- The Dogger Bank A project will have an installed generation capacity of 1.2GW
- SSE does not anticipate project returns being ‘materially impacted’ by the delay
SSE has warned that work will not be finished on the first phase of the Dogger Bank wind farm project until much later than expected next year.
The power generation company said Dogger Bank A, which at 1.2GW will have an installed generation capacity sufficient to power 2 million houses, would not be completed until the second half of 2025.
Perth-based SSE, which had planned to complete the work early next year, said it does not anticipate project returns being ‘materially impacted’ by the hold-up.
Update: SSE said Dogger Bank A, which will have an installed generation capacity of 1.2GW, enough to power 2 million houses, would not be completed until the second half of 2025
Based about 80 miles off England’s North East coast, Dogger Bank will be the world’s largest offshore wind farm once fully built, capable of providing electricity for up to 6 million homes.
Dogger Bank is being developed by SSE’s renewable energy business, Norwegian state oil giant Equinor, and Vårgrønn, a joint venture consisting of HitecVision and Plenitude/Eni.
Electricity started being produced from the wind farm in October 2023, with each rotation of the turbine’s blades producing enough clean energy to power a single British property for two days, according to SSE.
Advancing offshore wind generation will help bring the UK Government closer to its target of reducing greenhouse gas emissions to net zero levels by 2050.
The new Labour Government wants to quadruple offshore wind capacity to 60GW as part of a goal to decarbonise Britain’s electricity grid by 2030.
Separately, SSE revealed its renewables performance in the six months ending September was stronger than the prior year while in line with forecasts.
Output from wind farms, solar projects and hydroelectric schemes jumped by 44 per cent to 5.3 terawatt hours compared to the same period last year, thanks to better weather conditions.
The FTSE 100 company further said it expects first-half adjusted earnings of over 45p per share, with the majority of annual earnings coming in the second half due to the ‘seasonal nature of operations’.
Meanwhile, it still anticipates adjusted operating profits from its flexible thermal and gas storage assets to total at least £200million for the full year.
SSE’s trading update comes as National Grid announced its first-half result was commensurate with management forecasts.
SSE shares were 1.6 per cent higher at £19.04 on Thursday morning, meaning they have risen by around a quarter over the past year.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk