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1.1. General information
SSE plc (the Company) is a company domiciled in Scotland. The address of the registered office is given on the back cover. The Group\u2019s
operations and its principal activities are set out in the Strategic Report. The consolidated financial statements for the year ended 31 March
2024 comprise those of the Company and its subsidiaries (together referred to as the Group). The Company financial statements present
information about the Company as a separate entity and not about the Group, these can be seen on pages 310 to 323 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-680": { "value": "SSE plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "SSE plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-681": { "value": "SSE plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-682": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-2": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-679": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-685": { "value": "1.2. Basis of preparation Statement of compliance The financial statements were authorised for issue by the directors on 21 May 2024. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Going concern The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2025. The financial statements are therefore prepared on a going concern basis. In addition, further details of the Group\u2019s liquidity position and going concern review are provided at note 21 and in A6 Accompanying Information to the Financial Statements on page 296 . Basis of measurement The financial statements of the Group are prepared on the historical cost basis except for certain gas inventory, derivative financial instruments, financial instruments designated at fair value through profit or loss or other comprehensive income on initial recognition, assets of the Group pension schemes, all of which are measured at their fair value, and liabilities of the Group pension schemes which are measured using the projected unit credit method. The directors believe the financial statements present a true and fair view. The financial statements of the Group are presented in pounds sterling. The basis for including operations and transactions conducted in currencies other than pounds sterling is provided in A1 Accompanying Information to the Financial Statements on page 271 . Use of estimates and judgements The preparation of financial statements conforming with adopted IFRS requires the use of certain accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The areas involving a higher level of judgement or estimation are summarised at pages 209 to 211 . Changes to presentation and prior year adjustments The prior year comparatives at 31 March 2023 have been restated following the adoption of IFRS 17 \u2018Insurance Contracts\u2019 (\u2018IFRS 17\u2019) and the amendment to IAS 12 \u2018Deferred Tax relating to Assets and Liabilities arising from a Single Transaction\u2019 (\u2018IAS 12\u2019), as disclosed in the section below 2.1. Segments In accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019 the Group has aligned its segmental disclosures with its revised internal reporting following changes to the Group\u2019s structure and operations. These segments are used internally by the Group Executive Committee in order to assess operating performance and to make decisions on how to allocate capital. Consequently, the segmental results reported in the Group\u2019s operating segments have been restated with effect from 1 April 2022. During the year to 31 March 2024, SSE Renewables assumed responsibility for the development, delivery and operation of battery storage and solar assets in Great Britain from SSE Enterprise (formerly Distributed Energy), aligning that activity with its international operations. In addition, the Building Energy Management Systems (\u2018BEMS\u2019) activity has been assumed by SSE Business Energy. Accordingly, the result from the Group\u2019s battery and solar business and BEMS will now be reported within SSE Renewables and Energy Customers Solutions respectively. Comparative segmental information in note 5 has been re-presented to reflect the change to these segments. The impacts of the restatements are a decrease to the adjusted operating profit of SSE Renewables (2023: \u00a318.2m), a decrease to the adjusted operating profit of SSE Business Energy (2023: \u00a32.2m) and a decrease to the adjusted operating loss of SSE Enterprise (2023: \u00a320.4m). Additionally, adjusted capital expenditure has been re-presented with an increase to SSE Renewables (2023: \u00a374.0m), an increase to SSE Business Energy (2023: \u00a30.4m) and a decrease to SSE Enterprise (2023: \u00a374.4m). Revenue has been re-presented with an increase to SSE Business Energy (2023: \u00a346.0m) and a decrease to SSE Enterprise (2023: \u00a346.0m). Finally, note that there were two changes to the names of segments in the year: 1) Distributed Energy was renamed SSE Enterprise and 2) EPMI was renamed SSE Energy Markets. Derivative financial liabilities prior year adjustment A prior year adjustment has been made to reflect the restatement of derivative financial liabilities as a result of an incorrect classification split in the prior year. The adjustment has been to present non-current derivative financial liabilities as \u00a3243.3m (previously \u00a31,021.0m) and current derivative financial liabilities as \u00a31,021.0m (previously \u00a3243.3m). This adjustment has no impact on retained earnings, net assets or adjusted performance measures of the Group, at any reporting date. Investments presentation change In the current year the classification of an investment of \u00a324.1m has been reassessed and reclassified from \u2018Other investments\u2019 to \u2018Equity investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of ownership and influence over the investee; comparative amounts have not been re-presented. Changes to estimates On 31 March 2024, the Group\u2019s Thermal business unit reviewed the useful economic life of the Peterhead, Keadby and Medway CCGT assets and extended their useful lives to 2030 following the award of capacity mechanism contracts. The change in useful economic life had no impact on the depreciation charge for the year ended 31 March 2024, but will reduce the depreciation charge for the year ending 31 March 2025 by \u00a316.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-727": { "value": "
Statement of compliance
The financial statements were authorised for issue by the directors on 21 May 2024. The financial statements have been prepared in
accordance with UK adopted International Accounting Standards (\u2018IAS\u2019).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-728": { "value": "
Going concern
The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2025.
The financial statements are therefore prepared on a going concern basis.
In addition, further details of the Group\u2019s liquidity position and going concern review are provided at note 21 and in A6
Accompanying
Information to the Financial Statements on page 296
.
A6.3. Liquidity risk and Going Concern Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements, the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes. Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury Committee and Audit Committee. In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period. The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities listed at note 21.3, the Group has a \u00a315m overdraft facility. The refinancing requirement in the 24/25 financial year is \u00a31.1bn, being the \u00a3852m of short-term Commercial Paper that matures between April and May, and $320m (\u00a3204m) of US Private Placement maturing 16 April 2024. The Directors are confident in the ability of the Group to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing history of the Group for both fixed debt and commercial paper, as discussed more fully below. Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account the Group\u2019s credit rating and the successful issuance of \u00a315.5bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.1bn of long term funding in the 23/24 financial year being a \u20ac750m 8 year Eurobond at 4.0% in August 2023 for SSE plc and a 20 year \u00a3500m Eurobond at a coupon of 5.5% for Scottish Hydro Electric Transmission plc. The Group\u2019s period of Going Concern assessment is performed to 31 December 2025, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenants in the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December 2025. The statement of going concern is included in the Audit Committee Report. As at 31 March 2024, the net value of outstanding cash collateral held in respect of mark-to-market related margin calls on exchange traded positions was \u00a3353.2m (2023: cash posted \u00a3316.3m). The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index as at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to the length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have been calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a choice of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity. The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of netting agreements:
2024
2024
2024
2024
2024
2024
Carrying Contractual 0 \u2013 12 1\u20132 2\u20135 > 5
value cash flows months years years years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
840.4
(852.4)
(852.4)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(244.3)
(11.1)
(11.1)
(222.1)
\u2013
Loans \u2013 fixed
1,367.0
(1,883.2)
(255.7)
(47.1)
(445.5)
(1,134.9)
Unsecured bonds \u2013 fixed
6,317.9
(8,964.7)
(218.8)
(1,174.7)
(856.4)
(6,714.8)
Fair value adjustment
0.9
\u2013
\u2013
\u2013
\u2013
\u2013
8,726.2
(11,944.6)
(1,338.0)
(1,232.9)
(1,524.0)
(7,849.7)
Lease liabilities
407.5
(616.5)
(91.8)
(54.1)
(142.1)
(328.5)
9,133.7
(12,561.1)
(1,429.8)
(1,287.0)
(1,666.1)
(8,178.2)
Derivative financial liabilities
Operating derivatives designated at fair value
428.4
(904.4)
(1,239.2)
(73.2)
90.2
317.8
Interest rate swaps used for hedging
57.4
(57.4)
(26.1)
(10.6)
(16.9)
(3.8)
Interest rate swaps designated at fair value
38.4
(38.4)
(5.2)
(5.2)
(9.8)
(18.2)
Forward foreign exchange contracts held for hedging
30.5
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
Forward foreign exchange contracts designated
at fair value
12.7
377.1
352.2
22.1
2.8
\u2013
567.4
(1,964.0)
(1,476.0)
(166.7)
(581.3)
260.0
Other financial liabilities
Trade payables
656.7
(656.7)
(656.7)
\u2013
\u2013
\u2013
Financial guarantee liabilities
39.5
(39.5)
(2.9)
(2.7)
(7.8)
(26.1)
696.2
(696.2)
(659.6)
(2.7)
(7.8)
(26.1)
Total
10,397. 3
(15,221.3)
(3,565.4)
(1,456.4)
(2,255.2)
(7,944.3)
Derivative financial assets
Financing derivatives
(120.5)
(168.3)
(179.7)
(1.3)
12.7
\u2013
Operating derivatives designated at fair value
(479.8)
761.6
756.7
6.6
(1.7)
\u2013
(600.3)
593.3
577.0
5.3
11.0
\u2013
Net total
9,797.0
(14,628.0)
(2,988.4)
(1,451.1)
(2,244.2)
(7,944.3)
(i)
(restated*)
2023
2023
2023
2023
2023
2023
Carrying Contractual 0 \u2013 12 1 \u2013 2 2 \u2013 5 > 5
value cash flows months years years years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
1,019.2
(1,029.8)
(1,029.8)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(253.4)
(10.7)
(10.7)
(232.0)
\u2013
Loans \u2013 fixed
1,574.7
(2,064.5)
(96.5)
(194.3)
(917.7)
(856.0)
Unsecured bonds \u2013 fixed
5,705.5
(7,596.0)
(182.8)
(681.3)
(2,040.7)
(4,691.2)
Fair value adjustment
154.6
\u2013
\u2013
\u2013
\u2013
\u2013
8,654.0
(10,943.7)
(1,319.8)
(886.3)
(3,190.4)
(5,547. 2)
Lease liabilities
405.9
(613.0)
(94.5)
(55.8)
(146.6)
(316.1)
Derivative financial liabilities
9,059.9
(11,556.7)
(1,414.3)
(942.1)
(3,337.0)
(5,863.3)
Operating derivatives designated at fair value
1,152.8
(1,841.9)
(1,770.2)
(97.5)
1.0
24.8
Interest rate swaps used for hedging
37.4
(37.4)
(8.5)
(8.5)
(17.2)
(3.2)
Interest rate swaps designated at fair value
55.2
(55.2)
(5.0)
(4.9)
(13.2)
(32.1)
Forward foreign exchange contracts held for hedging
11.5
(337.7)
(292.0)
(42.3)
(3.4)
\u2013
Forward foreign exchange contracts designated
at fair value
7.4
2.0
(50.7)
66.4
(13.7)
\u2013
Other financial liabilities
1,264.3
(2,270.2)
(2,126.4)
(86.8)
(46.5)
(10.5)
Trade payables
694.6
(694.6)
(694.6)
\u2013
\u2013
\u2013
Financial guarantee liabilities
70.9
(70.9)
(4.4)
(4.0)
(11.7)
(50.8)
765.5
(765.5)
(699.0)
(4.0)
(11.7)
(50.8)
Total
11,089.7
(14,592.4)
(4,239.7)
(1,032.9)
(3,395.2)
(5,924.6)
Derivative financial assets
Financing derivatives
(239.3)
638.9
518.2
82.1
37.0
1.6
Operating derivatives designated at fair value
(765.9)
1,445.5
970.5
40.9
127.9
306.2
(1,005.2)
2,084.4
1,488.7
123.0
164.9
307.8
Net total
10,084.5
(12,508.0)
(2,751.0)
(909.9)
(3,230.3)
(5,616.8)
(i) * The comparatives have been restated. See note 2.1. (i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of payments or receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts which are not IFRS 9 financial instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u201cFinancial Instruments: Disclosures\u201d. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-729": { "value": "
Basis of measurement
The financial statements of the Group are prepared on the historical cost basis except for certain gas inventory, derivative financial
instruments, financial instruments designated at fair value through profit or loss or other comprehensive income on initial recognition,
assets of the Group pension schemes, all of which are measured at their fair value, and liabilities of the Group pension schemes which are
measured using the projected unit credit method. The directors believe the financial statements present a true and fair view. The financial
statements of the Group are presented in pounds sterling. The basis for including operations and transactions conducted in currencies
other than pounds sterling is provided in A1
Accompanying Information to the Financial Statements on page 271 .
", "dimensions": { "concept": "ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-730": { "value": "
Changes to presentation and prior year adjustments
The prior year comparatives at 31 March 2023 have been restated following the adoption of IFRS 17 \u2018Insurance Contracts\u2019 (\u2018IFRS 17\u2019) and the
amendment to IAS 12 \u2018Deferred Tax relating to Assets and Liabilities arising from a Single Transaction\u2019 (\u2018IAS 12\u2019), as disclosed in the section
below 2.1.
Segments
In accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019 the Group has aligned its segmental disclosures with its revised
internal reporting following changes to the Group\u2019s structure and operations. These segments are used internally by the Group Executive
Committee in order to assess operating performance and to make decisions on how to allocate capital. Consequently, the segmental
results reported in the Group\u2019s operating segments have been restated with effect from 1 April 2022. During the year to 31 March 2024,
SSE Renewables assumed responsibility for the development, delivery and operation of battery storage and solar assets in Great Britain
from SSE Enterprise (formerly Distributed Energy), aligning that activity with its international operations. In addition, the Building Energy
Management Systems (\u2018BEMS\u2019) activity has been assumed by SSE Business Energy. Accordingly, the result from the Group\u2019s battery and
solar business and BEMS will now be reported within SSE Renewables and Energy Customers Solutions respectively. Comparative
segmental information in note 5 has been re-presented to reflect the change to these segments. The impacts of the restatements are a
decrease to the adjusted operating profit of SSE Renewables (2023: \u00a318.2m), a decrease to the adjusted operating profit of SSE Business
Energy (2023: \u00a32.2m) and a decrease to the adjusted operating loss of SSE Enterprise (2023: \u00a320.4m). Additionally, adjusted capital
expenditure has been re-presented with an increase to SSE Renewables (2023: \u00a374.0m), an increase to SSE Business Energy (2023: \u00a30.4m)
and a decrease to SSE Enterprise (2023: \u00a374.4m). Revenue has been re-presented with an increase to SSE Business Energy (2023: \u00a346.0m)
and a decrease to SSE Enterprise (2023: \u00a346.0m). Finally, note that there were two changes to the names of segments in the year: 1)
Distributed Energy was renamed SSE Enterprise and 2) EPMI was renamed SSE Energy Markets.
Derivative financial liabilities prior year adjustment
A prior year adjustment has been made to reflect the restatement of derivative financial liabilities as a result of an incorrect classification
split in the prior year. The adjustment has been to present non-current derivative financial liabilities as \u00a3243.3m (previously \u00a31,021.0m) and
current derivative financial liabilities as \u00a31,021.0m (previously \u00a3243.3m). This adjustment has no impact on retained earnings, net assets or
adjusted performance measures of the Group, at any reporting date.
Investments presentation change
In the current year the classification of an investment of \u00a324.1m has been reassessed and reclassified from \u2018Other investments\u2019 to \u2018Equity
investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of ownership
and influence over the investee; comparative amounts have not been re-presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-773": { "value": "Changes to presentation and prior year adjustments The prior year comparatives at 31 March 2023 have been restated following the adoption of IFRS 17 \u2018Insurance Contracts\u2019 (\u2018IFRS 17\u2019) and the amendment to IAS 12 \u2018Deferred Tax relating to Assets and Liabilities arising from a Single Transaction\u2019 (\u2018IAS 12\u2019), as disclosed in the section below 2.1. Segments In accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019 the Group has aligned its segmental disclosures with its revised internal reporting following changes to the Group\u2019s structure and operations. These segments are used internally by the Group Executive Committee in order to assess operating performance and to make decisions on how to allocate capital. Consequently, the segmental results reported in the Group\u2019s operating segments have been restated with effect from 1 April 2022. During the year to 31 March 2024, SSE Renewables assumed responsibility for the development, delivery and operation of battery storage and solar assets in Great Britain from SSE Enterprise (formerly Distributed Energy), aligning that activity with its international operations. In addition, the Building Energy Management Systems (\u2018BEMS\u2019) activity has been assumed by SSE Business Energy. Accordingly, the result from the Group\u2019s battery and solar business and BEMS will now be reported within SSE Renewables and Energy Customers Solutions respectively. Comparative segmental information in note 5 has been re-presented to reflect the change to these segments. The impacts of the restatements are a decrease to the adjusted operating profit of SSE Renewables (2023: \u00a318.2m), a decrease to the adjusted operating profit of SSE Business Energy (2023: \u00a32.2m) and a decrease to the adjusted operating loss of SSE Enterprise (2023: \u00a320.4m). Additionally, adjusted capital expenditure has been re-presented with an increase to SSE Renewables (2023: \u00a374.0m), an increase to SSE Business Energy (2023: \u00a30.4m) and a decrease to SSE Enterprise (2023: \u00a374.4m). Revenue has been re-presented with an increase to SSE Business Energy (2023: \u00a346.0m) and a decrease to SSE Enterprise (2023: \u00a346.0m). Finally, note that there were two changes to the names of segments in the year: 1) Distributed Energy was renamed SSE Enterprise and 2) EPMI was renamed SSE Energy Markets. Derivative financial liabilities prior year adjustment A prior year adjustment has been made to reflect the restatement of derivative financial liabilities as a result of an incorrect classification split in the prior year. The adjustment has been to present non-current derivative financial liabilities as \u00a3243.3m (previously \u00a31,021.0m) and current derivative financial liabilities as \u00a31,021.0m (previously \u00a3243.3m). This adjustment has no impact on retained earnings, net assets or adjusted performance measures of the Group, at any reporting date. Investments presentation change In the current year the classification of an investment of \u00a324.1m has been reassessed and reclassified from \u2018Other investments\u2019 to \u2018Equity investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of ownership and influence over the investee; comparative amounts have not been re-presented. Changes to estimates On 31 March 2024, the Group\u2019s Thermal business unit reviewed the useful economic life of the Peterhead, Keadby and Medway CCGT assets and extended their useful lives to 2030 following the award of capacity mechanism contracts. The change in useful economic life had no impact on the depreciation charge for the year ended 31 March 2024, but will reduce the depreciation charge for the year ending 31 March 2025 by \u00a316.4m.
2. New accounting policies and reporting changes
The principal accounting policies applied in the preparation of these financial statements are set out below and in the A1 Accompanying
Information to the Financial Statements on pages 271 to 281 .
2.1. New standards, amendments and interpretations effective or adopted by the Group
On 1 April 2023, the Group adopted IFRS 17 and the amendments to IAS 12 on a modified retrospective basis from the earliest period
presented in these financial statements.
The Group provides guarantees in respect of certain activities of former subsidiaries and to certain current joint venture investments. Prior
to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4 \u2018Insurance Contracts\u2019 (\u2018IFRS 4\u2019). Under IFRS 4,
existing accounting practices were grandfathered and the contracts were treated as contingent liabilities until such time as it became
probable the Group would be required to make payment to settle the obligation. The adoption of IFRS 17 from 1 April 2022 resulted in a
reassessment of these contracts and the Group elected to apply the valuation principles of IFRS 9 to these contracts. Adoption resulted
in the recognition of financial guarantee liabilities of \u00a354.9m; a \u00a322.7m increase in equity investments in joint ventures and associates;
and a \u00a332.2m adjustment to retained earnings. On 1 September 2022, the Group acquired a 50% joint venture investment in Triton Power
Holdings Limited (\u2018Triton\u2019) and provided parent company guarantees to Saltend Cogeneration Company Limited, a subsidiary of Triton. In
the comparative year to 31 March 2023, the Group has therefore recognised a further \u00a316.0m increase to the Group\u2019s financial guarantee
liabilities to reflect this guarantee and a \u00a316.0m increase to the Group\u2019s equity investment in Triton.
During the current year to 31 March 2024, the Group recognised a net decrease in financial guarantee liabilities of \u00a331.4m, a reduction in
the value of its joint venture investments of \u00a36.9m and a settlement of \u00a312.0m resulting in a net income statement credit of \u00a312.5m, of
which \u00a35.1m has been treated as exceptional. During the six month period to 30 September 2023, the Group recognised an exceptional
expense of \u00a350.5m in relation to guarantees provided to its former subsidiary Enerveo Limited. During the second half of the financial year
the Group completed the reacquisition of Enerveo and reversed the entries arising from the adoption of IFRS 17 that eliminate on
consolidation (see note 7 for further details).
The Group has identified that IFRS 17 impacts the results of its captive insurance subsidiary as it issues insurance contracts, however only
the subsidiary\u2019s reinsurance contracts do not eliminate on consolidation. The accounting for these contracts under IFRS 17 is immaterial to
the Group\u2019s consolidated financial statements.
The adoption of the amendments to IAS 12 resulted in an increase of \u00a350.1m (2023: \u00a345.5m) to the Group\u2019s gross deferred tax assets and
gross deferred tax liabilities recognised in relation to the Group\u2019s decommissioning obligations and a reclassification of \u00a379.5m of gross
deferred tax assets. Adoption had no impact on retained earnings or profits recognised in presented periods.
In the year, the Group also adopted the amendments to:
\u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Making Materiality Judgements\u2019 in relation to disclosure of
accounting policies;
\u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019 in relation to the definition of accounting estimates; and
\u2013 Pillar Two Model Rules (Amendments to IAS 12) as issued on 23 May 2023, was substantively enacted in the UK from 20 June 2023.
The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation
implementing OECD Pillar Two. SSE has applied the exception to recognising and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
Adoption of these other amendments had no material impact on these Financial Statements. There were no other standards, amendments
to standards or interpretations relevant to the Group\u2019s operations which were adopted during the year.
2.2. New standards, amendments and interpretations issued, but not yet adopted by the Group
On 9 April 2024, subsequent to the balance sheet date, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019.
The Group will assess the expected impact of the adoption of the standard during the forthcoming year. A number of other standards,
amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application
is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue. These
amendments are not anticipated to have a material impact on the Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-731": { "value": "
Changes to estimates
On 31 March 2024, the Group\u2019s Thermal business unit reviewed the useful economic life of the Peterhead, Keadby and Medway CCGT
assets and extended their useful lives to 2030 following the award of capacity mechanism contracts. The change in useful economic life
had no impact on the depreciation charge for the year ended 31 March 2024, but will reduce the depreciation charge for the year ending
31 March 2025 by \u00a316.4m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-686": { "value": "2. New accounting policies and reporting changes The principal accounting policies applied in the preparation of these financial statements are set out below and in the A1 Accompanying Information to the Financial Statements on pages 271 to 281 . 2.1. New standards, amendments and interpretations effective or adopted by the Group On 1 April 2023, the Group adopted IFRS 17 and the amendments to IAS 12 on a modified retrospective basis from the earliest period presented in these financial statements. The Group provides guarantees in respect of certain activities of former subsidiaries and to certain current joint venture investments. Prior to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4 \u2018Insurance Contracts\u2019 (\u2018IFRS 4\u2019). Under IFRS 4, existing accounting practices were grandfathered and the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to make payment to settle the obligation. The adoption of IFRS 17 from 1 April 2022 resulted in a reassessment of these contracts and the Group elected to apply the valuation principles of IFRS 9 to these contracts. Adoption resulted in the recognition of financial guarantee liabilities of \u00a354.9m; a \u00a322.7m increase in equity investments in joint ventures and associates; and a \u00a332.2m adjustment to retained earnings. On 1 September 2022, the Group acquired a 50% joint venture investment in Triton Power Holdings Limited (\u2018Triton\u2019) and provided parent company guarantees to Saltend Cogeneration Company Limited, a subsidiary of Triton. In the comparative year to 31 March 2023, the Group has therefore recognised a further \u00a316.0m increase to the Group\u2019s financial guarantee liabilities to reflect this guarantee and a \u00a316.0m increase to the Group\u2019s equity investment in Triton. During the current year to 31 March 2024, the Group recognised a net decrease in financial guarantee liabilities of \u00a331.4m, a reduction in the value of its joint venture investments of \u00a36.9m and a settlement of \u00a312.0m resulting in a net income statement credit of \u00a312.5m, of which \u00a35.1m has been treated as exceptional. During the six month period to 30 September 2023, the Group recognised an exceptional expense of \u00a350.5m in relation to guarantees provided to its former subsidiary Enerveo Limited. During the second half of the financial year the Group completed the reacquisition of Enerveo and reversed the entries arising from the adoption of IFRS 17 that eliminate on consolidation (see note 7 for further details). The Group has identified that IFRS 17 impacts the results of its captive insurance subsidiary as it issues insurance contracts, however only the subsidiary\u2019s reinsurance contracts do not eliminate on consolidation. The accounting for these contracts under IFRS 17 is immaterial to the Group\u2019s consolidated financial statements. The adoption of the amendments to IAS 12 resulted in an increase of \u00a350.1m (2023: \u00a345.5m) to the Group\u2019s gross deferred tax assets and gross deferred tax liabilities recognised in relation to the Group\u2019s decommissioning obligations and a reclassification of \u00a379.5m of gross deferred tax assets. Adoption had no impact on retained earnings or profits recognised in presented periods. In the year, the Group also adopted the amendments to: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Making Materiality Judgements\u2019 in relation to disclosure of accounting policies; \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019 in relation to the definition of accounting estimates; and \u2013 Pillar Two Model Rules (Amendments to IAS 12) as issued on 23 May 2023, was substantively enacted in the UK from 20 June 2023. The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing OECD Pillar Two. SSE has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Adoption of these other amendments had no material impact on these Financial Statements. There were no other standards, amendments to standards or interpretations relevant to the Group\u2019s operations which were adopted during the year. 2.2. New standards, amendments and interpretations issued, but not yet adopted by the Group On 9 April 2024, subsequent to the balance sheet date, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The Group will assess the expected impact of the adoption of the standard during the forthcoming year. A number of other standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue. These amendments are not anticipated to have a material impact on the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-732": { "value": "2.1. New standards, amendments and interpretations effective or adopted by the Group On 1 April 2023, the Group adopted IFRS 17 and the amendments to IAS 12 on a modified retrospective basis from the earliest period presented in these financial statements. The Group provides guarantees in respect of certain activities of former subsidiaries and to certain current joint venture investments. Prior to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4 \u2018Insurance Contracts\u2019 (\u2018IFRS 4\u2019). Under IFRS 4, existing accounting practices were grandfathered and the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to make payment to settle the obligation. The adoption of IFRS 17 from 1 April 2022 resulted in a reassessment of these contracts and the Group elected to apply the valuation principles of IFRS 9 to these contracts. Adoption resulted in the recognition of financial guarantee liabilities of \u00a354.9m; a \u00a322.7m increase in equity investments in joint ventures and associates; and a \u00a332.2m adjustment to retained earnings. On 1 September 2022, the Group acquired a 50% joint venture investment in Triton Power Holdings Limited (\u2018Triton\u2019) and provided parent company guarantees to Saltend Cogeneration Company Limited, a subsidiary of Triton. In the comparative year to 31 March 2023, the Group has therefore recognised a further \u00a316.0m increase to the Group\u2019s financial guarantee liabilities to reflect this guarantee and a \u00a316.0m increase to the Group\u2019s equity investment in Triton. During the current year to 31 March 2024, the Group recognised a net decrease in financial guarantee liabilities of \u00a331.4m, a reduction in the value of its joint venture investments of \u00a36.9m and a settlement of \u00a312.0m resulting in a net income statement credit of \u00a312.5m, of which \u00a35.1m has been treated as exceptional. During the six month period to 30 September 2023, the Group recognised an exceptional expense of \u00a350.5m in relation to guarantees provided to its former subsidiary Enerveo Limited. During the second half of the financial year the Group completed the reacquisition of Enerveo and reversed the entries arising from the adoption of IFRS 17 that eliminate on consolidation (see note 7 for further details). The Group has identified that IFRS 17 impacts the results of its captive insurance subsidiary as it issues insurance contracts, however only the subsidiary\u2019s reinsurance contracts do not eliminate on consolidation. The accounting for these contracts under IFRS 17 is immaterial to the Group\u2019s consolidated financial statements. The adoption of the amendments to IAS 12 resulted in an increase of \u00a350.1m (2023: \u00a345.5m) to the Group\u2019s gross deferred tax assets and gross deferred tax liabilities recognised in relation to the Group\u2019s decommissioning obligations and a reclassification of \u00a379.5m of gross deferred tax assets. Adoption had no impact on retained earnings or profits recognised in presented periods. In the year, the Group also adopted the amendments to: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Making Materiality Judgements\u2019 in relation to disclosure of accounting policies; \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019 in relation to the definition of accounting estimates; and \u2013 Pillar Two Model Rules (Amendments to IAS 12) as issued on 23 May 2023, was substantively enacted in the UK from 20 June 2023. The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing OECD Pillar Two. SSE has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Adoption of these other amendments had no material impact on these Financial Statements. There were no other standards, amendments to standards or interpretations relevant to the Group\u2019s operations which were adopted during the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-733": { "value": "2.2. New standards, amendments and interpretations issued, but not yet adopted by the Group On 9 April 2024, subsequent to the balance sheet date, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The Group will assess the expected impact of the adoption of the standard during the forthcoming year. A number of other standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue. These amendments are not anticipated to have a material impact on the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-687": { "value": "
3. Adjusted accounting measures
The Group applies the use of adjusted accounting measures or alternative performance measures (\u2018APMs\u2019) throughout the Annual Report
and Financial Statements. These measures enable the Directors to present the underlying performance of the Group and its segments to
the users of the statements in a consistent and meaningful manner. The adjustments applied and certain terms such as \u2018adjusted operating
profit\u2019, \u2018adjusted earnings per share\u2019, \u2018adjusted EBITDA\u2019, \u2018adjusted investment and capital expenditure\u2019, \u2018adjusted investment, capital and
acquisition expenditure\u2019 and \u2018adjusted net debt and hybrid capital\u2019 that are not defined under IFRS and are explained in more detail below.
In addition, the section \u2018Alternative Performance Measures\u2019 at page 190 provides further context and explanation of these terms.
3.1. Adjusted measures
The Directors assess the performance of the Group and its reportable segments based on \u2018adjusted measures\u2019. These measures are used
for internal performance management and are believed to be appropriate for explaining underlying performance to users of the accounts.
These measures are also deemed to be the most useful for ordinary shareholders of the Company and for other stakeholders.
The performance of the reportable segments is reported based on adjusted profit before interest and tax (\u2018adjusted operating profit\u2019). This is
reconciled to reported profit before interest and tax by adding back exceptional items and certain re-measurements (see note 3.2 below),
depreciation and amortisation expense on fair value uplifts, the share of operating profit attributable to non-controlling interests,
adjustments to the retained Gas Production decommissioning provision and after the removal of interest and taxation on profits from
equity-accounted joint ventures and associates.
The performance of the Group is reported based on adjusted profit before tax which excludes exceptional items and certain re-
measurements (see note 3.2 below), depreciation and amortisation expense on fair value uplifts, the share of profit before tax attributable
to non-controlling interests, the net interest costs associated with defined benefit schemes, adjustments to the retained Gas Production
decommissioning provision and taxation on profits from equity-accounted joint ventures and associates. The interest charges or credits on
defined benefit schemes removed are non-cash and are subject to variation based on actuarial valuations of scheme liabilities.
The Group also uses adjusted earnings before interest, taxation, depreciation and amortisation (\u2018adjusted EBITDA\u2019) as an alternative
operating performance measure which acts as a management proxy for cash generated from operating activities. This does not take into
account the rights and obligations that SSE has in relation to its equity-accounted joint ventures and associates. This measure excludes
exceptional items and certain re-measurements (see note 3.2 below), the depreciation charged on fair value uplifts, the share of EBITDA
attributable to non-controlling interests, adjustments to the retained Gas Production decommissioning provision, the net interest costs
associated with defined benefit schemes, depreciation and amortisation from equity-accounted joint ventures and associates and interest
and taxation on profits from equity-accounted joint ventures and associates. For the purpose of calculating the \u2018Net Debt to EBITDA\u2019 metric
referred at page 63
, \u2018adjusted EBITDA\u2019 is further adjusted to remove the proportion of adjusted EBITDA from equity-accounted joint
ventures relating to off-balance sheet debt (see note 5.1 (v)).
The Group\u2019s key performance measure is adjusted earnings per share (EPS), which is based on basic earnings per share before exceptional
items and certain re-measurements (see note 3.2 below), depreciation and amortisation on fair value uplifts, adjustments to the retained
Gas Production decommissioning provision, the net interest costs/income associated with defined benefit schemes and after the removal
of deferred taxation and other taxation items. Deferred taxation is excluded from the Group\u2019s adjusted EPS because of the Group\u2019s
significant ongoing capital investment programme, which means that the deferred tax is unlikely to reverse. Adjusted profit after tax is
presented on a basis consistent with adjusted EPS except for the non-inclusion of payments to holders of hybrid equity.
The financial statements also include an \u2018adjusted net debt and hybrid capital\u2019 measure. This presents financing information on the basis
used for internal liquidity risk management. This measure excludes obligations due under lease arrangements and the share of net debt
attributable to non-controlling interests, and includes cash held and posted as collateral on commodity trading exchanges, and other short
term loans. The measure represents the capital owed to investors, lenders and equity holders other than the ordinary shareholders. As with
\u2018adjusted earnings per share\u2019, this measure is considered to be of relevance to the ordinary shareholders of the Group as well as other
stakeholders and interested parties.
Finally, the financial statements include an \u2019adjusted investment and capital expenditure\u2019 and an \u2018adjusted investment, capital and
acquisition expenditure\u2019 measure. These metrics represent the capital invested by the Group in projects that are anticipated to provide a
return on investment over future years or which otherwise support Group operations and are consistent with internally applied metrics.
They therefore include capital additions to property, plant and equipment and intangible assets and also the Group\u2019s direct funding of joint
venture and associates capital projects. The Group has considered it appropriate to report these values both internally and externally in this
manner due to its use of equity-accounted investment vehicles to grow the Group\u2019s asset base and to highlight where the Group is
providing funding to the vehicle through either loans or equity. The Group does not include project funded capital additions in these
metrics, nor does it include other capital invested in joint ventures and associates. Where initial capital funding of an equity accounted joint
venture is refunded, these refunds are deducted from the metrics in the year the refund is received. In addition, the Group excludes from
this metric additions to its property, plant and equipment funded by Customer Contributions and additions to intangible assets associated
with Allowances and Certificates. The Group also excludes the share of investment and capital expenditure attributable to non-controlling
interests in controlled but not wholly owned subsidiaries, disposed or impaired additions and refinancing proceeds and refunds. The
\u2018adjusted investment, capital and acquisition expenditure\u2019 measure also includes cash consideration paid by the Group in business
combinations which contribute to growth of the Group\u2019s capital asset base and is considered to be relevant metric in context of the
Group\u2019s Net Zero Acceleration Programme Plus. As with \u2018adjusted earnings per share\u2019, these measures are considered to be of relevance to
management and to the ordinary shareholders of the Group as well as to other stakeholders and interested parties.
Reconciliations from reported measures to adjusted measures along with further description of the rationale for those adjustments are
included in the \u201cAdjusted Performance Measures\u201d section at pages 190 to 197
.
APM
Where the Group have referred to an adjusted performance measure in the financial statements the following sign is presented to
denote this.
3.2. Exceptional items and certain re-measurements
Exceptional items are those charges or credits that are considered unusual by nature and/or scale and of such significance that separate
disclosure is required for the financial statements to be properly understood. The trigger points for recognition of items as exceptional
items will tend to be non-recurring, although exceptional charges (or credits) may impact the same asset class or segment over time.
Examples of items that may be considered exceptional include material asset, investment or business impairment charges; reversals of
historic exceptional impairments; certain business restructuring and reorganisation costs; significant realised gains or losses on disposal;
unrealised fair value adjustments on acquisition or disposals; and provisions in relation to significant disputes and claims.
The Group operates a policy framework for establishing whether items should be considered to be exceptional. This framework, which is
reviewed annually, is based on the materiality of the item, by reference to the Group\u2019s key performance measure of adjusted earnings per
share. This framework estimates that any qualifying item greater than \u00a340.0m (2023: \u00a340.0m) will be considered exceptional, with a
potentially lower threshold applied to strategic restructuring of activities or discontinued operations, which will respectively be considered
on a case by case basis or will always be treated as exceptional. The only exception to this threshold is for gains or losses on disposal, or
divestment of early-stage SSE Renewables international or offshore wind farm development projects within SSE Renewables, which are
considered non-exceptional in line with the Group\u2019s strategy to generate recurring gains from developer divestments. Where a gain arises
on a non-cash transaction, the gain is treated as exceptional.
Certain re-measurements are re-measurements arising on certain commodity, interest rate and currency contracts which are accounted
for as held for trading or as fair value hedges in accordance with the Group\u2019s policy for such financial instruments; remeasurements on
stocks of commodities held at the balance sheet date; or movements in fair valuation of contracts for difference not designated as
government grants. The amount recorded in the adjusted results for these contracts is the amount settled in the year as disclosed in
note 24.1.
This excludes commodity contracts not treated as financial instruments under IFRS 9 where the contracts are held for the Group\u2019s own use
requirements; the fair value of these contracts is not recorded and the value associated with the contract is not recognised until the
underlying commodity is delivered.
The impact of changes in Corporation Tax rates on deferred tax balances are also included within certain remeasurements.
3.3. Other additional disclosures
As permitted by IAS 1 \u2018Presentation of financial statements\u2019, the Group\u2019s income statement discloses additional information in respect of
joint ventures and associates, exceptional items and certain re-measurements to aid understanding of the Group\u2019s financial performance
and to present results clearly and consistently.
", "dimensions": { "concept": "sseplc:DisclosureOfAdjustedAccountingMeasures", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-688": { "value": "
4. Accounting judgements and estimation uncertainty
In the process of applying the Group\u2019s accounting policies, management is necessarily required to make judgements and estimates that will
have a significant effect on the amounts recognised in the financial statements. Changes in the assumptions underlying the estimates
could result in a significant impact to the financial statements. The Group\u2019s key accounting judgement and estimation areas are noted
below, with the most significant financial judgement areas as specifically considered by the Audit Committee highlighted separately.
The Group has made no changes to its significant financial judgement areas during the year. In the year ended 31 March 2024 the Group
completed the implementation and migration of customers to a new billing system within the Group\u2019s SSE Business Energy segment. The
migration of customers late in the financial year has resulted in the level of judgement applied in the SSE Business Energy revenue accrual
increasing year on year (see 4.1 (iii) below).
4.1. Significant financial judgements and estimation uncertainties
The preparation of these financial statements has specifically considered the following significant financial judgements, some of which are
also areas of estimation uncertainty as noted below.
i. Impairment testing and valuation of certain non-current assets \u2013 financial judgement and estimation uncertainty
The Group reviews the carrying amounts of its goodwill, other intangible assets, specific property, plant and equipment and investment
assets to determine whether any impairments or reversal of impairments to the carrying value of those assets requires to be recorded.
Where an indicator of impairment or impairment reversal exists, the recoverable amount of those assets is determined by reference to
value in use calculations or fair value less cost to sell assessments, if more appropriate. As well as its goodwill balances, the specific assets
under review in the year ended 31 March 2024 are intangible development assets and specific property, plant and equipment assets related
to gas storage and thermal power generation. In addition, the Group performed an impairment review over the carrying value of its equity
investments in Neos Networks Limited and Triton Power Holdings Limited.
In conducting its reviews, the Group makes judgements and estimates in considering both the level of cash generating unit (CGU) at which
common assets such as goodwill are assessed against, as well as the estimates and assumptions behind the calculation of recoverable
amount of the respective assets or CGUs.
Changes to the estimates and assumptions on factors such as regulation and legislation changes (including the Electricity Generator Levy
and climate change related regulation), power, gas, carbon and other commodity prices, volatility of gas prices, plant running regimes and
load factors, discount rates and other inputs could impact the assessed recoverable value of assets and CGUs and consequently impact the
Group\u2019s income statement and balance sheet.
Further detail of the calculation basis and key assumptions used in the impairment review, the resulting impairment and the sensitivity of
this assessment to key assumptions is disclosed at note 15. Detail on the accounting policies applied is included in the Accompanying
Information section A1
.
ii. Retirement benefit obligations \u2013 estimation uncertainty
The assumptions in relation to the cost of providing post-retirement benefits during the year are based on the Group\u2019s best estimates and
are set after consultation with qualified actuaries. While these assumptions are believed to be appropriate, a change in these assumptions
would impact the level of the retirement benefit obligation recorded and the cost to the Group of administering the schemes.
Further detail of the calculation basis and key assumptions used, the resulting movements in obligations and the sensitivity of key
assumptions to the obligation is disclosed at note 23.
iii. Revenue recognition \u2013 Customers unbilled supply of energy \u2013 estimation uncertainty
Revenue from energy supply activities undertaken by the SSE Business Energy and SSE Airtricity businesses includes an estimate of the
value of electricity or gas supplied to customers between the date of the last meter reading and the year end. This estimation comprises
both billed revenue and unbilled revenue and is calculated based on applying the tariffs and contract rates applicable to customers against
aggregated estimated customer consumption, taking account of various factors including tariffs, consumption patterns, customer mix,
metering data, operational issues relating to the billings process and externally notified aggregated volumes supplied to customers from
national settlements bodies. During the year, the Group\u2019s SSE Business Energy segment completed the implementation of a new billing
system which included the migration of customer accounts and balances. Due to the timing of the data migration, which occurred in the
second half of the financial year for the majority of customers, the level of unbilled sales and hence the level of judgement applied in
determining the sales accrual for these customers is higher than in previous years. The Group has recognised a provision against this
accrual to reflect that customer billing delays may result in poorer collection performance.
In recent years the impact of government-backed customer support schemes has been material to the judgement applied. However, in the
current year the level of judgement required is significantly less material. The accounting policy for customer support schemes and the
balances claimed from government is explained at A1.2
.
This unbilled estimation is subject to an internal corroboration process which compares calculated unbilled volumes to a theoretical
\u2018perfect billing\u2019 benchmark measure of unbilled volumes (in GWh and millions of therms) derived from historical consumption patterns and
aggregated metering data used in industry reconciliation processes. Furthermore, unbilled revenue is compared to billings in the period
between the balance sheet date and the finalisation of the financial statements which has provided evidence of a catch-up of post
implementation billings and hence support to the accrual recognised.
Given the requirement of management to apply judgement particularly in the current year in relation to the impact of the data and process
migration referred to above, unbilled revenue is considered a significant estimate made by management in preparing the financial
statements. A change in the assumptions underpinning the unbilled calculation would have an impact on the amount of revenue
recognised in any given period. The sensitivity associated with this judgement factor is disclosed at note 18.
iv. Valuation of other receivables \u2013 financial judgement and estimation uncertainty
The Group holds a \u00a3100m loan note due from Ovo Energy Limited following the disposal of SSE Energy Services on 15 January 2020.
The loan is repayable in full by 31 December 2029, carries interest at 13.25% and is presented cumulative of accrued interest payments,
discounted at 13.25%. At 31 March 2024, the carrying value (net of expected credit loss provision of \u00a31.6m (2023: \u00a31.5m)) is \u00a3170.1m
(2023: \u00a3149.5m).
The Group has assessed recoverability of the loan note receivable and has recognised a provision for expected credit loss in accordance
with the requirements of IFRS 9. The Group\u2019s assessment of the recoverability of the loan note is considered a significant financial
judgement. The Group has taken appropriate steps to assess all available information in respect of the recoverability of the loan note.
Procedures included reviewing recent financial information of Ovo Energy Limited, including the 31 December 2022 statutory financial
statements; and discussions with Ovo management. While the carrying value is considered to be appropriate, changes in economic
conditions could lead to a change in the expected credit loss incurred by the Group in future periods.
v. Impact of climate change and the transition to net zero \u2013 financial judgement and estimation uncertainty
Climate change and the transition to net zero have been considered in the preparation of these financial statements. Where relevant
assumptions have been applied that are consistent to a Paris-aligned 1.5\u00b0C 2050 net zero pathway. The Group has a clearly articulated
Net Zero Acceleration Programme Plus (\u2018NZAP Plus\u2019) to lead in the UK\u2019s transition to net zero and aligns its investment plans and business
activities to that strategy. These plans are supported by the Group\u2019s Green Bond framework under which the Group\u2019s sixth and seventh
green bonds were issued during the year (see note 21). The proceeds of these green bonds were allocated to fund Renewable wind farm
and Transmission network projects.
The impact of future climate change regulation could have a material impact on the currently reported amounts of the Group\u2019s assets and
liabilities. In preparing these financial statements, the following climate change related risks have been considered:
Valuation of property, plant and equipment, and impairment assessment of goodwill
In the medium term, the transition to net zero may result in regulation restricting electricity generation from unabated gas fired power
stations. The Group\u2019s view is that flexible generation capacity, such as the Group\u2019s fleet of CCGT power stations, will be an essential part
of the net zero transition in order to provide security of supply to a market increasingly dependent upon renewable sources, which are
inherently intermittent. The majority of the Group\u2019s GB CCGT fleet is nearing the end of its economic life and it is not currently expected
that regulation to require abatement would be introduced before the planned closure of most of those power stations. Of the net book
value held at 31 March 2024, only four assets are forecast to continue to operate beyond 2030 being: Great Island; Keadby 2; Marchwood
(which is operated by SSE under a lease); and Saltend Power Station within the Triton joint venture. The Group has assessed that the useful
economic lives of Peterhead, Keadby and Medway power stations now extend to March 2030, and these changes in end of life assumptions
have been reflected in the annual impairment process. The Group\u2019s view is that Great Island will continue to be essential to providing
security of supply in the Irish electricity market. Keadby 2 commenced commercial operation on 15 March 2023 and has an efficiency of
around 63% making it the most efficient plant of its type in the UK and Europe. Work is also underway to explore how to decarbonise
Keadby 2 further with the potential to blend hydrogen into the plant. Marchwood is a 50% equity accounted joint venture and is considered
one of the most efficient CCGTs in the UK. Saltend was acquired as part of Triton Power 50% equity accounted joint venture and supports
the long-term decarbonisation of the UK\u2019s power system, and also contributes to security of supply and grid stability. Initial steps are
underway at Saltend, targeting abatement by 2027 through blending up to 30% of low-carbon hydrogen. Therefore, the Group considers
that other assets operating in the market would be more likely to close before Keadby 2, Marchwood and Saltend and the plants will
continue to be required to balance the UK electricity market beyond 2030. As a result, the useful economic lives of these assets have not
been shortened when preparing the 31 March 2024 financial statements. The Group assesses the useful economic life of its property, plant
and equipment assets annually.
A significant increase in renewable generation capacity in the Group\u2019s core markets in the UK and Ireland could potentially result in an
oversupply of renewable electricity at a point in the future, which would lead to a consequential decrease in the power price achievable for
the Group\u2019s wind generation assets. The Group has not assessed that this constitutes an indicator of impairment at 31 March 2024 as the
Group\u2019s baseline investment case models assume a centrally approved volume of new build in these markets over the life of the existing
assets. The Group\u2019s policy is to test the goodwill balances associated with its wind generation portfolio for impairment on an annual basis
in line with the requirements of IAS 36 \u2018Impairment of Assets\u2019. Through this impairment assessment (see note 15.1), a sensitivity to power
price, which may arise in a market with significant new build, was modelled. This scenario indicated that, despite a modelled 10% reduction
in power price, there remained significant headroom on the carrying value in the Group\u2019s wind generating assets.
Changes to weather patterns resulting from global warming have also been considered as a potential risk to future returns from the
Group\u2019s wind and hydro assets. Changes to weather patterns could result in calmer, drier weather patterns, which would reduce volumes
achievable for the Group\u2019s wind and hydro generation assets (although noting that this would likely lead to capacity constraints and hence
higher prices). This has not been assessed as an indicator of impairment for operating assets in the UK and Ireland at 31 March 2024,
as there is no currently observable evidence to support that scenario directly. The Group has performed a sensitivity to its impairment
modelling and has assessed that a 15% reduction in achievable volume would result in significant headroom on the carrying value of the UK
and Ireland assets at 31 March 2024 (see note 15.1). The TCFD physical risk scenarios modelled a 4% to 8% change in average mean wind
speeds in the longer term across the wind portfolio, consistent with the impairment sensitivity performed.
Valuations of decommissioning provisions
The Group holds decommissioning provisions for its Renewable and Thermal generation assets and has retained a 60% share for the
decommissioning of its disposed Gas Production business. As noted above, the Group\u2019s view at 31 March 2024 is that climate change
regulation will not bring forward the closure dates of its CCGT fleet, many of which are expected to close before 2030. Similarly, it is
expected that fundamental changes to weather patterns, or the impact of new wind generation capacity will not bring forward the
decommissioning of the Group\u2019s wind farm portfolio.
The discounted share of the Gas Production provision is \u00a3219.7m (2023: \u00a3201.4m). At 31 March 2024, the impact of discounting of this
retained provision is \u00a368.3m (2023: \u00a364.5m), which is expected to be incurred across the period to 31 March 2040. If the decommissioning
activity was accelerated due to changes in legislation, the costs of unwinding the discounting of the provision would be recognised earlier.
Defined Benefit scheme assets
The Group holds defined benefit pension scheme assets at 31 March 2024 which could be impacted by climate-related risks. The Trustees
of the schemes have a long term investment strategy that seeks to reduce investment risk as and when appropriate and takes into
consideration the impact of climate-related risk.
Going concern and viability statement
The implications of near term climate-related risks have been considered in the Group\u2019s going concern assessment and viability statement
assessment.
4.2. Accounting judgements and estimation uncertainties \u2013 changes from prior year
On 31 March 2024, the Group\u2019s Thermal business unit reviewed the useful economic life of the Peterhead, Keadby and Medway CCGT
assets and extended their useful lives to 2030 following the award of capacity mechanism contracts. The change in useful economic life
has been applied prospectively and had no impact on the results for the year ended 31 March 2024. The depreciation charge for the year
ending 31 March 2025 will be reduced by \u00a316.4m. There were no other changes to accounting judgements and estimation uncertainties
during the year.
4.3. Other areas of estimation uncertainty
i. Tax provisioning
In the financial statements to 31 March 2024, the Group has no provision for uncertain tax positions included in current tax liabilities
(2023: \u00a3nil).
The Group applies IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 in respect of uncertain tax positions. Where management makes a
judgement that an outflow of funds is probable, and a reliable estimate of the dispute can be made, provision is made for the best estimate
of the most likely liability.
In estimating any such liability, the Group applies a risk-based approach, taking into account the specific circumstances of each dispute
based on management\u2019s interpretation of tax law and supported, where appropriate, by discussion and analysis by external tax advisors.
These estimates are inherently judgemental and could change substantially over time as disputes progress and new facts emerge.
Provisions are reviewed on an ongoing basis, however, the resolution of tax issues can take a considerable period of time to conclude
and it is possible that amounts ultimately paid will be different from the amounts provided.
ii. Decommissioning costs
The calculation of the Group\u2019s decommissioning provisions involves the estimation of quantum and timing of cash flows to settle the
obligation. The Group engages independent valuation experts to estimate the cost of decommissioning its Renewable, Thermal and Gas
Storage assets every three years based on current technology and prices. The last independent assessment for the majority of the Group\u2019s
Renewable and Thermal generation assets was performed in the year to 31 March 2022. The last formal assessment for Gas Storage assets
was performed in the year to 31 March 2023. Retained decommissioning costs in relation to the disposed Gas Production business are
periodically agreed with the field operators and reflect the latest expected economic production lives of the fields.
The dates for settlement of future decommissioning costs are uncertain, particularly for the disposed Gas Production business where
reassessment of gas and liquids reserves and fluctuations in commodity prices can lengthen or shorten the field life.
Further detail on the assumptions applied, including expected decommissioning dates, and movement in decommissioning costs during
the year are disclosed at note 20.
iii. Valuation of SSE Business Energy trade receivables
During the financial year, the Group\u2019s SSE Business Energy segment completed the implementation of a new billing system which included
the migration of customer accounts and balances. The migration has resulted in delays to billings (as noted in note 4.1(iii) above) and delays
to collection activities, meaning that aged debt balances and provisions recognised against these balances are higher than would normally
be expected. The Group\u2019s processes for recognising bad debt provisions are based on historic collection performance adjusted for
expected future improvement or decline against this performance. In the current year, an estimate of expected deterioration in debt
collection due to billing and collection delays has been included within the recognised provision. Further details on the Group\u2019s credit risk
provisions are provided within note A6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-689": { "value": "
5. Segmental information
The changes to the Group\u2019s segments in the year are explained in note 1.2 and includes the realignment of the activities of the Distributed
Energy (now SSE Enterprise) business. Comparative information has been re-presented to reflect the change to these segments. The
Group\u2019s \u201cCorporate unallocated\u201d segment contains the Group\u2019s residual corporate central costs which are not allocated to individual
segments, and includes the contribution from the Group\u2019s joint venture investment in Neos Networks Limited. Any impact of the
acquisition of Enerveo Limited on 22 March 2024 has been recognised within \u201cCorporate unallocated\u201d.
The types of products and services from which each reportable segment derives its revenues are:
Business Area Reported Segments Description
Continuing operations
Transmission
SSEN
The economically regulated high voltage transmission of electricity from generating plant to the
Transmission distribution network in the North of Scotland. Revenue earned from constructing, maintaining and
renovating our transmission network is determined in accordance with the regulatory licence, based on an
Ofgem approved revenue model and is recognised as charged to National Grid. The revenue earned from
other transmission services such as generator plant connections is recognised in line with delivery of that
service over the expected contractual period and at the contracted rate. On 25 November 2022 the Group
sold a 25.0% non-controlling interest in this business to the Ontario Teachers\u2019 Pension Plan.
Distribution
SSEN
The economically regulated lower voltage distribution of electricity to customer premises in the North of
Distribution Scotland and the South of England. Revenue earned from delivery of electricity supply to customers is
recognised based on the volume of electricity distributed to those customers and the set customer tariff.
The revenue earned from other distribution services such as domestic customer connections is
recognised in line with delivery of that service over the expected contractual period and at the contracted
rate.
Renewables
SSE
The generation of electricity from renewable sources, such as onshore and offshore windfarms and run of
Renewables river and pumped storage hydro assets in the UK and Ireland and the development of similar wind assets in
Japan and Southern Europe and the development of wind, solar and battery opportunities. Revenue from
physical generation of electricity in Great Britain is sold to SSE Energy Markets and in Ireland is sold to SSE
Airtricity and is recognised as generated, based on the contracted or spot price at the time of delivery.
Revenue from national support schemes (such as Renewable Obligation Certificates or the Capacity
Market in Great Britain or REFIT in Ireland) may either be recognised in line with electricity being physically
generated or over the contractual period, depending on the underlying performance obligation.
During the year ended 31 March 2024, Renewables has taken responsibility for the development, delivery
and operation for battery storage and solar assets in Great Britain from SSE Enterprise, aligning that activity
with its international operations.
Thermal
SSE
The generation of electricity from thermal plants including CCGTs and the Group\u2019s interests in multifuel
Thermal assets in the UK and Ireland. Revenue from physical generation of electricity in Great Britain and Ireland is
sold to SSE Energy Markets and is recognised as generated, based on the contract or spot price at the time
of delivery. Revenue from national support schemes (such as the Capacity Market) and ancillary
generation services may either be recognised in line with electricity being physically generated or over the
contractual period, depending on the underlying performance obligation.
Gas Storage
The operation of gas storage facilities in Great Britain, utilising capacity to optimise trading opportunity
associated with the assets. Contribution arising from trading activities is recognised as realised based on
the executed trades or withdrawal of gas from caverns.
Energy SSE Business The supply of electricity and gas to business customers in Great Britain and smart buildings (BEMS) activity.
Customer Energy Revenue earned from the supply of energy is recognised in line with the volume delivered to the customer,
Solutions based on actual and estimated volumes, and reflecting the applicable customer tariff after deductions or
discounts.
SSE Airtricity
The supply of electricity, gas and energy related services to residential and business customers in the
Republic of Ireland and Northern Ireland. Revenue earned from the supply of energy is recognised in line
with the volume delivered to the customer, based on actual and estimated volumes, and reflecting the
applicable customer tariff after deductions or discounts. Revenue earned from energy related services
may either be recognised over the expected contractual period or following performance of the service,
depending on the underlying performance obligation.
SSE
SSE Enterprise
The provision of low carbon energy solutions to customers; behind-the-meter solar and battery solutions,
Enterprise EV charging activities, private electric networks and heat and cooling networks. As noted above, during
the year, the front of the meter battery storage and solar asset activity in Great Britain was transferred to
SSE Renewables and smart buildings (BEMS) activity was transferred to SSE Business Energy.
SSE Energy SSE Energy The provision of a route to market for the Group\u2019s Renewable and Thermal generation businesses and
Markets Markets commodity procurement for the Group\u2019s energy supply businesses in line with the Group\u2019s stated hedging
policies. Revenue from physical sales of electricity, gas and other commodities produced by SSE is
recognised as supplied to either the national settlements body or the customer, based on either the spot
price at the time of delivery or trade price where that trade is eligible for \u201cown use\u201d designation. The sale of
commodity optimisation trades is presented net in cost of sales alongside purchase commodity
optimisation trades.
As referred to in note 3, the internal measure of profit used by the Board is \u2018adjusted profit before interest and tax\u2019 or \u2018adjusted operating
profit\u2019 which is arrived at before exceptional items, the impact of financial instruments measured under IFRS 9, share of profits attributable
to non-controlling interests, the net interest costs/income associated with defined benefit pension schemes, adjustments to the retained
Gas Production decommissioning, the impact of depreciation on fair value uplifts and after the removal of taxation and interest on profits
from joint ventures and associates.
Analysis of revenue, operating profit, capital expenditure and earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) by
segment is provided on the following pages. All revenue and profit before taxation arise from operations within the UK and Ireland.
5.1. Segmental information disclosure
i. Revenue by segment
(i)
Reported Segment
Reported Inter-segment Segment revenue Inter-segment revenue
revenue revenue revenue (restated*) revenue (restated*)
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
885.2
\u2013
885.2
656.1
\u2013
656.1
SSEN Distribution
1,004.0
45.9
1,049.9
1,102.7
81.0
1,183.7
SSE Renewables
335.5
876.3
1,211.8
334.8
602.7
937. 5
SSE Thermal
571.0
3,123.9
3,694.9
740.4
3,863.8
4,604.2
Gas storage
11.2
2,948.4
2,959.6
12.2
5,147. 5
5,159.7
Energy Customer Solutions
SSE Business Energy
3,183.2
48.5
3,231.7
3,359.5
59.4
3,418.9
SSE Airtricity
2,021.2
170.0
2,191.2
1,776.9
233.1
2,010.0
SSE Enterprise
91.9
23.6
115.5
93.1
20.1
113.2
SSE Energy Markets:
Gross trading
15,074.3
7,951.4
23,025.7
24,700.6
11,972.4
36,673.0
Optimisation trades
(12,785.1)
(2,674.2)
(15,459.3)
(20,351.8)
(937.3)
(21,289.1)
SSE Energy Markets
2,289.2
5, 27 7.2
7,566.4
4,348.8
11,035.1
15,383.9
Corporate unallocated
64.8
250.9
315.7
66.2
232.1
298.3
Total SSE Group
10,457.2
12,764.7
23,221.9
12,490.7
21,274.8
33,765.5
(i)
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and SSE Enterprise to SSE Energy Markets;
use of system income received by SSEN Distribution from SSE Business Energy; SSE Business Energy provides internal heat and light power supplies to other Group companies;
SSE Energy Markets provides power, gas and other commodities to SSE Business Energy and SSE Airtricity; and Corporate unallocated (SSE Services and related parties) provides
corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length.
* The comparative segment revenue has been restated. See note 1.2.
Disaggregation of revenue
Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue
recognition as follows:
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Physical Other with contract
networks services services services energy Gas storage revenue customers revenue Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
854.1
\u2013
\u2013
18.8
\u2013
\u2013
12.3
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
\u2013
16.9
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
\u2013
3.4
335.5
\u2013
335.5
SSE Thermal
\u2013
531.5
\u2013
\u2013
\u2013
\u2013
39.5
571.0
\u2013
571.0
Gas Storage
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
\u2013
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,135.4
\u2013
\u2013
\u2013
\u2013
47.8
3,183.2
\u2013
3,183.2
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
\u2013
22.0
2,021.2
\u2013
2,021.2
SSE Enterprise
18.6
30.7
4.7
\u2013
\u2013
\u2013
32.1
86.1
5.8
91.9
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
\u2013
152.7
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
11.2
391.5
10,429.5
27.7
10,457. 2
(restated*)
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Gas Physical Other with contract
networks services services services storage energy revenue customers revenue Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
634.0
\u2013
\u2013
20.4
\u2013
\u2013
1.7
656.1
\u2013
656.1
SSEN Distribution
1,054.0
\u2013
\u2013
12.3
\u2013
\u2013
17.9
1,084.2
18.5
1,102.7
SSE Renewables
\u2013
49.7
\u2013
87. 5
\u2013
184.3
13.3
334.8
\u2013
334.8
SSE Thermal
\u2013
736.9
\u2013
\u2013
\u2013
\u2013
3.5
740.4
\u2013
740.4
Gas Storage
\u2013
\u2013
\u2013
\u2013
12.2
\u2013
\u2013
12.2
\u2013
12.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,313.5
\u2013
\u2013
\u2013
\u2013
46.0
3,359.5
\u2013
3,359.5
SSE Airtricity
\u2013
1,756.7
\u2013
\u2013
\u2013
\u2013
20.2
1,776.9
\u2013
1,776.9
SSE Enterprise
16.4
29.5
14.4
\u2013
\u2013
\u2013
27.0
87. 3
5.8
93.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
\u2013
4,158.7
190.1
4,348.8
\u2013
4,348.8
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
66.2
66.2
\u2013
66.2
Total SSE Group
1,704.4
5,886.3
14.4
120.2
12.2
4,343.0
385.9
12,466.4
24.3
12,490.7
* The comparative disaggregated segment revenue has been restated. See note 1.2.
Included within trade and other receivables (note 18) is \u00a3663.7m (2023: \u00a3666.1m) of unbilled energy income. Included within trade and
other payables (note 19) is \u00a3253.6m (2023: \u00a3215.4m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to
consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s
obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and
liabilities principally arose in the SSE Enterprise reporting segment with changes during the periods reflecting ongoing contract progress,
offset by cash receipts or customer invoicing.
The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that
the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as
invoiced.
Revenue by geographical location on continuing operations is as follows:
2024 2023
\u00a3m \u00a3m
UK
8,797.6
10,899.8
Ireland
1,659.6
1,590.9
10,457.2
12,490.7
ii. Operating profit/(loss) by segment
2024
Adjusted Before
operating profit Joint Venture/ Adjustments to exceptional Exceptional
reported to the Depreciation Associate Gas Production Non- items and items and
Board on fair share of decommissioning controlling certain re- certain re-
APM value uplifts interest and tax provision interests measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
419.3
\u2013
\u2013
\u2013
139.8
559.1
\u2013
559.1
SSEN Distribution
272.1
\u2013
\u2013
\u2013
\u2013
272.1
\u2013
272.1
SSE Renewables
833.1
(19.0)
(145.7)
\u2013
(0.7)
667.7
(37.4)
630.3
SSE Thermal
736.1
\u2013
(13.1)
\u2013
\u2013
723.0
(78.6)
644.4
Gas Storage
82.8
\u2013
\u2013
\u2013
\u2013
82.8
(125.0)
(42.2)
Energy Customer Solutions
SSE Business Energy
95.8
\u2013
\u2013
\u2013
\u2013
95.8
\u2013
95.8
SSE Airtricity
95.0
\u2013
(0.5)
\u2013
\u2013
94.5
\u2013
94.5
SSE Enterprise
(25.6)
\u2013
\u2013
\u2013
\u2013
(25.6)
\u2013
(25.6)
SSE Energy Markets
38.9
\u2013
\u2013
\u2013
\u2013
38.9
551.1
590.0
Corporate
Corporate unallocated
(88.8)
\u2013
\u2013
(9.9)
\u2013
(98.7)
4.6
(94.1)
Neos Networks
(32.3)
\u2013
(10.2)
\u2013
\u2013
(42.5)
(73.6)
(116.1)
Total SSE Group
2,426.4
(19.0)
(169.5)
(9.9)
139.1
2,367.1
241.1
2,608.2
The adjusted operating profit of the Group is reported after removal of the Group\u2019s share of interest, fair value movements on operating
derivatives, the depreciation charged on fair value uplifts and tax from joint ventures and associates, Gas Production decommissioning
costs, operating profit from non-controlling interests and after adjusting for exceptional items and certain re-measurements (note 7).
The Group\u2019s share of operating profit from joint ventures and associates has been recognised in the SSE Renewables, SSE Thermal, SSE
Airtricity and Corporate segments.
(ii) Operating profit/(loss) by segment
2023 (restated*)
Adjusted Adjustments Before
operating profit to Gas exceptional Exceptional
reported to Depreciation JV/ Associate Production Non- items and items and
the Board on fair value share of decommissioning controlling certain re- certain re-
APM uplifts interest and tax provision interests measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
372.7
\u2013
\u2013
\u2013
32.8
405.5
\u2013
405.5
SSEN Distribution
382.4
\u2013
\u2013
\u2013
\u2013
382.4
\u2013
382.4
SSE Renewables
561.8
(18.8)
(103.0)
\u2013
(1.9)
438.1
(10.0)
428.1
SSE Thermal
1,031.9
(10.0)
(60.4)
\u2013
\u2013
961.5
128.0
1,089.5
Gas Storage
212.5
\u2013
\u2013
\u2013
\u2013
212.5
36.7
249.2
Energy Customer Solutions
SSE Business Energy
15.7
\u2013
\u2013
\u2013
\u2013
15.7
\u2013
15.7
SSE Airtricity
5.6
\u2013
(0.4)
\u2013
\u2013
5.2
\u2013
5.2
SSE Enterprise
(7.0)
\u2013
\u2013
\u2013
\u2013
(7.0)
(6.1)
(13.1)
SSE Energy Markets
80.4
\u2013
\u2013
\u2013
\u2013
80.4
(2,706.4)
(2,626.0)
Corporate
Corporate unallocated
(87.0)
\u2013
\u2013
50.5
\u2013
(36.5)
9.7
(26.8)
Neos Networks
(39.8)
\u2013
(10.3)
\u2013
\u2013
(50.1)
(5.9)
(56.0)
Total SSE Group
2,529.2
(28.8)
(174.1)
50.5
30.9
2,407.7
(2,554.0)
(146.3)
* The comparative operating profit by segment information has been restated. See note 1.2.
iii. Capital and investment expenditure by segment
Capital additions
Capital additions Capital additions to property,
Capital additions to property, to intangible plant and
to intangible plant and assets equipment
assets equipment 2023 2023
2024 2024 \u00a3m \u00a3m
\u00a3m \u00a3m (restated*) (restated*)
Continuing operations
SSEN Transmission
12.8
784.7
7.2
536.6
SSEN Distribution
20.3
636.8
15.2
486.8
SSE Renewables
355.1
433.8
731.5
340.5
SSE Thermal
83.3
24.6
20.8
44.5
Gas Storage
\u2013
0.8
\u2013
6.3
Energy Customer Solutions
SSE Business Energy
43.7
\u2013
38.9
0.4
SSE Airtricity
14.1
0.7
10.5
\u2013
SSE Enterprise
26.4
32.4
16.2
37.0
SSE Energy Markets
723.4
\u2013
809.9
\u2013
Corporate unallocated
35.1
57.6
38.4
48.0
Total SSE Group
1,314.2
1,971.4
1,688.6
1,500.1
Increase in prepayments related to capital expenditure
\u2013
215.1
\u2013
6.8
Tarbert temporary generation additions
\u2013
93.4
\u2013
\u2013
Decrease/(increase) in trade payables related to capital expenditure
2.5
(84.6)
(31.8)
132.2
Customer funded additions
\u2013
(152.0)
\u2013
(80.9)
Lease asset additions
\u2013
(73.0)
\u2013
(78.5)
Less non-cash items:
Allowances and certificates
(346.6)
\u2013
(208.4)
\u2013
Assets acquired through acquisitions
\u2013
\u2013
(515.2)
\u2013
Net cash outflow
970.1
1,970.3
933.2
1,479.7
* The comparatives have been restated. See note 1.2.
Capital additions do not include assets acquired in acquisitions, assets acquired under leases or assets constructed that the Group were
reimbursed by way of a government grant. During the year construction commenced on a temporary generation plant at the Group\u2019s
Tarbert site for which the Group received reimbursements totalling \u00a393.4m from government bodies (presented separately on the cash
flow statement). Capital additions to intangible assets includes the cash purchase of emissions allowances and certificates (2024: \u00a3427.9m;
2023: \u00a3596.8m). These purchases are presented in the cash flow statement within operating activities since they relate to the obligation to
surrender the allowances and certificates in line with operating volumes of emissions. Other non-cash additions comprise self-generated
renewable obligation certificates.
No segmental analysis of assets requires to be disclosed as this information is not presented to the Board.
iii. Capital and investment expenditure by segment
Capital Adjusted
Capital Capital Investment Investment and
additions to additions to relating to Share of Capital
intangible property, plant Joint Ventures Allowances Customer non- Expenditure
assets and equipment and and funded Lease asset controlling 2024
2024 2024 Associates certificates
additions
(iii)
additions
interests
(v)
APM
At 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
12.8
784.7
\u2013
\u2013
\u2013
(2.5)
(199.4)
595.6
SSEN Distribution
20.3
636.8
\u2013
\u2013
(152.0)
\u2013
505.1
SSE Renewables
355.1
433.8
324.5
\u2013
\u2013
(16.3)
\u2013
1,097.1
SSE Thermal
83.3
24.6
51.4
(59.7)
\u2013
\u2013
\u2013
99.6
Gas Storage
\u2013
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
Energy Customer Solutions
SSE Business Energy
43.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
43.7
SSE Airtricity
14.1
0.7
\u2013
\u2013
\u2013
\u2013
\u2013
14.8
SSE Enterprise
26.4
32.4
\u2013
\u2013
\u2013
(7.8)
\u2013
51.0
SSE Energy Markets
723.4
\u2013
\u2013
(714.8)
\u2013
\u2013
\u2013
8.6
Corporate unallocated
35.1
57.6
14.1
\u2013
\u2013
(46.4)
\u2013
60.4
Total SSE Group
1,314.2
1,971.4
390.0
(774.5)
(152.0)
(73.0)
(199.4)
2,476.7
(i)
(ii)
(iv)
(i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects.
(ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not included in the
Group\u2019s Capital Expenditure and Investment alternative performance measure.
(iii) Represents removal of additions to electricity and other networks funded by customer contributions.
(iv) Represents removal of additions in respect of right of use assets recognised on the commencement date of a lease arrangement.
(v) Represents the share of capital additions attributable to non-controlling interests.
(restated*)
Capital Capital Adjusted
Capital additions to Investment Investment
additions to property, relating to Acquired Share of and Capital
intangible plant and Joint Ventures Allowances Customer through non- Expenditure
assets equipment and and funded business Lease asset controlling 2023
2023 2023 Associates certificates additions combinations
additions
(v)
interests APM
At 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
7. 2
536.6
\u2013
\u2013
\u2013
\u2013
(1.6)
(46.7)
495.5
SSEN Distribution
15.2
486.8
\u2013
\u2013
(80.9)
\u2013
(0.1)
\u2013
421.0
SSE Renewables
731.5
340.5
391.8
\u2013
\u2013
(515.2)
(37.1)
\u2013
911.5
SSE Thermal
20.8
44.5
87.9
\u2013
\u2013
\u2013
\u2013
\u2013
153.2
Gas Storage
\u2013
6.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.3
Energy Customer Solutions
SSE Business Energy
38.9
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39.3
SSE Airtricity
10.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10.5
SSE Enterprise
16.2
37.0
\u2013
\u2013
\u2013
\u2013
(2.9)
\u2013
50.3
SSE Energy Markets
809.9
\u2013
\u2013
(805.2)
\u2013
\u2013
\u2013
\u2013
4.7
Corporate unallocated
38.4
48.0
18.7
\u2013
\u2013
\u2013
(36.8)
\u2013
68.3
Total SSE Group
1,688.6
1,500.1
498.4
(805.2)
(80.9)
(515.2)
(78.5)
(46.7)
2,160.6
(i)
(ii)
(iii)
(iv)
(vi)
* The comparatives have been restated. See note 1.2.
(i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects.
(ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not included in the
Group\u2019s Capital Expenditure and Investment alternative performance measure.
(iii) Represents removal of additions to electricity and other networks funded by customer contributions.
(iv) Represents removal of additions achieved through business combination; for SSE Renewables additions of \u00a3515.2m refer to note 12. Note that the Group\u2019s Adjusted Investment,
Capital and Acquisitions metric includes the \u00a3642.7m cash consideration paid for Business Combinations and totals \u00a32,803.3m.
(v) Represents removal of right of use assets recognised on the commencement date of a lease arrangement.
(vi) Represents the share of capital additions attributable to non-controlling interests.
(iv) Items included in operating profit/(loss) by segment
Depreciation/impairment on property, Amortisation/impairment
plant and equipment of intangible assets
Before Impairment Before Impairment
exceptional charges/ exceptional charges/
charges (credits) Total charges (credits) Total
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
123.8
\u2013
123.8
6.3
\u2013
6.3
SSEN Distribution
182.8
\u2013
182.8
12.0
\u2013
12.0
SSE Renewables
159.7
(4.8)
154.9
1.6
15.4
17.0
SSE Thermal
100.8
\u2013
100.8
3.2
\u2013
3.2
Gas Storage
12.4
134.1
146.5
\u2013
\u2013
\u2013
Energy Customer Solutions
SSE Business Energy
0.3
\u2013
0.3
8.8
\u2013
8.8
SSE Airtricity
0.1
\u2013
0.1
5.0
\u2013
5.0
SSE Enterprise
7. 2
0.1
7. 3
2.9
\u2013
2.9
SSE Energy Markets
\u2013
\u2013
\u2013
5.1
\u2013
5.1
Corporate unallocated
41.5
4.0
45.5
18.4
18.3
36.7
Total SSE Group
628.6
133.4
762.0
63.3
33.7
97.0
Depreciation/impairment on property, Amortisation/impairment
plant and equipment of intangible assets
Before Impairment Before Impairment
exceptional charges/ exceptional charges/
charges (credits) Total charges (credits) Total
2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
109.4
\u2013
109.4
4.7
\u2013
4.7
SSEN Distribution
172.0
\u2013
172.0
10.2
\u2013
10.2
SSE Renewables
161.1
12.5
173.6
2.0
4.2
6.2
SSE Thermal
103.3
(7. 2)
96.1
0.6
\u2013
0.6
Gas Storage
16.5
(45.7)
(29.2)
\u2013
\u2013
Energy Customer Solutions
SSE Business Energy
0.2
\u2013
0.2
4.5
\u2013
4.5
SSE Airtricity
0.1
\u2013
0.1
6.8
\u2013
6.8
SSE Enterprise
4.7
0.4
5.1
1.7
\u2013
1.7
SSE Energy Markets
\u2013
\u2013
\u2013
6.0
\u2013
6.0
Corporate unallocated
38.4
1.6
40.0
18.1
14.6
32.7
Total SSE Group
605.7
(38.4)
567. 3
54.6
18.8
73.4
(v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019)
Depreciation/ Share of
Adjusted Impairment/ Joint Venture/ non-
operating amortisation Associate share controlling
profit reported before of depreciation Release of interest
to the Board Depreciation exceptional and deferred depreciation Adjusted
(note 5.1 (ii)) on fair charges amortisation income and EBITDA
APM value uplifts (note 5.1 (iv)) (note 16.4) (note 6) amortisation APM
2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
419.3
\u2013
130.1
\u2013
(2.0)
(32.5)
514.9
SSEN Distribution
272.1
\u2013
194.8
\u2013
(9.9)
\u2013
457.0
SSE Renewables
833.1
(19.0)
171.9
121.6
\u2013
\u2013
1 ,107.6
SSE Thermal
736.1
\u2013
104.0
40.6
\u2013
\u2013
880.7
Gas Storage
82.8
\u2013
12.4
\u2013
\u2013
\u2013
95.2
Energy Customer Solutions
SSE Business Energy
95.8
\u2013
9.1
\u2013
\u2013
\u2013
104.9
SSE Airtricity
95.0
\u2013
5.1
\u2013
\u2013
\u2013
100.1
SSE Enterprise
(25.6)
\u2013
10.2
\u2013
(0.5)
\u2013
(15.9)
SSE Energy Markets
38.9
\u2013
5.1
\u2013
\u2013
\u2013
44.0
Corporate
Corporate unallocated
(88.8)
\u2013
82.2
\u2013
(0.6)
\u2013
(7. 2)
Neos Networks
(32.3)
\u2013
\u2013
46.6
\u2013
\u2013
14.3
Total SSE Group
2,426.4
(19.0)
724.9
208.8
(13.0)
(32.5)
3,295.6
Note that the Group\u2019s \u2018Net Debt to EBITDA\u2019 metric is derived after removing the proportionate EBITDA from the following debt-financed
Beatrice and Seagreen joint ventures. This adjustment is \u00a3179.6m (2023: \u00a3146.9m) resulting in EBITDA on continuing operations for
inclusion in the Debt to EBITDA metric of \u00a33,116.0m (2023: \u00a33,235.2m).
For 31 March 2024 the \u00a3724.9m (2023: \u00a3704.2m) combined depreciation, impairment and amortisation charges included non-exceptional
impairments net of reversals totalling \u00a333.0m (2023: \u00a343.9m).
(v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019)
(restated*)
Depreciation/
Adjusted Impairment/ Joint Venture/ Share of
operating amortisation Associate share non-controlling
profit reported before of depreciation Release of interest
to the Board Depreciation exceptional and deferred depreciation Adjusted
(note 5.1 (ii)) on fair charges amortisation income and EBITDA
APM value uplifts (note 5.1 (iv)) (note 16.4) (note 6) amortisation APM
2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
372.7
\u2013
114.1
\u2013
(2.1)
(9.7)
475.0
SSEN Distribution
382.4
\u2013
182.2
\u2013
(10.6)
\u2013
554.0
SSE Renewables
561.8
(18.8)
179.8
92.8
(0.1)
\u2013
815.5
SSE Thermal
1,031.9
(10.0)
114.5
60.8
\u2013
\u2013
1,197.2
Gas Storage
212.5
\u2013
16.5
\u2013
\u2013
\u2013
229.0
Energy Customer Solutions
SSE Business Energy
15.7
\u2013
4.7
\u2013
\u2013
\u2013
20.4
SSE Airtricity
5.6
\u2013
6.9
\u2013
\u2013
\u2013
12.5
SSE Enterprise
(7.0)
\u2013
6.8
\u2013
(0.2)
\u2013
(0.4)
SSE Energy Markets
80.4
\u2013
6.0
\u2013
\u2013
\u2013
86.4
Corporate
Corporate unallocated
(87.0)
\u2013
72.7
\u2013
(0.9)
\u2013
(15.2)
Neos Networks
(39.8)
\u2013
\u2013
47.5
\u2013
\u2013
7.7
Total SSE Group
2,529.2
(28.8)
704.2
201.1
(13.9)
(9.7)
3,382.1
* The comparative adjusted operating profit by segment information has been restated. See note 1.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-734": { "value": "5.1. Segmental information disclosure i. Revenue by segment (i)
Reported Segment
Reported Inter-segment Segment revenue Inter-segment revenue
revenue revenue revenue (restated*) revenue (restated*)
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
885.2
\u2013
885.2
656.1
\u2013
656.1
SSEN Distribution
1,004.0
45.9
1,049.9
1,102.7
81.0
1,183.7
SSE Renewables
335.5
876.3
1,211.8
334.8
602.7
937. 5
SSE Thermal
571.0
3,123.9
3,694.9
740.4
3,863.8
4,604.2
Gas storage
11.2
2,948.4
2,959.6
12.2
5,147. 5
5,159.7
Energy Customer Solutions
SSE Business Energy
3,183.2
48.5
3,231.7
3,359.5
59.4
3,418.9
SSE Airtricity
2,021.2
170.0
2,191.2
1,776.9
233.1
2,010.0
SSE Enterprise
91.9
23.6
115.5
93.1
20.1
113.2
SSE Energy Markets:
Gross trading
15,074.3
7,951.4
23,025.7
24,700.6
11,972.4
36,673.0
Optimisation trades
(12,785.1)
(2,674.2)
(15,459.3)
(20,351.8)
(937.3)
(21,289.1)
SSE Energy Markets
2,289.2
5, 27 7.2
7,566.4
4,348.8
11,035.1
15,383.9
Corporate unallocated
64.8
250.9
315.7
66.2
232.1
298.3
Total SSE Group
10,457.2
12,764.7
23,221.9
12,490.7
21,274.8
33,765.5
(i) (i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and SSE Enterprise to SSE Energy Markets; use of system income received by SSEN Distribution from SSE Business Energy; SSE Business Energy provides internal heat and light power supplies to other Group companies; SSE Energy Markets provides power, gas and other commodities to SSE Business Energy and SSE Airtricity; and Corporate unallocated (SSE Services and related parties) provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length. * The comparative segment revenue has been restated. See note 1.2. Disaggregation of revenue Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue recognition as follows:
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Physical Other with contract
networks services services services energy Gas storage revenue customers revenue Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
854.1
\u2013
\u2013
18.8
\u2013
\u2013
12.3
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
\u2013
16.9
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
\u2013
3.4
335.5
\u2013
335.5
SSE Thermal
\u2013
531.5
\u2013
\u2013
\u2013
\u2013
39.5
571.0
\u2013
571.0
Gas Storage
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
\u2013
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,135.4
\u2013
\u2013
\u2013
\u2013
47.8
3,183.2
\u2013
3,183.2
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
\u2013
22.0
2,021.2
\u2013
2,021.2
SSE Enterprise
18.6
30.7
4.7
\u2013
\u2013
\u2013
32.1
86.1
5.8
91.9
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
\u2013
152.7
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
11.2
391.5
10,429.5
27.7
10,457. 2
(restated*)
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Gas Physical Other with contract
networks services services services storage energy revenue customers revenue Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
634.0
\u2013
\u2013
20.4
\u2013
\u2013
1.7
656.1
\u2013
656.1
SSEN Distribution
1,054.0
\u2013
\u2013
12.3
\u2013
\u2013
17.9
1,084.2
18.5
1,102.7
SSE Renewables
\u2013
49.7
\u2013
87. 5
\u2013
184.3
13.3
334.8
\u2013
334.8
SSE Thermal
\u2013
736.9
\u2013
\u2013
\u2013
\u2013
3.5
740.4
\u2013
740.4
Gas Storage
\u2013
\u2013
\u2013
\u2013
12.2
\u2013
\u2013
12.2
\u2013
12.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,313.5
\u2013
\u2013
\u2013
\u2013
46.0
3,359.5
\u2013
3,359.5
SSE Airtricity
\u2013
1,756.7
\u2013
\u2013
\u2013
\u2013
20.2
1,776.9
\u2013
1,776.9
SSE Enterprise
16.4
29.5
14.4
\u2013
\u2013
\u2013
27.0
87. 3
5.8
93.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
\u2013
4,158.7
190.1
4,348.8
\u2013
4,348.8
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
66.2
66.2
\u2013
66.2
Total SSE Group
1,704.4
5,886.3
14.4
120.2
12.2
4,343.0
385.9
12,466.4
24.3
12,490.7
* The comparative disaggregated segment revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3663.7m (2023: \u00a3666.1m) of unbilled energy income. Included within trade and other payables (note 19) is \u00a3253.6m (2023: \u00a3215.4m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and liabilities principally arose in the SSE Enterprise reporting segment with changes during the periods reflecting ongoing contract progress, offset by cash receipts or customer invoicing. The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as invoiced. Revenue by geographical location on continuing operations is as follows:
2024 2023
\u00a3m \u00a3m
UK
8,797.6
10,899.8
Ireland
1,659.6
1,590.9
10,457.2
12,490.7
", "dimensions": { "concept": "ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-815": { "value": "i. Revenue by segment (i)
Reported Segment
Reported Inter-segment Segment revenue Inter-segment revenue
revenue revenue revenue (restated*) revenue (restated*)
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
885.2
\u2013
885.2
656.1
\u2013
656.1
SSEN Distribution
1,004.0
45.9
1,049.9
1,102.7
81.0
1,183.7
SSE Renewables
335.5
876.3
1,211.8
334.8
602.7
937. 5
SSE Thermal
571.0
3,123.9
3,694.9
740.4
3,863.8
4,604.2
Gas storage
11.2
2,948.4
2,959.6
12.2
5,147. 5
5,159.7
Energy Customer Solutions
SSE Business Energy
3,183.2
48.5
3,231.7
3,359.5
59.4
3,418.9
SSE Airtricity
2,021.2
170.0
2,191.2
1,776.9
233.1
2,010.0
SSE Enterprise
91.9
23.6
115.5
93.1
20.1
113.2
SSE Energy Markets:
Gross trading
15,074.3
7,951.4
23,025.7
24,700.6
11,972.4
36,673.0
Optimisation trades
(12,785.1)
(2,674.2)
(15,459.3)
(20,351.8)
(937.3)
(21,289.1)
SSE Energy Markets
2,289.2
5, 27 7.2
7,566.4
4,348.8
11,035.1
15,383.9
Corporate unallocated
64.8
250.9
315.7
66.2
232.1
298.3
Total SSE Group
10,457.2
12,764.7
23,221.9
12,490.7
21,274.8
33,765.5
(i) (i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and SSE Enterprise to SSE Energy Markets; use of system income received by SSEN Distribution from SSE Business Energy; SSE Business Energy provides internal heat and light power supplies to other Group companies; SSE Energy Markets provides power, gas and other commodities to SSE Business Energy and SSE Airtricity; and Corporate unallocated (SSE Services and related parties) provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length. * The comparative segment revenue has been restated. See note 1.2. Disaggregation of revenue Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue recognition as follows:
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Physical Other with contract
networks services services services energy Gas storage revenue customers revenue Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
854.1
\u2013
\u2013
18.8
\u2013
\u2013
12.3
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
\u2013
16.9
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
\u2013
3.4
335.5
\u2013
335.5
SSE Thermal
\u2013
531.5
\u2013
\u2013
\u2013
\u2013
39.5
571.0
\u2013
571.0
Gas Storage
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
\u2013
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,135.4
\u2013
\u2013
\u2013
\u2013
47.8
3,183.2
\u2013
3,183.2
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
\u2013
22.0
2,021.2
\u2013
2,021.2
SSE Enterprise
18.6
30.7
4.7
\u2013
\u2013
\u2013
32.1
86.1
5.8
91.9
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
\u2013
152.7
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
11.2
391.5
10,429.5
27.7
10,457. 2
(restated*)
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Gas Physical Other with contract
networks services services services storage energy revenue customers revenue Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
634.0
\u2013
\u2013
20.4
\u2013
\u2013
1.7
656.1
\u2013
656.1
SSEN Distribution
1,054.0
\u2013
\u2013
12.3
\u2013
\u2013
17.9
1,084.2
18.5
1,102.7
SSE Renewables
\u2013
49.7
\u2013
87. 5
\u2013
184.3
13.3
334.8
\u2013
334.8
SSE Thermal
\u2013
736.9
\u2013
\u2013
\u2013
\u2013
3.5
740.4
\u2013
740.4
Gas Storage
\u2013
\u2013
\u2013
\u2013
12.2
\u2013
\u2013
12.2
\u2013
12.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,313.5
\u2013
\u2013
\u2013
\u2013
46.0
3,359.5
\u2013
3,359.5
SSE Airtricity
\u2013
1,756.7
\u2013
\u2013
\u2013
\u2013
20.2
1,776.9
\u2013
1,776.9
SSE Enterprise
16.4
29.5
14.4
\u2013
\u2013
\u2013
27.0
87. 3
5.8
93.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
\u2013
4,158.7
190.1
4,348.8
\u2013
4,348.8
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
66.2
66.2
\u2013
66.2
Total SSE Group
1,704.4
5,886.3
14.4
120.2
12.2
4,343.0
385.9
12,466.4
24.3
12,490.7
* The comparative disaggregated segment revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3663.7m (2023: \u00a3666.1m) of unbilled energy income. Included within trade and other payables (note 19) is \u00a3253.6m (2023: \u00a3215.4m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and liabilities principally arose in the SSE Enterprise reporting segment with changes during the periods reflecting ongoing contract progress, offset by cash receipts or customer invoicing. The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as invoiced. Revenue by geographical location on continuing operations is as follows:
2024 2023
\u00a3m \u00a3m
UK
8,797.6
10,899.8
Ireland
1,659.6
1,590.9
10,457.2
12,490.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-797": { "value": "i. Revenue by segment (i)
Reported Segment
Reported Inter-segment Segment revenue Inter-segment revenue
revenue revenue revenue (restated*) revenue (restated*)
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
885.2
\u2013
885.2
656.1
\u2013
656.1
SSEN Distribution
1,004.0
45.9
1,049.9
1,102.7
81.0
1,183.7
SSE Renewables
335.5
876.3
1,211.8
334.8
602.7
937. 5
SSE Thermal
571.0
3,123.9
3,694.9
740.4
3,863.8
4,604.2
Gas storage
11.2
2,948.4
2,959.6
12.2
5,147. 5
5,159.7
Energy Customer Solutions
SSE Business Energy
3,183.2
48.5
3,231.7
3,359.5
59.4
3,418.9
SSE Airtricity
2,021.2
170.0
2,191.2
1,776.9
233.1
2,010.0
SSE Enterprise
91.9
23.6
115.5
93.1
20.1
113.2
SSE Energy Markets:
Gross trading
15,074.3
7,951.4
23,025.7
24,700.6
11,972.4
36,673.0
Optimisation trades
(12,785.1)
(2,674.2)
(15,459.3)
(20,351.8)
(937.3)
(21,289.1)
SSE Energy Markets
2,289.2
5, 27 7.2
7,566.4
4,348.8
11,035.1
15,383.9
Corporate unallocated
64.8
250.9
315.7
66.2
232.1
298.3
Total SSE Group
10,457.2
12,764.7
23,221.9
12,490.7
21,274.8
33,765.5
(i) (i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and SSE Enterprise to SSE Energy Markets; use of system income received by SSEN Distribution from SSE Business Energy; SSE Business Energy provides internal heat and light power supplies to other Group companies; SSE Energy Markets provides power, gas and other commodities to SSE Business Energy and SSE Airtricity; and Corporate unallocated (SSE Services and related parties) provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length. * The comparative segment revenue has been restated. See note 1.2. Disaggregation of revenue Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue recognition as follows:
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Physical Other with contract
networks services services services energy Gas storage revenue customers revenue Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
854.1
\u2013
\u2013
18.8
\u2013
\u2013
12.3
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
\u2013
16.9
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
\u2013
3.4
335.5
\u2013
335.5
SSE Thermal
\u2013
531.5
\u2013
\u2013
\u2013
\u2013
39.5
571.0
\u2013
571.0
Gas Storage
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
\u2013
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,135.4
\u2013
\u2013
\u2013
\u2013
47.8
3,183.2
\u2013
3,183.2
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
\u2013
22.0
2,021.2
\u2013
2,021.2
SSE Enterprise
18.6
30.7
4.7
\u2013
\u2013
\u2013
32.1
86.1
5.8
91.9
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
\u2013
152.7
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
11.2
391.5
10,429.5
27.7
10,457. 2
(restated*)
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Gas Physical Other with contract
networks services services services storage energy revenue customers revenue Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
634.0
\u2013
\u2013
20.4
\u2013
\u2013
1.7
656.1
\u2013
656.1
SSEN Distribution
1,054.0
\u2013
\u2013
12.3
\u2013
\u2013
17.9
1,084.2
18.5
1,102.7
SSE Renewables
\u2013
49.7
\u2013
87. 5
\u2013
184.3
13.3
334.8
\u2013
334.8
SSE Thermal
\u2013
736.9
\u2013
\u2013
\u2013
\u2013
3.5
740.4
\u2013
740.4
Gas Storage
\u2013
\u2013
\u2013
\u2013
12.2
\u2013
\u2013
12.2
\u2013
12.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,313.5
\u2013
\u2013
\u2013
\u2013
46.0
3,359.5
\u2013
3,359.5
SSE Airtricity
\u2013
1,756.7
\u2013
\u2013
\u2013
\u2013
20.2
1,776.9
\u2013
1,776.9
SSE Enterprise
16.4
29.5
14.4
\u2013
\u2013
\u2013
27.0
87. 3
5.8
93.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
\u2013
4,158.7
190.1
4,348.8
\u2013
4,348.8
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
66.2
66.2
\u2013
66.2
Total SSE Group
1,704.4
5,886.3
14.4
120.2
12.2
4,343.0
385.9
12,466.4
24.3
12,490.7
* The comparative disaggregated segment revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3663.7m (2023: \u00a3666.1m) of unbilled energy income. Included within trade and other payables (note 19) is \u00a3253.6m (2023: \u00a3215.4m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and liabilities principally arose in the SSE Enterprise reporting segment with changes during the periods reflecting ongoing contract progress, offset by cash receipts or customer invoicing. The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as invoiced. Revenue by geographical location on continuing operations is as follows:
2024 2023
\u00a3m \u00a3m
UK
8,797.6
10,899.8
Ireland
1,659.6
1,590.9
10,457.2
12,490.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-774": { "value": "i. Revenue by segment (i)
Reported Segment
Reported Inter-segment Segment revenue Inter-segment revenue
revenue revenue revenue (restated*) revenue (restated*)
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
885.2
\u2013
885.2
656.1
\u2013
656.1
SSEN Distribution
1,004.0
45.9
1,049.9
1,102.7
81.0
1,183.7
SSE Renewables
335.5
876.3
1,211.8
334.8
602.7
937. 5
SSE Thermal
571.0
3,123.9
3,694.9
740.4
3,863.8
4,604.2
Gas storage
11.2
2,948.4
2,959.6
12.2
5,147. 5
5,159.7
Energy Customer Solutions
SSE Business Energy
3,183.2
48.5
3,231.7
3,359.5
59.4
3,418.9
SSE Airtricity
2,021.2
170.0
2,191.2
1,776.9
233.1
2,010.0
SSE Enterprise
91.9
23.6
115.5
93.1
20.1
113.2
SSE Energy Markets:
Gross trading
15,074.3
7,951.4
23,025.7
24,700.6
11,972.4
36,673.0
Optimisation trades
(12,785.1)
(2,674.2)
(15,459.3)
(20,351.8)
(937.3)
(21,289.1)
SSE Energy Markets
2,289.2
5, 27 7.2
7,566.4
4,348.8
11,035.1
15,383.9
Corporate unallocated
64.8
250.9
315.7
66.2
232.1
298.3
Total SSE Group
10,457.2
12,764.7
23,221.9
12,490.7
21,274.8
33,765.5
(i) (i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and SSE Enterprise to SSE Energy Markets; use of system income received by SSEN Distribution from SSE Business Energy; SSE Business Energy provides internal heat and light power supplies to other Group companies; SSE Energy Markets provides power, gas and other commodities to SSE Business Energy and SSE Airtricity; and Corporate unallocated (SSE Services and related parties) provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length. * The comparative segment revenue has been restated. See note 1.2. Disaggregation of revenue Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue recognition as follows:
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Physical Other with contract
networks services services services energy Gas storage revenue customers revenue Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
854.1
\u2013
\u2013
18.8
\u2013
\u2013
12.3
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
\u2013
16.9
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
\u2013
3.4
335.5
\u2013
335.5
SSE Thermal
\u2013
531.5
\u2013
\u2013
\u2013
\u2013
39.5
571.0
\u2013
571.0
Gas Storage
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
\u2013
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,135.4
\u2013
\u2013
\u2013
\u2013
47.8
3,183.2
\u2013
3,183.2
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
\u2013
22.0
2,021.2
\u2013
2,021.2
SSE Enterprise
18.6
30.7
4.7
\u2013
\u2013
\u2013
32.1
86.1
5.8
91.9
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
\u2013
152.7
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
11.2
391.5
10,429.5
27.7
10,457. 2
(restated*)
Revenue from contracts with customers
Goods or services transferred
Goods or services transferred over time at a point in time
Total
revenue
Supply of from
Use of energy and Construction Other contracts Other
electricity ancillary related contracted Gas Physical Other with contract
networks services services services storage energy revenue customers revenue Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
634.0
\u2013
\u2013
20.4
\u2013
\u2013
1.7
656.1
\u2013
656.1
SSEN Distribution
1,054.0
\u2013
\u2013
12.3
\u2013
\u2013
17.9
1,084.2
18.5
1,102.7
SSE Renewables
\u2013
49.7
\u2013
87. 5
\u2013
184.3
13.3
334.8
\u2013
334.8
SSE Thermal
\u2013
736.9
\u2013
\u2013
\u2013
\u2013
3.5
740.4
\u2013
740.4
Gas Storage
\u2013
\u2013
\u2013
\u2013
12.2
\u2013
\u2013
12.2
\u2013
12.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,313.5
\u2013
\u2013
\u2013
\u2013
46.0
3,359.5
\u2013
3,359.5
SSE Airtricity
\u2013
1,756.7
\u2013
\u2013
\u2013
\u2013
20.2
1,776.9
\u2013
1,776.9
SSE Enterprise
16.4
29.5
14.4
\u2013
\u2013
\u2013
27.0
87. 3
5.8
93.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
\u2013
4,158.7
190.1
4,348.8
\u2013
4,348.8
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
66.2
66.2
\u2013
66.2
Total SSE Group
1,704.4
5,886.3
14.4
120.2
12.2
4,343.0
385.9
12,466.4
24.3
12,490.7
* The comparative disaggregated segment revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3663.7m (2023: \u00a3666.1m) of unbilled energy income. Included within trade and other payables (note 19) is \u00a3253.6m (2023: \u00a3215.4m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and liabilities principally arose in the SSE Enterprise reporting segment with changes during the periods reflecting ongoing contract progress, offset by cash receipts or customer invoicing. The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as invoiced. Revenue by geographical location on continuing operations is as follows:
2024 2023
\u00a3m \u00a3m
UK
8,797.6
10,899.8
Ireland
1,659.6
1,590.9
10,457.2
12,490.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-830": { "value": "6. Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii) (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year. (iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants. Auditor\u2019s remuneration
2024 2023
\u00a3m \u00a3m
Audit of these financial statements
0.4
0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company
5.1
3.2
Audit related assurance services
0.3
0.3
Other services fees
0.2
0.1
5.6
3.6
Total remuneration paid to auditor
6.0
4.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.9m (2023: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2023: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 144 to 151 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-824": { "value": "6. Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii) (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year. (iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants. Auditor\u2019s remuneration
2024 2023
\u00a3m \u00a3m
Audit of these financial statements
0.4
0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company
5.1
3.2
Audit related assurance services
0.3
0.3
Other services fees
0.2
0.1
5.6
3.6
Total remuneration paid to auditor
6.0
4.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.9m (2023: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2023: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 144 to 151 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-816": { "value": "6. Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii) (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year. (iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants. Auditor\u2019s remuneration
2024 2023
\u00a3m \u00a3m
Audit of these financial statements
0.4
0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company
5.1
3.2
Audit related assurance services
0.3
0.3
Other services fees
0.2
0.1
5.6
3.6
Total remuneration paid to auditor
6.0
4.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.9m (2023: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2023: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 144 to 151 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-775": { "value": "6. Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii) (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year. (iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants. Auditor\u2019s remuneration
2024 2023
\u00a3m \u00a3m
Audit of these financial statements
0.4
0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company
5.1
3.2
Audit related assurance services
0.3
0.3
Other services fees
0.2
0.1
5.6
3.6
Total remuneration paid to auditor
6.0
4.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.9m (2023: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2023: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 144 to 151 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-690": { "value": "6. Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii) (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year. (iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants. Auditor\u2019s remuneration
2024 2023
\u00a3m \u00a3m
Audit of these financial statements
0.4
0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company
5.1
3.2
Audit related assurance services
0.3
0.3
Other services fees
0.2
0.1
5.6
3.6
Total remuneration paid to auditor
6.0
4.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.9m (2023: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2023: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 144 to 151 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-736": { "value": "
Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii)
(i) Does not include exceptional impairment charges.
(ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease
payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year.
(iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s
energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government
grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-829": { "value": "Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
628.6
605.7
Net exceptional gains on acquisitions and disposals (note 7)
(4.6)
(89.1)
Exceptional charges (continuing operations) (note 7)
270.9
230.4
Research costs
12.7
10.8
Lease charges
(ii)
11.2
11.7
Release of deferred income in relation to capital grants and historic customer contributions
(13.0)
(13.9)
Government grant income
(107.7)
(1,012.6)
Amortisation of other intangible assets
\u2013
0.3
(iii) (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a36.2m (2023: \u00a310.4m) were charged in the current year. (iii) During the year the Group received \u00a3107.7m (2023: \u00a31,012.6m) of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the UK and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-735": { "value": "
Auditor\u2019s remuneration
2024 2023
\u00a3m \u00a3m
Audit of these financial statements
0.4
0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company
5.1
3.2
Audit related assurance services
0.3
0.3
Other services fees
0.2
0.1
5.6
3.6
Total remuneration paid to auditor
6.0
4.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.9m (2023: \u00a30.4m) related to the
prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2023: \u00a30.5m). Audit related assurance services include
fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt
issuance. A description of the work of the Audit Committee is set out on pages 144 to 151
and includes an explanation of how auditor
objectivity and independence is safeguarded when non-audit services are provided by the auditors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-691": { "value": "
7. Exceptional items and certain re-measurements
2024 2023
\u00a3m \u00a3m
Continuing operations
Exceptional items (note 7.1)
Asset impairments and related charges
(270.9)
(233.6)
Net gains on acquisitions/disposals of businesses and other assets
4.9
233.2
Total exceptional items
(266.0)
(0.4)
Certain re-measurements
Movement on operating derivatives (note 24)
452.2
(2,708.2)
Movement in fair value of commodity stocks
9.1
(9.0)
Movement on financing derivatives (note 24)
6.1
201.9
Share of movement on derivatives in jointly controlled entities (net of tax)
46.1
163.8
Total certain re-measurements
513.5
(2,351.5)
Exceptional items and certain re-measurements on continuing operations before taxation
247.5
(2,351.9)
Taxation
Taxation on other exceptional items
23.3
(34.1)
Taxation on certain re-measurements
(115.0)
499.6
Taxation
(91.7)
465.5
Total exceptional items and certain re-measurements on continuing operations after taxation
155.8
(1,886.4)
Discontinued operations
Exceptional items and certain re-measurements
Gas production asset impairments and related credits
\u2013
35.0
Total exceptional items and certain re-measurements on discontinued operations after taxation
\u2013
35.0
Exceptional items and certain remeasurements are disclosed across the following categories within the income statement:
2024 2023
\u00a3m \u00a3m
Continuing operations
Cost of sales:
Movement on operating derivatives (note 24)
452.2
(2,708.2)
Movement in fair value of commodity stocks
9.1
(9.0)
461.3
(2,717.2)
Operating costs:
Asset impairments and reversals
(270.9)
(233.6)
Other exceptional provisions and charges
\u2013
3.2
(270.9)
(230.4)
Operating income:
Net gains on acquisition/disposals of businesses and other assets
4.6
89.1
4.6
89.1
Joint ventures and associates:
Net gains on acquisition of a joint venture
\u2013
140.7
Share of movement on derivatives in jointly controlled entities (net of tax)
46.1
163.8
46.1
304.5
Operating profit/(loss)
241.1
(2,554.0)
Finance income
Movement on financing derivatives (note 24)
6.1
201.9
Interest income on deferred consideration receipt
0.3
0.2
6.4
202.1
Profit before tax on continuing operations
247.5
(2,351.9)
Discontinued operations
Gas Production asset impairments and related credits
\u2013
35.0
Profit before tax on discontinued operations
\u2013
35.0
7.1. Exceptional items
Exceptional items in the year ended 31 March 2024
In the year to 31 March 2024, the Group recognised a net exceptional charge of \u00a3266.0m arising from its continuing operations. The net
exceptional charge is primarily due to an exceptional impairment charge relating to the Group\u2019s gas storage assets of \u00a3134.1m, an
exceptional impairment of \u00a363.2m against the carrying value of the Group\u2019s investment in Triton Power Holdings Limited and an
exceptional impairment charge of \u00a373.6m against the Group\u2019s investment in Neos Networks.
The net exceptional charges/(credits) recognised can be summarised as follows:
Property,
plant and Provisions
equipment and other Investment in Other Total charges/
(note 14) charges joint ventures assets (credits)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Triton Power 50% joint venture \u2013 investment impairment charge (i)
\u2013
\u2013
63.2
\u2013
63.2
Gas Storage \u2013 impairment charge (ii)
134.1
\u2013
\u2013
\u2013
134.1
Neos Networks 50% joint venture \u2013 impairment charge (iii)
\u2013
\u2013
73.6
\u2013
73.6
Enerveo acquisition (iv)
\u2013
(18.3)
\u2013
13.7
(4.6)
Other credits (v)
\u2013
\u2013
\u2013
(0.3)
(0.3)
Total exceptional items continuing operations
134.1
(18.3)
136.8
13.4
266.0
(i) Triton Power 50% joint venture \u2013 investment impairment charge
The Group has recognised an impairment charge of \u00a363.2m, against the carrying value of the Group\u2019s investment in Triton Power Holdings
Limited, reflecting future market price assumptions. The impairment was recognised in the first half of the year and, due to indicators of
impairment existing at 31 March 2024, a formal impairment review was also performed as at that date (see note 15.2). As a result of this
assessment, the Group has not recognised any further charges or reversals to the investment carrying value of the Group\u2019s investment in
Triton Power Holdings Limited.
(ii) Gas Storage \u2013 impairment charge
The Group performed a formal impairment review at 31 March 2024 to reassess the carrying value of its Gas Storage operations at
Aldbrough and Atwick (see note 15.2). As a result of the assessment, the Group recognised an exceptional impairment charge of \u00a385.7m
to the carrying value of the assets at Aldbrough and \u00a348.4m to the carrying value of the assets at Atwick.
(iii) Neos Networks 50% joint venture \u2013 impairment charge
At 31 March 2024, the Group has performed a formal impairment assessment on the carrying value of its 50% joint venture investment,
including shareholder loan balances, in Neos Networks Limited. The assessment indicated that the recoverable amount of the investment
and shareholder loan receivable balances are impaired by \u00a373.6m. See note 15.2 for further details of this impairment.
(iv) Enerveo acquisition
On 22 March 2024, the Group purchased the entire share capital of Enerveo Limited from Aurelius Antelope Limited for cash consideration
of \u00a31.0m. Enerveo Limited is a former subsidiary of SSE plc and the reacquisition reduces the Group\u2019s potential exposure to risk arising from
performance guarantees provided by the Group. At 30 September 2023, the Group had recorded an exceptional charge of \u00a350.5m in
relation to its projected exposure in relation to these guarantees as part of its adoption of IFRS 17. On reacquisition this risk has been
reduced and the exceptional charge recognised in the 6 months to 30 September 2023 has been reversed. Due to provisions that the
Group had previously recognised for amounts due from Enerveo and Aurelius, the completion of the transaction has resulted in an
exceptional credit of \u00a34.6m being recognised on acquisition. Further detail on the transaction is included in note 12.1.
(v) Other credits
At 31 March 2024, the Group recognised further exceptional credits of \u00a30.3m relating to the unwind of discounting on deferred
consideration recognised on the part disposal of SSE Slough Multifuel Limited in the year ending 31 March 2021.
Taxation
The Group has separately recognised the tax effect of the exceptional items summarised above.
Exceptional items in the year ended 31 March 2023
In the year to 31 March 2023, the Group recognised a net exceptional charge of \u00a30.4m arising from its continuing operations. The net
exceptional charge was primarily due to a net impairment of \u00a3150.9m in relation to the Group\u2019s 50% investment in Triton Power Holdings
Limited (see note 7.1.iv below for further analysis of amounts recognised in relation to Triton), offset by an exceptional gain of \u00a389.1m from
the sale of land at Fiddler\u2019s Ferry, an impairment reversal of \u00a345.7m related to the Group\u2019s Gas Storage operations at Aldbrough and an
impairment reversal of \u00a317.8m in relation to the Group\u2019s Great Island combined cycle gas turbine (\u2018CCGT\u2019) plant in Ireland.
In discontinued operations, the Group recognised an exceptional gain of \u00a335.0m relating to a provision release associated with the disposal
of its Gas Production assets, which completed on 14 October 2021.
The net exceptional charges/(credits) recognised can be summarised as follows:
Property,
plant and Provisions Investment Cash and
equipment and other in joint cash Other Total charges/
(note 14) charges ventures equivalents receivables (credits)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Thermal Electricity Generation (i)
(17.8)
\u2013
\u2013
\u2013
\u2013
(17.8)
Gas storage (ii)
(45.7)
\u2013
\u2013
\u2013
\u2013
(45.7)
Fiddler\u2019s Ferry (iii)
24.1
(53.2)
\u2013
(60.0)
\u2013
(89.1)
Triton Power 50% joint venture \u2013 investment
acquisition and impairment (iv)
\u2013
\u2013
150.9
\u2013
\u2013
150.9
Neos Networks 50% joint venture \u2013 investment
impairment charge (v)
\u2013
\u2013
5.9
\u2013
\u2013
5.9
Other credits (vi)
\u2013
(1.5)
\u2013
(2.1)
(0.2)
(3.8)
Total exceptional items continuing operations
(39.4)
(54.7)
156.8
(62.1)
(0.2)
0.4
Gas Production (vii)
\u2013
(35.0)
\u2013
\u2013
\u2013
(35.0)
Total exceptional items discontinued operations
\u2013
(35.0)
\u2013
\u2013
\u2013
(35.0)
Total exceptional items
(39.4)
(89.7)
156.8
(62.1)
(0.2)
(34.6)
(i) Thermal Electricity Generation \u2013 impairment reversal
At 31 March 2023, the Group carried out a formal impairment review to reassess the carrying value of its GB CCGT power stations and the
Group\u2019s Great Island CCGT plant in Ireland. As a result of the review, the Group recognised an exceptional impairment reversal of \u00a317.8m to
the carrying value of the Group\u2019s Great Island CCGT plant.
(ii) Gas Storage \u2013 impairment reversal
At 30 September 2022, the Group recognised an impairment reversal of \u00a3201.1m on its Aldbrough Gas Storage facility due to future
market price assumptions observable at that time. The Group also performed a formal impairment review at 31 March 2023 to reassess the
carrying value of its Gas Storage operations at Atwick and Aldbrough. As a result of the assessment, the Group recognised an exceptional
impairment of \u00a3155.4m to the carrying value of the assets at Aldbrough, resulting in a net impairment reversal for the year of \u00a345.7m.
The impairment previously recognised in relation to Atwick was fully reversed in the year ended 31 March 2022, and no impairment was
required for the financial year ended 31 March 2023.
(iii) Fiddler\u2019s Ferry \u2013 land sale
On 30 June 2022, the Fiddler\u2019s Ferry site was sold to Peel NRE Developments Limited for cash consideration of \u00a360.0m. The Group carried
a decommissioning provision for the site of \u00a353.2m and a residual asset of \u00a324.1m, both of which were disposed of as part of the sale. As a
result, the Group recognised an exceptional gain of \u00a389.1m on disposal.
(iv) Triton Power 50% joint venture \u2013 acquisition and impairment
On 1 September 2022, the Group acquired 50% of the share capital of Triton Power Holdings Limited from Energy Capital Partners for
headline consideration of \u00a3341.0m, shared equally with co-venturers Equinor (see note 12). The purchase price was agreed based on prices
prevalent in the market during the summer, prior to completion of the transaction on 1 September 2022. The Group assessed that, due to
movements in near term observable power prices between the transaction agreement date and the completion date, the fair value of the
acquisition was \u00a3140.7m greater than the acquisition price. This bargain purchase was recognised as an exceptional gain in the Group\u2019s half
year results to 30 September 2022. During the second half of the year ended 31 March 2023, the Group realised a significant proportion
of the acquired fair value of the business through trading operations of the joint venture. As a result, the future recoverable value of the
investment was lower at 31 March 2023 than at 1 September 2022 and the Group therefore recognised an impairment charge at 31 March
2023 of \u00a3291.6m (see note 15.2). A summary of exceptional items recognised in relation to Triton in the financial year to 31 March 2023 is
set out below:
Exceptional
items and
certain
Financial statement line item re-measurements
charge/(credit) is included within \u00a3m
Recognition of bargain purchase
Joint venture and associates share of profit
(140.7)
Impairment of investment
Operating costs
291.6
Total exceptional items
150.9
Mark-to-market movement on operating derivatives
Joint venture and associates share of movement on derivatives
(213.9)
Share of tax on mark-to-market
movement on operating derivatives
Joint venture and associates share of tax
41.9
Total certain remeasurements
(172.0)
Total exceptional items and certain re-measurements
(21.1)
(v) Neos Networks 50% joint venture \u2013 investment impairment and adjustments to consideration
At 31 March 2023, the Group assessed that the recoverable amount of its investment in Neos Networks was impaired by \u00a337.7m, of which
\u00a35.9m was treated as exceptional. \u00a35.9m of the impairment related to the fair value gain previously recognised on acquisition of the joint
venture investment in March 2019, which was treated as an exceptional item. This reversal was recognised separately within exceptional
items for consistent presentation. The balance of the impairment charge, being \u00a331.8m, was recognised as part of adjusted operating profit.
vi. Other credits
At 31 March 2023, the Group recognised further exceptional credits of \u00a33.8m relating to reversal of previously recognised exceptional
charges or judgements. These included i) reassessment of separation cost provisions associated primarily with the disposals of SSE Energy
Services and SGN (credit of \u00a39.7m) ii) credit of \u00a30.2m in relation to the unwind of discounting on deferred consideration recognised on
the part disposal of SSE Slough Multifuel Limited in the year ending 31 March 2021, iii) reassessment of impairments associated with Heat
Networks assets credit of \u00a30.4m, partially offset by iv) \u00a36.5m charge recognised in relation to provisions in connection with the sale of the
Contracting and Rail business in June 2021.
Exceptional items within discontinued operations in the year ended 31 March 2023
vii. Gas Production \u2013 gain on disposal
On 4 November 2022, RockRose Energy Limited received HMRC clearance in respect of tax treatment in relation to the Group\u2019s disposal of
its Gas Production business to Viaro Energy (through its subsidiary RockRose Energy Limited), which completed on 14 October 2021. The
Group had indemnified RockRose Energy Limited in relation to certain tax liabilities that it might suffer as a result of the transaction, and
this formed part of the provision which was recognised on the disposal of the Gas Production business. The HMRC clearance indicated that
no such tax liabilities arise for RockRose Energy Limited and as a result the Group released the \u00a335.0m provision relating to the indemnity
as an adjustment to the loss on disposal recognised. The adjustment was recognised in discontinued operations in the year ended
31 March 2023.
Exceptional items in the year ended 31 March 2022
In the year to 31 March 2022, the Group recognised a net exceptional credit of \u00a3305.0m arising from its continuing operations. The net
exceptional credit was primarily due to impairment reversals of \u00a3331.6m in relation to the Group\u2019s GB CCGT power stations and the
Group\u2019s Great Island CCGT plant in Ireland and impairment reversals of \u00a397.3m related to the Group\u2019s Gas Storage operations at Atwick and
Aldbrough. These credits were offset by an impairment loss of \u00a3106.9m recognised in relation to the Group\u2019s investment in Neos Networks,
a further \u00a318.9m loss was recognised on completion of the disposal of SSE Contracting on 30 June 2021 and \u00a36.2m consideration
adjustment associated with the disposal of the Group\u2019s 50% stake in Neos Networks, which completed in the year ended 31 March 2019.
In discontinued operations, the Group recognised an exceptional gain on the disposal of the Group\u2019s 33.3% investment in SGN of \u00a3576.5m,
offset by an exceptional charge of \u00a3120.8m associated with the disposal of its Gas Production assets, which completed on 14 October 2021.
The net exceptional charges/(credits) recognised can be summarised as follows:
Property,
plant and Provisions Investment Total
equipment and other in joint Other charges/
(note 14) Held for sale charges ventures receivables (credits)
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Thermal Electricity Generation
(331.6)
\u2013
\u2013
\u2013
\u2013
(331.6)
Gas storage
(97.3)
\u2013
\u2013
\u2013
\u2013
(97. 3)
SSE Contracting
\u2013
\u2013
18.9
\u2013
\u2013
18.9
Neos Networks
\u2013
\u2013
6.2
106.9
\u2013
113.1
Other credits
(0.6)
\u2013
\u2013
\u2013
(7. 5)
(8.1)
Total exceptional items continuing operations
(429.5)
\u2013
25.1
106.9
(7. 5)
(305.0)
SGN disposal gain
\u2013
\u2013
\u2013
\u2013
(576.5)
(576.5)
Gas Production
\u2013
120.8
\u2013
\u2013
\u2013
120.8
Total exceptional items discontinued operations
\u2013
120.8
\u2013
\u2013
(576.5)
(455.7)
Total exceptional items
(429.5)
120.8
25.1
106.9
(584.0)
(760.7)
7.2. Certain re-measurements
The Group, through its SSE Energy Markets business, enters into forward commodity purchase (and sales) contracts to meet the future
demand requirements of its SSE Business Energy and SSE Airtricity supply businesses, to optimise the value of its SSE Renewables and
SSE Thermal power generation assets or to conduct other trading subject to the value at risk limits set out by the Energy Markets Risk
Committee. Certain of these contracts (predominantly electricity, gas and other commodity purchase contracts) are determined to be
derivative financial instruments under IFRS 9 \u201cFinancial Instruments\u201d and as such are required to be recorded at their fair value. Conversely,
commodity contracts that are not financial instruments under IFRS 9 (predominantly electricity sales contracts) are accounted for as
\u2018own use\u2019 contracts and are not recorded at their fair value. Inventory purchased to utilise excess capacity ahead of an optimised sale
in the market by the Gas Storage business is held as trading inventory at fair value with changes in value recognised within \u2018certain
re-measurements\u2019. In addition, the mark-to-market valuation movements on the Group\u2019s contracts for difference contracts entered into by
SSE Renewables that are not designated as government grants, and which are measured as Level 3 fair value financial instruments are also
included within \u2018certain re-measurements\u2019.
Changes in the fair value of those commodity contracts designated as financial instruments and trading inventory are therefore reflected in
the income statement. The Group shows the change in the fair value of these forward contracts and trading inventory separately as \u2018certain
re-measurements\u2019, as the Group does not believe this mark-to-market movement is relevant to the underlying performance of its businesses.
At 31 March 2024, changes in global commodity markets and in SSE\u2019s contractual positions have resulted in a positive net mark-to-market
remeasurement on commodity contracts designated as financial instruments, contracts for difference contracts and trading inventory of
\u00a3461.3m (gain) (2023: \u00a32,717.2m (loss)). It should be noted that the net IFRS 9 position on operating derivatives at 31 March 2024 is an asset
of \u00a351.4m (2023: \u00a3386.9m liability).
The mark-to-market gain in the year has resulted in a deferred tax charge of \u00a3115.0m (2023: \u00a3499.6m credit), which has been reported
separately as part of certain re-measurements. In addition, the Group has recognised gains of \u00a36.1m (2023: \u00a3201.9m gain) on the
remeasurement of certain interest rate and foreign exchange contracts through the income statement, gains on the remeasurement of
cash flow hedge accounted contracts of \u00a36.5m (2023: \u00a343.3m gain) in other comprehensive income and a loss on the equity share of the
remeasurement of cash flow hedge accounted contracts in joint ventures of \u00a340.9m (2023: \u00a3342.4m gain).
The re-measurements arising from IFRS 9 and the associated deferred tax are disclosed separately to aid understanding of the underlying
performance of the Group.
", "dimensions": { "concept": "sseplc:DisclosureOfExceptionalItemsAndCertainReMeasurements", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-692": { "value": "
8. Directors and employees
8.1. Staff costs
2024 2023
\u00a3m \u00a3m
Staff costs:
Wages and salaries
722.5
587.6
Social security costs
84.8
69.6
Share-based remuneration
22.0
20.6
Pension costs (note 23)
109.1
94.0
938.4
771.8
Less: capitalised as property, plant and equipment or intangible assets
(238.0)
(179.6)
700.4
592.2
8.2. Employee numbers
2024 2023
Number Number
Numbers employed at 31 March
14,980
12,180
14,980
12,180
(i)
(i) The number of employees at 31 March 2024 includes 1,089 employees of Enerveo, the contracting business purchased by the Group on 22 March 2024 (see note 7.1.iv) (2023: none).
The average number of people employed by the Group (including Executive Directors) during the year was:
2024 2023
Number Number
SSEN Transmission
1,568
1,136
SSEN Distribution
4,463
4,197
SSE Renewables
1,933
1,591
SSE Thermal
586
458
Gas Storage
92
84
Energy Customer Solutions
SSE Business Energy
950
843
SSE Airtricity
953
845
SSE Enterprise
974
855
SSE Energy Markets
317
256
Corporate Services
1,422
1,211
Total SSE Group
13,258
11,476
8.3. Remuneration of key management personnel
The remuneration of the key management personnel of the Group (excluding amounts equivalent to pension value increases as set out in
the Remuneration Report), is set out below in aggregate.
2024
2023
Executive Executive
committee Executive committee Executive
members directors Total members directors Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Salaries and short term employee benefits
4.7
4.7
9.4
4.0
5.2
9.2
Social security costs
1.0
0.9
1.9
0.9
1.0
1.9
Post-employment benefits
1.0
0.2
1.2
0.7
0.7
1.4
Share based benefits
1.8
5.9
7.7
1.7
4.4
6.1
8.5
11.7
20.2
7.3
11.3
18.6
Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated Persons
Discharging Management Responsibilities (\u2018PDMRs\u2019) in line with the market abuse regulation definition. The Group has three (2023: three)
Executive directors. Executive committee members included in the table above at 31 March 2024 are the Managing Director of SSEN
Distribution; the Managing Director of SSEN Transmission; the Managing Director of SSE Renewables; the Managing Director of Thermal;
the Director of Corporate Affairs and Strategy; the Director of Human Resources and the Group\u2019s General Counsel.
Further information about the remuneration of individual directors is provided in the audited part of the Remuneration Report.
Information regarding transactions with post-retirement benefit plans is included in note 23.
Non-executive directors were paid fees of \u00a31.3m during the current year (2023: \u00a31.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-737": { "value": "8.3. Remuneration of key management personnel The remuneration of the key management personnel of the Group (excluding amounts equivalent to pension value increases as set out in the Remuneration Report), is set out below in aggregate.
2024
2023
Executive Executive
committee Executive committee Executive
members directors Total members directors Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Salaries and short term employee benefits
4.7
4.7
9.4
4.0
5.2
9.2
Social security costs
1.0
0.9
1.9
0.9
1.0
1.9
Post-employment benefits
1.0
0.2
1.2
0.7
0.7
1.4
Share based benefits
1.8
5.9
7.7
1.7
4.4
6.1
8.5
11.7
20.2
7.3
11.3
18.6
Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated Persons Discharging Management Responsibilities (\u2018PDMRs\u2019) in line with the market abuse regulation definition. The Group has three (2023: three) Executive directors. Executive committee members included in the table above at 31 March 2024 are the Managing Director of SSEN Distribution; the Managing Director of SSEN Transmission; the Managing Director of SSE Renewables; the Managing Director of Thermal; the Director of Corporate Affairs and Strategy; the Director of Human Resources and the Group\u2019s General Counsel. Further information about the remuneration of individual directors is provided in the audited part of the Remuneration Report. Information regarding transactions with post-retirement benefit plans is included in note 23. Non-executive directors were paid fees of \u00a31.3m during the current year (2023: \u00a31.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-798": { "value": "
9. Finance income and costs
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
Recognised in income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
60.3
\u2013
60.3
17. 5
\u2013
17. 5
Interest on pension scheme assets
26.2
\u2013
26.2
16.2
\u2013
16.2
Other interest receivable:
Joint ventures and associates
78.4
\u2013
78.4
67.6
\u2013
67.6
Other receivable
33.9
0.3
34.2
34.0
0.2
34.2
112.3
0.3
112.6
101.6
0.2
101.8
Total finance income
198.8
0.3
199.1
135.3
0.2
135.5
Finance costs:
Bank loans and overdrafts
(7 7.4)
\u2013
(77.4)
(50.1)
\u2013
(50.1)
Other loans and charges
(274.3)
\u2013
(274.3)
(339.1)
\u2013
(339.1)
Notional interest arising on discounted provisions
(25.2)
\u2013
(25.2)
(22.1)
\u2013
(22.1)
Lease charges
(25.8)
\u2013
(25.8)
(29.4)
\u2013
(29.4)
Less: interest capitalised
84.4
\u2013
84.4
44.0
\u2013
44.0
Total finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Changes in fair value of financing derivative assets or
liabilities at fair value through profit or loss
\u2013
6.1
6.1
\u2013
201.9
201.9
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
Presented as:
Finance income
198.8
6.4
205.2
135.3
202.1
337.4
Finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
(i)
(ii)
(i) The interest income on net pension assets for the year ended 31 March 2024 of \u00a326.2m (2023: \u00a316.2m) represents the interest earned under IAS 19.
(ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.20% (2023: 4.11%) .
Adjusted net finance costs are arrived at after the following adjustments:
2024 2023
\u00a3m \u00a3m
Net finance costs
(113.1)
(59.3)
(add)/less:
Share of interest from joint ventures and associates
(110.7)
(70.1)
Interest on pension scheme liabilities
(26.2)
(16.2)
Movement on financing derivatives (note 24)
(6.1)
(201.9)
Exceptional item
(0.3)
(0.2)
Share of net finance cost attributable to non-controlling interests
4.7
2.1
Adjusted net finance costs
(251.7)
(345.6)
Notional interest arising on discounted provisions
25.2
22.1
Lease charges
25.8
29.4
Hybrid coupon payment (note 22.5(iii))
(73.1)
(38.8)
Adjusted net finance costs for interest cover calculations
(273.8)
(332.9)
APM APM Recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
6.5
43.3
Share of joint venture/associate (loss)/gain on effective portion of cash flow hedges (before tax)
(54.5)
456.5
Total recognised in other comprehensive income
(48.0)
499.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-825": { "value": "9. Finance income and costs
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
Recognised in income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
60.3
\u2013
60.3
17. 5
\u2013
17. 5
Interest on pension scheme assets
26.2
\u2013
26.2
16.2
\u2013
16.2
Other interest receivable:
Joint ventures and associates
78.4
\u2013
78.4
67.6
\u2013
67.6
Other receivable
33.9
0.3
34.2
34.0
0.2
34.2
112.3
0.3
112.6
101.6
0.2
101.8
Total finance income
198.8
0.3
199.1
135.3
0.2
135.5
Finance costs:
Bank loans and overdrafts
(7 7.4)
\u2013
(77.4)
(50.1)
\u2013
(50.1)
Other loans and charges
(274.3)
\u2013
(274.3)
(339.1)
\u2013
(339.1)
Notional interest arising on discounted provisions
(25.2)
\u2013
(25.2)
(22.1)
\u2013
(22.1)
Lease charges
(25.8)
\u2013
(25.8)
(29.4)
\u2013
(29.4)
Less: interest capitalised
84.4
\u2013
84.4
44.0
\u2013
44.0
Total finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Changes in fair value of financing derivative assets or
liabilities at fair value through profit or loss
\u2013
6.1
6.1
\u2013
201.9
201.9
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
Presented as:
Finance income
198.8
6.4
205.2
135.3
202.1
337.4
Finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
(i) (ii) (i) The interest income on net pension assets for the year ended 31 March 2024 of \u00a326.2m (2023: \u00a316.2m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.20% (2023: 4.11%) . Adjusted net finance costs are arrived at after the following adjustments:
2024 2023
\u00a3m \u00a3m
Net finance costs
(113.1)
(59.3)
(add)/less:
Share of interest from joint ventures and associates
(110.7)
(70.1)
Interest on pension scheme liabilities
(26.2)
(16.2)
Movement on financing derivatives (note 24)
(6.1)
(201.9)
Exceptional item
(0.3)
(0.2)
Share of net finance cost attributable to non-controlling interests
4.7
2.1
Adjusted net finance costs
(251.7)
(345.6)
Notional interest arising on discounted provisions
25.2
22.1
Lease charges
25.8
29.4
Hybrid coupon payment (note 22.5(iii))
(73.1)
(38.8)
Adjusted net finance costs for interest cover calculations
(273.8)
(332.9)
APM APM Recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
6.5
43.3
Share of joint venture/associate (loss)/gain on effective portion of cash flow hedges (before tax)
(54.5)
456.5
Total recognised in other comprehensive income
(48.0)
499.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-817": { "value": "9. Finance income and costs
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
Recognised in income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
60.3
\u2013
60.3
17. 5
\u2013
17. 5
Interest on pension scheme assets
26.2
\u2013
26.2
16.2
\u2013
16.2
Other interest receivable:
Joint ventures and associates
78.4
\u2013
78.4
67.6
\u2013
67.6
Other receivable
33.9
0.3
34.2
34.0
0.2
34.2
112.3
0.3
112.6
101.6
0.2
101.8
Total finance income
198.8
0.3
199.1
135.3
0.2
135.5
Finance costs:
Bank loans and overdrafts
(7 7.4)
\u2013
(77.4)
(50.1)
\u2013
(50.1)
Other loans and charges
(274.3)
\u2013
(274.3)
(339.1)
\u2013
(339.1)
Notional interest arising on discounted provisions
(25.2)
\u2013
(25.2)
(22.1)
\u2013
(22.1)
Lease charges
(25.8)
\u2013
(25.8)
(29.4)
\u2013
(29.4)
Less: interest capitalised
84.4
\u2013
84.4
44.0
\u2013
44.0
Total finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Changes in fair value of financing derivative assets or
liabilities at fair value through profit or loss
\u2013
6.1
6.1
\u2013
201.9
201.9
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
Presented as:
Finance income
198.8
6.4
205.2
135.3
202.1
337.4
Finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
(i) (ii) (i) The interest income on net pension assets for the year ended 31 March 2024 of \u00a326.2m (2023: \u00a316.2m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.20% (2023: 4.11%) . Adjusted net finance costs are arrived at after the following adjustments:
2024 2023
\u00a3m \u00a3m
Net finance costs
(113.1)
(59.3)
(add)/less:
Share of interest from joint ventures and associates
(110.7)
(70.1)
Interest on pension scheme liabilities
(26.2)
(16.2)
Movement on financing derivatives (note 24)
(6.1)
(201.9)
Exceptional item
(0.3)
(0.2)
Share of net finance cost attributable to non-controlling interests
4.7
2.1
Adjusted net finance costs
(251.7)
(345.6)
Notional interest arising on discounted provisions
25.2
22.1
Lease charges
25.8
29.4
Hybrid coupon payment (note 22.5(iii))
(73.1)
(38.8)
Adjusted net finance costs for interest cover calculations
(273.8)
(332.9)
APM APM Recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
6.5
43.3
Share of joint venture/associate (loss)/gain on effective portion of cash flow hedges (before tax)
(54.5)
456.5
Total recognised in other comprehensive income
(48.0)
499.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-776": { "value": "9. Finance income and costs
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
Recognised in income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
60.3
\u2013
60.3
17. 5
\u2013
17. 5
Interest on pension scheme assets
26.2
\u2013
26.2
16.2
\u2013
16.2
Other interest receivable:
Joint ventures and associates
78.4
\u2013
78.4
67.6
\u2013
67.6
Other receivable
33.9
0.3
34.2
34.0
0.2
34.2
112.3
0.3
112.6
101.6
0.2
101.8
Total finance income
198.8
0.3
199.1
135.3
0.2
135.5
Finance costs:
Bank loans and overdrafts
(7 7.4)
\u2013
(77.4)
(50.1)
\u2013
(50.1)
Other loans and charges
(274.3)
\u2013
(274.3)
(339.1)
\u2013
(339.1)
Notional interest arising on discounted provisions
(25.2)
\u2013
(25.2)
(22.1)
\u2013
(22.1)
Lease charges
(25.8)
\u2013
(25.8)
(29.4)
\u2013
(29.4)
Less: interest capitalised
84.4
\u2013
84.4
44.0
\u2013
44.0
Total finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Changes in fair value of financing derivative assets or
liabilities at fair value through profit or loss
\u2013
6.1
6.1
\u2013
201.9
201.9
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
Presented as:
Finance income
198.8
6.4
205.2
135.3
202.1
337.4
Finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
(i) (ii) (i) The interest income on net pension assets for the year ended 31 March 2024 of \u00a326.2m (2023: \u00a316.2m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.20% (2023: 4.11%) Adjusted net finance costs are arrived at after the following adjustments:
2024 2023
\u00a3m \u00a3m
Net finance costs
(113.1)
(59.3)
(add)/less:
Share of interest from joint ventures and associates
(110.7)
(70.1)
Interest on pension scheme liabilities
(26.2)
(16.2)
Movement on financing derivatives (note 24)
(6.1)
(201.9)
Exceptional item
(0.3)
(0.2)
Share of net finance cost attributable to non-controlling interests
4.7
2.1
Adjusted net finance costs
(251.7)
(345.6)
Notional interest arising on discounted provisions
25.2
22.1
Lease charges
25.8
29.4
Hybrid coupon payment (note 22.5(iii))
(73.1)
(38.8)
Adjusted net finance costs for interest cover calculations
(273.8)
(332.9)
APM APM Recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
6.5
43.3
Share of joint venture/associate (loss)/gain on effective portion of cash flow hedges (before tax)
(54.5)
456.5
Total recognised in other comprehensive income
(48.0)
499.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-738": { "value": "9. Finance income and costs
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
Recognised in income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
60.3
\u2013
60.3
17. 5
\u2013
17. 5
Interest on pension scheme assets
26.2
\u2013
26.2
16.2
\u2013
16.2
Other interest receivable:
Joint ventures and associates
78.4
\u2013
78.4
67.6
\u2013
67.6
Other receivable
33.9
0.3
34.2
34.0
0.2
34.2
112.3
0.3
112.6
101.6
0.2
101.8
Total finance income
198.8
0.3
199.1
135.3
0.2
135.5
Finance costs:
Bank loans and overdrafts
(7 7.4)
\u2013
(77.4)
(50.1)
\u2013
(50.1)
Other loans and charges
(274.3)
\u2013
(274.3)
(339.1)
\u2013
(339.1)
Notional interest arising on discounted provisions
(25.2)
\u2013
(25.2)
(22.1)
\u2013
(22.1)
Lease charges
(25.8)
\u2013
(25.8)
(29.4)
\u2013
(29.4)
Less: interest capitalised
84.4
\u2013
84.4
44.0
\u2013
44.0
Total finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Changes in fair value of financing derivative assets or
liabilities at fair value through profit or loss
\u2013
6.1
6.1
\u2013
201.9
201.9
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
Presented as:
Finance income
198.8
6.4
205.2
135.3
202.1
337.4
Finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
(i) (ii) (i) The interest income on net pension assets for the year ended 31 March 2024 of \u00a326.2m (2023: \u00a316.2m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.20% (2023: 4.11%) Adjusted net finance costs are arrived at after the following adjustments:
2024 2023
\u00a3m \u00a3m
Net finance costs
(113.1)
(59.3)
(add)/less:
Share of interest from joint ventures and associates
(110.7)
(70.1)
Interest on pension scheme liabilities
(26.2)
(16.2)
Movement on financing derivatives (note 24)
(6.1)
(201.9)
Exceptional item
(0.3)
(0.2)
Share of net finance cost attributable to non-controlling interests
4.7
2.1
Adjusted net finance costs
(251.7)
(345.6)
Notional interest arising on discounted provisions
25.2
22.1
Lease charges
25.8
29.4
Hybrid coupon payment (note 22.5(iii))
(73.1)
(38.8)
Adjusted net finance costs for interest cover calculations
(273.8)
(332.9)
APM APM Recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
6.5
43.3
Share of joint venture/associate (loss)/gain on effective portion of cash flow hedges (before tax)
(54.5)
456.5
Total recognised in other comprehensive income
(48.0)
499.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-693": { "value": "9. Finance income and costs
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
Recognised in income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
60.3
\u2013
60.3
17. 5
\u2013
17. 5
Interest on pension scheme assets
26.2
\u2013
26.2
16.2
\u2013
16.2
Other interest receivable:
Joint ventures and associates
78.4
\u2013
78.4
67.6
\u2013
67.6
Other receivable
33.9
0.3
34.2
34.0
0.2
34.2
112.3
0.3
112.6
101.6
0.2
101.8
Total finance income
198.8
0.3
199.1
135.3
0.2
135.5
Finance costs:
Bank loans and overdrafts
(7 7.4)
\u2013
(77.4)
(50.1)
\u2013
(50.1)
Other loans and charges
(274.3)
\u2013
(274.3)
(339.1)
\u2013
(339.1)
Notional interest arising on discounted provisions
(25.2)
\u2013
(25.2)
(22.1)
\u2013
(22.1)
Lease charges
(25.8)
\u2013
(25.8)
(29.4)
\u2013
(29.4)
Less: interest capitalised
84.4
\u2013
84.4
44.0
\u2013
44.0
Total finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Changes in fair value of financing derivative assets or
liabilities at fair value through profit or loss
\u2013
6.1
6.1
\u2013
201.9
201.9
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
Presented as:
Finance income
198.8
6.4
205.2
135.3
202.1
337.4
Finance costs
(318.3)
\u2013
(318.3)
(396.7)
\u2013
(396.7)
Net finance costs
(119.5)
6.4
(113.1)
(261.4)
202.1
(59.3)
(i) (ii) (i) The interest income on net pension assets for the year ended 31 March 2024 of \u00a326.2m (2023: \u00a316.2m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.20% (2023: 4.11%) .
Adjusted net finance costs are arrived at after the following adjustments:
2024 2023
\u00a3m \u00a3m
Net finance costs
(113.1)
(59.3)
(add)/less:
Share of interest from joint ventures and associates
(110.7)
(70.1)
Interest on pension scheme liabilities
(26.2)
(16.2)
Movement on financing derivatives (note 24)
(6.1)
(201.9)
Exceptional item
(0.3)
(0.2)
Share of net finance cost attributable to non-controlling interests
4.7
2.1
Adjusted net finance costs
(251.7)
(345.6)
Notional interest arising on discounted provisions
25.2
22.1
Lease charges
25.8
29.4
Hybrid coupon payment (note 22.5(iii))
(73.1)
(38.8)
Adjusted net finance costs for interest cover calculations
(273.8)
(332.9)
APM
APM
Recognised in other comprehensive income
2024 2023
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
6.5
43.3
Share of joint venture/associate (loss)/gain on effective portion of cash flow hedges (before tax)
(54.5)
456.5
Total recognised in other comprehensive income
(48.0)
499.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-694": { "value": "
10. Taxation
10.1. Analysis of charge recognised in the income statement
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current tax
Corporation tax
366.1
(36.5)
329.6
292.3
(20.9)
271.4
Adjustments in respect of previous years
(25.6)
31.8
6.2
(22.0)
5.3
(16.7)
Total current tax
340.5
(4.7)
335.8
270.3
(15.6)
254.7
Deferred tax
Current year
155.3
128.2
283.5
72.9
(444.6)
(371.7)
Adjustments in respect of previous years
23.2
(31.8)
(8.6)
12.3
(5.3)
7.0
Total deferred tax
178.5
96.4
274.9
85.2
(449.9)
(364.7)
Total taxation charge/(credit)
519.0
91.7
610.7
355.5
(465.5)
(110.0)
The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above.
SSE continues to be accredited with the Fair Tax Mark. As a consequence, these financial statements include a number of areas of
enhanced disclosure which have been provided in order to develop stakeholder understanding of the tax the Group pays and the reported
total taxation charge along with additional commentary on the main reconciling items.
These can be seen at section A2
.
The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 25% for the year to 31 March
2024 (2023: 19%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of
the income. While the Group has activities in other jurisdictions outside of the UK and Republic of Ireland, tax paid on those development
activities is currently immaterial.
Change in UK corporation tax rates
There are no announced or enacted changes in corporation tax rates in the year ended 31 March 2024.
Finance Bill 2023 introduced legislation, initially as a temporary measure but then being made permanent in the Autumn Statement, to
allow \u2018Full Expensing\u2019 of 100% General Pool plant and machinery, alongside 50% for Special Rate Pool plant and machinery. These changes
significantly increase the deductions for Capital Allowances on capital expenditure incurred from 1 April 2023.
Finance Act (No.2) 2023 also introduced legislation in respect of Multinational Top-up Tax in line with OECD BEPS pillar 2 principles. The
Group has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two
income taxes as required by the amendments to IAS 12 \u2013 International Tax Reform\u2014Pillar Two Model Rules, which issued in May 2023. The
legislation will come into force for the year ended 31 March 2025. Similar draft legislation has been introduced in the Republic of Ireland
and other EU jurisdictions. The Group had undertaken modelling and does not expect a material impact to arise as tax rates in the countries
in which the Group operates are expected to exceed 15%.
The \u2018adjusted current tax charge\u2019 and the \u2018adjusted effective rate of tax\u2019, which are presented in order to best represent underlying
performance by making similar adjustments to the \u2018adjusted profit before tax\u2019 measure, are arrived at after the following adjustments:
2024 2024 2023 2023
\u00a3m % \u00a3m %
Continuing operations
Group tax charge/(credit) and effective rate
610.7
25.6
(110.0)
12.7
Add: reported deferred tax (charge)/credit and effective rate
(274.9)
(11.5)
364.7
(42.0)
Reported current tax charge and effective rate
335.8
14.1
254.7
(29.3)
Effect of adjusting items
1.3
41.0
Reported current tax charge and effective rate on adjusted basis
335.8
15.4
254.7
11.7
add:
Share of current tax from joint ventures and associates
38.5
1.8
89.6
4.1
less:
Current tax credit on exceptional items
4.7
0.2
15.6
0.7
Share of current tax attributable to non-controlling interests
(8.0)
(0.3)
(1.1)
(0.1)
Adjusted current tax charge and effective rate
371.0
17. 1
358.8
16.4
APM
Tax (credit)/charge recognised in other comprehensive income/(loss):
2024 2023
\u00a3m \u00a3m
Relating to:
Pension scheme actuarial movements
(38.8)
(19.8)
Cash flow and net investment hedge movements
0.3
8.1
(38.5)
(11.7)
All tax recognised through other comprehensive income is deferred tax.
See further Taxation disclosures at A2
10.2. Current tax assets and liabilities
2024 2023
\u00a3m \u00a3m
Corporation tax assets
(25.8)
(10.8)
Uncertain tax positions The Group invests heavily in infrastructure, on which significant amounts of capital allowances are potentially available, including through the \u2018full expensing\u2019 regime. The extent to which capital allowances are available on any single asset is, however, very much dependent upon the fact pattern for the asset involved, and there will often be an element of uncertainty as to how capital allowances legislation applies in those circumstances. Therefore, reaching agreement with tax authorities as to the amount of capital allowances available can take a number of years and sometimes can only be resolved through a formal legal process. The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in relation to certain items for which the tax treatment cannot be finally determined until resolution has been reached with the tax authorities or, if required, through a formal legal process. At 31 March 2024, the Group has not recognised provisions in respect of uncertain tax positions (2023: \u00a3nil). On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at the Supreme Court. On 17 May 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now concluded and is not subject to further appeal. Accordingly, the Group\u2019s provision was released as an adjusting post balance sheet event in the year ended 31 March 2023.
A2. Taxation
The Group\u2019s primary tax disclosures are included at note 10. The following tables represent enhanced disclosures adopted in order to assist
stakeholder understanding of the Group\u2019s tax position and policies as part of the Group\u2019s commitment to its Fair Tax Mark accredited status.
Reconciliation of tax charge to adjusted underlying current tax
2024 2024 2023 2023
\u00a3m % \u00a3m %
Group profit/(loss) before tax
2,495.1
(205.6)
Less: share of results of associates and jointly controlled entities
(114.1)
(662.3)
Profit/(loss) before tax
2,381.0
(867.9)
Tax on profit/(loss) on ordinary activities at standard UK corporation
tax rate of 25% (2023: 19%)
595.3
25.0
(164.9)
19.0
Tax effect of:
Capital allowances less than depreciation
(55.7)
(2.3)
(41.6)
4.8
Movement in restructuring and settlement provisions
(0.6)
\u2013
(1.6)
0.2
Non-taxable gain on sale of assets
(4.5)
(0.2)
\u2013
\u2013
Fair value movements on derivatives (including prior period adjustment)
(123.3)
(5.2)
448.8
(51.7)
Pension movements
(8.9)
(0.4)
(6.7)
0.8
Relief for capitalised interest and revenue costs
(38.0)
(1.6)
(27.5)
3.2
Hybrid equity coupon payments
(18.3)
(0.8)
(7.4)
0.9
Expenses not deductible for tax purposes
54.9
2.3
79.7
(9.3)
Utilisation of tax losses brought forward
(3.7)
(0.2)
0.1
\u2013
Impact of foreign tax rates
(36.8)
(1.5)
(0.1)
\u2013
Permanent benefit of super-deduction capital allowances
\u2013
\u2013
(5.1)
0.6
Adjustments to tax charge in respect of previous years
(25.6)
(1.0)
(16.7)
1.9
Other items
1.0
\u2013
(2.3)
0.3
Reported current tax charge and effective rate
335.8
14.1
254.7
(29.3)
Depreciation in excess of capital allowances
74.5
3.1
34.3
(4.0)
Movement in provisions
0.6
\u2013
1.6
(0.2)
Fair value movements on derivatives (including prior period adjustment)
123.3
5.2
(448.8)
51.7
Pension movements
8.9
0.4
6.7
(0.8)
Relief for capitalised interest and revenue costs
38.0
1.6
27.5
(3.2)
Impact of foreign tax rates
1.8
0.1
(12.8)
1.5
Adjustments to tax charge in respect of previous years
23.2
0.9
7.0
(0.8)
Change in rate of UK corporation tax
\u2013
\u2013
9.0
(1.0)
Tax losses utilised
5.1
0.2
1.9
(0.2)
Other items
(0.5)
\u2013
8.9
(1.0)
Reported deferred tax credit and effective rate
274.9
11.5
(364.7)
42.0
Group tax charge/(credit) and effective rate
610.7
25.6
(110.0)
12.7
Included within \u2018Expenses not deductible for tax purposes\u2019 is \u00a365m in respect of impairment of investments in joint ventures.
As noted at note 3 to the accounts, the Group\u2019s results are reported on an \u2018adjusted\u2019 basis in order to allow focus on underlying business
performance. The following table explains the adjustments that are made in order to arrive at adjusted profit before tax. This is the measure
utilised in calculation of the Group\u2019s \u2018adjusted effective rate of tax\u2019.
2024 2023
\u00a3m \u00a3m
Profit/(loss) before tax
2,495.1
(205.6)
Add/(less):
Exceptional items and certain re-measurements
(262.8)
2,312.8
Share of tax from jointly controlled entities and associates before exceptional items
and certain re-measurements
74.1
143.1
Depreciation charge on fair value uplifts
19.0
28.8
Share of profit attributable to non-controlling interests
(134.4)
(28.8)
Adjustment to Gas Production decommissioning provision
9.9
(50.5)
Interest income on pension scheme assets/(liabilities)
(26.2)
(16.2)
Adjusted profit before tax
2,174.7
2,183.6
APM
The adjusted current tax charge can therefore be reconciled to the adjusted profit before tax as follows:
2024 2024 2023 2023
\u00a3m % \u00a3m %
Adjusted profit before tax
2,174.7
2,183.6
Tax on profit on ordinary activities at standard UK corporation tax rate
543.7
25.0
414.9
19.0
Tax effect of:
Capital allowances in excess of depreciation
(107. 5)
(4.9)
(41.7)
(1.9)
Non-taxable gain on sale of assets
(4.7)
(0.2)
(0.6)
\u2013
Non qualifying depreciation
12.5
0.5
5.7
0.2
Adjustment for profit on internal trading
2.5
0.1
6.3
0.3
Movement in restructuring and settlement provisions
0.8
0.1
6.0
0.3
Pension movements
(2.4)
(0.1)
(3.6)
(0.2)
Relief for capitalised interest and revenue costs
(23.2)
(1.1)
(12.7)
(0.6)
Hybrid equity coupon payments
(18.3)
(0.8)
(7.4)
(0.3)
Expenses not deductible for tax purposes
23.6
1.1
24.1
1.1
Permanent benefit of super-deduction capital allowances
1.4
0.1
(7.0)
(0.3)
Losses carried back to earlier years
7.2
0.3
3.9
0.2
Adjustments to tax charge in respect of previous years
(25.6)
(1.2)
(22.0)
(1.1)
Impact of foreign tax rates
(37.9)
(1.7)
(9.4)
(0.4)
Other
(1.1)
(0.1)
2.3
0.1
Adjusted current tax charge and effective rate
371.0
17.1
358.8
16.4
APM
The above reconciling adjustments differ from those analysed in the Group tax charge reconciliation above because they include SSE\u2019s
share of associates and joint ventures, and are based on adjusted profit before tax.
The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 25% for the year to 31 March
2024 (2023: 19%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of
the income.
Capital allowances are tax reliefs provided in law for the expenditure the Group makes on property, plant and equipment. The rates are
determined by Parliament annually and spread the tax relief due over a number of years. This contrasts with the accounting treatment for
such spending, where the expenditure on property, plant and equipment is treated as an asset with the cost being depreciated over the
useful life of the asset, or impaired if the value of such assets is considered to have reduced materially.
The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of
the Group is not the same as the profit reported in the financial statements. The substantial reversals of impairments and impairments
undertaken in previous years in relation to certain property, plant and equipment assets, result in the depreciation or impairment charge
to profit for the year differing to the amount of capital allowances due to the Group.
Short term temporary differences arise on items such as provisions for restructuring costs and onerous contracts, and retirement benefit
obligations, because the treatment of such items is different for tax and accounting purposes. These differences usually reverse in the
year following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Where interest charges
or other costs are capitalised in the accounts, tax relief is either given as the charges are incurred or when the costs are taken to the
income statement.
As explained at Accompanying Information A1
and A6 , the Group measures its operating and financing derivatives at fair value under
IFRS 9. As a result of the Group\u2019s subsidiaries applying the HMRC\u2019s \u201cdisregard regulations\u201d, the vast majority of the re-measurement
movements have no current tax effect impacting only the deferred tax position.
As detailed at note 22 and explained in the Accompanying Information A1
, the Group has issued Hybrid equity securities which are
treated as a component of equity. While the coupon payments relating to these securities are treated as distributions to the holders of the
equity instruments, tax relief is allowed on the amount paid in the year. These tax credits are linked to the past transactions or events that
support the coupon payments and consequently the tax credits are reported in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-739": { "value": "10.1. Analysis of charge recognised in the income statement
2024
2023
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain re- certain re- certain re- certain re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current tax
Corporation tax
366.1
(36.5)
329.6
292.3
(20.9)
271.4
Adjustments in respect of previous years
(25.6)
31.8
6.2
(22.0)
5.3
(16.7)
Total current tax
340.5
(4.7)
335.8
270.3
(15.6)
254.7
Deferred tax
Current year
155.3
128.2
283.5
72.9
(444.6)
(371.7)
Adjustments in respect of previous years
23.2
(31.8)
(8.6)
12.3
(5.3)
7.0
Total deferred tax
178.5
96.4
274.9
85.2
(449.9)
(364.7)
Total taxation charge/(credit)
519.0
91.7
610.7
355.5
(465.5)
(110.0)
The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above. SSE continues to be accredited with the Fair Tax Mark. As a consequence, these financial statements include a number of areas of enhanced disclosure which have been provided in order to develop stakeholder understanding of the tax the Group pays and the reported total taxation charge along with additional commentary on the main reconciling items. These can be seen at section A2 . The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 25% for the year to 31 March 2024 (2023: 19%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of the income. While the Group has activities in other jurisdictions outside of the UK and Republic of Ireland, tax paid on those development activities is currently immaterial. Change in UK corporation tax rates There are no announced or enacted changes in corporation tax rates in the year ended 31 March 2024. Finance Bill 2023 introduced legislation, initially as a temporary measure but then being made permanent in the Autumn Statement, to allow \u2018Full Expensing\u2019 of 100% General Pool plant and machinery, alongside 50% for Special Rate Pool plant and machinery. These changes significantly increase the deductions for Capital Allowances on capital expenditure incurred from 1 April 2023. Finance Act (No.2) 2023 also introduced legislation in respect of Multinational Top-up Tax in line with OECD BEPS pillar 2 principles. The Group has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as required by the amendments to IAS 12 \u2013 International Tax Reform\u2014Pillar Two Model Rules, which issued in May 2023. The legislation will come into force for the year ended 31 March 2025. Similar draft legislation has been introduced in the Republic of Ireland and other EU jurisdictions. The Group had undertaken modelling and does not expect a material impact to arise as tax rates in the countries in which the Group operates are expected to exceed 15%. The \u2018adjusted current tax charge\u2019 and the \u2018adjusted effective rate of tax\u2019, which are presented in order to best represent underlying performance by making similar adjustments to the \u2018adjusted profit before tax\u2019 measure, are arrived at after the following adjustments:
2024 2024 2023 2023
\u00a3m % \u00a3m %
Continuing operations
Group tax charge/(credit) and effective rate
610.7
25.6
(110.0)
12.7
Add: reported deferred tax (charge)/credit and effective rate
(274.9)
(11.5)
364.7
(42.0)
Reported current tax charge and effective rate
335.8
14.1
254.7
(29.3)
Effect of adjusting items
1.3
41.0
Reported current tax charge and effective rate on adjusted basis
335.8
15.4
254.7
11.7
add:
Share of current tax from joint ventures and associates
38.5
1.8
89.6
4.1
less:
Current tax credit on exceptional items
4.7
0.2
15.6
0.7
Share of current tax attributable to non-controlling interests
(8.0)
(0.3)
(1.1)
(0.1)
Adjusted current tax charge and effective rate
371.0
17. 1
358.8
16.4
APM Tax (credit)/charge recognised in other comprehensive income/(loss):
2024 2023
\u00a3m \u00a3m
Relating to:
Pension scheme actuarial movements
(38.8)
(19.8)
Cash flow and net investment hedge movements
0.3
8.1
(38.5)
(11.7)
All tax recognised through other comprehensive income is deferred tax. See further Taxation disclosures at A2 10.3. Deferred taxation The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods:
Accelerated Fair value gains/ Retirement
capital (losses) on benefit Decommissioning
allowances derivatives obligations liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2022
1,141.6
378.5
146.2
\u2013
(22.2)
1,644.1
Charge/(credit) to income statement
112.0
(476.7)
8.9
\u2013
(8.9)
(364.7)
Charge/(credit) to other comprehensive income/(loss)
\u2013
8.1
(19.8)
\u2013
\u2013
(11.7)
Charge to equity
\u2013
\u2013
\u2013
\u2013
2.0
2.0
Recognised on acquisition (note 12)
(0.1)
\u2013
\u2013
\u2013
27. 1
27.0
Exchange adjustment
1.6
\u2013
\u2013
\u2013
0.8
2.4
At 31 March 2023
1,255.1
(90.1)
135.3
\u2013
(1.2)
1,299.1
Charge/(credit) to income statement
145.2
123.3
8.9
\u2013
(2.5)
274.9
Decommissioning asset and liability presentation
under IAS 12
79.5
\u2013
\u2013
(79.5)
\u2013
\u2013
Charge/(credit) to other comprehensive (loss)/
income
\u2013
0.3
(38.8)
\u2013
\u2013
(38.5)
Charge to equity
\u2013
\u2013
\u2013
\u2013
1.8
1.8
Exchange adjustment
(0.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
At 31 March 2024
1,479.3
33.5
105.4
(79.5)
(1.9)
1,536.8
The Group has adopted the amendment to IAS 12 in respect of deferred tax relating to assets and liabilities arising from a single transaction. In line with the amendment the Group now recognises deferred tax assets and liabilities in respect of decommissioning responsibilities separately. This has resulted in an increase to both deferred tax assets and deferred tax liabilities of \u00a350.1m (2023: \u00a345.5m) and a reclassification of \u00a379.5m of gross deferred tax assets. As a result of the change deferred tax liabilities relating to decommissioning assets are now presented in \u201cAccelerated capital allowances\u201d with deferred tax assets relating to decommissioning liabilities being presented in \u201cDecommissioning liabilities\u201d. Certain deferred tax assets and liabilities have been offset, including the asset balances analysed in the tables above. The following is an analysis of the deferred tax balances (after offset) for financial reporting purposes:
2023
2024 \u00a3m
\u00a3m (restated*)
Deferred tax liabilities
1,692.3
1,530.6
Deferred tax assets
(155.5)
(231.5)
Net deferred tax liabilities
1,536.8
1,299.1
In total there are \u00a39.3m (2023: \u00a36.1m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a35.6m (2023: \u00a35.6m) on trading losses of \u00a344.5m (2023: \u00a344.8m) in the Republic of Ireland. The Group has not recognised deferred tax assets of \u00a33.5m (2023: \u00a30.5m) in respect of losses of \u00a314.4m (2023: \u00a32.3m) in Spain, France, Italy and Greece. These assets have not been recognised as the Group is uncertain that there will be sufficient future profits against which to utilise the assets. There is no time limit for expiry of the losses or allowances to which they relate. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, associates and joint ventures. As the earnings are continually reinvested by the Group, no tax is expected to be payable on them in the foreseeable future. Total unremitted earnings at 31 March 2024 were \u00a3827.8m (2023: \u00a3468.8m). * The comparative has been restated. See note 2.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-777": { "value": "10.2. Current tax assets and liabilities
2024 2023
\u00a3m \u00a3m
Corporation tax assets
(25.8)
(10.8)
Uncertain tax positions
The Group invests heavily in infrastructure, on which significant amounts of capital allowances are potentially available, including through
the \u2018full expensing\u2019 regime. The extent to which capital allowances are available on any single asset is, however, very much dependent
upon the fact pattern for the asset involved, and there will often be an element of uncertainty as to how capital allowances legislation
applies in those circumstances. Therefore, reaching agreement with tax authorities as to the amount of capital allowances available can
take a number of years and sometimes can only be resolved through a formal legal process.
The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in relation to certain
items for which the tax treatment cannot be finally determined until resolution has been reached with the tax authorities or, if required,
through a formal legal process. At 31 March 2024, the Group has not recognised provisions in respect of uncertain tax positions (2023: \u00a3nil).
On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at
the Supreme Court. On 17 May 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now
concluded and is not subject to further appeal. Accordingly, the Group\u2019s provision was released as an adjusting post balance sheet event
in the year ended 31 March 2023.
10.3. Deferred taxation
The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior
reporting periods:
Accelerated Fair value gains/ Retirement
capital (losses) on benefit Decommissioning
allowances derivatives obligations liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2022
1,141.6
378.5
146.2
\u2013
(22.2)
1,644.1
Charge/(credit) to income statement
112.0
(476.7)
8.9
\u2013
(8.9)
(364.7)
Charge/(credit) to other comprehensive income/(loss)
\u2013
8.1
(19.8)
\u2013
\u2013
(11.7)
Charge to equity
\u2013
\u2013
\u2013
\u2013
2.0
2.0
Recognised on acquisition (note 12)
(0.1)
\u2013
\u2013
\u2013
27. 1
27.0
Exchange adjustment
1.6
\u2013
\u2013
\u2013
0.8
2.4
At 31 March 2023
1,255.1
(90.1)
135.3
\u2013
(1.2)
1,299.1
Charge/(credit) to income statement
145.2
123.3
8.9
\u2013
(2.5)
274.9
Decommissioning asset and liability presentation
under IAS 12
79.5
\u2013
\u2013
(79.5)
\u2013
\u2013
Charge/(credit) to other comprehensive (loss)/
income
\u2013
0.3
(38.8)
\u2013
\u2013
(38.5)
Charge to equity
\u2013
\u2013
\u2013
\u2013
1.8
1.8
Exchange adjustment
(0.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
At 31 March 2024
1,479.3
33.5
105.4
(79.5)
(1.9)
1,536.8
The Group has adopted the amendment to IAS 12 in respect of deferred tax relating to assets and liabilities arising from a single transaction.
In line with the amendment the Group now recognises deferred tax assets and liabilities in respect of decommissioning responsibilities
separately. This has resulted in an increase to both deferred tax assets and deferred tax liabilities of \u00a350.1m (2023: \u00a345.5m) and a
reclassification of \u00a379.5m of gross deferred tax assets. As a result of the change deferred tax liabilities relating to decommissioning assets
are now presented in \u201cAccelerated capital allowances\u201d with deferred tax assets relating to decommissioning liabilities being presented in
\u201cDecommissioning liabilities\u201d.
Certain deferred tax assets and liabilities have been offset, including the asset balances analysed in the tables above. The following is an
analysis of the deferred tax balances (after offset) for financial reporting purposes:
2023
2024 \u00a3m
\u00a3m (restated*)
Deferred tax liabilities
1,692.3
1,530.6
Deferred tax assets
(155.5)
(231.5)
Net deferred tax liabilities
1,536.8
1,299.1
In total there are \u00a39.3m (2023: \u00a36.1m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a35.6m
(2023: \u00a35.6m) on trading losses of \u00a344.5m (2023: \u00a344.8m) in the Republic of Ireland. The Group has not recognised deferred tax assets
of \u00a33.5m (2023: \u00a30.5m) in respect of losses of \u00a314.4m (2023: \u00a32.3m) in Spain, France, Italy and Greece. These assets have not been
recognised as the Group is uncertain that there will be sufficient future profits against which to utilise the assets. There is no time limit for
expiry of the losses or allowances to which they relate.
No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, associates and joint ventures. As the earnings are
continually reinvested by the Group, no tax is expected to be payable on them in the foreseeable future. Total unremitted earnings at
31 March 2024 were \u00a3827.8m (2023: \u00a3468.8m).
* The comparative has been restated. See note 2.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-695": { "value": "
11. Dividends and earnings per share
11.1. Ordinary dividends
Settled via Pence per Settled via Pence per
2024
Total
scrip ordinary
2023
Total
scrip ordinary
\u00a3m \u00a3m share \u00a3m \u00a3m share
Interim \u2013 year ended 31 March 2024
218.3
8.8
20.0
\u2013
\u2013
\u2013
Final \u2013 year ended 31 March 2023
738.1
29.8
6 7. 7
\u2013
\u2013
\u2013
Interim \u2013 year ended 31 March 2023
\u2013
\u2013
\u2013
313.2
159.0
29. 0
Final \u2013 year ended 31 March 2022
\u2013
\u2013
\u2013
642.6
322.5
60. 2
956.4
38.6
955.8
481.5
The final dividend of 67.7p per ordinary share declared in respect of the financial year ended 31 March 2023 (2022: 60.2p) was approved
at the Annual General Meeting on 20 July 2023 and was paid to shareholders on 21 September 2023. Shareholders were able to elect to
receive ordinary shares credited as fully paid instead of the cash dividend under the terms of the Company\u2019s scrip dividend scheme.
For dividends paid in relation to the financial year ended 31 March 2022 and in relation to the subsequent years to 31 March 2026, the
Group\u2019s approved policy is to repurchase shares to reduce the scrip\u2019s dilutive effects, if the scrip take-up exceeds 25% of the full year
dividend in any given year. The overall scrip dividend take-up for the financial year ended 31 March 2023 was 18.0%, and SSE has therefore
not initiated a share buy-back in the current year. For the financial year ended 31 March 2022 the overall scrip take-up was 38.3% and
therefore under the share buyback programme 6.9m of shares were repurchased and cancelled during the year ended 31 March 2023 for
total consideration of \u00a3107.6m (including stamp duty and commission).
An interim dividend of 20.0p per ordinary share (2023: 29.0p) was declared and paid on 8 March 2024 to those shareholders on the SSE plc
share register on 12 January 2024. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the interim
cash dividend under the terms of the Company\u2019s scrip dividend scheme.
The proposed final dividend of 40.0p per ordinary share based on the number of issued ordinary shares at 31 March 2024 is subject to
approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Based on
shares in issue at 31 March 2024, this would equate to a final dividend of \u00a3438.5m.
11.2. Basic and adjusted earnings/(losses) per share
The calculation of basic earnings/(losses) per ordinary share at 31 March 2024 is based on the net profit/(loss) attributable to ordinary
shareholders and a weighted average number of ordinary shares outstanding during the year ended 31 March 2024.
Adjusted earnings/(losses) per share has been calculated by excluding the charge for deferred tax, interest on net pension liabilities under
IAS 19, retained Gas Production decommissioning costs, the depreciation charged on fair value uplifts, the share or profit attributable to
non-controlling interests and the impact of exceptional items and certain re-measurements (note 7).
2024
2024
2023
2023
(Losses)/
Earnings (Losses)/ earnings
Earnings per share earnings per share
\u00a3m pence \u00a3m pence
Continuing operations
Earnings/(losses) attributable to ordinary shareholders
1,710.5
156.7
(123.0)
(11.4)
Less: earnings attributable to discontinued operations
\u2013
\u2013
(35.0)
(3.3)
Basic earnings/(losses) on continuing operations used
to calculate adjusted EPS
1,710.5
156.7
(158.0)
(14.7)
Exceptional items and certain re-measurements (note 7)
(155.8)
(14.3)
1,886.4
175.4
Basic excluding exceptional items and certain re-measurements
1,554.7
142.4
1,728.4
160.7
Adjusted for:
Decommissioning Gas Production
9.9
0.9
(50.5)
(4.7)
Depreciation charge on fair value uplifts
19.0
1.7
28.8
2.7
Interest on net pension scheme assets/(liabilities) (note 9)
(26.2)
(2.4)
(16.2)
(1.5)
Deferred tax
178.5
16.3
85.2
7.9
Deferred tax from share of joint ventures and associates
20.3
1.9
14.4
1.3
Deferred tax on non-controlling interest
(25.6)
(2.3)
(4.1)
(0.4)
Adjusted
1,730.6
158.5
1,786.0
166.0
Basic
1,710.5
156.7
(158.0)
(14.7)
Dilutive effect of outstanding share options
\u2013
(0.2)
\u2013
\u2013
Diluted
1,710.5
156.5
(158.0)
(14.7)
APM
Reported earnings/(losses) per share
2024
2024
2023
2023
(Losses)/
Earnings (Losses)/ earnings
Earnings per share earnings per share
\u00a3m pence \u00a3m pence
Basic
Earnings/(losses) per share on continuing operations
1,710.5
156.7
(158.0)
(14.7)
Earnings per share on discontinued operations
\u2013
\u2013
35.0
3.3
Earnings/(losses) per share attributable to ordinary shareholders
1,710.5
156.7
(123.0)
(11.4)
Diluted earnings/(losses) per share on continuing operations
1,710.5
156.5
(158.0)
(14.7)
Diluted earnings per share on discontinued operations
\u2013
\u2013
35.0
3.3
Diluted earnings/(losses) per share attributable to ordinary shareholders
1,710.5
156.5
(123.0)
(11.4)
The weighted average number of shares used in each calculation is as follows:
31 March 31 March
2024 2023
Number Number
of shares of shares
(millions) (millions)
For basic and adjusted earnings per share
1,091.8
1,075.6
Effect of exercise of share options
1.5
1.7
For diluted earnings per share
1,093.3
1,077.3
11.3. Dividend cover
The Group\u2019s adjusted dividend cover metric is calculated by comparing adjusted earnings per share on continuing operations to the
projected dividend per share payable to ordinary shareholders.
2024
2024
2024
2023
2023
2023
(Losses)/
Earnings Dividend Dividend earnings per Dividend Dividend
per share per share cover share per share cover
(pence) (pence) (times) (pence) (pence) (times)
Reported earnings/(losses) per share
(continuing operations)
156.7
60.0
2.61
(14.7)
96.7
(0.15)
Adjusted earnings per share
(continuing operations)
158.5
60.0
2.64
166.0
96.7
1.72
APM
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-740": { "value": "11. Dividends and earnings per share 11.1. Ordinary dividends
Settled via Pence per Settled via Pence per
2024
Total
scrip ordinary
2023
Total
scrip ordinary
\u00a3m \u00a3m share \u00a3m \u00a3m share
Interim \u2013 year ended 31 March 2024
218.3
8.8
20.0
\u2013
\u2013
\u2013
Final \u2013 year ended 31 March 2023
738.1
29.8
6 7. 7
\u2013
\u2013
\u2013
Interim \u2013 year ended 31 March 2023
\u2013
\u2013
\u2013
313.2
159.0
29. 0
Final \u2013 year ended 31 March 2022
\u2013
\u2013
\u2013
642.6
322.5
60. 2
956.4
38.6
955.8
481.5
The final dividend of 67.7p per ordinary share declared in respect of the financial year ended 31 March 2023 (2022: 60.2p) was approved at the Annual General Meeting on 20 July 2023 and was paid to shareholders on 21 September 2023. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the cash dividend under the terms of the Company\u2019s scrip dividend scheme. For dividends paid in relation to the financial year ended 31 March 2022 and in relation to the subsequent years to 31 March 2026, the Group\u2019s approved policy is to repurchase shares to reduce the scrip\u2019s dilutive effects, if the scrip take-up exceeds 25% of the full year dividend in any given year. The overall scrip dividend take-up for the financial year ended 31 March 2023 was 18.0%, and SSE has therefore not initiated a share buy-back in the current year. For the financial year ended 31 March 2022 the overall scrip take-up was 38.3% and therefore under the share buyback programme 6.9m of shares were repurchased and cancelled during the year ended 31 March 2023 for total consideration of \u00a3107.6m (including stamp duty and commission). An interim dividend of 20.0p per ordinary share (2023: 29.0p) was declared and paid on 8 March 2024 to those shareholders on the SSE plc share register on 12 January 2024. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the interim cash dividend under the terms of the Company\u2019s scrip dividend scheme. The proposed final dividend of 40.0p per ordinary share based on the number of issued ordinary shares at 31 March 2024 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Based on shares in issue at 31 March 2024, this would equate to a final dividend of \u00a3438.5m. 11.2. Basic and adjusted earnings/(losses) per share The calculation of basic earnings/(losses) per ordinary share at 31 March 2024 is based on the net profit/(loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding during the year ended 31 March 2024. Adjusted earnings/(losses) per share has been calculated by excluding the charge for deferred tax, interest on net pension liabilities under IAS 19, retained Gas Production decommissioning costs, the depreciation charged on fair value uplifts, the share or profit attributable to non-controlling interests and the impact of exceptional items and certain re-measurements (note 7).
2024
2024
2023
2023
(Losses)/
Earnings (Losses)/ earnings
Earnings per share earnings per share
\u00a3m pence \u00a3m pence
Continuing operations
Earnings/(losses) attributable to ordinary shareholders
1,710.5
156.7
(123.0)
(11.4)
Less: earnings attributable to discontinued operations
\u2013
\u2013
(35.0)
(3.3)
Basic earnings/(losses) on continuing operations used
to calculate adjusted EPS
1,710.5
156.7
(158.0)
(14.7)
Exceptional items and certain re-measurements (note 7)
(155.8)
(14.3)
1,886.4
175.4
Basic excluding exceptional items and certain re-measurements
1,554.7
142.4
1,728.4
160.7
Adjusted for:
Decommissioning Gas Production
9.9
0.9
(50.5)
(4.7)
Depreciation charge on fair value uplifts
19.0
1.7
28.8
2.7
Interest on net pension scheme assets/(liabilities) (note 9)
(26.2)
(2.4)
(16.2)
(1.5)
Deferred tax
178.5
16.3
85.2
7.9
Deferred tax from share of joint ventures and associates
20.3
1.9
14.4
1.3
Deferred tax on non-controlling interest
(25.6)
(2.3)
(4.1)
(0.4)
Adjusted
1,730.6
158.5
1,786.0
166.0
Basic
1,710.5
156.7
(158.0)
(14.7)
Dilutive effect of outstanding share options
\u2013
(0.2)
\u2013
\u2013
Diluted
1,710.5
156.5
(158.0)
(14.7)
APM Reported earnings/(losses) per share
2024
2024
2023
2023
(Losses)/
Earnings (Losses)/ earnings
Earnings per share earnings per share
\u00a3m pence \u00a3m pence
Basic
Earnings/(losses) per share on continuing operations
1,710.5
156.7
(158.0)
(14.7)
Earnings per share on discontinued operations
\u2013
\u2013
35.0
3.3
Earnings/(losses) per share attributable to ordinary shareholders
1,710.5
156.7
(123.0)
(11.4)
Diluted earnings/(losses) per share on continuing operations
1,710.5
156.5
(158.0)
(14.7)
Diluted earnings per share on discontinued operations
\u2013
\u2013
35.0
3.3
Diluted earnings/(losses) per share attributable to ordinary shareholders
1,710.5
156.5
(123.0)
(11.4)
The weighted average number of shares used in each calculation is as follows:
31 March 31 March
2024 2023
Number Number
of shares of shares
(millions) (millions)
For basic and adjusted earnings per share
1,091.8
1,075.6
Effect of exercise of share options
1.5
1.7
For diluted earnings per share
1,093.3
1,077.3
11.3. Dividend cover The Group\u2019s adjusted dividend cover metric is calculated by comparing adjusted earnings per share on continuing operations to the projected dividend per share payable to ordinary shareholders.
2024
2024
2024
2023
2023
2023
(Losses)/
Earnings Dividend Dividend earnings per Dividend Dividend
per share per share cover share per share cover
(pence) (pence) (times) (pence) (pence) (times)
Reported earnings/(losses) per share
(continuing operations)
156.7
60.0
2.61
(14.7)
96.7
(0.15)
Adjusted earnings per share
(continuing operations)
158.5
60.0
2.64
166.0
96.7
1.72
APM", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "0.20", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "0.677", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.29", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "0.602", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-696": { "value": "
12. Acquisitions and disposals
12.1. Acquisitions
Current year acquisitions
Enerveo acquisition
On 22 March 2024, the Group completed the acquisition of Enerveo Limited (\u2018Enerveo\u2019) from Aurelius Antelope Limited (\u2018Aurelius\u2019) for
cash consideration of \u00a31.0m. Enerveo (formerly named SSE Contracting Limited) is a former subsidiary of the Group that was disposed to
Aurelius on 30 June 2021. Under the terms of the sale agreement in 2021, SSE retained performance guarantees over certain contracts
delivered by Enerveo. In the six months ended 30 September 2023, the Group recognised an exceptional charge of \u00a350.5m in relation to its
estimated settlement costs in relation to these guarantees in accordance with IFRS 9, which included cash advances to Enerveo of \u00a312.3m.
In the previous financial year the Group had also recognised provisions for amounts due from Enerveo and Aurelius totalling \u00a312.2m.
On completion of the transaction on 22 March 2024, the Group reversed the exceptional charge of \u00a350.5m recognised in the first half
of the financial year. Due to the consolidation of liabilities retained by Enerveo which SSE had made provision against, the reacquisition
of Enerveo resulted in a gain of \u00a34.6m, which has been recognised as an exceptional item in the year. Following completion, SSE has
restructured and settled external liabilities totalling \u00a315.2m and settled certain balances of \u00a330.9m due to SSE companies which are
included in the acquired balances below. At 31 March 2024, the goodwill balance of \u00a35.6m implied by the transaction was written off.
This write-off has been included within the total gain of \u00a34.6m referred above. SSE is currently conducting a review to develop and then
implement a longer-term strategy for each part of the business. The following table summarises the assets and liabilities acquired in
the transaction.
Fair value at
22 March 2024
\u00a3m
Assets acquired and liabilities assumed
Property, plant and equipment
11.7
Intangible assets
2.5
Inventories
3.9
Trade and other receivables
40.1
Prepayments and accrued income
55.1
Cash
13.2
Trade and other payables
(91.0)
Deferred income
(20.0)
Lease liabilities
(12.8)
Provisions
(7.3)
Total net liabilities acquired
(4.6)
Goodwill
5.6
Cash consideration
1.0
Prior year acquisitions
European onshore renewables development platform
On 1 September 2022 the Group completed the 100% acquisition of a European onshore renewable energy development platform from
Siemens Gamesa Renewable Energy (\u201cSGRE\u201d) for cash consideration of \u00a3519.5m. The SGRE portfolio is mainly located in Spain with the
remainder across France, Italy and Greece.
The intangible development assets acquired were late-stage windfarm development costs. The goodwill recognised represents early-stage
intangible development costs that do not qualify for separate recognition as set out in the table below.
Fair value at
1 September
2022
\u00a3m
Assets acquired and liabilities assumed
Intangible development assets
104.4
Inventories
3.0
Trade and other receivables
20.3
Cash
11.5
Trade and other payables
(3.5)
Deferred tax liability (note 10)
(27.0)
Total net assets acquired
108.7
Goodwill
410.8
Cash consideration
519.5
Triton Power \u2013 50% joint venture acquisition
On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings
Limited from Energy Capital Partners for headline consideration of \u00a3341.0m shared equally. The headline consideration included \u00a396.0m
of loans which were settled on completion of the transaction and replaced with shareholder loans of \u00a348.0m each from SSE and Equinor.
The Group\u2019s share of the cash consideration paid for the equity investment was therefore \u00a3123.2m after completion adjustments. Triton
Power operates the 1.2GW Saltend Power Station in the Humber along with two smaller plants, Indian Queens Power Station, a 140MW
OCGT in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales. See note 7 for details of the exceptional gain
recognised in the prior year.
Other asset acquisitions
During the year ended 31 March 2023, the Group made other smaller asset acquisitions (of special purpose vehicles as opposed to
businesses) for cash consideration of \u00a319.8m and deferred consideration of \u00a334.9m. The total cash consideration for business
combinations of \u00a3642.7m is included in the Group\u2019s Adjusted investment, capital and acquisition metric.
12.2. Disposals
i. Significant disposals
Current year disposals
There have been no significant disposals in the current year.
Prior year disposals
During the year ended 31 March 2023 the Group recognised a gain of \u00a3868.3m within equity from the sale of a 25% non-controlling equity
stake in its SSEN Transmission business (being the company Scottish Hydro Electric Transmission plc) and an exceptional income statement
gain of \u00a389.1m from the disposal of the Fiddler\u2019s Ferry site.
25% non-controlling equity stake in Scottish Hydro Electric Transmission plc: On 30 November 2022, the Group completed the
disposal of a 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc (\u2018SHET\u2019) to Ontario Teachers\u2019 Pension Plan
(\u2018OTPP\u2019) for cash consideration of \u00a31,465.0m, less transactions costs of \u00a316.9m, at which time the consolidated carrying value of SHET\u2019s
net assets was \u00a32,319.3m. As the transaction did not result in a loss of control, the Group recognised a gain of \u00a3868.3m within equity
attributable to owners of the parent company. The Group considered the rights and obligations and operating protocols arising from the
disposal and has determined that the non-controlling interest in SHET has the characteristics of equity and has classified the non-
controlling interest as such.
30 November
2022
\u00a3m
Carrying value of non-controlling interests disposed
(579.8)
Cash consideration paid by non-controlling interest holder
1,465.0
Transaction costs
(16.9)
Excess of consideration received recognised in equity
868.3
Fiddler\u2019s Ferry land sale: On 30 June 2022, the Fiddler\u2019s Ferry site was sold to Peel NRE Developments Limited for cash proceeds of \u00a360m.
The Group released a decommissioning provision related to the site, which resulted in an exceptional gain on disposal of \u00a389.1m.
ii. Prior year disposal reconciliation
The following table summarises disposals of subsidiaries, businesses and assets during the prior financial year, including other assets and
investments disposed of as part of the normal course of business but before recognition of impairment charges, which are noted in the
relevant respective notes to the financial statements.
2023
\u00a3m
Net assets disposed:
Property, plant and equipment
24.1
Provisions
(88.2)
Net assets
(64.1)
Proceeds of disposal:
Consideration
60.0
Net proceeds
60.0
Gain on disposal
124.1
Presentation:
Continuing operations
Income statement exceptional gain
89.1
89.1
Discontinuing operations
Income statement exceptional credit
35.0
SSE Group
124.1
2023
\u00a3m
Net proceeds of disposal
60.0
Net cash proceeds
60.0
Plus net cash proceeds from sale of non-controlling interest in SHET
1,448.1
Net cash proceeds
1,508.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-799": { "value": "25% non-controlling equity stake in Scottish Hydro Electric Transmission plc: On 30 November 2022, the Group completed the disposal of a 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc (\u2018SHET\u2019) to Ontario Teachers\u2019 Pension Plan (\u2018OTPP\u2019) for cash consideration of \u00a31,465.0m, less transactions costs of \u00a316.9m, at which time the consolidated carrying value of SHET\u2019s net assets was \u00a32,319.3m. As the transaction did not result in a loss of control, the Group recognised a gain of \u00a3868.3m within equity attributable to owners of the parent company. The Group considered the rights and obligations and operating protocols arising from the disposal and has determined that the non-controlling interest in SHET has the characteristics of equity and has classified the non- controlling interest as such.
30 November
2022
\u00a3m
Carrying value of non-controlling interests disposed
(579.8)
Cash consideration paid by non-controlling interest holder
1,465.0
Transaction costs
(16.9)
Excess of consideration received recognised in equity
868.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectsOfChangesInParentsOwnershipInterestInSubsidiaryThatDoNotResultInLossOfControlOnEquityAttributableToOwnersOfParentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-697": { "value": "
13. Intangible assets
Allowances
and Development Other Software
Goodwill Certificates assets intangibles Assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2022
704.9
686.8
354.4
115.9
912.2
2,774.2
Additions
\u2013
805.2
235.9
\u2013
132.3
1,173.4
Acquired through business combinations
410.8
\u2013
104.4
\u2013
\u2013
515.2
Transfer (to)/from property plant
and equipment (note 14)
\u2013
\u2013
(2.6)
\u2013
45.5
42.9
Disposals/utilised
\u2013
(810.1)
(18.4)
\u2013
(6.4)
(834.9)
Exchange adjustments
34.8
0.5
7.9
\u2013
\u2013
43.2
At 31 March 2023
1,150.5
682.4
681.6
115.9
1,083.6
3,714.0
Additions
\u2013
774.5
369.7
2.5
167.5
1,314.2
Transfer (to)/from property plant and equipment
(note 14)
\u2013
\u2013
(50.7)
\u2013
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
\u2013
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
118.4
1,251.7
4,473.5
Aggregate amortisation and impairment:
At 31 March 2022
(192.9)
(227. 5)
(153.3)
(114.6)
(498.8)
(1 ,187.1 )
Charge for the year
\u2013
\u2013
\u2013
(0.3)
(54.3)
(54.6)
Transfer from property plant and equipment (note 14)
\u2013
\u2013
\u2013
\u2013
(41.6)
(41.6)
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
3.3
3.3
Non-exceptional impairment charge
\u2013
\u2013
(4.2)
\u2013
(14.6)
(18.8)
At 31 March 2023
(192.9)
(227.5)
(157.5)
(114.9)
(606.0)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
\u2013
\u2013
(15.4)
\u2013
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227. 5)
(171.4)
(115.9)
(687.5)
(1,394.2)
Carrying amount:
At 31 March 2024
937.7
754.7
819.2
3.5
564.2
3,079.3
At 31 March 2023
957.6
454.9
524.1
1.0
477.6
2,415.2
At 1 April 2022
512.0
459.3
201.1
1.3
413.4
1, 587.1
(i)
(i)
(i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not
meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group.
Intangible assets have been analysed as current and non-current as follows:
2024 2023
\u00a3m \u00a3m
Current
754.7
454.9
Non-current
2,324.6
1,960.3
3,079.3
2,415.2
i. Goodwill
At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for impairment
testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on the impairment
testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15.
A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below:
2024 2023
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland windfarms
SSE Renewables
288.8
292.3
SSE Pacifico
SSE Renewables
191.5
196.0
SSE Southern Europe
SSE Renewables
416.8
428.7
Energy Solutions
SSE Business Energy & SSE Enterprise
32.4
32.4
Ireland Supply
SSE Airtricity
8.2
8.2
937.7
957.6
1
2
3
4
1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in an offshore wind development platform from Pacifico Energy.
2 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group has assessed
that the four CGUs support the carrying value of the goodwill.
3 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2023: \u00a331.7m) and a further \u00a30.7m
(2023: \u00a30.7m) in relation to the acquisition of SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited). The amount of goodwill associated with the historic
businesses is not significant in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group.
4 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy business acquired
in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance.
ii. Allowances and certificates
Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations
certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s
SSE Thermal and SSE Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the
Group\u2019s environmental obligations which are recorded within inventories.
iii. Development assets
Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the
Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land
rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development
projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition.
At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property,
plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the
project is impaired.
iv. Other intangible assets
Included within other intangible assets are brands, customer lists and contracts.
No exceptional or non-exceptional impairment charges have been recognised in the year (2023: \u00a3nil).
v. Software assets
Software assets include application software license fees, software development work, software upgrades and purchased PC software
packages. The Group also has a number of contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing
Arrangements which permit access to vendor-hosted software and platform services over the term of the arrangement. Where the Group
does not control the underlying assets in these arrangements, costs are expensed as incurred. The Group also incurs implementation costs
in respect of these contracts. Implementation costs are capitalised as intangible assets where costs meet the definition and recognition
criteria of an intangible asset under IAS 38 by being separable and controlled by the Group. During the current and prior year the Group
has capitalised costs in relation to its new Business Energy billing system.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-778": { "value": "13. Intangible assets
Allowances
and Development Other Software
Goodwill Certificates assets intangibles Assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2022
704.9
686.8
354.4
115.9
912.2
2,774.2
Additions
\u2013
805.2
235.9
\u2013
132.3
1,173.4
Acquired through business combinations
410.8
\u2013
104.4
\u2013
\u2013
515.2
Transfer (to)/from property plant
and equipment (note 14)
\u2013
\u2013
(2.6)
\u2013
45.5
42.9
Disposals/utilised
\u2013
(810.1)
(18.4)
\u2013
(6.4)
(834.9)
Exchange adjustments
34.8
0.5
7.9
\u2013
\u2013
43.2
At 31 March 2023
1,150.5
682.4
681.6
115.9
1,083.6
3,714.0
Additions
\u2013
774.5
369.7
2.5
167.5
1,314.2
Transfer (to)/from property plant and equipment
(note 14)
\u2013
\u2013
(50.7)
\u2013
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
\u2013
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
118.4
1,251.7
4,473.5
Aggregate amortisation and impairment:
At 31 March 2022
(192.9)
(227. 5)
(153.3)
(114.6)
(498.8)
(1 ,187.1 )
Charge for the year
\u2013
\u2013
\u2013
(0.3)
(54.3)
(54.6)
Transfer from property plant and equipment (note 14)
\u2013
\u2013
\u2013
\u2013
(41.6)
(41.6)
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
3.3
3.3
Non-exceptional impairment charge
\u2013
\u2013
(4.2)
\u2013
(14.6)
(18.8)
At 31 March 2023
(192.9)
(227.5)
(157.5)
(114.9)
(606.0)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
\u2013
\u2013
(15.4)
\u2013
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227. 5)
(171.4)
(115.9)
(687.5)
(1,394.2)
Carrying amount:
At 31 March 2024
937.7
754.7
819.2
3.5
564.2
3,079.3
At 31 March 2023
957.6
454.9
524.1
1.0
477.6
2,415.2
At 1 April 2022
512.0
459.3
201.1
1.3
413.4
1, 587.1
(i) (i) (i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group. Intangible assets have been analysed as current and non-current as follows:
2024 2023
\u00a3m \u00a3m
Current
754.7
454.9
Non-current
2,324.6
1,960.3
3,079.3
2,415.2
i. Goodwill At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for impairment testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on the impairment testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15. A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below:
2024 2023
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland windfarms
SSE Renewables
288.8
292.3
SSE Pacifico
SSE Renewables
191.5
196.0
SSE Southern Europe
SSE Renewables
416.8
428.7
Energy Solutions
SSE Business Energy & SSE Enterprise
32.4
32.4
Ireland Supply
SSE Airtricity
8.2
8.2
937.7
957.6
1 2 3 4 1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in an offshore wind development platform from Pacifico Energy. 2 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group has assessed that the four CGUs support the carrying value of the goodwill. 3 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2023: \u00a331.7m) and a further \u00a30.7m (2023: \u00a30.7m) in relation to the acquisition of SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited). The amount of goodwill associated with the historic businesses is not significant in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group. 4 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy business acquired in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance. ii. Allowances and certificates Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s SSE Thermal and SSE Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the Group\u2019s environmental obligations which are recorded within inventories. iii. Development assets Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition. At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property, plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the project is impaired. iv. Other intangible assets Included within other intangible assets are brands, customer lists and contracts. No exceptional or non-exceptional impairment charges have been recognised in the year (2023: \u00a3nil). v. Software assets Software assets include application software license fees, software development work, software upgrades and purchased PC software packages. The Group also has a number of contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements which permit access to vendor-hosted software and platform services over the term of the arrangement. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. The Group also incurs implementation costs in respect of these contracts. Implementation costs are capitalised as intangible assets where costs meet the definition and recognition criteria of an intangible asset under IAS 38 by being separable and controlled by the Group. During the current and prior year the Group has capitalised costs in relation to its new Business Energy billing system.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-741": { "value": "13. Intangible assets
Allowances
and Development Other Software
Goodwill Certificates assets intangibles Assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2022
704.9
686.8
354.4
115.9
912.2
2,774.2
Additions
\u2013
805.2
235.9
\u2013
132.3
1,173.4
Acquired through business combinations
410.8
\u2013
104.4
\u2013
\u2013
515.2
Transfer (to)/from property plant
and equipment (note 14)
\u2013
\u2013
(2.6)
\u2013
45.5
42.9
Disposals/utilised
\u2013
(810.1)
(18.4)
\u2013
(6.4)
(834.9)
Exchange adjustments
34.8
0.5
7.9
\u2013
\u2013
43.2
At 31 March 2023
1,150.5
682.4
681.6
115.9
1,083.6
3,714.0
Additions
\u2013
774.5
369.7
2.5
167.5
1,314.2
Transfer (to)/from property plant and equipment
(note 14)
\u2013
\u2013
(50.7)
\u2013
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
\u2013
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
118.4
1,251.7
4,473.5
Aggregate amortisation and impairment:
At 31 March 2022
(192.9)
(227. 5)
(153.3)
(114.6)
(498.8)
(1 ,187.1 )
Charge for the year
\u2013
\u2013
\u2013
(0.3)
(54.3)
(54.6)
Transfer from property plant and equipment (note 14)
\u2013
\u2013
\u2013
\u2013
(41.6)
(41.6)
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
3.3
3.3
Non-exceptional impairment charge
\u2013
\u2013
(4.2)
\u2013
(14.6)
(18.8)
At 31 March 2023
(192.9)
(227.5)
(157.5)
(114.9)
(606.0)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
\u2013
\u2013
(15.4)
\u2013
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227. 5)
(171.4)
(115.9)
(687.5)
(1,394.2)
Carrying amount:
At 31 March 2024
937.7
754.7
819.2
3.5
564.2
3,079.3
At 31 March 2023
957.6
454.9
524.1
1.0
477.6
2,415.2
At 1 April 2022
512.0
459.3
201.1
1.3
413.4
1, 587.1
(i) (i) (i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group. Intangible assets have been analysed as current and non-current as follows:
2024 2023
\u00a3m \u00a3m
Current
754.7
454.9
Non-current
2,324.6
1,960.3
3,079.3
2,415.2
i. Goodwill At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for impairment testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on the impairment testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15. A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below:
2024 2023
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland windfarms
SSE Renewables
288.8
292.3
SSE Pacifico
SSE Renewables
191.5
196.0
SSE Southern Europe
SSE Renewables
416.8
428.7
Energy Solutions
SSE Business Energy & SSE Enterprise
32.4
32.4
Ireland Supply
SSE Airtricity
8.2
8.2
937.7
957.6
1 2 3 4 1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in an offshore wind development platform from Pacifico Energy. 2 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group has assessed that the four CGUs support the carrying value of the goodwill. 3 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2023: \u00a331.7m) and a further \u00a30.7m (2023: \u00a30.7m) in relation to the acquisition of SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited). The amount of goodwill associated with the historic businesses is not significant in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group. 4 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy business acquired in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance. ii. Allowances and certificates Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s SSE Thermal and SSE Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the Group\u2019s environmental obligations which are recorded within inventories. iii. Development assets Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition. At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property, plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the project is impaired. iv. Other intangible assets Included within other intangible assets are brands, customer lists and contracts. No exceptional or non-exceptional impairment charges have been recognised in the year (2023: \u00a3nil). v. Software assets Software assets include application software license fees, software development work, software upgrades and purchased PC software packages. The Group also has a number of contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements which permit access to vendor-hosted software and platform services over the term of the arrangement. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. The Group also incurs implementation costs in respect of these contracts. Implementation costs are capitalised as intangible assets where costs meet the definition and recognition criteria of an intangible asset under IAS 38 by being separable and controlled by the Group. During the current and prior year the Group has capitalised costs in relation to its new Business Energy billing system.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-800": { "value": "
Allowances
and Development Other Software
Goodwill Certificates assets intangibles Assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2022
704.9
686.8
354.4
115.9
912.2
2,774.2
Additions
\u2013
805.2
235.9
\u2013
132.3
1,173.4
Acquired through business combinations
410.8
\u2013
104.4
\u2013
\u2013
515.2
Transfer (to)/from property plant
and equipment (note 14)
\u2013
\u2013
(2.6)
\u2013
45.5
42.9
Disposals/utilised
\u2013
(810.1)
(18.4)
\u2013
(6.4)
(834.9)
Exchange adjustments
34.8
0.5
7.9
\u2013
\u2013
43.2
At 31 March 2023
1,150.5
682.4
681.6
115.9
1,083.6
3,714.0
Additions
\u2013
774.5
369.7
2.5
167.5
1,314.2
Transfer (to)/from property plant and equipment
(note 14)
\u2013
\u2013
(50.7)
\u2013
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
\u2013
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
118.4
1,251.7
4,473.5
Aggregate amortisation and impairment:
At 31 March 2022
(192.9)
(227. 5)
(153.3)
(114.6)
(498.8)
(1 ,187.1 )
Charge for the year
\u2013
\u2013
\u2013
(0.3)
(54.3)
(54.6)
Transfer from property plant and equipment (note 14)
\u2013
\u2013
\u2013
\u2013
(41.6)
(41.6)
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
3.3
3.3
Non-exceptional impairment charge
\u2013
\u2013
(4.2)
\u2013
(14.6)
(18.8)
At 31 March 2023
(192.9)
(227.5)
(157.5)
(114.9)
(606.0)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
\u2013
\u2013
(15.4)
\u2013
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227. 5)
(171.4)
(115.9)
(687.5)
(1,394.2)
Carrying amount:
At 31 March 2024
937.7
754.7
819.2
3.5
564.2
3,079.3
At 31 March 2023
957.6
454.9
524.1
1.0
477.6
2,415.2
At 1 April 2022
512.0
459.3
201.1
1.3
413.4
1, 587.1
(i) (i) ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-826": { "value": "iii. Development assets Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition. At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property, plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the project is impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-698": { "value": "
14. Property, plant and equipment
Thermal Renewable
power power Distribution Transmission Assets
generation generation network network Land and under Other
assets assets assets assets buildings construction assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2022
3,863.1
4,686.0
9,499.6
5,110.5
554.1
853.6
1,422.3
25,989.2
Additions
\u2013
\u2013
95.8
\u2013
45.4
1,323.5
35.4
1,500.1
Adjustment to
decommissioning asset
(11.1)
(89.5)
\u2013
\u2013
\u2013
\u2013
(44.9)
(145.5)
Transfer (to)/from intangible
assets (note 13)
\u2013
\u2013
\u2013
\u2013
\u2013
2.6
(45.5)
(42.9)
Transfer from assets under
construction
433.8
22.5
402.3
531.6
4.8
(1,412.5)
17.5
\u2013
Disposals
(638.9)
(4.8)
\u2013
\u2013
(13.5)
(0.1)
(40.2)
(697.5)
Exchange rate adjustments
24.6
38.5
\u2013
\u2013
0.6
1.6
2.7
68.0
At 31 March 2023
3,671.5
4,652.7
9,997.7
5,642.1
591.4
768.7
1, 347. 3
26,671.4
Additions
\u2013
\u2013
91.3
1.0
34.3
1,803.1
41.7
1,971.4
Adjustment to
decommissioning asset
(5.5)
1.7
\u2013
\u2013
\u2013
\u2013
(2.4)
(6.2)
Transfer from intangible
assets (note 13)
\u2013
\u2013
\u2013
\u2013
\u2013
49.0
\u2013
49.0
Transfer from assets
under construction
2.9
44.7
489.9
773.9
5.2
(1,352.8)
36.2
\u2013
Transfer between
categories
(19.1)
\u2013
\u2013
\u2013
\u2013
\u2013
19.1
\u2013
Disposals
(iv)
\u2013
\u2013
(15.0)
\u2013
(2.6)
(0.8)
(13.3)
(31.7)
Exchange rate adjustments
(15.9)
(26.0)
\u2013
\u2013
0.8
(3.3)
(0.3)
(44.7)
At 31 March 2024
3,633.9
4,673.1
10,563.9
6,417.0
629.1
1,263.9
1,428.3
28,609.2
Depreciation:
At 31 March 2022
(3,004.4)
(1,915.6)
(4,376.8)
(771.8)
(224.0)
(10.8)
(1,073.0)
(11,376.4)
Charge for the year
(106.3)
(153.9)
(163.2)
(97.7 )
(17.0)
\u2013
(67.6)
(605.7)
Impairment reversals
(note 7)
17.8
\u2013
\u2013
\u2013
\u2013
\u2013
45.7
63.5
Non-exceptional
impairment charges
(10.6)
(12.5)
\u2013
\u2013
(1.0)
(0.3)
(0.7)
(25.1)
Transfer to intangible assets
(note 13)
\u2013
\u2013
2.3
\u2013
\u2013
6.0
33.3
41.6
Transfers
4.1
\u2013
\u2013
\u2013
\u2013
(4.1)
\u2013
\u2013
Disposals
612.8
3.1
\u2013
\u2013
5.5
\u2013
35.6
657.0
Exchange rate adjustments
(11.1)
(16.4)
\u2013
\u2013
(0.6)
(0.2)
(2.1)
(30.4)
At 31 March 2023
(2,497.7)
(2,095.3)
(4,53
7.7)
(869.5)
(237.1)
(9.4)
(1,028.8)
(11,275.5)
Charge for the year
(103.5)
(150.9)
(173.8)
(116.0)
(17.2)
\u2013
(67. 2)
(628.6)
Transfer between
categories
1.2
\u2013
\u2013
\u2013
\u2013
\u2013
(1.2)
\u2013
Exceptional impairment
charges
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(134.1)
(134.1)
Non-exceptional
impairment reversals/
(charges)
\u2013
4.8
\u2013
\u2013
(1.1)
\u2013
(3.0)
0.7
Transfers to intangible
assets
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
\u2013
(1.5)
Disposals
\u2013
\u2013
6.7
\u2013
1.0
\u2013
12.5
20.2
Exchange rate adjustments
8.1
12.0
\u2013
\u2013
0.5
\u2013
0.5
21.1
At 31 March 2024
(2,591.9)
(2,229.4)
(4,704.8)
(985.5)
(253.9)
(10.9)
(1,221.3)
(11,997.7)
Net book value
At 31 March 2024
1,042.0
2,443.7
5,859.1
5,431.5
375.2
1,253.0
207.0
16,611.5
At 31 March 2023
1,173.8
2, 557.4
5,460.0
4,772.6
354.3
759.3
318.5
15,395.9
At 1 April 2022
858.7
2,770.4
5,122.8
4,338.7
330.1
842.8
349.3
14,612.8
(i)
(i)
(ii)
(iii)
(iii)
(ii)
(iii)
(i) Thermal and Renewable generation assets include generation plant and machinery and related land and buildings. The net book value of power generation assets renewables and
thermal includes decommissioning costs with a net book value of \u00a3119.0m and \u00a368.1m (2023: \u00a389.6m and \u00a388.6m) respectively. Additionally, Other assets includes \u00a355.3m in
relation to decommissioning costs for Gas Storage assets (2023: \u00a355.5m).
(ii) Represents the carrying value of development assets transferred from intangible assets (note 13) which have reached the consent stage and have been approved for construction
and also includes reclassification of software assets to intangible assets.
(iii) Impairment (charges)/reversals relate to exceptional impairment charges of \u00a3134.1m relating to the Group\u2019s gas storage operations at Aldbrough and Atwick (see note 7) (2023:
exceptional impairment reversals of \u00a363.5m (relating to Great Island CCGT and Aldbrough)) and non-exceptional impairment reversals of \u00a30.7m (2023: \u00a325.1m charges).
Included within property, plant and equipment are the following right of use assets for leased assets:
Thermal
power
generation Land Distribution Other
assets and buildings network assets assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 31 March 2022
369.6
203.1
12.2
95.7
680.6
Additions
\u2013
45.4
\u2013
33.1
78.5
Disposals
\u2013
(1.0)
\u2013
(12.9)
(13.9)
At 31 March 2023
369.6
247. 5
12.2
115.9
745.2
Additions
\u2013
32.4
\u2013
40.6
73.0
Disposals
\u2013
(1.8)
(6.7)
(10.6)
(19.1)
Exchange rate adjustments
\u2013
4.3
\u2013
\u2013
4.3
At 31 March 2024
369.6
282.4
5.5
145.9
803.4
Depreciation
At 31 March 2022
(233.6)
(31.1)
(4.8)
(36.3)
(305.8)
Charge for the year
(18.5)
(11.9)
(7.4)
(19.8)
(57.6)
Disposals
\u2013
0.3
\u2013
12.2
12.5
Impairment reversal
\u2013
(0.5)
\u2013
\u2013
(0.5)
At 31 March 2023
(252.1)
(43.2)
(12.2)
(43.9)
(351.4)
Charge for the year
(11.9)
(11.3)
\u2013
(23.8)
(47.0)
Disposals
\u2013
0.5
6.7
10.0
17.2
At 31 March 2024
(264.0)
(54.0)
(5.5)
(57.7)
(381.2)
Net book value
At 31 March 2024
105.6
228.4
\u2013
88.2
422.2
At 31 March 2023
1 17. 5
204.3
\u2013
72.0
393.8
At 1 April 2022
136.0
172.0
7.4
59.4
374.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-699": { "value": "
15. Impairment testing
Goodwill and intangible assets that are not amortised are reviewed at least annually for impairment. Property, plant and equipment,
investments and other intangibles are assessed annually for impairment (or impairment reversal) triggers.
The Group\u2019s accounting policies and methodologies for impairment testing are described at Accompanying Information sections A1.2.
