London, UK – 27 November 2025 – British utility SSE plc (LON:SSE) heads into the close of November with its share price still trading near record levels, as investors digest a flurry of recent news: a £33 billion “Transformation for Growth” investment plan, a £2 billion equity placing, fresh planning consents for major Scottish grid projects, and the company’s response to the UK Government’s new budget.
Although SSE has not released a new RNS or company press release dated 27 November 2025 as of publication, today’s market action is being driven by updates published over the last fortnight – particularly those released on 26 November and 12–13 November. [1]
SSE share price today: easing slightly but still near record territory
According to real‑time market data, SSE shares are trading around 2,170–2,180p today, with Investing.com showing a closing price of roughly 2,173p on 27 November 2025, down about 0.9% on the day. [2]
Key share price context for SSE plc (LON:SSE):
- Today (27 Nov 2025): c. 2,173p close (intraday range ~2,167p–2,191p). [3]
- 52‑week range: roughly 1,447p (March 2025 low) to 2,307p, a record high set on 12 November 2025, the day of SSE’s new strategy announcement. [4]
- 12‑month performance: the stock is up about +25–26% over the last year, with a relatively modest beta of 0.64, meaning lower volatility than the broader market. [5]
- Market capitalisation: around £26 billion, based on approximately 1.2 billion shares in issue and a share price above 2,100p. [6]
Analysts and data providers note that after a sharp rerating of more than 20% in recent weeks, SSE’s share price remains only a few percentage points below its 52‑week high, supported by strong investor interest in regulated electricity networks and renewables exposure. [7]
What’s “new” as of 27 November? Focus on 26 November budget response and planning consent
SSE has not issued a fresh RNS on 27 November 2025 itself. Instead, investors today are still digesting two high‑profile pieces of company news published yesterday (26 November) and now featured prominently on SSE’s homepage and “News and views” pages: [8]
- SSE responds to the UK Government’s 26 November Budget, focusing on energy bill fairness and electrification. [9]
- Planning consent granted for the Banniskirk Hub, a major high‑voltage project in the north of Scotland that will help move offshore wind power to demand centres. [10]
These sit on top of an earlier wave of strategic and financial updates in mid‑November – including the £33bn investment plan, interim results, S&P’s rating affirmation, and details of the £2bn equity placing – which continue to drive sentiment and price action today. [11]
SSE responds to UK budget: support for fairer bills and electrification
On 26 November 2025, SSE published an official response to the UK Government’s latest Budget. In a statement, Chief Executive Martin Pibworth welcomed the Budget as “a positive step towards fairer energy bills” and praised the move to shift “legacy costs” off household energy bills and into general taxation. [12]
Key points from SSE’s budget response
- Rebalancing who pays for past policy costs
SSE highlights that redistributing older policy and social costs away from energy bills and into general taxation should ease pressure on households and allow consumers to see the benefits of new energy infrastructure sooner. [13] - Accelerating electrification of heat and transport
The company argues that lower, more stable power bills are essential for the electrification of homes, vehicles and industry, which it sees as central to “unlocking the UK’s economic potential”. [14] - Importance of policy stability for investors
While welcoming near‑term help with bills, SSE warns that investor confidence depends on stable, predictable regulatory and policy frameworks. The group stresses that such stability is vital to keeping the cost of capital down for the large‑scale grid and renewables projects the UK needs. [15]
MarketScreener’s aggregated press feed shows the budget response as SSE’s most recent official press release, following November announcements on its strategy and credit rating. [16]
Banniskirk Hub gets planning consent – another step in SSE’s grid build‑out
Also on 26 November, Highland Council granted planning consent for the Banniskirk Hub, a major new electricity infrastructure node in the Spittal area of Caithness, to be built by SSEN Transmission, SSE’s regulated transmission business. [17]
According to SSE:
- The Banniskirk Hub will include a new 400kV air‑insulated substation and a high‑voltage direct current (HVDC) converter station.
- It will connect to the planned 400kV overhead line between Spittal and Beauly and to the existing Spittal 275kV substation, acting as a critical node in the network. [18]
- The hub is also integral to the Spittal–Peterhead subsea cable link, which will move large volumes of offshore wind power from the north of Scotland to demand centres elsewhere in Great Britain. [19]
SSE says the Banniskirk Hub is part of SSEN Transmission’s £22bn+ investment programme to transform the electricity network in the north of Scotland and enable the “homegrown low‑carbon electricity” needed for UK clean‑power and energy‑security targets. [20]
Local campaign groups and mapping projects documenting renewables infrastructure note that the Banniskirk scheme has attracted community concern over landscape and tourism impacts, underlining the planning and social‑licence risks that accompany rapid grid expansion. [21]
Orkney Link, Lewis Hub and local jobs: project pipeline across Scotland
Beyond Banniskirk, SSE and SSEN Transmission have issued a string of updates in November on major Scottish projects and local community benefits, all of which remain relevant for investors on 27 November.
Orkney Link: one‑year construction milestone
On 25 November, SSEN Transmission celebrated one year of delivery on its flagship Orkney Link project. Highlights include: [22]
- Around £100 million of expected contract spend with local suppliers over the life of the project, supporting more than 45 businesses across Orkney and the Highlands.
- Over 100 local jobs supported so far, with extensive use of local contractors in both Orkney and Caithness.
- Construction of substations at Finstown (Orkney) and Dounreay (Caithness), plus a 53km subsea cable and associated onshore cabling.
- Completion of one of Europe’s largest horizontal directional drilling (HDD) landfalls, installing twin 1.2km bores to bring the subsea cable ashore.
The project is framed by SSE as both a clean‑energy enabler and a driver of regional economic development and skills. [23]
Highland Social Value Charter: first corporate sign‑up
Also on 25 November, SSEN Transmission became the first business to sign the Highland Social Value Charter, agreeing to a package of commitments linked to its £22bn+ grid investment plan in the region. [24]
Under this charter, SSEN Transmission has pledged, subject to planning consents:
- £1.8 billion of contracts for local businesses
- More than £200 million to be spent on roads and bridges
- Support for the development of 500 permanent homes
- A 10% net biodiversity gain target and no net loss of woodland on new projects
The move is meant to formalise how SSE’s grid build‑out will translate into tangible long‑term benefits for Highland communities. [25]
Kirriemuir depot: Balfour Beatty jobs boost
On 24 November, SSE reported that key contractor Balfour Beatty has opened a new operational depot in Kirriemuir, Angus, to support transmission projects – a facility expected to support up to 70 local jobs once fully operational, under a lease partnership with local business Delson Contracts Ltd. [26]
Operations at the depot are already underway and, subject to project approvals, it could remain in service until at least 2031, underlining the long‑term employment footprint of SSE’s network programme. [27]
Lewis Hub: 1.8GW Western Isles connection clears planning hurdle
On 19 November, planning consent was granted for the Lewis Hub near Stornoway – another SSEN Transmission project that will connect the Western Isles to the GB transmission network via a new HVDC converter station and AC substation. [28]
Key facts from SSE’s announcement:
- The Lewis Hub is expected to unlock up to 1.8GW of renewable generation, making a “significant contribution” to national energy security and clean‑power targets. [29]
- It is part of the Western Isles HVDC Connection Project, which will link to the proposed Fanellan substation near Beauly. [30]
- The consent follows more than two years of development and consultation with local communities and stakeholders. [31]
Early Construction Funding: Ofgem backs SSEN projects
Further underpinning the pipeline, Ofgem has approved Early Construction Funding (ECF) for eight SSEN Transmission projects, as SSE announced on 20 November. [32]
ECF allows transmission operators to place procurement orders and undertake enabling works earlier, reducing the risk of delays once full planning consent is obtained. The projects sit within the Accelerated Strategic Transmission Investment (ASTI) framework, which is designed to help the UK connect 43–50GW of offshore wind by 2030. [33]
£33bn “Transformation for Growth” plan and £2bn equity placing remain the core story
The backdrop to all of this project‑level news is SSE’s “Transformation for Growth” strategic update, released on 12 November 2025. In that RNS and accompanying materials, SSE laid out a fully‑funded £33 billion investment plan to 2029/30, heavily focused on regulated electricity networks. [34]
Headline features of the plan
From SSE’s strategic update and supporting documents: [35]
- £33bn total capex and investment over five years, roughly trebling the pace of investment.
- Around 80% (~£27bn) directed to regulated UK electricity networks (SSEN Transmission and SSEN Distribution).
- Around 20% (~£6bn) allocated “selectively” to Renewables and system Flexibility (including SSE Renewables and SSE Thermal).
- Target ~25% compound annual growth in gross regulated asset value (RAV), more than tripling the regulated asset base by 2029/30.
- Forecast 7–9% CAGR in adjusted EPS, aiming for 225–250p of EPS in 2029/30.
- Intention to keep around 80% of EBITDA index‑linked by the end of the plan, enhancing earnings visibility.
