SSE says no decision on company break up

SSE, electricity, energy, power, utilities

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UK energy group SSE said it had made no decision on whether to split off its renewables business after reports that activist hedge fund Elliott Management was pressuring for a breakup of the firm.

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SSE on Monday said it would provide an update on plans to “further accelerate growth” with its interim results in November, including details of "significantly increased capital investment for the period to 2026".

“There has been no decision to break up the SSE Group. The board remains fully focused on strategic choices which will drive shareholder value from the wealth of net zero opportunities the company is creating,” SSE said in a statement.

US-based Elliott has built a stake in the London-listed power provider, which has reorganised its portfolio in recent years to focus on low-carbon businesses such as electricity networks and renewables.

It offloaded its retail business — selling energy to the public — to Ovo last year. It has the largest renewable electricity portfolio in the UK and Ireland, plus it is building the world’s biggest offshore wind farm, the 3.6GW Dogger Bank.