The key operating and valuation assumptions, specific considerations and outcome of tests for all impairment reviews are noted in the
following sections. The discount rates used are pre-tax real, except where noted, and reflect specific risks attributable to the relevant assets
subject to impairment review. The recoverable amounts derived from the VIU or FVLCS calculations are compared to the carrying amount
of each asset or CGU to determine whether an impairment charge requires to be recognised. The reviews carried out for the 2024 financial
statements were carried out in the fourth quarter of the year, which is consistent with previous reviews. Note that the actual outcomes may
differ from the assumptions included in the assessments at the balance sheet date.
15.1. Goodwill impairment reviews \u2013 CGUs testing
The Group has determined that it has three goodwill balances within its SSE Renewables business (GB and Ireland, SSE Southern Europe
and SSE Pacifico) that are subject to annual goodwill impairment reviews. In addition, the Group has a legacy goodwill balance within the
Energy Customer Solutions business. The recoverable amounts of the CGUs supporting the goodwill balances are determined by reference
to value-in-use (\u2018VIU\u2019) calculations. The VIU calculations use, as a starting point, pre-tax cash flow projections based on the Group\u2019s ten
year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based both on past experience and reflects the Group\u2019s
forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where
this is not available, on internal estimates.
Cash flow period
Assets/CGUs
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Great Britain Period to end Modelling methodology and assumptions Impairment conclusion
(GB) and Ireland of life of The VIU assessment is used to test the carrying The recoverable amount of the GB and Ireland
windfarm CGUs portfolio assets value of \u00a3288.8m (2023: \u00a3292.3m) of goodwill CGUs at 31 March 2024 is significantly in excess
related to the Group\u2019s GB and Ireland windfarm of the carrying value of the goodwill and
CGUs. The assessment is based on the tangible and intangible assets attributed to
discounted pre-tax cash flows expected to be the CGUs. Therefore no impairment has
generated by the specific wind farm assets been recognised.
included in the CGU across the remaining useful Sensitivity analysis
lives of those assets.
The principal assumptions impacting the
The GB and Ireland CGU includes cashflows for valuation model of the GB and Ireland CGU
operational assets only, being over 50 individual are discount rate, generation volume and
windfarms across Great Britain and Ireland, electricity price.
given the risk and uncertainty associated with While cash flow projections are subject to
projects in the development stage. Significant inherent uncertainty, a 10% power price
developments at Viking, Aberarder, Yellow River, decrease and a 15% decrease in projected
Strathy South and Dogger Bank A and B are generation volumes were modelled, both of
currently under construction and continue which indicated significant headroom on the
to be excluded from the analysis.
carrying value of the assets.
Cash inflows for the CGUs are based on the A 0.5% increase in the pre-tax real discount
expected average annual generation output rate to 7.7% for GB and 5.7% for Ireland, also
based on technical assessment and past indicated significant headroom on the carrying
experience and are valued based on forward value of the assets.
power prices. These factors are subject to
management review on an annual basis. The TCFD related sensitivity analysis
prices applied to projected outputs are based A significant increase in renewable generation
either on observable market information during capacity in the Group\u2019s core markets could
that period, which is deemed to be 3 years, or result in an oversupply of renewable electricity
on internal estimations beyond the observable at a point in the future, which would lead to a
market period (a Level 3 basis as defined by IFRS consequential decrease in the power price
13 Fair Value Measurement). The projections are achievable for the Group\u2019s GB and Ireland wind
also dependent on the UK and Irish governments\u2019 generation assets. A downside power price
continuing support for existing qualifying wind sensitivity, which may arise in a market with
assets through CFD subsidies and ROCs or REFIT. significant new build wind was modelled. This
Cash outflows are based on planned and scenario indicated that, despite a modelled 15%
expected maintenance profiles and other reduction in forecast wind power price, there
capital or replacement costs. remained significant headroom on the carrying
The cash flow projections are based on UK and value in the Group\u2019s GB and Ireland wind
generation assets.
Irish power prices between \u00a363 \u2013 \u00a3117 per MWh
(2023: \u00a355 \u2013 \u00a3169 per MWh) and have been Changes to weather patterns resulting from
discounted applying a pre-tax real discount rate global warming could result in calmer weather,
between 7.2% for GB and 5.2% for Ireland (2023: which may reduce volumes achievable for the
between 6.9% for GB and 5.8% for Ireland) based Group\u2019s GB and Ireland wind generation assets
on technology and market risks. (although noting that a reduction in volume
would likely lead to capacity constraints and
hence higher prices). A 4\u20138% reduction in
projected volume continued to show significant
headroom on the carrying value in the Group\u2019s
GB and Ireland wind generation assets. This is in
line with the TCFD \u201cvariable wind generation
risk\u201d scenario which indicated a reduction to
average wind speed changes of 4% to 8% over
the longer term.
Cash flow period
Assets/CGUs
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
SSE Southern Period to end Modelling methodology and assumptions Impairment conclusion
Europe of life of The VIU assessment is used to test the carrying The recoverable amount of the Southern
portfolio assets value of \u00a3416.8m of goodwill (2023: \u00a3428.7m) Europe windfarm CGUs has been calculated at
and \u00a3120.5m of intangible development assets \u00a3572.8m (2023: \u00a3591.7m) and exceeds the
(2023:
\u00a3116.1m) related to the Group\u2019s Southern
carrying value of the goodwill and intangible
Europe windfarms for impairment. As the development assets. Therefore, no impairment
Southern Europe platform is in early-stage has been recognised at 31 March 2024.
development, the assessment was based on During the year the Group recorded a non-
the discounted pre-tax cash flows based on a exceptional impairment of \u20ac18.0m (\u00a315.4m)
comparable methodology to the acquisition in respect of two early-stage development
model but updated to reflect changes projects projects where the probability of
to specific project circumstances and wider success had decreased
market developments since acquisition.
The Southern Europe CGU model includes Sensitivity analysis
cashflows for early-stage development assets, The principal assumptions impacting the
being c65 individual windfarm and co-located valuation model of the Southern Europe
solar projects across Spain, France, Italy and windfarm CGU are discount rate, generation
Greece. Due to the early stage nature of the volume, electricity price and development
probability of success.
portfolio, each project has been attributed a
probability of development success. While cash flow projections are subject to
Cashflows for the CGUs are based on the inherent uncertainty, a 10% reduction in
expected average annual generation output greenfield generation volume was modelled
which indicated continued headroom.
based on technical assessment valued using
forward power price projections. These factors A 5% reduction in the probability of success
are subject to management review on an annual attributed to the development projects would
basis. The prices applied to projected outputs are result in a marginal impairment of \u00a32.6m on the
based on observable market information during carrying value.
the period. Assumptions have also been made on An increase of 0.1% in the respective pre-tax
the Spanish, French, Italian and Greek real discount rates (Spain: 6.2% France: 6.3%,
government\u2019s support for the development of Italy: 6.7% and Greece: 6.5%) results in nil
wind projects and expected governmental headroom and a 0.5% increase in the respective
support under CFD subsides. Cash outflows are pre-tax real discount rates indicates an
based on planned and expected maintenance impairment of \u00a3100.0m.
profiles and other capital or replacement costs.
The cash flow projections are based on European Within the base case model the Group has
power prices between \u20ac38 \u2013 \u20ac141 per MWh assessed that many of the projects in Spain,
(2023: \u20ac33 \u2013 \u20ac209 per MWh) and have been Italy and France will obtain a revenue support
discounted applying a pre-tax real discount rate contract. If this assumption were changed and
between 6.2% and 6.7% (2023: 6.4% and 7.3%) the projects were developed on a merchant
based on technology and market risks. basis, the price assumptions applied in the
model would increase, although would likely
be offset by a compensatory increase in the
discount rate. An impairment would be
recognised as a result of a 1.4% decrease in the
merchant price if the projects were developed
on a merchant basis.
Cash flow period
Assets/CGUs
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
SSE Pacifico
Period to end
Modelling methodology and assumptions Impairment conclusion
of life of The VIU assessment is used to test the carrying While the assessed VIU of \u00a3290.0m (2023:
portfolio assets value of \u00a3191.5m of goodwill (2023: \u00a3196.0m) \u00a3316.9m) exceeds the carrying value at
and \u00a326.9m of intangible development assets 31 March 2024, the early stage of the
(2023:
\u00a330.8m) relating to SSE Pacifico. SSE
development investment means that the model
Pacifico is an early-stage Japanese offshore wind is sensitive to changes in key assumptions. The
portfolio acquired on 29 October 2021. The Group\u2019s base case model, reflecting the Group\u2019s
projects in SSE Pacifico remain at an early stage. best estimate of observable inputs to the
Therefore, the assessment was based on the model, indicates headroom on the carrying
discounted pre-tax cash flows prepared on value of the asset. Therefore, no impairment
comparable basis to the acquisition model, has been recognised at 31 March 2024.
updated to reflect changes to specific project Sensitivity analysis
circumstances and wider market developments As noted above, the value in use model is
since acquisition.
sensitive to changes in key input assumptions.
Cash inflows for the CGU model are based on The principal assumptions impacting the
the Group\u2019s latest projections for expected valuation model of the SSE Pacifico CGU are:
average annual generation output based on revenue support contract price; generation
technical assessment and are valued based on volumes; the proportion of external funding
the Group\u2019s internal projections of forward power achievable; discount rate; and project
prices under revenue support contracts available probability of success.
in Japan. The projections are dependent on the A 10% decrease in forecast power price to
Japanese government\u2019s continued support for between \u00a510 \u2013 \u00a527 per kWh under revenue
the development of offshore wind projects.
support scheme results in a full impairment of
Cash outflows are based on forecast asset costs, carrying value.
planned and expected maintenance profiles and A 1 percentage point reduction to the
other capital or replacement costs.
generation capacity factor results in an
For the purposes of the impairment test, the VIU impairment of \u00a325.4m.
model includes cashflows for three early-stage A 0.25% increase to the Group\u2019s assumption on
offshore wind projects (2023: four) out of a total external funding proportion decreases the
of 11 acquired by the Group.
headroom to \u00a330.1m.
The cash flow projections are based on Japanese A 0.5% increase to the discount rate assumption
power prices, per foundation type, between \u00a512 decreases the headroom to \u00a341.2m.
\u2013 \u00a530 per kWh (2023: \u00a515 \u2013 \u00a528 per kWh) and
have been discounted applying a pre-tax real A decrease of project probability from three to
discount rate of 9.7% (2023: 8.5%) based on two early stage projects results in a range of
technology and market risks. The discount rate is outcomes from headroom of \u00a36.3m to an
based on assumptions of the capital cost of the impairment of \u00a368.1m.
project and the proportion of external project
funding available in the local market.
Energy
5 years
Modelling methodology and assumptions
Conclusion
Customer The Group has capitalised goodwill of \u00a331.7m At 31 March 2024, the impairment review
Solutions
(2023:
\u00a331.7m) in relation to the acquisition
indicates headroom of \u00a316.8m on the carrying
of the Energy Solutions Group in 2016. The value of \u00a331.7m. A decrease in forecast
business designs, installs and optimises building cashflows of 20% would result in headroom of
management technologies which deliver efficient \u00a37.1m. An increase in the discount rate of 2.5%
operating environments for its customers. would result in an impairment of \u00a30.3m.
The VIU of the business CGU has been based on
an 8.0% (2023: 5.6%) pre-tax real discount rate.
15.2. Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing
Where an indicator of impairment exists, the recoverable amounts of the Group\u2019s property, plant and equipment, other intangible assets
and interests in joint ventures and associates are determined by reference to VIU or, where appropriate, fair value less costs to sell
calculations. The calculations use, as their starting point, pre-tax cash flow projections based on the Group\u2019s ten year Corporate Model as
approved by the Board. The Group\u2019s Corporate Model is based on past experience and reflects the Group\u2019s forward view of markets, prices,
risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal
estimates. Fair value less costs to sell valuations are derived from market analysis for similar transactions, adjusted to specific circumstances
of the Group\u2019s investment to reflect the amount the Group believes will be recoverable in a sale transaction. Note that the Group will
expense any individual asset, investment or development asset, should it clearly be damaged, obsolete or economically impaired, as part
of its normal course of business.
Changes from prior year
The specific assets and investments identified for impairment reviews in the prior year (being the GB CCGTs; Great Island CCGTs;
Gas Storage facilities at Aldbrough and Atwick; 50% joint venture investment in Triton Power; and 50% joint venture investment in Neos
Networks) continued to display indicators of impairment and all remained subject to impairment testing at 31 March 2024. No new assets
were identified as displaying indicators of impairment or impairment reversal.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
GB CCGTs Period to end Modelling methodology and assumptions Conclusion
(Keadby, Medway, of life The VIU of the Group\u2019s GB combined cycle gas At 31 March 2024 the fair valuation exercise
Peterhead and turbine (\u2018CCGT\u2019) power stations were based on indicated reduced, but still significant,
Marchwood (PPA pre-tax discounted cash flows expected to be headroom above the carrying value, therefore
Right of use lease generated by each plant, based on no impairment was recognised.
asset) power management\u2019s view of operating prospects and Sensitivity analysis
stations) operational flexibility within the GB wholesale A 20% decrease in gross margin would continue
market, including capacity market clearing prices. to result in significant headroom for each asset.
Cash flows are subject to a pre-tax real discount
rate between 10.0% and 15.3% (2023: between Due to many of the assets nearing the end of
10.0% and
19.4%).
their useful lives, the impairment models are
Changes from prior year not sensitive to the discount rate, therefore no
Certain assets within the Group\u2019s GB CCGT fleet sensitivity analysis on the discount rate was
performed.
are nearing the end of their operational life and
are therefore more sensitive to fluctuations in The assets which have had their useful lives
market assumptions. During the year, a technical extended in the period have done so due to
assessment has been performed which resulted being awarded capacity mechanism contracts
in an extension change to end of life assumptions in the T-4 auction. These assets would be more
for Keadby, Medway and Peterhead, from March sensitive to fluctuations in non-contracted
2028 to March 2030. capacity mechanism prices, however a
At 31 March 2024, decreases in short-term gas sensitivity has not been performed as the assets
and carbon prices have resulted in a decrease in subject to impairment testing are contracted
into future periods.
UK power prices. As a result, the observable spark
margins assumed for the GB CCGT assets has TCFD related sensitivity analysis \u2013 GB CCGTs
decreased, which was considered an indicator The future introduction of legislation restricting
of impairment at 31 March 2024. power generation from unabated gas fired
power stations beyond 2030 has been identified
as a potential risk the Group could be exposed
to as the UK transitions to a net zero economy.
This has not been treated as an indicator of
impairment at 31 March 2024 as legislation has
not been introduced or enacted by the balance
sheet date and therefore has not been factored
into the impairment analysis above.
Despite the extension of the useful lives for
Keadby, Peterhead and Medway, most of the
Group\u2019s GB CCGTs are nearing the end of their
economic life and are projected to cease
operations by 2030. Of the Group\u2019s GB CCGTs,
only Keadby 2, Marchwood and Saltend (Triton)
are projected to operate beyond this date. If
legislation was introduced requiring the closure
of these assets by 2030, it would result in an
impairment of \u00a3155.3m to Keadby and an
impairment of \u00a354m to the equity investment in
Marchwood at 31 March 2024. The sensitivity
for Saltend (Triton) is included later in this note.
Under the TCFD Accelerated Gas Closure risk
risk
2030
1.5\u00b0C scenario, the indicative potential
present value of the future economic benefit
lost from early closure of Keadby 2 and
Marchwood by 2030 was in the range of \u00a30.3bn
\u2013 \u00a30.4bn.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Great Island Period to end Modelling methodology and assumptions Conclusion
CCGT of life The VIU of the Group\u2019s Great Island CCGT power The VIU assessment performed on the asset
station was based on pre-tax discounted cash at 31 March 2024 indicated no impairment.
flows expected to be generated by the plant The carrying value of the Great Island asset at
based on management\u2019s view of the plant\u2019s 31 March 2024 is \u00a3251.6m (2023: \u00a3269.9m)
operating prospects. Cash flows are subject to a against an assessed recoverable value of
pre-tax real discount rate of 11.2% (2023: 12.4%) \u00a3320.2m (2023: \u00a3280.4m).
reflecting the specific risks in the Irish market.
Sensitivity analysis
A 0.5% increase in the discount rate would
continue to result in significant headroom.
A 20% decrease in gross margin would result in
an impairment of \u00a314.5m.
A \u20ac10/KW decrease in projected non-
contracted capacity market prices would
continue to result in significant headroom.
TCFD related sensitivity analysis \u2013 Great
Island CCGTs
The future introduction of legislation restricting
power generation from unabated gas fired
power stations beyond 2030 has been identified
as a potential risk the Group could be exposed
to as Ireland transitions to a net zero economy.
This has not been treated as an indicator of
impairment at 31 March 2024, as legislation has
not been introduced or enacted by the balance
sheet date and therefore has not been factored
into the impairment analysis above.
Great Island is projected to operate beyond
2030,
and so while legislation has not been
introduced requiring the shortening of the
economic life to this date, the Group has
performed a sensitivity analysis to the
impairment test noted above. If legislation was
introduced requiring the closure of Great Island
by
2030,
it would result in an impairment of
\u00a360.8m at 31 March
2024.
Under the TCFD Accelerated Gas Closure risk
2030
1.5\u00b0C scenario, the indicative potential
present value of future economic benefit lost
from early closure of Great Island by 2030 was
less than \u00a30.1bn.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Gas Storage Period to end Modelling methodology and assumptions Conclusion
assets (Atwick of life The VIU of the Group\u2019s Gas Storage assets at The VIU assessment performed on the assets
and Aldbrough) Aldbrough and Atwick were based on pre-tax indicated an impairment of \u00a385.7m (2023:
discounted cash flows expected to be generated \u00a345.7m reversal) to Aldbrough and an impairment
by the storage facilities based on management\u2019s of \u00a348.4m to Atwick (2023: \u00a3nil).
view of the assets\u2019 operating prospects. Cash Following the impairment assessment at
flows are subject to a pre-tax real discount rate of 31 March 2024, the carrying value of Aldbrough is
11.7% (2023: 18.8%) for Atwick and 10.4% (2023: \u00a33.0m (2023: \u00a392.6m) and the carrying value of
13.8%) for Aldbrough reflecting risks specific to Atwick is \u00a36.3m (2023: \u00a362.3m). Both carrying
the assets.
values represent the net book value of the
The key assumptions applied in the valuation of storage assets and exclude the carrying value of
the assets are gas price volatility and the mean cushion gas volumes.
reversion rate (\u2018MRR\u2019). The gas price volatility Sensitivity analysis \u2013 Atwick
assumption reflects management\u2019s view of price A sensitivity performed with a high gas price
fluctuations between periods where the Group assumption (represents an increase in the price
can purchase gas at a low price, store it and sell by 10%) would reduce the impairment recognised
during periods of peak prices. The assumption is at the Atwick facility at 31 March 2024 from
based on market observed volatility in the last \u00a348.4m to \u00a338.1m. A low gas price assumption
five years adjusted to remove periods of extreme (represents a decrease in the price by 10%) would
volatility and management\u2019s view on projected increase the impairment recognised at 31 March
volatility in future periods. MRR represents the 2024 from \u00a348.4m to \u00a354.7m and would
time taken for the market to return to average represent a full impairment.
after a period of increase or decline. The MRR
combined with absolute gas price and volatility A sensitivity performed with a high volatility
rate derives management\u2019s estimate of assumption would reduce the impairment
recoverable value of the assets. Management recognised at the Atwick facility at 31 March 2024
assessed that the decrease in gas prices observed from \u00a348.4m to \u00a328.6m.
during the year was a trigger for a formal A low volatility assumption would increase the
impairment review.
impairment recognised at 31 March 2024 from
The Group recorded exceptional impairments \u00a348.4m to \u00a354.7m and would represent a full
of \u00a385.7m at 31 March 2024 (2023: \u00a345.7m impairment.
impairment reversal) on its Aldbrough asset and A high sensitivity of the MRR assumption
\u00a348.4m (2023: nil) on its Atwick asset, based (represents an increase in the rate by 1.0) would
largely on decreases to short term observable reduce the impairment recognised at 31 March
gas prices and lower volatility assumptions. 2024 from \u00a348.4m to \u00a326.0m.
Sensitivity analysis \u2013 Aldbrough
A sensitivity performed with a high gas price
assumption (represents an increase in the price
by 10%) would reduce the impairment recognised
at 31 March 2024 from \u00a385.7m to \u00a367.5m. A low
gas price assumption (represents a decrease in
the price by 10%) would increase the impairment
recognised at 31 March 2024 from \u00a385.7m to
\u00a388.7m and would represent a full impairment.
A sensitivity performed with a high volatility
assumption would reduce the impairment
recognised at 31 March 2024 from \u00a385.7m to
\u00a349.7m.
A low volatility assumption would increase the
impairment recognised at 31 March 2024 from
\u00a385.7m to \u00a388.7m and would represent a full
impairment.
A high sensitivity of the MRR assumption
(represents an increase in the rate by 1.0) would
reduce the impairment recognised at 31 March
2024 from \u00a385.7m to \u00a343.7m.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Investment in Period to end Modelling methodology and assumptions Conclusion
Triton Power of life The Group has valued its 50% joint venture The Group has recorded an exceptional
Holdings Limited investment Triton Power Holdings Limited impairment of \u00a363.2m (2023: \u00a3291.6m) on its
(\u2018Triton\u2019) based on projected cashflows that will investment in Triton during the year. The
be derived from the investment on a VIU basis. impairment was recognised in the Group\u2019s
The VIU assessment of the Triton power stations results for the six months ended 30 September
(Saltend, Indian Queens and Deeside) were based
2023
. At 31 March 2024, the Group performed a
on pre-tax discounted cash flows expected to be no further impairment or impairment reversal further impairment assessment which indicated
generated by each plant, based on existed at 31 March 2024.
management\u2019s view of operating prospects and
operational flexibility within the GB wholesale The Group acquired its investment in Triton on
market, including capacity market clearing prices. 1 September 2022 during a period of significant
Cash flows are subject to a pre-tax real discount volatility in the UK power market. On acquisition
rate of 13.2% (blended) (2023: 15.6% (blended)). the Group recorded an exceptional gain on
The decreases in short-term gas and carbon acquisition due to movements in short term gas
prices and the resultant decrease in UK power and power prices between the purchase
prices described in the GB CCGT impairment agreement and completion dates. The Group\u2019s investment in Triton has been carried at fair value
note above also acted as an indicator of since acquisition and is therefore susceptible to
impairment for Triton.
movements in market observable assumptions.
The Group\u2019s carrying value of equity investment
at 31 March 2024 is \u00a3152.5m (2023: \u00a3253.9m).
Sensitivity analysis
A 0.5% increase in the discount rate would
increase the impairment recognised at 31 March
2024 from \u00a363.2m to \u00a366.1m. A 0.5% decrease in
the discount rate would reduce the impairment
recognised from \u00a363.2m to \u00a357.4m.
A 20% increase in gross margin would result in a
reduction in the impairment charge to \u00a339.6m,
and a 20% decrease in gross margin would
increase the impairment to \u00a384.1m.
A \u00a310/KW increase in non-contracted capacity
market price would decrease the impairment
charge to \u00a343.6m and a \u00a310/KW decrease would
increase the impairment charge to \u00a380.2m.
TCFD related sensitivity analysis \u2013 Triton
The future introduction of legislation restricting
power generation from unabated gas fired
power stations beyond 2030 has been identified
as a potential risk the Group could be exposed
to as the UK transitions to a net zero economy.
This has not been treated as an indicator of
impairment at 31 March 2024, as legislation has
not been introduced or enacted by the balance
sheet date and therefore has not been factored
into the impairment analysis above.
Triton is projected to operate beyond this date,
and so while legislation has not been introduced
requiring the shortening of the economic life to
this date, the Group has performed a sensitivity
analysis to the impairment test noted above. If
legislation was introduced requiring the closure
of Triton by 2030, it would result in a further
impairment to the investment in Triton of
\u00a378.2m at 31 March
2024.
Under the TCFD Accelerated Gas Closure risk
2030
1.5\u00b0C scenario, the indicative potential
present value of the future economic benefit
lost from early closure of Triton by 2030 was
less than \u00a30.1bn.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Investment in
n/a
Modelling methodology and assumptions
Conclusion
Neos Networks The Group has valued its 50% joint venture The valuation exercise resulted in a wide range
Limited investment in Neos Networks Limited (\u2018NNL\u2019) of reasonably probable valuations for the
based on projected valuations that could be business from an impairment of \u00a349.5m to an
achieved in a market transaction, using earnings impairment of \u00a3113.4m.
multiples observable from recent similar The Group has assessed that within this range
transactions. Due to the nature of the valuation of valuations, a point valuation resulting in an
technique, which was performed to approximate impairment of \u00a373.6m (2023: \u00a337.7m) best
an achievable fair value less costs to sell, a wide represents the recoverable value of the
range of valuations were derived from this investment.
exercise. The Group has used a point estimate
valuation within the range of possible valuations Following the impairment, the Group\u2019s carrying
based on earnings targets and multiples that the value of equity investment, shareholder loans
Group believes are achievable. The Group has and receivables due from NNL is \u00a392.2m (2023:
assessed that this is a Level 3 valuation in the fair \u00a3174.8m).
value hierarchy, with the key inputs being EBITDA Sensitivity analysis
and the transaction multiple.
Sensitivity analysis was performed in relation to
the EBITDA and the multiple applied in deriving
the valuation. A 10% increase in the EBITDA
assumption would reduce the impairment to
\u00a362.8m, whereas a 33% decrease in the EBITDA
assumption would result in an impairment
of \u00a3105.8m.
A 10% decrease to the multiple assumption
would result in an impairment of \u00a385.1m,
whereas a 10% increase to the multiple
assumption would decrease the impairment
to \u00a361.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-801": { "value": "15.1. Goodwill impairment reviews \u2013 CGUs testing The Group has determined that it has three goodwill balances within its SSE Renewables business (GB and Ireland, SSE Southern Europe and SSE Pacifico) that are subject to annual goodwill impairment reviews. In addition, the Group has a legacy goodwill balance within the Energy Customer Solutions business. The recoverable amounts of the CGUs supporting the goodwill balances are determined by reference to value-in-use (\u2018VIU\u2019) calculations. The VIU calculations use, as a starting point, pre-tax cash flow projections based on the Group\u2019s ten year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based both on past experience and reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal estimates.
Cash flow period
Assets/CGUs
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Great Britain Period to end Modelling methodology and assumptions Impairment conclusion
(GB) and Ireland of life of The VIU assessment is used to test the carrying The recoverable amount of the GB and Ireland
windfarm CGUs portfolio assets value of \u00a3288.8m (2023: \u00a3292.3m) of goodwill CGUs at 31 March 2024 is significantly in excess
related to the Group\u2019s GB and Ireland windfarm of the carrying value of the goodwill and
CGUs. The assessment is based on the tangible and intangible assets attributed to
discounted pre-tax cash flows expected to be the CGUs. Therefore no impairment has
generated by the specific wind farm assets been recognised.
included in the CGU across the remaining useful Sensitivity analysis
lives of those assets.
The principal assumptions impacting the
The GB and Ireland CGU includes cashflows for valuation model of the GB and Ireland CGU
operational assets only, being over 50 individual are discount rate, generation volume and
windfarms across Great Britain and Ireland, electricity price.
given the risk and uncertainty associated with While cash flow projections are subject to
projects in the development stage. Significant inherent uncertainty, a 10% power price
developments at Viking, Aberarder, Yellow River, decrease and a 15% decrease in projected
Strathy South and Dogger Bank A and B are generation volumes were modelled, both of
currently under construction and continue which indicated significant headroom on the
to be excluded from the analysis.
carrying value of the assets.
Cash inflows for the CGUs are based on the A 0.5% increase in the pre-tax real discount
expected average annual generation output rate to 7.7% for GB and 5.7% for Ireland, also
based on technical assessment and past indicated significant headroom on the carrying
experience and are valued based on forward value of the assets.
power prices. These factors are subject to
management review on an annual basis. The TCFD related sensitivity analysis
prices applied to projected outputs are based A significant increase in renewable generation
either on observable market information during capacity in the Group\u2019s core markets could
that period, which is deemed to be 3 years, or result in an oversupply of renewable electricity
on internal estimations beyond the observable at a point in the future, which would lead to a
market period (a Level 3 basis as defined by IFRS consequential decrease in the power price
13 Fair Value Measurement). The projections are achievable for the Group\u2019s GB and Ireland wind
also dependent on the UK and Irish governments\u2019 generation assets. A downside power price
continuing support for existing qualifying wind sensitivity, which may arise in a market with
assets through CFD subsidies and ROCs or REFIT. significant new build wind was modelled. This
Cash outflows are based on planned and scenario indicated that, despite a modelled 15%
expected maintenance profiles and other reduction in forecast wind power price, there
capital or replacement costs. remained significant headroom on the carrying
The cash flow projections are based on UK and value in the Group\u2019s GB and Ireland wind
generation assets.
Irish power prices between \u00a363 \u2013 \u00a3117 per MWh
(2023: \u00a355 \u2013 \u00a3169 per MWh) and have been Changes to weather patterns resulting from
discounted applying a pre-tax real discount rate global warming could result in calmer weather,
between 7.2% for GB and 5.2% for Ireland (2023: which may reduce volumes achievable for the
between 6.9% for GB and 5.8% for Ireland) based Group\u2019s GB and Ireland wind generation assets
on technology and market risks. (although noting that a reduction in volume
would likely lead to capacity constraints and
hence higher prices). A 4\u20138% reduction in
projected volume continued to show significant
headroom on the carrying value in the Group\u2019s
GB and Ireland wind generation assets. This is in
line with the TCFD \u201cvariable wind generation
risk\u201d scenario which indicated a reduction to
average wind speed changes of 4% to 8% over
the longer term.
Cash flow period
Assets/CGUs
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
SSE Southern Period to end Modelling methodology and assumptions Impairment conclusion
Europe of life of The VIU assessment is used to test the carrying The recoverable amount of the Southern
portfolio assets value of \u00a3416.8m of goodwill (2023: \u00a3428.7m) Europe windfarm CGUs has been calculated at
and \u00a3120.5m of intangible development assets \u00a3572.8m (2023: \u00a3591.7m) and exceeds the
(2023:
\u00a3116.1m) related to the Group\u2019s Southern
carrying value of the goodwill and intangible
Europe windfarms for impairment. As the development assets. Therefore, no impairment
Southern Europe platform is in early-stage has been recognised at 31 March 2024.
development, the assessment was based on During the year the Group recorded a non-
the discounted pre-tax cash flows based on a exceptional impairment of \u20ac18.0m (\u00a315.4m)
comparable methodology to the acquisition in respect of two early-stage development
model but updated to reflect changes projects projects where the probability of
to specific project circumstances and wider success had decreased
market developments since acquisition.
The Southern Europe CGU model includes Sensitivity analysis
cashflows for early-stage development assets, The principal assumptions impacting the
being c65 individual windfarm and co-located valuation model of the Southern Europe
solar projects across Spain, France, Italy and windfarm CGU are discount rate, generation
Greece. Due to the early stage nature of the volume, electricity price and development
probability of success.
portfolio, each project has been attributed a
probability of development success. While cash flow projections are subject to
Cashflows for the CGUs are based on the inherent uncertainty, a 10% reduction in
expected average annual generation output greenfield generation volume was modelled
which indicated continued headroom.
based on technical assessment valued using
forward power price projections. These factors A 5% reduction in the probability of success
are subject to management review on an annual attributed to the development projects would
basis. The prices applied to projected outputs are result in a marginal impairment of \u00a32.6m on the
based on observable market information during carrying value.
the period. Assumptions have also been made on An increase of 0.1% in the respective pre-tax
the Spanish, French, Italian and Greek real discount rates (Spain: 6.2% France: 6.3%,
government\u2019s support for the development of Italy: 6.7% and Greece: 6.5%) results in nil
wind projects and expected governmental headroom and a 0.5% increase in the respective
support under CFD subsides. Cash outflows are pre-tax real discount rates indicates an
based on planned and expected maintenance impairment of \u00a3100.0m.
profiles and other capital or replacement costs.
The cash flow projections are based on European Within the base case model the Group has
power prices between \u20ac38 \u2013 \u20ac141 per MWh assessed that many of the projects in Spain,
(2023: \u20ac33 \u2013 \u20ac209 per MWh) and have been Italy and France will obtain a revenue support
discounted applying a pre-tax real discount rate contract. If this assumption were changed and
between 6.2% and 6.7% (2023: 6.4% and 7.3%) the projects were developed on a merchant
based on technology and market risks. basis, the price assumptions applied in the
model would increase, although would likely
be offset by a compensatory increase in the
discount rate. An impairment would be
recognised as a result of a 1.4% decrease in the
merchant price if the projects were developed
on a merchant basis.
Cash flow period
Assets/CGUs
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
SSE Pacifico
Period to end
Modelling methodology and assumptions Impairment conclusion
of life of The VIU assessment is used to test the carrying While the assessed VIU of \u00a3290.0m (2023:
portfolio assets value of \u00a3191.5m of goodwill (2023: \u00a3196.0m) \u00a3316.9m) exceeds the carrying value at
and \u00a326.9m of intangible development assets 31 March 2024, the early stage of the
(2023:
\u00a330.8m) relating to SSE Pacifico. SSE
development investment means that the model
Pacifico is an early-stage Japanese offshore wind is sensitive to changes in key assumptions. The
portfolio acquired on 29 October 2021. The Group\u2019s base case model, reflecting the Group\u2019s
projects in SSE Pacifico remain at an early stage. best estimate of observable inputs to the
Therefore, the assessment was based on the model, indicates headroom on the carrying
discounted pre-tax cash flows prepared on value of the asset. Therefore, no impairment
comparable basis to the acquisition model, has been recognised at 31 March 2024.
updated to reflect changes to specific project Sensitivity analysis
circumstances and wider market developments As noted above, the value in use model is
since acquisition.
sensitive to changes in key input assumptions.
Cash inflows for the CGU model are based on The principal assumptions impacting the
the Group\u2019s latest projections for expected valuation model of the SSE Pacifico CGU are:
average annual generation output based on revenue support contract price; generation
technical assessment and are valued based on volumes; the proportion of external funding
the Group\u2019s internal projections of forward power achievable; discount rate; and project
prices under revenue support contracts available probability of success.
in Japan. The projections are dependent on the A 10% decrease in forecast power price to
Japanese government\u2019s continued support for between \u00a510 \u2013 \u00a527 per kWh under revenue
the development of offshore wind projects.
support scheme results in a full impairment of
Cash outflows are based on forecast asset costs, carrying value.
planned and expected maintenance profiles and A 1 percentage point reduction to the
other capital or replacement costs.
generation capacity factor results in an
For the purposes of the impairment test, the VIU impairment of \u00a325.4m.
model includes cashflows for three early-stage A 0.25% increase to the Group\u2019s assumption on
offshore wind projects (2023: four) out of a total external funding proportion decreases the
of 11 acquired by the Group.
headroom to \u00a330.1m.
The cash flow projections are based on Japanese A 0.5% increase to the discount rate assumption
power prices, per foundation type, between \u00a512 decreases the headroom to \u00a341.2m.
\u2013 \u00a530 per kWh (2023: \u00a515 \u2013 \u00a528 per kWh) and
have been discounted applying a pre-tax real A decrease of project probability from three to
discount rate of 9.7% (2023: 8.5%) based on two early stage projects results in a range of
technology and market risks. The discount rate is outcomes from headroom of \u00a36.3m to an
based on assumptions of the capital cost of the impairment of \u00a368.1m.
project and the proportion of external project
funding available in the local market.
Energy
5 years
Modelling methodology and assumptions
Conclusion
Customer The Group has capitalised goodwill of \u00a331.7m At 31 March 2024, the impairment review
Solutions
(2023:
\u00a331.7m) in relation to the acquisition
indicates headroom of \u00a316.8m on the carrying
of the Energy Solutions Group in 2016. The value of \u00a331.7m. A decrease in forecast
business designs, installs and optimises building cashflows of 20% would result in headroom of
management technologies which deliver efficient \u00a37.1m. An increase in the discount rate of 2.5%
operating environments for its customers. would result in an impairment of \u00a30.3m.
The VIU of the business CGU has been based on
an 8.0% (2023: 5.6%) pre-tax real discount rate.
15.2. Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing Where an indicator of impairment exists, the recoverable amounts of the Group\u2019s property, plant and equipment, other intangible assets and interests in joint ventures and associates are determined by reference to VIU or, where appropriate, fair value less costs to sell calculations. The calculations use, as their starting point, pre-tax cash flow projections based on the Group\u2019s ten year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based on past experience and reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal estimates. Fair value less costs to sell valuations are derived from market analysis for similar transactions, adjusted to specific circumstances of the Group\u2019s investment to reflect the amount the Group believes will be recoverable in a sale transaction. Note that the Group will expense any individual asset, investment or development asset, should it clearly be damaged, obsolete or economically impaired, as part of its normal course of business. Changes from prior year The specific assets and investments identified for impairment reviews in the prior year (being the GB CCGTs; Great Island CCGTs; Gas Storage facilities at Aldbrough and Atwick; 50% joint venture investment in Triton Power; and 50% joint venture investment in Neos Networks) continued to display indicators of impairment and all remained subject to impairment testing at 31 March 2024. No new assets were identified as displaying indicators of impairment or impairment reversal.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
GB CCGTs Period to end Modelling methodology and assumptions Conclusion
(Keadby, Medway, of life The VIU of the Group\u2019s GB combined cycle gas At 31 March 2024 the fair valuation exercise
Peterhead and turbine (\u2018CCGT\u2019) power stations were based on indicated reduced, but still significant,
Marchwood (PPA pre-tax discounted cash flows expected to be headroom above the carrying value, therefore
Right of use lease generated by each plant, based on no impairment was recognised.
asset) power management\u2019s view of operating prospects and Sensitivity analysis
stations) operational flexibility within the GB wholesale A 20% decrease in gross margin would continue
market, including capacity market clearing prices. to result in significant headroom for each asset.
Cash flows are subject to a pre-tax real discount
rate between 10.0% and 15.3% (2023: between Due to many of the assets nearing the end of
10.0% and
19.4%).
their useful lives, the impairment models are
Changes from prior year not sensitive to the discount rate, therefore no
Certain assets within the Group\u2019s GB CCGT fleet sensitivity analysis on the discount rate was
performed.
are nearing the end of their operational life and
are therefore more sensitive to fluctuations in The assets which have had their useful lives
market assumptions. During the year, a technical extended in the period have done so due to
assessment has been performed which resulted being awarded capacity mechanism contracts
in an extension change to end of life assumptions in the T-4 auction. These assets would be more
for Keadby, Medway and Peterhead, from March sensitive to fluctuations in non-contracted
2028 to March 2030. capacity mechanism prices, however a
At 31 March 2024, decreases in short-term gas sensitivity has not been performed as the assets
and carbon prices have resulted in a decrease in subject to impairment testing are contracted
into future periods.
UK power prices. As a result, the observable spark
margins assumed for the GB CCGT assets has TCFD related sensitivity analysis \u2013 GB CCGTs
decreased, which was considered an indicator The future introduction of legislation restricting
of impairment at 31 March 2024. power generation from unabated gas fired
power stations beyond 2030 has been identified
as a potential risk the Group could be exposed
to as the UK transitions to a net zero economy.
This has not been treated as an indicator of
impairment at 31 March 2024 as legislation has
not been introduced or enacted by the balance
sheet date and therefore has not been factored
into the impairment analysis above.
Despite the extension of the useful lives for
Keadby, Peterhead and Medway, most of the
Group\u2019s GB CCGTs are nearing the end of their
economic life and are projected to cease
operations by 2030. Of the Group\u2019s GB CCGTs,
only Keadby 2, Marchwood and Saltend (Triton)
are projected to operate beyond this date. If
legislation was introduced requiring the closure
of these assets by 2030, it would result in an
impairment of \u00a3155.3m to Keadby and an
impairment of \u00a354m to the equity investment in
Marchwood at 31 March 2024. The sensitivity
for Saltend (Triton) is included later in this note.
Under the TCFD Accelerated Gas Closure risk
risk
2030
1.5\u00b0C scenario, the indicative potential
present value of the future economic benefit
lost from early closure of Keadby 2 and
Marchwood by 2030 was in the range of \u00a30.3bn
\u2013 \u00a30.4bn.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Great Island Period to end Modelling methodology and assumptions Conclusion
CCGT of life The VIU of the Group\u2019s Great Island CCGT power The VIU assessment performed on the asset
station was based on pre-tax discounted cash at 31 March 2024 indicated no impairment.
flows expected to be generated by the plant The carrying value of the Great Island asset at
based on management\u2019s view of the plant\u2019s 31 March 2024 is \u00a3251.6m (2023: \u00a3269.9m)
operating prospects. Cash flows are subject to a against an assessed recoverable value of
pre-tax real discount rate of 11.2% (2023: 12.4%) \u00a3320.2m (2023: \u00a3280.4m).
reflecting the specific risks in the Irish market.
