UK's SSE pushes back Dogger Bank wind project, keeps earnings forecast
Adds SSE share move in paragraph 5, National Grid share move in paragraph 9, context on wind farm in paragraph 3
Oct 3 (Reuters) -UK power generator and network operator SSE's SSE.L Dogger Bank A offshore wind project is not expected to be completed until the second half of 2025, but that would not impact its annual earnings guidance it said on Thursday.
The project, originally expected to be completed in the first half of 2025, will have a total capacity of 1.2 gigawatts, capable of powering around 2 million homes.
It is part of the wider Dogger Bank Wind Farm being developed in three phases, A, B and C – located between 130km and 190km from the North East coast of England. Collectively they will become the world’s largest offshore wind farm, the project's website says.
The Perth, UK-based company forecast first-half adjusted earnings per share of more than 45 pence, and said that renewables performance for the six months ended Sept. 30 was higher than previous years, but in line with expectations, reflecting weather conditions during the period.
Shares in SSE were trading 1.5% higher at 1,902.50 pence in early trade.
Separately, National Grid NG.L, another major player in Britain's energy sector, said its half-year performance was in line with its expectations, adding that underlying earnings in the second half of the fiscal year are expected to be more than the first-half period ended Sept. 30.
National Grid also said it expects an additional 70 million pound contribution from the Electricity System Operator (ESO) compared to guidance, reflecting ownership and held-for-sale accounting treatment up to Sept. 30.
Last month, National Grid agreed to sell its ESO to the UK government for 630 million pounds ($829.27 million), including debt, as the Labour government and energy regulator Ofgem aim to establish an independent National Energy System Operator.
National Grid shares were down 0.7% in early trade.
($1 = 0.7597 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema and Rashmi Aich, Elaine Hardcastle
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