London, Jan 29, 2026, 09:24 GMT — Regular session
SSE shares slipped 0.2% to 2,408 pence by 0924 GMT, retreating slightly from a recent 52-week peak. The stock fluctuated between 2,388 and 2,413 pence during the session, marking a return of UK utilities to investor focus. 1
Focus has shifted to policy and financing as Britain’s National Wealth Fund unveiled a five-year strategy prioritizing the power grid. The state-backed fund confirmed it has already issued a financial guarantee for SSEN Transmission’s grid upgrade projects. Chief executive Oliver Holbourn told reporters: “We’re going to go faster and in a more focused way.” 2
This is significant for SSE, which is heavily focused on networks spending. Back in November, Martin Pibworth described the latest investment push as a “once-in-a-generation opportunity” to modernize critical infrastructure. Jefferies analyst Ahmed Farman added that the plan “brings clarity on the balance sheet and the company’s growth outlook.” 3
The broader market edged higher, with the FTSE 100 gaining roughly 0.5% during the session. SSE lagged slightly behind the index in early trading. 4
SSE’s shares remain close to their year-high levels, having surged sharply over the last 12 months. Some investors are now questioning what upside remains. According to Hargreaves Lansdown data, the stock has gained around 52% over the past year. 5
Rate moves remain in the background. UK “gilt” yields — the government bond yields that influence the discount rate for steady, regulated cashflows — stayed near 3.75% on the two-year gilt on Wednesday, according to data. 6
The downside risk remains. Large network and renewables expansions could face planning setbacks, rising expenses, and changing regulatory returns — while a fresh surge in borrowing costs would put the sector’s funding assumptions under pressure.
SSE will pay its interim dividend on Jan. 30 and release its third-quarter trading update on Feb. 4. The company is set to provide fresh details on delivery, spending, and operational trends. 7