Sensitivity analysis
A 0.5% increase in the discount rate would
continue to result in significant headroom.
A 20% decrease in gross margin would result in
an impairment of \u00a314.5m.
A \u20ac10/KW decrease in projected non-
contracted capacity market prices would
continue to result in significant headroom.
TCFD related sensitivity analysis \u2013 Great
Island CCGTs
The future introduction of legislation restricting
power generation from unabated gas fired
power stations beyond 2030 has been identified
as a potential risk the Group could be exposed
to as Ireland transitions to a net zero economy.
This has not been treated as an indicator of
impairment at 31 March 2024, as legislation has
not been introduced or enacted by the balance
sheet date and therefore has not been factored
into the impairment analysis above.
Great Island is projected to operate beyond
2030,
and so while legislation has not been
introduced requiring the shortening of the
economic life to this date, the Group has
performed a sensitivity analysis to the
impairment test noted above. If legislation was
introduced requiring the closure of Great Island
by
2030,
it would result in an impairment of
\u00a360.8m at 31 March
2024.
Under the TCFD Accelerated Gas Closure risk
2030
1.5\u00b0C scenario, the indicative potential
present value of future economic benefit lost
from early closure of Great Island by 2030 was
less than \u00a30.1bn.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Gas Storage Period to end Modelling methodology and assumptions Conclusion
assets (Atwick of life The VIU of the Group\u2019s Gas Storage assets at The VIU assessment performed on the assets
and Aldbrough) Aldbrough and Atwick were based on pre-tax indicated an impairment of \u00a385.7m (2023:
discounted cash flows expected to be generated \u00a345.7m reversal) to Aldbrough and an impairment
by the storage facilities based on management\u2019s of \u00a348.4m to Atwick (2023: \u00a3nil).
view of the assets\u2019 operating prospects. Cash Following the impairment assessment at
flows are subject to a pre-tax real discount rate of 31 March 2024, the carrying value of Aldbrough is
11.7% (2023: 18.8%) for Atwick and 10.4% (2023: \u00a33.0m (2023: \u00a392.6m) and the carrying value of
13.8%) for Aldbrough reflecting risks specific to Atwick is \u00a36.3m (2023: \u00a362.3m). Both carrying
the assets.
values represent the net book value of the
The key assumptions applied in the valuation of storage assets and exclude the carrying value of
the assets are gas price volatility and the mean cushion gas volumes.
reversion rate (\u2018MRR\u2019). The gas price volatility Sensitivity analysis \u2013 Atwick
assumption reflects management\u2019s view of price A sensitivity performed with a high gas price
fluctuations between periods where the Group assumption (represents an increase in the price
can purchase gas at a low price, store it and sell by 10%) would reduce the impairment recognised
during periods of peak prices. The assumption is at the Atwick facility at 31 March 2024 from
based on market observed volatility in the last \u00a348.4m to \u00a338.1m. A low gas price assumption
five years adjusted to remove periods of extreme (represents a decrease in the price by 10%) would
volatility and management\u2019s view on projected increase the impairment recognised at 31 March
volatility in future periods. MRR represents the 2024 from \u00a348.4m to \u00a354.7m and would
time taken for the market to return to average represent a full impairment.
after a period of increase or decline. The MRR
combined with absolute gas price and volatility A sensitivity performed with a high volatility
rate derives management\u2019s estimate of assumption would reduce the impairment
recoverable value of the assets. Management recognised at the Atwick facility at 31 March 2024
assessed that the decrease in gas prices observed from \u00a348.4m to \u00a328.6m.
during the year was a trigger for a formal A low volatility assumption would increase the
impairment review.
impairment recognised at 31 March 2024 from
The Group recorded exceptional impairments \u00a348.4m to \u00a354.7m and would represent a full
of \u00a385.7m at 31 March 2024 (2023: \u00a345.7m impairment.
impairment reversal) on its Aldbrough asset and A high sensitivity of the MRR assumption
\u00a348.4m (2023: nil) on its Atwick asset, based (represents an increase in the rate by 1.0) would
largely on decreases to short term observable reduce the impairment recognised at 31 March
gas prices and lower volatility assumptions. 2024 from \u00a348.4m to \u00a326.0m.
Sensitivity analysis \u2013 Aldbrough
A sensitivity performed with a high gas price
assumption (represents an increase in the price
by 10%) would reduce the impairment recognised
at 31 March 2024 from \u00a385.7m to \u00a367.5m. A low
gas price assumption (represents a decrease in
the price by 10%) would increase the impairment
recognised at 31 March 2024 from \u00a385.7m to
\u00a388.7m and would represent a full impairment.
A sensitivity performed with a high volatility
assumption would reduce the impairment
recognised at 31 March 2024 from \u00a385.7m to
\u00a349.7m.
A low volatility assumption would increase the
impairment recognised at 31 March 2024 from
\u00a385.7m to \u00a388.7m and would represent a full
impairment.
A high sensitivity of the MRR assumption
(represents an increase in the rate by 1.0) would
reduce the impairment recognised at 31 March
2024 from \u00a385.7m to \u00a343.7m.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Investment in Period to end Modelling methodology and assumptions Conclusion
Triton Power of life The Group has valued its 50% joint venture The Group has recorded an exceptional
Holdings Limited investment Triton Power Holdings Limited impairment of \u00a363.2m (2023: \u00a3291.6m) on its
(\u2018Triton\u2019) based on projected cashflows that will investment in Triton during the year. The
be derived from the investment on a VIU basis. impairment was recognised in the Group\u2019s
The VIU assessment of the Triton power stations results for the six months ended 30 September
(Saltend, Indian Queens and Deeside) were based
2023
. At 31 March 2024, the Group performed a
on pre-tax discounted cash flows expected to be no further impairment or impairment reversal further impairment assessment which indicated
generated by each plant, based on existed at 31 March 2024.
management\u2019s view of operating prospects and
operational flexibility within the GB wholesale The Group acquired its investment in Triton on
market, including capacity market clearing prices. 1 September 2022 during a period of significant
Cash flows are subject to a pre-tax real discount volatility in the UK power market. On acquisition
rate of 13.2% (blended) (2023: 15.6% (blended)). the Group recorded an exceptional gain on
The decreases in short-term gas and carbon acquisition due to movements in short term gas
prices and the resultant decrease in UK power and power prices between the purchase
prices described in the GB CCGT impairment agreement and completion dates. The Group\u2019s investment in Triton has been carried at fair value
note above also acted as an indicator of since acquisition and is therefore susceptible to
impairment for Triton.
movements in market observable assumptions.
The Group\u2019s carrying value of equity investment
at 31 March 2024 is \u00a3152.5m (2023: \u00a3253.9m).
Sensitivity analysis
A 0.5% increase in the discount rate would
increase the impairment recognised at 31 March
2024 from \u00a363.2m to \u00a366.1m. A 0.5% decrease in
the discount rate would reduce the impairment
recognised from \u00a363.2m to \u00a357.4m.
A 20% increase in gross margin would result in a
reduction in the impairment charge to \u00a339.6m,
and a 20% decrease in gross margin would
increase the impairment to \u00a384.1m.
A \u00a310/KW increase in non-contracted capacity
market price would decrease the impairment
charge to \u00a343.6m and a \u00a310/KW decrease would
increase the impairment charge to \u00a380.2m.
TCFD related sensitivity analysis \u2013 Triton
The future introduction of legislation restricting
power generation from unabated gas fired
power stations beyond 2030 has been identified
as a potential risk the Group could be exposed
to as the UK transitions to a net zero economy.
This has not been treated as an indicator of
impairment at 31 March 2024, as legislation has
not been introduced or enacted by the balance
sheet date and therefore has not been factored
into the impairment analysis above.
Triton is projected to operate beyond this date,
and so while legislation has not been introduced
requiring the shortening of the economic life to
this date, the Group has performed a sensitivity
analysis to the impairment test noted above. If
legislation was introduced requiring the closure
of Triton by 2030, it would result in a further
impairment to the investment in Triton of
\u00a378.2m at 31 March
2024.
Under the TCFD Accelerated Gas Closure risk
2030
1.5\u00b0C scenario, the indicative potential
present value of the future economic benefit
lost from early closure of Triton by 2030 was
less than \u00a30.1bn.
Cash flow
Assets
period assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Investment in
n/a
Modelling methodology and assumptions
Conclusion
Neos Networks The Group has valued its 50% joint venture The valuation exercise resulted in a wide range
Limited investment in Neos Networks Limited (\u2018NNL\u2019) of reasonably probable valuations for the
based on projected valuations that could be business from an impairment of \u00a349.5m to an
achieved in a market transaction, using earnings impairment of \u00a3113.4m.
multiples observable from recent similar The Group has assessed that within this range
transactions. Due to the nature of the valuation of valuations, a point valuation resulting in an
technique, which was performed to approximate impairment of \u00a373.6m (2023: \u00a337.7m) best
an achievable fair value less costs to sell, a wide represents the recoverable value of the
range of valuations were derived from this investment.
exercise. The Group has used a point estimate
valuation within the range of possible valuations Following the impairment, the Group\u2019s carrying
based on earnings targets and multiples that the value of equity investment, shareholder loans
Group believes are achievable. The Group has and receivables due from NNL is \u00a392.2m (2023:
assessed that this is a Level 3 valuation in the fair \u00a3174.8m).
value hierarchy, with the key inputs being EBITDA Sensitivity analysis
and the transaction multiple.
Sensitivity analysis was performed in relation to
the EBITDA and the multiple applied in deriving
the valuation. A 10% increase in the EBITDA
assumption would reduce the impairment to
\u00a362.8m, whereas a 33% decrease in the EBITDA
assumption would result in an impairment
of \u00a3105.8m.
A 10% decrease to the multiple assumption
would result in an impairment of \u00a385.1m,
whereas a 10% increase to the multiple
assumption would decrease the impairment
to \u00a361.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-742": { "value": "
16. Investments
16.1. Joint Ventures and associates
2024
2023 (restated*)
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,975.7
1,115.4
3,091.1
1,262.2
736.9
1,999.1
Additions
280.6
244.7
525.3
263.6
489.7
753.3
Repayment of shareholder loans
\u2013
(14.6)
(14.6)
\u2013
(61.4)
(61.4)
Dividends received
(223.7)
\u2013
(223.7)
(294.1)
\u2013
(294.1)
Share of profit after tax
(i)
\u2013 continuing operations
115.9
\u2013
115.9
663.6
\u2013
663.6
Share of other comprehensive income
(40.9)
\u2013
(40.9)
342.4
\u2013
342.4
Disposals
(3.0)
\u2013
(3.0)
(0.2)
\u2013
(0.2)
Transfer \u2013 Loans to Equity
(54.4)
54.4
\u2013
50.0
(50.0)
\u2013
Transfers \u2013 Other Investments
24.1
\u2013
24.1
\u2013
\u2013
\u2013
Impairments
(90.8)
(46.0)
(136.8)
(329.3)
\u2013
(329.3)
Investment (decrease)/increase in respect of financial
guarantees
(18.9)
\u2013
(18.9)
16.0
\u2013
16.0
Exchange rate adjustments
(1.4)
(1.0)
(2.4)
1.5
0.2
1.7
At 31 March
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
(ii)
(iii)
(i) Of the \u00a3115.9m (2023: \u00a3663.6m) share of profits from continuing operations, only \u00a3114.1m (2023: \u00a3662.3m) is recognised through the income statement. The \u00a31.8m (2023: \u00a31.3m)
difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation.
(ii) Impairments of \u00a3136.8m (2023: \u00a3329.3m) include charges of \u00a363.2m (2023: \u00a3291.6m) in relation to the Group\u2019s Triton joint venture, and \u00a373.6m (2023: \u00a337.7m) in relation to the
Group\u2019s investment in Neos Networks, of which \u00a373.6m (2023: \u00a35.9m) has been treated as exceptional and \u00a3nil (2023: \u00a331.8m) has been treated as non-exceptional, see note 7.
(iii) The investment (decrease)/increase in respect of financial guarantees relates to \u00a322.2m (2023: \u00a3nil) of unwind and expiry of guarantee contracts, less \u00a33.3m (2023: \u00a316.0m) for the
fair value of fees receivable on guarantees granted to joint venture investments during the year.
16.2. Additions and disposals of equity in the current year
Additions in the year
On 21 March 2024 the Group completed the purchase of 50% of the equity in eight onshore wind development projects in Ireland from
Bord na Mona Powergen Limited for cash consideration of \u00a341.9m.
During the year ended 31 March 2024 the Group provided equity and loans to its existing joint venture investments of \u00a3237.9m and \u00a3235.9m
respectively, primarily in relation to Seagreen Wind Energy Limited and Dogger Bank A Offshore Wind Farm.
Disposals in the year
There were no significant disposals in the current year, the Group has received \u00a314.9m of cash and recognised a gain in the income
statement of \u00a39.0m in relation to investments in associates.
16.3. Acquisitions and disposals of equity in the previous year
Additions in the previous year
On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings
Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the
year ended 31 March 2023 is provided in note 12.1.
Additionally, during the year ended 31 March 2023 the Group provided equity and loans to its existing joint venture investments of \u00a3141.4m
and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited and Doggerbank A Offshore Wind Farm.
Disposals of equity in the previous year
There were no significant disposals of equity in the prior year.
16.4. Principal joint ventures and associates
Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the
purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and
cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures,
joint operations, associates and investments are included in the Accompanying Information (A3
).
Share of results of joint ventures and associates
2024
2024
2024
2024
2023
Thermal
Windfarms Generation Other Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
359.9
563.7
80.0
1,003.6
1,564.8
Other income
88.1
\u2013
\u2013
88.1
10.2
Depreciation and amortisation
(121.6)
(40.6)
(46.6)
(208.8)
(201.1)
Other operating costs
(91.6)
(490.5)
(63.3)
(645.4)
(700.0)
Operating profit
234.8
32.6
(29.9)
237.5
673.9
Interest expense
(103.2)
2.7
(10.2)
(110.7)
(70.1)
Changes in fair value of derivatives
82.0
(20.6)
\u2013
61.4
202.9
Corporation tax
(63.5)
(10.5)
(0.1)
(74.1)
(143.1)
Share of post taxation results
150.1
4.2
(40.2)
114.1
663.6
Recognised in other comprehensive income
Cashflow hedges
(54.6)
0.1
\u2013
(54.5)
456.5
Taxation
13.6
\u2013
\u2013
13.6
(114.1)
Total comprehensive income
109.1
4.3
(40.2)
73.2
1,006.0
(i)
Share of joint ventures and associates\u2019 assets and liabilities
2024
2024
2024
2024
2023
Thermal Total
Windfarms Generation Other Total \u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m (restated*)
Non-current assets
6,171.5
427.7
310.5
6,909.7
6,093.0
Current assets
156.9
153.8
19.5
330.2
486.9
Cash and cash equivalents
309.3
50.0
13.7
373.0
263.3
Current liabilities
(355.6)
(72.3)
(68.1)
(496.0)
(484.1)
Non-current liabilities
(5,335.8)
(216.6)
(172.9)
(5,725.3)
(5,013.4)
946.3
342.6
102.7
1,391.6
1,345.7
Other adjustments
593.8
9.0
(31.2)
571.6
630.0
Share of net assets of joint ventures and associates
1,540.1
351.6
71.5
1,963.2
1,975.7
Shareholder loans
1,121.6
173.6
57.7
1,352.9
1,115.4
Interest in joint venture and associate
2,661.7
525.2
129.2
3,316.1
3,091.1
(i)
(i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited.
* The comparatives have been restated. See note 2.1.
Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 .
16.5. Joint operations
Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group.
Principal Country of Class of Proportion of Group
activity incorporation shares held shares held (%)
Interest (%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Windfarm
UK
Ordinary
50.0
50.0
31 March
Eastern Green Link 2 Limited
Power Transmission
UK
Ordinary
50.0
37. 5
31 March
The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties
sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm.
Eastern Green Link 2 Limited is a joint operation between SHET and National Grid Electricity Transmission plc to install a 2GW subsea
high-voltage connection.
The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage
facility owned by SSE Hornsea Limited.
16.6. Other investments held at fair value through other comprehensive income
Total
\u00a3m
At 31 March 2022
8.7
Additions in year
19.1
Fair value adjustment through other comprehensive income
(0.4)
At 31 March 2023
27.4
Disposals in year
(0.4)
Transfers to investments in joint ventures and associates
(24.1)
Fair value adjustment through other comprehensive income
0.3
At 31 March 2024
3.2
In the current year the classification of an investment of \u00a324.1m (2023: \u00a3nil) has been reassessed and reclassified from \u2018Other investments\u2019
to \u2018Equity investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of
ownership and influence over the investee; comparative amounts have not been re-presented.
A3.1.2. Joint arrangements (incorporated)
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
AtlasConnect Limited
Scotland
A
50.0
50.0
Dormant
Baglan Pipeline Limited
England and Wales
K
50.0
50.0
Dormant
Beatrice Offshore Windfarm Holdco Limited
Scotland
A
40.0
40.0
Holding Company
Beatrice Offshore Windfarm Limited
Scotland
A
40.0
40.0
Power Generation
Bellair Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
Cloosh Valley Wind Farm Designated Activity
Company
Ireland
L
25.0
25.0
Power Generation
Cloosh Valley Wind Farm Holdings Designated
Activity Company
Ireland
L
25.0
25.0
Holding Company
Clyde Windfarm (Scotland) Limited
Scotland
A
50.1
50.1
Power Generation
Coolnagun Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Cornafulla Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Warehousing and storage
DB Operational Base Limited
England and Wales
J
40.0
40.0
facilities
Deeside Power (UK) Limited
England and Wales
AF
50.0
50.0
Power Generation
Deeside Power Operation Limited
England and Wales
AF
50.0
50.0
Power Generation
Derryfadda Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Digital Reach Partners Limited
Scotland
A
50.0
50.0
Telecommunications
Doggerbank Offshore Wind Farm Project 1
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 1 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 2
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 2 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 3 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3 And 4
Leaseco Limited (formerly Gatroben Offshore
Developments 3 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4
Holdco Limited (formerly Gatroben Offshore
Developments 1 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4 Projco
Limited (formerly Gatroben Offshore
Developments 2 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Dunmaglass Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Eastern Green Link 2 Limited
England and Wales
AI
50.0
\u2013
Power Transmission
Everwind Limited
Ireland
S
49.0
49.0
Power Generation
Fearna PSH Limited
England and Wales
B
50.0
\u2013
Renewable Development
Garryhinch Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Greater Gabbard Offshore Winds Limited
England and Wales
B
50.0
50.0
Power Generation
Green Energy Company Limited
Ireland
M
47.5
47.5
Dormant
Green H2 Developments Hold Co Limited
England and Wales
B
50.0
50.0
Holding Company
Green H2 Developments Project Co Limited
England and Wales
B
50.0
50.0
Renewable Development
Green Way Energy Limited
Ireland
M
50.0
50.0
Holding Company
H2NE Parentco Limited
England and Wales
AL
50.0
\u2013
Holding Company
H2Northeast Limited
England and Wales
AL
50.0
\u2013
Renewable Development
ICE Santa Engracia, S.L.U.
Spain
AO
44.6
\u2013
Renewable Development
Indian Queens Power Limited
England and Wales
AF
50.0
50.0
Power Generation
Kerry Power Limited
Ireland
M
49.0
49.0
Power Generation
Kilberry Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
** *** ***
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Lely Alpha Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Alpha Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lemanaghan Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Lenalea Wind Farm Designated Activity Company Ireland
C
50.0
50.0
Renewable Development
Littleton Wind Farm Designated Activity Company Ireland
AM
50.0
\u2013
Renewable Development
Marchwood Power Limited
England and Wales
N
50.0
50.0
Power Generation
Marron Activ8 Energies Limited
Ireland
R
50.0
50.0
Energy Related Services
Midas Energy Limited
Ireland
M
49.0
49.0
Power Generation
Neos Networks Limited
Scotland
A
50.0
50.0
Telecommunications
NNXYZ Limited
England and Wales
B
50.0
50.0
Telecommunications
North Falls Offshore Wind Farm Holdco Limited
***
England and Wales
AG
50.0
50.0
Holding company
North Falls Offshore Wind Farm Limited
England and Wales
AG
50.0
50.0
Renewable Development
Ossian Offshore Wind Farm Holdings Limited
Scotland
A
40.0
40.0
Holding company
Ossian Offshore Wind Farm Limited
Scotland
A
40.0
40.0
Renewable Development
Poseidon Offshore Wind Holdco Pty Limited
Australia
AK
50.0
\u2013
Holding company
Poseidon Offshore Wind Pty Limited
Australia
AK
50.0
\u2013
Renewable Development
Pride (SERP) Limited
England and Wales
AP
50.0
\u2013
Contracting
Saltend Cogeneration Company Limited
England and Wales
AF
50.0
50.0
Power Generation
Saltend Operations Company Limited
England and Wales
AF
50.0
50.0
Power Generation
SCCL Holdings Limited
England and Wales
AF
50.0
50.0
Holding Company
Seabank Power Limited
England and Wales
O
50.0
50.0
Power Generation
Seagreen 1A (Holdco) Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen 1A Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Alpha Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Bravo Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Holdco 1 Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
SSE Slough Multifuel Holdco Limited
England and Wales
B
50.0
50.0
Holding company
SSE Slough Multifuel Limited
England and Wales
B
50.0
50.0
Power Generation
Stronelairg Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Sunflower Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Sunflower Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Triton Power Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Intermediate Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Limited
Jersey
AH
50.0
50.0
Power Generation
Tulip Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Tulip Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
*** ** 50.1% of voting rights held *** Joint Operation A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group:
Country Group
of Class of Proportion of Interest Year Consolidation
Company
Principal activity
incorporation shares held shares held % % end date basis
Seabank Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Limited
Power Generation
UK
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Seagreen Wind Energy Limited
Power Generation
UK
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Limited Power Generation
UK
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Triton Power Holdings Limited
Power Generation
Jersey
Ordinary
50.0
50.0
31 December
Equity
Neos Networks Limited
Telecoms
UK
Ordinary
50.0
50.0
31 March
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
Offshore
Clyde Seagreen Beatrice Triton Wind Farm
Seabank Marchwood SSE Slough Windfarm Holdco 1 Offshore Dunmaglass Stronelairg Power Neos Project 1
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks Projco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
258.8
56.3
0.9
168.3
282.0
155.1
37. 1
90.7
811.5
122.3
0.5
69.3
2,052.8
Other income
\u2013
\u2013
\u2013
\u2013
220.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
220.3
Depreciation and
amortisation
(6.9)
(39.7)
\u2013
(29.0)
(81.5)
(87.8)
(7.7)
(13.7)
(34.6)
(93.2)
(0.4)
(26.7)
(421.2)
Other operating
costs
(197.0)
(28.8)
(4.4)
(38.3)
(36.1)
(112.1)
(7.3)
(19.5)
(750.9)
(93.7)
(2.8)
(28.0)
(1,318.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
167.4
\u2013
\u2013
\u2013
(41.2)
\u2013
\u2013
\u2013
126.2
Operating profit
54.9
(12.2)
(3.5)
101.0
331.8
175.5
22.1
57.5
(15.2)
(64.6)
(2.7)
14.6
659.2
Interest expense
0.8
(3.2)
(0.5)
(16.8)
(121.0)
(62.2)
(5.8)
(10.8)
8.4
(20.4)
\u2013
(8.0)
(239.5)
Profit before tax
55.7
(15.4)
(4.0)
84.2
210.8
113.3
16.3
46.7
(6.8)
(85.0)
(2.7)
6.6
419.7
Corporation tax
(13.9)
1.0
(4.1)
(21.9)
(55.3)
(38.8)
(4.2)
(12.0)
(4.2)
\u2013
(0.7)
(3.8)
(157.9)
Profit after tax
41.8
(14.4)
(8.1)
62.3
155.5
74.5
12.1
34.7
(11.0)
(85.0)
(3.4)
2.8
261.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.2
\u2013
(46.3)
(1.4)
\u2013
\u2013
\u2013
\u2013
(31.9)
(46.6)
(126.0)
Taxation
\u2013
\u2013
(0.1)
\u2013
11.6
0.4
\u2013
\u2013
\u2013
\u2013
8.0
11.7
31.6
Total
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
comprehensive
income/(loss)
41.8
(14.4)
(8.0)
62.3
120.8
73.5
12.1
34.7
(11.0)
(85.0)
(27.3)
(32.1)
167.4
SSE share of
profit (based
on % equity)
20.9
(7. 2)
(4.0)
31.2
76.2
29.8
6.1
17.4
(5.5)
(42.5)
(1.4)
(6.9)
114.1
Dividends paid to
shareholders
38.0
14.3
\u2013
146.0
42.8
34.3
33.0
70.0
65.0
\u2013
\u2013
18.4
461.8
Non-current assets
89.5
124.1
192.5
537.9
3,556.6 1,873.1
173.3
316.3
432.9
538.0
3,115.0
4,866.1
15,815.3
Current assets
37.3
37.4
229.2
80.8
47.8
70.9
19.3
41.9
3.6
32.0
34.2
57.8
692.2
Cash and cash
equivalents
70.8
19.6
5.0
40.6
245.7
102.3
8.6
29.1
4.6
22.0
87.4
187.8
823.5
Current liabilities
(14.0)
(34.6)
(77.3)
(12.7)
(309.0)
(181.3)
(3.1)
(10.6)
(18.6)
(131.0)
(65.6)
(225.1)
(1,082.9)
Non-current
liabilities
(46.0)
(37.7)
(20.6)
(434.4)
(3,0
05.
8)
(1,752.9)
(145.4)
(261.4)
(328.9)
(346.0)
(2,726.1)
(4,138.2)
(13,243.4)
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group equity
interest
50.0%
50.0%
50.0%
50.1%
49.0%
40.0%
50.1%
50.1%
50.0%
50.0%
40.0%
\u2013
\u2013
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group\u2019s share of
ownership
interest
68.8
54.4
164.4
106.1
262.3
44.8
26.4
57.8
46.8
57.5
178.0
324.3
1,391.6
Other
adjustments
(20.4)
(0.3)
(79.1)
32.6
224.8
(16.0)
66.9
208.3
108.8
(22.9)
2.3
66.6
571.6
Carrying value of
Group\u2019s equity
interest
48.4
54.1
85.3
138.7
487.1
28.8
93.3
266.1
155.6
34.6
180.3
390.9
1,963.2
(i) (i) In addition to the above the following joint ventures and associates have an equity carrying value that constitutes a material investment of the group: Doggerbank Offshore Wind Farm Project 2 Projco Limited \u00a3119.2m (2023: \u00a3129.8m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a387.3m (2023: \u00a386.2m) and Ossian Offshore Wind Farm Limited \u00a355.3m (2023: \u00a341.3m).
(restated*)
Clyde Seagreen Beatrice Triton
Seabank Marchwood SSE Slough Windfarm Wind Offshore Dunmaglass Stronelairg Power Neos
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
274.5
103.8
\u2013
297.5
95.2
376.5
68.7
151.5
1,628.7
159.2
62.3
3,217.9
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
Depreciation and
amortisation
(6.9)
(30.7)
\u2013
(29.1)
(17.9)
(89.6)
(7.7)
(13.7)
(84.0)
(95.0)
(30.4)
(405.0)
Other operating
costs
(216.5)
(21.0)
\u2013
(56.8)
(40.8)
(94.8)
(12.6)
(28.0)
(415.1)
(80.3)
(40.1)
(1,006.0)
Operating profit
51.1
52.1
\u2013
211.6
36.5
217.6
48.4
109.8
1,129.6
(16.1)
(8.2)
1,832.4
Interest expense
(0.7)
(5.2)
\u2013
(18.4)
(20.7)
(65.4)
(6.1)
(12.1)
(2.4)
(20.7)
(3.0)
(154.7)
Profit before tax
50.4
46.9
\u2013
193.2
15.8
152.2
42.3
97.7
1,127.2
(36.8)
(11.2)
1,67
7.7
Corporation tax
(10.6)
(6.1)
\u2013
(35.6)
(3.8)
(26.0)
(8.1)
(19.1)
(179.2)
\u2013
(4.2)
(292.7)
Profit after tax
39.8
40.8
\u2013
157.6
12.0
126.2
34.2
78.6
948.0
(36.8)
(15.4)
1,385.0
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
6.2
\u2013
141.0
152.4
\u2013
\u2013
\u2013
\u2013
807.6
1,107. 2
Taxation
\u2013
\u2013
(1.6)
\u2013
(35.3)
(38.1)
\u2013
\u2013
\u2013
\u2013
(201.8)
(276.8)
\u2013
\u2013
4.6
\u2013
105.7
114.3
\u2013
\u2013
\u2013
\u2013
605.8
830.4
Total
comprehensive
income/(loss)
39.8
40.8
4.6
157.6
117.7
240.5
34.2
78.6
948.0
(36.8)
590.4
2,215.4
SSE share of
profit (based
on % equity)
19.9
20.4
\u2013
78.9
5.9
50.5
17.1
39.3
474.0
(18.4)
(24.0)
663.6
Dividends paid to
shareholders
47.0
22.4
\u2013
169.1
\u2013
146.5
35.2
93.6
101.4
\u2013
2.0
617.2
Non-current
assets
96.2
154.1
353.5
560.4
3,229.8
1,906.0
175.0
330.2
189.6
626.2
6,288.3
13,909.3
Current assets
48.8
53.5
10.0
119.0
19.4
50.5
27.5
58.2
507.0
41.9
59.9
995.7
Cash and cash
equivalents
69.3
32.8
8.4
83.4
86.4
91.3
19.0
48.3
16.7
23.3
86.1
565.0
Current liabilities
(19.1)
(38.3)
(23.6)
(20.4)
(57.2)
(176.3)
(4.6)
(19.8)
(301.7)
(144.0)
(246.8)
(1,051.8)
Non-current
liabilities
(61.6)
(65.9)
(265.2)
(437.3)
(2,870.7)
(1,800.4)
(139.3)
(259.0)
(18.0)
(353.1)
(5,241.9)
(11,512.4)
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group equity
interest
50%
50%
50%
50.1%
49%
40%
50.1%
50.1%
50%
50%
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group\u2019s share of
ownership
interest
66.8
68.1
41.5
152.8
199.8
28.4
38.8
79.1
196.8
97.2
376.4
1,345.7
Other
adjustments
(20.3)
0.3
40.8
27.4
149.9
(15.3)
68.1
214.7
73.1
(22.5)
113.8
630.0
Carrying value of
Group\u2019s equity
interest
46.5
68.4
82.3
180.2
349.7
13.1
106.9
293.8
269.9
74.7
490.2
1,975.7
* The comparatives have been restated. See note 2.1. In addition to the above at 31 March 2024, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a312.2m (2023: \u00a325.7m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2023: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2023: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2023: \u00a388.7m); Neos Networks Limited \u00a357.7m (2023: \u00a356.0m); Seagreen Wind Energy Limited \u00a3686.4m (2023: \u00a3593.1m); SSE Slough Multifuel Limited \u00a3157.8m (2023: \u00a3128.0m) and Doggerbank A Offshore Windfarm Limited \u00a387.7m (2023: \u00a3nil). This represents 93% (2023: 96%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-818": { "value": "16. Investments 16.1. Joint Ventures and associates
2024
2023 (restated*)
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,975.7
1,115.4
3,091.1
1,262.2
736.9
1,999.1
Additions
280.6
244.7
525.3
263.6
489.7
753.3
Repayment of shareholder loans
\u2013
(14.6)
(14.6)
\u2013
(61.4)
(61.4)
Dividends received
(223.7)
\u2013
(223.7)
(294.1)
\u2013
(294.1)
Share of profit after tax
(i)
\u2013 continuing operations
115.9
\u2013
115.9
663.6
\u2013
663.6
Share of other comprehensive income
(40.9)
\u2013
(40.9)
342.4
\u2013
342.4
Disposals
(3.0)
\u2013
(3.0)
(0.2)
\u2013
(0.2)
Transfer \u2013 Loans to Equity
(54.4)
54.4
\u2013
50.0
(50.0)
\u2013
Transfers \u2013 Other Investments
24.1
\u2013
24.1
\u2013
\u2013
\u2013
Impairments
(90.8)
(46.0)
(136.8)
(329.3)
\u2013
(329.3)
Investment (decrease)/increase in respect of financial
guarantees
(18.9)
\u2013
(18.9)
16.0
\u2013
16.0
Exchange rate adjustments
(1.4)
(1.0)
(2.4)
1.5
0.2
1.7
At 31 March
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
(ii) (iii) (i) Of the \u00a3115.9m (2023: \u00a3663.6m) share of profits from continuing operations, only \u00a3114.1m (2023: \u00a3662.3m) is recognised through the income statement. The \u00a31.8m (2023: \u00a31.3m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments of \u00a3136.8m (2023: \u00a3329.3m) include charges of \u00a363.2m (2023: \u00a3291.6m) in relation to the Group\u2019s Triton joint venture, and \u00a373.6m (2023: \u00a337.7m) in relation to the Group\u2019s investment in Neos Networks, of which \u00a373.6m (2023: \u00a35.9m) has been treated as exceptional and \u00a3nil (2023: \u00a331.8m) has been treated as non-exceptional, see note 7. (iii) The investment (decrease)/increase in respect of financial guarantees relates to \u00a322.2m (2023: \u00a3nil) of unwind and expiry of guarantee contracts, less \u00a33.3m (2023: \u00a316.0m) for the fair value of fees receivable on guarantees granted to joint venture investments during the year. 16.2. Additions and disposals of equity in the current year Additions in the year On 21 March 2024 the Group completed the purchase of 50% of the equity in eight onshore wind development projects in Ireland from Bord na Mona Powergen Limited for cash consideration of \u00a341.9m. During the year ended 31 March 2024 the Group provided equity and loans to its existing joint venture investments of \u00a3237.9m and \u00a3235.9m respectively, primarily in relation to Seagreen Wind Energy Limited and Dogger Bank A Offshore Wind Farm. Disposals in the year There were no significant disposals in the current year, the Group has received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to investments in associates. 16.3. Acquisitions and disposals of equity in the previous year Additions in the previous year On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the year ended 31 March 2023 is provided in note 12.1. Additionally, during the year ended 31 March 2023 the Group provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited and Doggerbank A Offshore Wind Farm. Disposals of equity in the previous year There were no significant disposals of equity in the prior year. 16.4. Principal joint ventures and associates Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures, joint operations, associates and investments are included in the Accompanying Information (A3 ). Share of results of joint ventures and associates
2024
2024
2024
2024
2023
Thermal
Windfarms Generation Other Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
359.9
563.7
80.0
1,003.6
1,564.8
Other income
88.1
\u2013
\u2013
88.1
10.2
Depreciation and amortisation
(121.6)
(40.6)
(46.6)
(208.8)
(201.1)
Other operating costs
(91.6)
(490.5)
(63.3)
(645.4)
(700.0)
Operating profit
234.8
32.6
(29.9)
237.5
673.9
Interest expense
(103.2)
2.7
(10.2)
(110.7)
(70.1)
Changes in fair value of derivatives
82.0
(20.6)
\u2013
61.4
202.9
Corporation tax
(63.5)
(10.5)
(0.1)
(74.1)
(143.1)
Share of post taxation results
150.1
4.2
(40.2)
114.1
663.6
Recognised in other comprehensive income
Cashflow hedges
(54.6)
0.1
\u2013
(54.5)
456.5
Taxation
13.6
\u2013
\u2013
13.6
(114.1)
Total comprehensive income
109.1
4.3
(40.2)
73.2
1,006.0
(i) Share of joint ventures and associates\u2019 assets and liabilities
2024
2024
2024
2024
2023
Thermal Total
Windfarms Generation Other Total \u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m (restated*)
Non-current assets
6,171.5
427.7
310.5
6,909.7
6,093.0
Current assets
156.9
153.8
19.5
330.2
486.9
Cash and cash equivalents
309.3
50.0
13.7
373.0
263.3
Current liabilities
(355.6)
(72.3)
(68.1)
(496.0)
(484.1)
Non-current liabilities
(5,335.8)
(216.6)
(172.9)
(5,725.3)
(5,013.4)
946.3
342.6
102.7
1,391.6
1,345.7
Other adjustments
593.8
9.0
(31.2)
571.6
630.0
Share of net assets of joint ventures and associates
1,540.1
351.6
71.5
1,963.2
1,975.7
Shareholder loans
1,121.6
173.6
57.7
1,352.9
1,115.4
Interest in joint venture and associate
2,661.7
525.2
129.2
3,316.1
3,091.1
(i) (i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited. * The comparatives have been restated. See note 2.1. Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 . 16.5. Joint operations Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group.
Principal Country of Class of Proportion of Group
activity incorporation shares held shares held (%)
Interest (%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Windfarm
UK
Ordinary
50.0
50.0
31 March
Eastern Green Link 2 Limited
Power Transmission
UK
Ordinary
50.0
37. 5
31 March
The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm. Eastern Green Link 2 Limited is a joint operation between SHET and National Grid Electricity Transmission plc to install a 2GW subsea high-voltage connection. The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage facility owned by SSE Hornsea Limited. 16.6. Other investments held at fair value through other comprehensive income
Total
\u00a3m
At 31 March 2022
8.7
Additions in year
19.1
Fair value adjustment through other comprehensive income
(0.4)
At 31 March 2023
27.4
Disposals in year
(0.4)
Transfers to investments in joint ventures and associates
(24.1)
Fair value adjustment through other comprehensive income
0.3
At 31 March 2024
3.2
In the current year the classification of an investment of \u00a324.1m (2023: \u00a3nil) has been reassessed and reclassified from \u2018Other investments\u2019 to \u2018Equity investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of ownership and influence over the investee; comparative amounts have not been re-presented. A3. Related undertakings A3.1.1. Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Aberarder Wind Farm (Scotland) Limited
Scotland
A
100.0
100.0
Renewable Development
Aberarder Wind Farm LLP
England and Wales
B
100.0
100.0
Renewable Development
Abernedd Power Company Limited
England and Wales
B
100.0
100.0
Holding Company
Aichi Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Aichi Offshore Wind Power No. 2 G.K.
Japan
Y
80.0
80.0
Renewable Development
Airtricity Windfarm Finance Limited
Ireland
C
100.0
100.0
Holding Company
Aldbrough Pathfinder Limited
England and Wales
B
100.0
\u2013
Power Generation
Arklow Offshore Phase II Company Limited
Ireland
C
100.0
100.0
Dormant
Beithe (HK) Limited
Hong Kong
V
\u2013
100.0
Holding Company
Berwick Bank A Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank B Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank C Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank Holdings A Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings B Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings C Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Wind Farm Limited
Scotland
A
100.0
100.0
Renewable Development
Bhlaraidh Extension Wind Farm Limited
Scotland
A
100.0
\u2013
Power Generation
Bhlaraidh Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Bindoo Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
BOC1234
Limited
Scotland
A
\u2013
100.0
Dissolved
Brickmount Limited
Ireland
C
100.0
100.0
Power Generation
Building Automation Solutions Limited
England and Wales
D
100.0
100.0
Dormant
By-Pass Farm Solar Limited
England and Wales
B
100.0
*
100.0
*
Power Generation
Coire Glas Hydro Pumped Storage Limited
Scotland
A
100.0
100.0
Power Generation
Comhlacht Gaoithe Teoranta
Ireland
C
100.0
100.0
Power Generation
Coomacheo Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Coomatallin Windfarm (ROI) Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Curragh Mountain Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Dedondo Limited
Ireland
C
100.0
100.0
Power Generation
Dromada Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Drumnahough Wind Farm Designated Activity
Ireland
C
100.0
100.0
Power Generation
Company
Enerfarm 3 Single Member S.A. Renewable
Greece
AB
100.0
100.0
Renewable Development
Energy Sources
Energia Levante S.r.l.
Italy
AC
100.0
100.0
Renewable Development
Energiaki Kleidi Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Mavrovouniou Single Member Private
Greece
AB
100.0
*
100.0
*
Renewable Development
Company
Energiaki Mesovouniou Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Platorrachis Single Member S.A.
