London, Jan 26, 2026, 09:02 GMT — Regular session
SSE (SSE.L) shares inched up 0.2% to 2,326 pence by 0902 GMT, having fluctuated between 2,317 and 2,334 pence earlier. The FTSE 100 utility’s market cap stood near £27.9 billion. 1
The move is modest, arriving amid a morning packed with policy headlines. Investors are swiftly reacting to any news that could alter the outlook for offshore wind and grid spending in UK utilities.
For SSE, this is crucial—it needs to keep its large build programme financed and on track. Positive signals might not spark much share movement, but they help steady sentiment.
Britain, Germany, Denmark, and several other European nations are gearing up to sign a pact in Hamburg on Monday, committing to deliver 100 gigawatts (GW) of offshore wind power via large-scale joint projects, the British government announced. This agreement supports a wider 2023 target of 300 GW offshore wind capacity by 2050. Britain also highlighted that it secured a record 8.4 GW in its latest power auction held earlier this January. 2
SSE is moving forward with its Berwick Bank project off Scotland after clinching a 20-year contract for 1.4 GW of offshore wind in the UK’s latest Contracts for Difference (CfD) auction earlier this month. The deal sets a strike price of £89.49 per megawatt hour based on 2024 prices, adjusted for inflation. SSE CEO Martin Pibworth said, “This milestone enables us to advance the project towards a final investment decision.” The CfD guarantees a fixed “strike price” to top up a generator’s revenue if market power prices dip below that level. 3
The company is pushing to show it can accelerate growth while keeping its balance sheet in check. Back in November, SSE rolled out a £33 billion investment scheme over five years, which includes a £2 billion equity raise. Around 80% of that budget targets regulated electricity networks. Jefferies analyst Ahmed Farman noted the plan “brings clarity on the balance sheet and the company’s growth outlook,” as peers like Ørsted and National Grid also sought funds from shareholders. 4
The offshore wind build-out remains a long haul, rarely following a smooth path. Rising borrowing costs, permit delays, and strain on turbine and cable supply chains often push timelines back and tighten returns.
Energy markets are anything but stable. U.S. natural gas futures surged nearly 70% over the past week amid a severe cold snap. At the same time, Europe’s TTF gas benchmark hit its highest level since June 2025, according to a Reuters columnist. “The global gas market has become far more interconnected,” said Mashal Jaffery, partner at Baringa, a gas and LNG commercial advisory firm. 5
For SSE, fluctuations in gas and power prices often shake up daily trading in the sector, despite regulated networks carrying the bulk of the earnings weight. It’s messy and sometimes irrational, but it’s visible.
Two key dates are approaching quickly. SSE plans to pay its interim dividend on Jan. 30, with a third-quarter trading update due Feb. 4. That report will offer the latest on project progress and expenditure. 6