SSE also reaffirmed its commitment to a progressive dividend policy, targeting 5–10% annual dividend per share growth from a 2024/25 baseline of 64.2p. [36]
Funding: £2bn equity raise plus debt and asset rotation
To fund the programme, SSE is relying on a mix of: [37]
- ~£21bn from operational cash flow (about 55% of the plan)
- ~£14bn from additional debt and hybrid capital (around 35%), with a stated aim to keep net debt/EBITDA below 4.5x
- A ~£2bn equity placing (about 5%) launched alongside the strategic update
- ~£2bn of targeted asset rotation, selling selected assets to recycle capital
Press reports from Reuters and other outlets emphasised that the combination of a clear grid‑focused strategy and a relatively modest equity raise versus market expectations triggered a double‑digit jump in SSE’s share price around the time of the announcement. [38]
S&P affirms SSE’s BBB+ rating
On 13 November, S&P Global Ratings affirmed SSE’s BBB+ credit rating with a stable outlook, explicitly referencing the newly announced investment plan and its funding mix. [39]
For investors, the rating affirmation is an important signal that SSE can pursue its capex ambitions while retaining strong investment‑grade status, helping to keep financing costs under control even as debt levels rise. [40]
Half‑year 2025/26 results in line with guidance
Alongside the strategy, SSE published interim results for the six months to 30 September 2025, which management described as “in line with expectations” and consistent with maintaining full‑year guidance. [41]
Key numbers and messages:
- Half‑year adjusted EPS:36.1p, in line with the company’s prior outlook. [42]
- Adjusted capital investment: up 22% to £1.6bn, with around 70% of capex in regulated networks. [43]
- Adjusted net debt and hybrid capital: about £11.4bn at 30 September 2025. [44]
- SSE reconfirmed divisional operating profit expectations for both 2025/26 and 2026/27, as well as guidance for 2026/27 adjusted EPS of 175–200p (prior to adjusting for the new share issue). [45]
These results, combined with the strategic update, help explain why a number of analyst and investor commentary pieces over the past two weeks have framed SSE plc as one of the more attractive, growth‑oriented utilities in the UK market, balancing a regulated networks focus with a still‑meaningful renewables pipeline. [46]
What today’s developments mean for SSE investors
Putting all of this together, here’s how the news flow up to and including 27 November 2025 looks through an investor lens:
1. Policy and regulatory backdrop improving
- The UK Budget’s move to shift legacy costs off bills supports SSE’s push for electrification and could make it politically easier to pass through future network investment costs. [47]
- Ofgem’s Early Construction Funding approvals and the ASTI framework provide regulatory tools to de‑risk delivery of SSEN Transmission projects, albeit subject to planning. [48]
2. Massive grid and HVDC build‑out – but execution and local consent are critical
- Planning consents for Banniskirk Hub and Lewis Hub, plus progress on the Orkney Link, point to a rapid scaling of Scotland’s grid infrastructure. [49]
- At the same time, community‑level concerns over visual impact, land use and tourism around big substations and lines remind investors that planning risk and social licence remain key. [50]
3. Financial profile: growth plus income
- SSE is targeting mid‑single‑digit to high‑single‑digit annual EPS growth and 5–10% annual dividend growth through 2029/30, positioning itself as a growth‑plus‑income stock rather than a pure bond‑proxy utility. [51]
- The £2bn share placing introduces some dilution, but the management case is that this is more than offset by accelerated growth in RAV and earnings. [52]
4. Valuation and share‑price momentum
- With the share price up more than 25% over 12 months and hovering close to all‑time highs, valuation has moved higher. Some analysts see this as justified by the scale and visibility of the network investment pipeline, while others flag the risk of over‑optimism if execution or regulation disappoint. [53]
- The stock’s beta below 1 and regulated earnings base still make SSE a relatively defensive name within the utilities sector, despite its renewed growth ambitions. [54]
Outlook after 27 November 2025: what to watch next
Looking beyond today, investors in SSE plc (LON:SSE) are likely to focus on several medium‑term catalysts:
- Completion and pricing of the equity placing, and any further details on asset rotations or partnership deals. [55]
- Ongoing planning decisions and community engagement around major network schemes, including future phases related to Banniskirk, Western Isles and other HVDC links. [56]
- Progress against investment milestones in SSEN Transmission and Distribution under the RIIO‑T3 and RIIO‑ED2 frameworks, and clarity on the future ED3 regime. [57]
- The next scheduled trading updates and full‑year results, which will show how fast capex is ramping and whether earnings are tracking the new plan. [58]
For now, as of 27 November 2025, SSE remains front and centre in the UK energy transition story: a utility pivoting hard towards regulated networks, backed by a £33bn investment plan, a solid credit rating, and a growing list of planning and policy decisions that will determine whether those ambitions translate into long‑term shareholder returns.
This article is for information only and does not constitute investment advice or a recommendation to buy or sell any security. Always conduct your own research or consult a licensed financial adviser before making investment decisions.
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