (200p EPS), about 10.9×. ^[41]
2030 “if‑it‑all‑works” P/E:
- If SSE hits 225–250p EPS by 2030 and the share price is unchanged, that implies ~8.7–9.7× earnings. ^[42]

On income:

The trailing dividend yield is just under 3%, with guidance for 5–10% annual DPS growth, but note that this yield has fallen as the share price has rerated higher. ^[43]

Compared with other large UK utilities and infrastructure names:

SSE screens as more growthy than some peers (thanks to its aggressive capex plan and renewables exposure), but less of a high‑yield bond proxy, given the modest sub‑3% dividend yield.
Much of the bull case relies on the idea that regulated and partly inflation‑linked earnings will grow steadily into the next decade, offsetting higher interest rates and execution risk.

Key risks and what to watch next

Even for investors who love grids and wind turbines, SSE is not risk‑free. The main fault lines in the current narrative are:

Regulatory risk (RIIO‑3 and beyond)
If SSEN Transmission concludes that Ofgem’s RIIO‑3 settlement does not provide adequate returns, it could slow or reshape parts of the investment plan, or lead to lobbying for adjustments. Conversely, any perception that returns are too generous could provoke political backlash over customer bills. ^[44]
Capex execution and cost inflation
Building massive transmission links (like Eastern Green Link 2), offshore wind farms and onshore projects like Drumnahough, all at once, creates execution and cost‑overrun risk. Grid upgrades in remote parts of Scotland are not exactly plug‑and‑play jobs. ^[45]
Leverage and interest‑rate sensitivity
Even with the equity raise, net debt and hybrid capital are set to rise, with net debt/EBITDA guided in the 3.5–4.0× band. In a world where real interest rates may stay higher than the 2010s norm, that leverage matters. ^[46]
Commodity and weather risk in renewables and thermal
While SSE is shifting towards regulated revenues, parts of the portfolio are still exposed to power prices, volumes and weather patterns – as seen in the soft H1 2025/26 renewables performance. ^[47]
Political risk
Big network upgrades and rising bills are politicised topics. Any shift in UK or Irish government policy, taxation or windfall measures could change the economics of SSE’s projects. ^[48]

Upcoming dates that SSE shareholders will be watching:

10–11 December 2025: Drumnahough public information events in Ireland. ^[49]
30 January 2026: Interim dividend payment. ^[50]
Early February 2026: Q3 trading statement.
28 May 2026: Preliminary results for the year to 31 March 2026. ^[51]

These updates will give investors a clearer sense of how fast capital is actually being deployed, whether cost inflation is under control, and how Ofgem’s RIIO‑3 framework is bedding in.

Bottom line: SSE on 5 December 2025

As of 5 December 2025, SSE looks like this in a nutshell:

A core UK and Irish energy‑transition stock, with a growing tilt towards regulated electricity networks and large‑scale renewables. ^[52]
A £33bn investing machine whose success depends on delivering projects on time and on budget, under a regulatory regime that balances consumer protection with investor returns. ^[53]
A share price near record highs, on about 11–13× earnings depending on which year you look at, and a sub‑3% yield that’s being traded for growth. ^[54]

Bulls see SSE as a rare combination of infrastructure‑style stability, inflation‑linked revenues and visible growth out to 2030. Bears worry that the market is already paying handsomely for that story, just as capex, debt and political scrutiny all ramp up.

Either way, SSE is now one of the most important listed proxies for the UK’s attempt to build a cleaner, more robust energy system – and its share price will likely remain tightly coupled to every twist in that saga.