Greece
AB
100.0
*
100.0
*
Renewable Development
Energiaki Velanidias Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Enerveo Ireland Limited
Ireland
Z
100.0
\u2013
Contracting
Enerveo Limited
England and Wales
AN
100.0
\u2013
Contracting
Enshunada Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Ferrybridge Hydrogen Limited
England and Wales
B
100.0
\u2013
Power Generation
Fibre Fuel Limited
England and Wales
B
100.0
100.0
Dormant
Fibre Power (Slough) Limited
England and Wales
B
100.0
100.0
Power Generation
Galway Wind Park Phase 3 Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Ganderoy Limited
Ireland
C
100.0
100.0
Power Generation
Gartnaneane Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Glenora Wind Farm Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Goto-Fukue Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Green Wind Energy (Wexford) Limited
Ireland
C
100.0
*
100.0
*
Renewable Development
Griffin Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Hadyard Hill Wind Farm Limited
Scotland
A
\u2013
100.0
Dormant
Hydro Electric Pension Scheme Trustees Limited
Scotland
A
100.0
100.0
Dormant
Izu Islands Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Keadby Developments Limited
England and Wales
E
100.0
100.0
Dormant
Keadby Generation Limited
England and Wales
E
100.0
100.0
Power Generation
Keadby Wind Farm Limited
England and Wales
B
100.0
100.0
Power Generation
Leanamore Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Limerick West Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Littleton Pastures Solar Limited
England and Wales
B
100.0
100.0
Power Generation
March Winds Limited
Ireland
C
100.0
100.0
Power Generation
Medway Power Limited
England and Wales
B
100.0
100.0
Power Generation
Meentycat Limited
Ireland
C
100.0
100.0
Power Generation
Milane Holdings Limited
Ireland
C
100.0
100.0
Dormant
Minami-Izu Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Mullananalt Wind Farm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Niigata Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Oki Islands Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Optimal Power Networks Limited
England and Wales
B
100.0
100.0
Construction of utility
projects
Platin Power Limited
Ireland
C
100.0
100.0
Dormant
Pomerania PV sp z.o.o. (formerly Optisol 4 sp
Poland
AJ
100.0
\u2013
Renewable Development
z.o.o)
Power from Waste Limited
England and Wales
B
100.0
100.0
Dormant
Richfield Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Scottish and Southern Energy Power
Scotland
A
100.0
100.0
Holding Company
Distribution Limited
Scottish Hydro Electric Power Distribution plc
Scotland
A
100.0
100.0
Power Distribution
Scottish Hydro Electric Transmission plc
Scotland
A
75.0
75.0
Power Transmission
Sheskin South Renewables Power Designated
Ireland
C
100.0
100.0
Renewable Development
Activity Company
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ariel S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Boreas S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Carril S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos del Sur S.A.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Eolo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Gregal S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ladera Negra, S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Loma del Reposo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Marte S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Mercurio S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Neptuno S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Terral S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tomillo S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Urano S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Slough Domestic Electricity Limited
England and Wales
B
100.0
100.0
Dormant
Slough Electricity Contracts Limited
England and Wales
B
100.0
100.0
Electricity Contracting
Slough Energy Supplies Limited
England and Wales
B
100.0
100.0
Dormant
Slough Heat & Power Limited
England and Wales
B
100.0
100.0
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Slough Utility Services Limited
England and Wales
B
100.0
100.0
Distribution of Electricity
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Belle
France
AE
100.0
100.0
Renewable Development
Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
France
AE
100.0
100.0
Renewable Development
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
France
AE
100.0
100.0
Renewable Development
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
France
AE
100.0
100.0
Renewable Development
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
la Voie Pou\u00e7oise
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins
France
AE
100.0
100.0
Renewable Development
du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
France
AE
100.0
100.0
Renewable Development
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Souvans
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
France
AE
100.0
100.0
Renewable Development
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
France
AE
100.0
100.0
Renewable Development
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
France
AE
100.0
100.0
Renewable Development
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
France
AE
100.0
100.0
Renewable Development
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
France
AE
100.0
100.0
Renewable Development
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux
France
AE
100.0
100.0
Renewable Development
SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Pi\u00e8ce du Moulin SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
France
AE
100.0
\u2013
Power Generation
Southern Electric Power Distribution plc
England and Wales
B
100.0
100.0
Power Distribution
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SPV Parco Eolico Libeccio S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Maestrale S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Tramontana S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SSE Airtricity Distributed Energy Limited
Ireland
C
100.0
100.0
Power Distribution
SSE Airtricity Energy Services Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Airtricity Energy Services (NI) Limited
Northern Ireland
Q
100.0
100.0
Energy Related Services
(formerly Fusion Heating Limited)
SSE Airtricity Energy Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Gas Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Battery Monk Fryston Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Battery Salisbury Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Beatrice Offshore Windfarm Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE BTM HoldCo Limited
England and Wales
B
100.0
100.0
Holding Company
SSE BTM Operational Assets Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Contracting Group Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Cottered Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Cumars\u00e1id Teoranta
Ireland
C
100.0
100.0
Telecommunications
SSE Daines BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE DE EV Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE DE Solar Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Derrymeen BESS Limited (formerly Heron
Northern Ireland
F
100.0
\u2013
Renewable Development
Storage No. 1 Limited)
SSE Digital Services Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Eggborough Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Energy Markets Limited (formerly SSE EPM
England and Wales
B
100.0
100.0
Energy Trading
Limited)
SSE Energy Supply Limited
England and Wales
B
100.0
100.0
Energy Supply
SSE Enterprise Limited
England and Wales
B
100.0
100.0
Corporate Services
SSE EV M7 Limited
England and Wales
B
100.0
100.0
Power Generation
SSE EV Operational Assets Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Ewerby Solar Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Ewerby Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Fancott BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Ferrybridge Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Fiddlers Ferry Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Foxholes Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Galloper Offshore Windfarm Holdings
England and Wales
B
\u2013
100.0
Holding Company
Limited
SSE Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Generation Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Group Limited
Scotland
A
100.0
100.0
Dormant
SSE Heat Networks (Battersea) Limited
England and Wales
B
100.0
100.0
Dormant
SSE Heat Networks Limited
Scotland
A
100.0
100.0
Utility Services
SSE Hornsea Limited
England and Wales
B
100.0
100.0
Gas Storage
SSE Hydrogen Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Hydrogen Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE IAMP Microgrid Limited
England and Wales
B
100.0
\u2013
Utility Services
SSE Imperial Park PN Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Insurance Limited
Isle of Man
G
100.0
100.0
Insurance
SSE Knapthorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Low Carbon Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Low Carbon Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Maple Limited
England and Wales
B
100.0
100.0
Investment Holding
SSE Medway Operations Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Micro Renewables Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Multifuel Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Muskham Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Newchurch Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE OWS Glasgow Limited
Scotland
A
100.0
100.0
Property Holding
SSE Pacifico K.K.
Japan
Y
80.0
80.0
Renewable Development
SSE Private Networks Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Production Services Limited
England and Wales
B
100.0
100.0
Maintenance Services
SSE Renewables France SARL (formerly Soci\u00e9t\u00e9
France
AE
100.0
100.0
Renewable Development
d\u2019Exploitation du Parc Eolien de Broyes SARL)
SSE Renewables (Ireland) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Iris Solar 1 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL3 sp. z o.o.)
SSE Renewables Iris Solar 2 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL20 sp. z o.o)
SSE Renewables Iris Solar 3 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL22 sp. z o.o.)
SSE Renewables Iris Solar 4 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL23 sp. z o.o.)
SSE Renewables Iris Solar 5 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL24 sp. z o.o.)
SSE Renewables Iris Solar 6 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL34 sp. z o.o.)
SSE Renewables (Netherlands) Holdings B.V.
Netherlands
AA
100.0
100.0
Holding Company
SSE Renewables Developments (Germany)
Germany
U
100.0
100.0
Renewable Development
GmbH
SSE Renewables Developments (The
Netherlands) B.V.
Netherlands
AA
100.0
\u2013
Renewable Development
SSE Renewables Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Hellas Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
(formerly Energiaki Voursana Single Member
S.A.)
SSE Renewables Holdings (Europe) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Holdings (UK) Limited
Northern Ireland
F
100.0
100.0
Holding Company
SSE Renewables Holdings Germany GmbH
Germany
H
\u2013
100.0
Dormant
SSE Renewables Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables International Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables North America Inc.
United States
W
100.0
100.0
Renewable Development
SSE Renewables North America Offshore
United States
W
100.0
100.0
Renewable Development
Wind LLC.
SSE Renewables North America Services Inc
United States
W
100.0
100.0
Renewable Development
SSE Renewables Off Shore Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Offshore Windfarm Holdings
Scotland
A
100.0
100.0
Holding Company
Limited
SSE Renewables Onshore Windfarm Holdings
Northern Ireland
F
100.0
100.0
Holding Company
Limited
SSE Renewables Poland Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Poland sp z.o.o.
Poland
X
100.0
100.0
Renewable Development
SSE Renewables Services (UK) Limited
Northern Ireland
F
100.0
100.0
Renewable Development
SSE Renewables Solar & Battery Holdings
England and Wales
B
100.0
100.0
Holding Company
Limited (formerly SSE DE Battery Holdco
Limited)
SSE Renewables UK Limited
Northern Ireland
F
100.0
100.0
Power Generation
SSE Renewables Wind (Ireland) Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Wind Farms (Ireland) Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Wind Farms (UK) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Retail Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Seabank Investments Limited
England and Wales
B
100.0
100.0
Dormant
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE Seabank Land Investments Limited
England and Wales
B
100.0
100.0
Dormant
SSE Services plc
England and Wales
B
100.0
100.0
Corporate Services
SSE Southern Group Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Staythorpe Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Power Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe SGT Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Southery Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Stock Limited
Scotland
A
100.0
100.0
Stock Holding
SSE Sunflower Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 1 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 2 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 3 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
\u2013
Renewable Development
Partner 4 B.V.
SSE Thermal Energy Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Thermal Energy Operations Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Thermal Generation (Scotland) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Thermal Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Toddleburn Limited
Scotland
A
100.0
100.0
Power Generation
SSE Trading Limited
England and Wales
B
100.0
100.0
Energy Trading
SSE Trustees Limited
England and Wales
B
100.0
100.0
Dormant
SSE Tulip Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 1 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 2 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 3 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Utility Solutions Limited
England and Wales
B
100.0
100.0
Utility Services
SSE Venture Capital Limited
Scotland
A
100.0
100.0
Investment Holding
SSE Viking Limited
England and Wales
B
100.0
100.0
Renewable Development
SSE(SE) Quest Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Yuza Offshore Wind Power G.K. (formerly
Japan
Y
80.0
\u2013
Renewable Development
SSE Happo-Nishiro Offshore Wind Power
G.K.)
SSEN Distribution Limited
Scotland
A
100.0
100.0
Holding Company
SSEPG (Operations) Limited
England and Wales
B
100.0
100.0
Power Generation
Strathy Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Sure Partners Limited
Ireland
C
100.0
100.0
Renewable Development
S + S Limited
Scotland
A
100.0
100.0
Dormant
Tealing Solar Park Limited
England and Wales
B
100.0
100.0
Power Generation
TESGL Limited
England and Wales
D
100.0
100.0
Building Energy
Management
The Energy Solutions Group Bidco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Midco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Topco Limited
England and Wales
D
100.0
100.0
Dormant
Tokushima Offshore Wind Power G.K.
Japan
Y
80.0
\u2013
Renewable Development
Tournafulla Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Viking Energy (Scottish Partnership)
Scotland
I
100.0
100.0
Renewable Development
Viking Energy Wind Farm LLP
Scotland
A
100.0
100.0
Renewable Development
Wakayama-West Offshore Wind Power No. 1
Japan
Y
80.0
80.0
Renewable Development
G.K.
Wakayama-West Offshore Wind Power No.2
Japan
Y
80.0
80.0
Renewable Development
G.K.
All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held Statutory audit exemptions SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006.
Registered
Company number
Aberarder Wind Farm (Scotland) Limited
SC746968
Aberarder Wind Farm LLP
OC398487
Bhlaraidh Wind Farm Limited
SC663027
Fibre Fuel Limited
02902165
Fibre Power (Slough) Limited
02902170
Keadby Wind Farm Limited
06852112
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited)
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM HoldCo Limited
14413957
SSE BTM Operational Assets Limited
14885059
SSE DE EV Holdco Limited
14278443
SSE DE Solar HoldCo Limited
14189570
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE EV M7 Limited
14418288
SSE EV Operational Assets Limited
14401537
SSE Group Limited
SC126049
SSE Imperial Park PN Limited
02631510
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE OWS Glasgow Limited
SC228283
SSE Private Networks Holdco Limited
14921243
SSE Production Services Limited
02499702
SSE Renewables Holdings (UK) Limited
NI043239
SSE Renewables Offshore Windfarm Holdings Limited
SC436251
SSE Renewables Onshore Windfarm Holdings Limited
NI049557
SSE Renewables Poland Holdings Limited
SC723844
SSE Renewables Solar & Battery Holdings Limited (formerly SSE DE Battery Holdco Limited)
13561962
SSE Renewables UK Limited
NI048447
SSE Renewables Wind Farms (UK) Limited
SC654502
SSE Retail Limited
SC213458
SSE Seabank Investments Limited
02631512
SSE Seabank Land Investments Limited
07877772
SSE Southery Solar Limited
14953142
SSE Staythorpe Battery Limited
14046860
SSE Staythorpe Power Limited
14043534
SSE Staythorpe SGT Limited
14046946
SSE Staythorpe Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Toddleburn Limited
SC259104
SSE Viking Limited
06021053
SSE(SE) Quest Trustee Limited
03487059
SSEPG (Operations) Limited
02764438
Strathy Wind Farm Limited
SC663103
Tealing Solar Park Limited
08783684
A3.1.2. Joint arrangements (incorporated)
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
AtlasConnect Limited
Scotland
A
50.0
50.0
Dormant
Baglan Pipeline Limited
England and Wales
K
50.0
50.0
Dormant
Beatrice Offshore Windfarm Holdco Limited
Scotland
A
40.0
40.0
Holding Company
Beatrice Offshore Windfarm Limited
Scotland
A
40.0
40.0
Power Generation
Bellair Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
Cloosh Valley Wind Farm Designated Activity
Company
Ireland
L
25.0
25.0
Power Generation
Cloosh Valley Wind Farm Holdings Designated
Activity Company
Ireland
L
25.0
25.0
Holding Company
Clyde Windfarm (Scotland) Limited
Scotland
A
50.1
50.1
Power Generation
Coolnagun Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Cornafulla Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Warehousing and storage
DB Operational Base Limited
England and Wales
J
40.0
40.0
facilities
Deeside Power (UK) Limited
England and Wales
AF
50.0
50.0
Power Generation
Deeside Power Operation Limited
England and Wales
AF
50.0
50.0
Power Generation
Derryfadda Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Digital Reach Partners Limited
Scotland
A
50.0
50.0
Telecommunications
Doggerbank Offshore Wind Farm Project 1
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 1 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 2
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 2 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 3 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3 And 4
Leaseco Limited (formerly Gatroben Offshore
Developments 3 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4
Holdco Limited (formerly Gatroben Offshore
Developments 1 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4 Projco
Limited (formerly Gatroben Offshore
Developments 2 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Dunmaglass Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Eastern Green Link 2 Limited
England and Wales
AI
50.0
\u2013
Power Transmission
Everwind Limited
Ireland
S
49.0
49.0
Power Generation
Fearna PSH Limited
England and Wales
B
50.0
\u2013
Renewable Development
Garryhinch Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Greater Gabbard Offshore Winds Limited
England and Wales
B
50.0
50.0
Power Generation
Green Energy Company Limited
Ireland
M
47.5
47.5
Dormant
Green H2 Developments Hold Co Limited
England and Wales
B
50.0
50.0
Holding Company
Green H2 Developments Project Co Limited
England and Wales
B
50.0
50.0
Renewable Development
Green Way Energy Limited
Ireland
M
50.0
50.0
Holding Company
H2NE Parentco Limited
England and Wales
AL
50.0
\u2013
Holding Company
H2Northeast Limited
England and Wales
AL
50.0
\u2013
Renewable Development
ICE Santa Engracia, S.L.U.
Spain
AO
44.6
\u2013
Renewable Development
Indian Queens Power Limited
England and Wales
AF
50.0
50.0
Power Generation
Kerry Power Limited
Ireland
M
49.0
49.0
Power Generation
Kilberry Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
** *** ***
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Lely Alpha Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Alpha Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lemanaghan Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Lenalea Wind Farm Designated Activity Company Ireland
C
50.0
50.0
Renewable Development
Littleton Wind Farm Designated Activity Company Ireland
AM
50.0
\u2013
Renewable Development
Marchwood Power Limited
England and Wales
N
50.0
50.0
Power Generation
Marron Activ8 Energies Limited
Ireland
R
50.0
50.0
Energy Related Services
Midas Energy Limited
Ireland
M
49.0
49.0
Power Generation
Neos Networks Limited
Scotland
A
50.0
50.0
Telecommunications
NNXYZ Limited
England and Wales
B
50.0
50.0
Telecommunications
North Falls Offshore Wind Farm Holdco Limited
***
England and Wales
AG
50.0
50.0
Holding company
North Falls Offshore Wind Farm Limited
England and Wales
AG
50.0
50.0
Renewable Development
Ossian Offshore Wind Farm Holdings Limited
Scotland
A
40.0
40.0
Holding company
Ossian Offshore Wind Farm Limited
Scotland
A
40.0
40.0
Renewable Development
Poseidon Offshore Wind Holdco Pty Limited
Australia
AK
50.0
\u2013
Holding company
Poseidon Offshore Wind Pty Limited
Australia
AK
50.0
\u2013
Renewable Development
Pride (SERP) Limited
England and Wales
AP
50.0
\u2013
Contracting
Saltend Cogeneration Company Limited
England and Wales
AF
50.0
50.0
Power Generation
Saltend Operations Company Limited
England and Wales
AF
50.0
50.0
Power Generation
SCCL Holdings Limited
England and Wales
AF
50.0
50.0
Holding Company
Seabank Power Limited
England and Wales
O
50.0
50.0
Power Generation
Seagreen 1A (Holdco) Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen 1A Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Alpha Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Bravo Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Holdco 1 Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
SSE Slough Multifuel Holdco Limited
England and Wales
B
50.0
50.0
Holding company
SSE Slough Multifuel Limited
England and Wales
B
50.0
50.0
Power Generation
Stronelairg Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Sunflower Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Sunflower Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Triton Power Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Intermediate Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Limited
Jersey
AH
50.0
50.0
Power Generation
Tulip Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Tulip Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
*** ** 50.1% of voting rights held *** Joint Operation A3.1.3. Associates
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Corran Environmental LP
Scotland
AQ
100.0
100.0
Renewable Development
Corran Environmental II LP
Scotland
AR
12.5
\u2013
Renewable Development
St Clements Services Limited
England and Wales
P
25.0
25.0
Utilities Software
A.3.1.4. Registered address key
Reference
Company registered address
A
Inveralmond House, 200 Dunkeld Road, Perth PH1 3AQ
B
No 1 Forbury Place, 43 Forbury Road, Reading RG1 3JH
Reference
Company registered address
C Red Oak South, South County Business Park, Leopardstown, Dublin 18
D Ocean Court, Caspian Road, Atlantic Street, Altrincham, WA14 5HH
E
Keadby Power Station, Trentside, Keadby, Scunthorpe, North Lincs DN17 3AZ
F
3
rd
Floor, Millennium House, 17\u201325 Great Victoria Street, Belfast, BT2 7AQ
G
Tower House, Loch Promenade, Douglas, Isle of Man
H
B\u00fcro M\u00fcnchen, Elektrastrasse 6, 81925, M\u00fcnchen, Germany
I The Gutters\u2019 Hut, North Ness Business Park, Lerwick, Shetland ZE1 0LZ
J
One Kingdom Street, London, United Kingdom, W2 6BD
K
10 Fleet Place, London, EC4M 7QS
L 6th Floor, South Bank House, Barrow Street, Dublin 4
M Lissarda Industrial Park, Lissarda, Macroom, County Cork
N
Oceanic Way, Marchwood Industrial Park, Marchwood, Southampton SO40 4BD
O
Severn Road, Hallen, Bristol, BS10 7SP
P
4 \u20136 Church Walk, Daventry, NN11 4BL
Q
Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R
Dunoge, Carrickmacross, Co. Monaghan, Ireland
S
Gorthleahy, Macroom, Co Cork, Ireland
T
c/o Fiduservice SA, Route de Beaumont 20, 1701 Freiburg, Switzerland
U
c/o Bird & Bird LLP, Maximiliansplatz 22, Munich 80333
V
Rm
1901
, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
W
United Agent Group Inc, 1521 Concord Pike, Suite 201, Wilmington DE 19803
X Towarowa no.28, suite 00\u2013839, Warsaw, Poland
Y
Roppongi Grand Tower, 3-2-1 Roppongi, Minato-ku, Tokyo, Japan
Z
Unit 42 Block 528, Grants View, Greenogue Business Park, Rathcoole, Dublin, Ireland
AA
Hofplein 20, Rotterdam, 3032 AC, Netherlands
AB
16
Kifissias Ave, 11526, Athens, Greece
AC
Viale Luca Gaurico, 9/11, 00143, Rome, Italy
AD
Spain: calle Buenos Aires, 12, 48.001, Bilbao, Spain
AE
97 all\u00e9e Alexandre Borodine, Immeuble C\u00e8dre 3, 69800, Saint Priest, France
AF
Saltend Power Station Saltend Chemicals Park, Hedon Road, Hull, East Riding of Yorkshire, England, HU12 8GA
AG
Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB
AH
22 Grenville Street, St Helier, Jersey, JE4 SPX
AI
Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF
AJ
Plac Marsza\u0142ka J\u00f3zefa Pi\u0142sudskiego 2 00-073 Warsaw
AK
Ground Floor, 36 Esplanade, Brighton, VIC 3186
AL
Suite 1 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL
AM
Main St, Newbridge, Kildare, Ireland
AN
Second Floor Eagle Court 2, Hatchford Way, Birmingham B26 3RZ
AO
Portalada, 50, 26.006, Logro\u00f1o (La Rioja), Spain
AP
Level 12, The Shard, 32 London Bridge Street, London, SE1 9SG
AQ
4th Floor, 7 Castle Street, Edinburgh, EH2 3AH
AR
10c Wester Coates Gardens, Edinburgh, EH12 5LT
A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group:
Country Group
of Class of Proportion of Interest Year Consolidation
Company
Principal activity
incorporation shares held shares held % % end date basis
Seabank Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Limited
Power Generation
UK
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Seagreen Wind Energy Limited
Power Generation
UK
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Limited Power Generation
UK
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Triton Power Holdings Limited
Power Generation
Jersey
Ordinary
50.0
50.0
31 December
Equity
Neos Networks Limited
Telecoms
UK
Ordinary
50.0
50.0
31 March
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
Offshore
Clyde Seagreen Beatrice Triton Wind Farm
Seabank Marchwood SSE Slough Windfarm Holdco 1 Offshore Dunmaglass Stronelairg Power Neos Project 1
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks Projco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
258.8
56.3
0.9
168.3
282.0
155.1
37. 1
90.7
811.5
122.3
0.5
69.3
2,052.8
Other income
\u2013
\u2013
\u2013
\u2013
220.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
220.3
Depreciation and
amortisation
(6.9)
(39.7)
\u2013
(29.0)
(81.5)
(87.8)
(7.7)
(13.7)
(34.6)
(93.2)
(0.4)
(26.7)
(421.2)
Other operating
costs
(197.0)
(28.8)
(4.4)
(38.3)
(36.1)
(112.1)
(7.3)
(19.5)
(750.9)
(93.7)
(2.8)
(28.0)
(1,318.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
167.4
\u2013
\u2013
\u2013
(41.2)
\u2013
\u2013
\u2013
126.2
Operating profit
54.9
(12.2)
(3.5)
101.0
331.8
175.5
22.1
57.5
(15.2)
(64.6)
(2.7)
14.6
659.2
Interest expense
0.8
(3.2)
(0.5)
(16.8)
(121.0)
(62.2)
(5.8)
(10.8)
8.4
(20.4)
\u2013
(8.0)
(239.5)
Profit before tax
55.7
(15.4)
(4.0)
84.2
210.8
113.3
16.3
46.7
(6.8)
(85.0)
(2.7)
6.6
419.7
Corporation tax
(13.9)
1.0
(4.1)
(21.9)
(55.3)
(38.8)
(4.2)
(12.0)
(4.2)
\u2013
(0.7)
(3.8)
(157.9)
Profit after tax
41.8
(14.4)
(8.1)
62.3
155.5
74.5
12.1
34.7
(11.0)
(85.0)
(3.4)
2.8
261.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.2
\u2013
(46.3)
(1.4)
\u2013
\u2013
\u2013
\u2013
(31.9)
(46.6)
(126.0)
Taxation
\u2013
\u2013
(0.1)
\u2013
11.6
0.4
\u2013
\u2013
\u2013
\u2013
8.0
11.7
31.6
Total
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
comprehensive
income/(loss)
41.8
(14.4)
(8.0)
62.3
120.8
73.5
12.1
34.7
(11.0)
(85.0)
(27.3)
(32.1)
167.4
SSE share of
profit (based
on % equity)
20.9
(7. 2)
(4.0)
31.2
76.2
29.8
6.1
17.4
(5.5)
(42.5)
(1.4)
(6.9)
114.1
Dividends paid to
shareholders
38.0
14.3
\u2013
146.0
42.8
34.3
33.0
70.0
65.0
\u2013
\u2013
18.4
461.8
Non-current assets
89.5
124.1
192.5
537.9
3,556.6 1,873.1
173.3
316.3
432.9
538.0
3,115.0
4,866.1
15,815.3
Current assets
37.3
37.4
229.2
80.8
47.8
70.9
19.3
41.9
3.6
32.0
34.2
57.8
692.2
Cash and cash
equivalents
70.8
19.6
5.0
40.6
245.7
102.3
8.6
29.1
4.6
22.0
87.4
187.8
823.5
Current liabilities
(14.0)
(34.6)
(77.3)
(12.7)
(309.0)
(181.3)
(3.1)
(10.6)
(18.6)
(131.0)
(65.6)
(225.1)
(1,082.9)
Non-current
liabilities
(46.0)
(37.7)
(20.6)
(434.4)
(3,0
05.
8)
(1,752.9)
(145.4)
(261.4)
(328.9)
(346.0)
(2,726.1)
(4,138.2)
(13,243.4)
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group equity
interest
50.0%
50.0%
50.0%
50.1%
49.0%
40.0%
50.1%
50.1%
50.0%
50.0%
40.0%
\u2013
\u2013
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group\u2019s share of
ownership
interest
68.8
54.4
164.4
106.1
262.3
44.8
26.4
57.8
46.8
57.5
178.0
324.3
1,391.6
Other
adjustments
(20.4)
(0.3)
(79.1)
32.6
224.8
(16.0)
66.9
208.3
108.8
(22.9)
2.3
66.6
571.6
Carrying value of
Group\u2019s equity
interest
48.4
54.1
85.3
138.7
487.1
28.8
93.3
266.1
155.6
34.6
180.3
390.9
1,963.2
(i) (i) In addition to the above the following joint ventures and associates have an equity carrying value that constitutes a material investment of the group: Doggerbank Offshore Wind Farm Project 2 Projco Limited \u00a3119.2m (2023: \u00a3129.8m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a387.3m (2023: \u00a386.2m) and Ossian Offshore Wind Farm Limited \u00a355.3m (2023: \u00a341.3m).
(restated*)
Clyde Seagreen Beatrice Triton
Seabank Marchwood SSE Slough Windfarm Wind Offshore Dunmaglass Stronelairg Power Neos
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
274.5
103.8
\u2013
297.5
95.2
376.5
68.7
151.5
1,628.7
159.2
62.3
3,217.9
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
Depreciation and
amortisation
(6.9)
(30.7)
\u2013
(29.1)
(17.9)
(89.6)
(7.7)
(13.7)
(84.0)
(95.0)
(30.4)
(405.0)
Other operating
costs
(216.5)
(21.0)
\u2013
(56.8)
(40.8)
(94.8)
(12.6)
(28.0)
(415.1)
(80.3)
(40.1)
(1,006.0)
Operating profit
51.1
52.1
\u2013
211.6
36.5
217.6
48.4
109.8
1,129.6
(16.1)
(8.2)
1,832.4
Interest expense
(0.7)
(5.2)
\u2013
(18.4)
(20.7)
(65.4)
(6.1)
(12.1)
(2.4)
(20.7)
(3.0)
(154.7)
Profit before tax
50.4
46.9
\u2013
193.2
15.8
152.2
42.3
97.7
1,127.2
(36.8)
(11.2)
1,67
7.7
Corporation tax
(10.6)
(6.1)
\u2013
(35.6)
(3.8)
(26.0)
(8.1)
(19.1)
(179.2)
\u2013
(4.2)
(292.7)
Profit after tax
39.8
40.8
\u2013
157.6
12.0
126.2
34.2
78.6
948.0
(36.8)
(15.4)
1,385.0
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
6.2
\u2013
141.0
152.4
\u2013
\u2013
\u2013
\u2013
807.6
1,107. 2
Taxation
\u2013
\u2013
(1.6)
\u2013
(35.3)
(38.1)
\u2013
\u2013
\u2013
\u2013
(201.8)
(276.8)
\u2013
\u2013
4.6
\u2013
105.7
114.3
\u2013
\u2013
\u2013
\u2013
605.8
830.4
Total
comprehensive
income/(loss)
39.8
40.8
4.6
157.6
117.7
240.5
34.2
78.6
948.0
(36.8)
590.4
2,215.4
SSE share of
profit (based
on % equity)
19.9
20.4
\u2013
78.9
5.9
50.5
17.1
39.3
474.0
(18.4)
(24.0)
663.6
Dividends paid to
shareholders
47.0
22.4
\u2013
169.1
\u2013
146.5
35.2
93.6
101.4
\u2013
2.0
617.2
Non-current
assets
96.2
154.1
353.5
560.4
3,229.8
1,906.0
175.0
330.2
189.6
626.2
6,288.3
13,909.3
Current assets
48.8
53.5
10.0
119.0
19.4
50.5
27.5
58.2
507.0
41.9
59.9
995.7
Cash and cash
equivalents
69.3
32.8
8.4
83.4
86.4
91.3
19.0
48.3
16.7
23.3
86.1
565.0
Current liabilities
(19.1)
(38.3)
(23.6)
(20.4)
(57.2)
(176.3)
(4.6)
(19.8)
(301.7)
(144.0)
(246.8)
(1,051.8)
Non-current
liabilities
(61.6)
(65.9)
(265.2)
(437.3)
(2,870.7)
(1,800.4)
(139.3)
(259.0)
(18.0)
(353.1)
(5,241.9)
(11,512.4)
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group equity
interest
50%
50%
50%
50.1%
49%
40%
50.1%
50.1%
50%
50%
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group\u2019s share of
ownership
interest
66.8
68.1
41.5
152.8
199.8
28.4
38.8
79.1
196.8
97.2
376.4
1,345.7
Other
adjustments
(20.3)
0.3
40.8
27.4
149.9
(15.3)
68.1
214.7
73.1
(22.5)
113.8
630.0
Carrying value of
Group\u2019s equity
interest
46.5
68.4
82.3
180.2
349.7
13.1
106.9
293.8
269.9
74.7
490.2
1,975.7
* The comparatives have been restated. See note 2.1. In addition to the above at 31 March 2024, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a312.2m (2023: \u00a325.7m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2023: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2023: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2023: \u00a388.7m); Neos Networks Limited \u00a357.7m (2023: \u00a356.0m); Seagreen Wind Energy Limited \u00a3686.4m (2023: \u00a3593.1m); SSE Slough Multifuel Limited \u00a3157.8m (2023: \u00a3128.0m) and Doggerbank A Offshore Windfarm Limited \u00a387.7m (2023: \u00a3nil). This represents 93% (2023: 96%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-802": { "value": "16. Investments 16.1. Joint Ventures and associates
2024
2023 (restated*)
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,975.7
1,115.4
3,091.1
1,262.2
736.9
1,999.1
Additions
280.6
244.7
525.3
263.6
489.7
753.3
Repayment of shareholder loans
\u2013
(14.6)
(14.6)
\u2013
(61.4)
(61.4)
Dividends received
(223.7)
\u2013
(223.7)
(294.1)
\u2013
(294.1)
Share of profit after tax
(i)
\u2013 continuing operations
115.9
\u2013
115.9
663.6
\u2013
663.6
Share of other comprehensive income
(40.9)
\u2013
(40.9)
342.4
\u2013
342.4
Disposals
(3.0)
\u2013
(3.0)
(0.2)
\u2013
(0.2)
Transfer \u2013 Loans to Equity
(54.4)
54.4
\u2013
50.0
(50.0)
\u2013
Transfers \u2013 Other Investments
24.1
\u2013
24.1
\u2013
\u2013
\u2013
Impairments
(90.8)
(46.0)
(136.8)
(329.3)
\u2013
(329.3)
Investment (decrease)/increase in respect of financial
guarantees
(18.9)
\u2013
(18.9)
16.0
\u2013
16.0
Exchange rate adjustments
(1.4)
(1.0)
(2.4)
1.5
0.2
1.7
At 31 March
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
(ii) (iii) (i) Of the \u00a3115.9m (2023: \u00a3663.6m) share of profits from continuing operations, only \u00a3114.1m (2023: \u00a3662.3m) is recognised through the income statement. The \u00a31.8m (2023: \u00a31.3m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments of \u00a3136.8m (2023: \u00a3329.3m) include charges of \u00a363.2m (2023: \u00a3291.6m) in relation to the Group\u2019s Triton joint venture, and \u00a373.6m (2023: \u00a337.7m) in relation to the Group\u2019s investment in Neos Networks, of which \u00a373.6m (2023: \u00a35.9m) has been treated as exceptional and \u00a3nil (2023: \u00a331.8m) has been treated as non-exceptional, see note 7. (iii) The investment (decrease)/increase in respect of financial guarantees relates to \u00a322.2m (2023: \u00a3nil) of unwind and expiry of guarantee contracts, less \u00a33.3m (2023: \u00a316.0m) for the fair value of fees receivable on guarantees granted to joint venture investments during the year. 16.2. Additions and disposals of equity in the current year Additions in the year On 21 March 2024 the Group completed the purchase of 50% of the equity in eight onshore wind development projects in Ireland from Bord na Mona Powergen Limited for cash consideration of \u00a341.9m. During the year ended 31 March 2024 the Group provided equity and loans to its existing joint venture investments of \u00a3237.9m and \u00a3235.9m respectively, primarily in relation to Seagreen Wind Energy Limited and Dogger Bank A Offshore Wind Farm. Disposals in the year There were no significant disposals in the current year, the Group has received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to investments in associates. 16.3. Acquisitions and disposals of equity in the previous year Additions in the previous year On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the year ended 31 March 2023 is provided in note 12.1. Additionally, during the year ended 31 March 2023 the Group provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited and Doggerbank A Offshore Wind Farm. Disposals of equity in the previous year There were no significant disposals of equity in the prior year. 16.4. Principal joint ventures and associates Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures, joint operations, associates and investments are included in the Accompanying Information (A3 ). Share of results of joint ventures and associates
2024
2024
2024
2024
2023
Thermal
Windfarms Generation Other Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
359.9
563.7
80.0
1,003.6
1,564.8
Other income
88.1
\u2013
\u2013
88.1
10.2
Depreciation and amortisation
(121.6)
(40.6)
(46.6)
(208.8)
(201.1)
Other operating costs
(91.6)
(490.5)
(63.3)
(645.4)
(700.0)
Operating profit
234.8
32.6
(29.9)
237.5
673.9
Interest expense
(103.2)
2.7
(10.2)
(110.7)
(70.1)
Changes in fair value of derivatives
82.0
(20.6)
\u2013
61.4
202.9
Corporation tax
(63.5)
(10.5)
(0.1)
(74.1)
(143.1)
Share of post taxation results
150.1
4.2
(40.2)
114.1
663.6
Recognised in other comprehensive income
Cashflow hedges
(54.6)
0.1
\u2013
(54.5)
456.5
Taxation
13.6
\u2013
\u2013
13.6
(114.1)
Total comprehensive income
109.1
4.3
(40.2)
73.2
1,006.0
(i) Share of joint ventures and associates\u2019 assets and liabilities
2024
2024
2024
2024
2023
Thermal Total
Windfarms Generation Other Total \u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m (restated*)
Non-current assets
6,171.5
427.7
310.5
6,909.7
6,093.0
Current assets
156.9
153.8
19.5
330.2
486.9
Cash and cash equivalents
309.3
50.0
13.7
373.0
263.3
Current liabilities
(355.6)
(72.3)
(68.1)
(496.0)
(484.1)
Non-current liabilities
(5,335.8)
(216.6)
(172.9)
(5,725.3)
(5,013.4)
946.3
342.6
102.7
1,391.6
1,345.7
Other adjustments
593.8
9.0
(31.2)
571.6
630.0
Share of net assets of joint ventures and associates
1,540.1
351.6
71.5
1,963.2
1,975.7
Shareholder loans
1,121.6
173.6
57.7
1,352.9
1,115.4
Interest in joint venture and associate
2,661.7
525.2
129.2
3,316.1
3,091.1
(i) (i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited. * The comparatives have been restated. See note 2.1. Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 . 16.5. Joint operations Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group.
Principal Country of Class of Proportion of Group
activity incorporation shares held shares held (%)
Interest (%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Windfarm
UK
Ordinary
50.0
50.0
31 March
Eastern Green Link 2 Limited
Power Transmission
UK
Ordinary
50.0
37. 5
31 March
The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm. Eastern Green Link 2 Limited is a joint operation between SHET and National Grid Electricity Transmission plc to install a 2GW subsea high-voltage connection. The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage facility owned by SSE Hornsea Limited. 16.6. Other investments held at fair value through other comprehensive income
Total
\u00a3m
At 31 March 2022
8.7
Additions in year
19.1
Fair value adjustment through other comprehensive income
(0.4)
At 31 March 2023
27.4
Disposals in year
(0.4)
Transfers to investments in joint ventures and associates
(24.1)
Fair value adjustment through other comprehensive income
0.3
At 31 March 2024
3.2
In the current year the classification of an investment of \u00a324.1m (2023: \u00a3nil) has been reassessed and reclassified from \u2018Other investments\u2019 to \u2018Equity investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of ownership and influence over the investee; comparative amounts have not been re-presented. A3. Related undertakings A3.1.1. Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Aberarder Wind Farm (Scotland) Limited
Scotland
A
100.0
100.0
Renewable Development
Aberarder Wind Farm LLP
England and Wales
B
100.0
100.0
Renewable Development
Abernedd Power Company Limited
England and Wales
B
100.0
100.0
Holding Company
Aichi Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Aichi Offshore Wind Power No. 2 G.K.
Japan
Y
80.0
80.0
Renewable Development
Airtricity Windfarm Finance Limited
Ireland
C
100.0
100.0
Holding Company
Aldbrough Pathfinder Limited
England and Wales
B
100.0
\u2013
Power Generation
Arklow Offshore Phase II Company Limited
Ireland
C
100.0
100.0
Dormant
Beithe (HK) Limited
Hong Kong
V
\u2013
100.0
Holding Company
Berwick Bank A Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank B Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank C Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank Holdings A Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings B Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings C Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Wind Farm Limited
Scotland
A
100.0
100.0
Renewable Development
Bhlaraidh Extension Wind Farm Limited
Scotland
A
100.0
\u2013
Power Generation
Bhlaraidh Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Bindoo Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
BOC1234
Limited
Scotland
A
\u2013
100.0
Dissolved
Brickmount Limited
Ireland
C
100.0
100.0
Power Generation
Building Automation Solutions Limited
England and Wales
D
100.0
100.0
Dormant
By-Pass Farm Solar Limited
England and Wales
B
100.0
*
100.0
*
Power Generation
Coire Glas Hydro Pumped Storage Limited
Scotland
A
100.0
100.0
Power Generation
Comhlacht Gaoithe Teoranta
Ireland
C
100.0
100.0
Power Generation
Coomacheo Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Coomatallin Windfarm (ROI) Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Curragh Mountain Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Dedondo Limited
Ireland
C
100.0
100.0
Power Generation
Dromada Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Drumnahough Wind Farm Designated Activity
Ireland
C
100.0
100.0
Power Generation
Company
Enerfarm 3 Single Member S.A. Renewable
Greece
AB
100.0
100.0
Renewable Development
Energy Sources
Energia Levante S.r.l.
Italy
AC
100.0
100.0
Renewable Development
Energiaki Kleidi Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Mavrovouniou Single Member Private
Greece
AB
100.0
*
100.0
*
Renewable Development
Company
Energiaki Mesovouniou Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Platorrachis Single Member S.A.
Greece
AB
100.0
*
100.0
*
Renewable Development
Energiaki Velanidias Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Enerveo Ireland Limited
Ireland
Z
100.0
\u2013
Contracting
Enerveo Limited
England and Wales
AN
100.0
\u2013
Contracting
Enshunada Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Ferrybridge Hydrogen Limited
England and Wales
B
100.0
\u2013
Power Generation
Fibre Fuel Limited
England and Wales
B
100.0
100.0
Dormant
Fibre Power (Slough) Limited
England and Wales
B
100.0
100.0
Power Generation
Galway Wind Park Phase 3 Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Ganderoy Limited
Ireland
C
100.0
100.0
Power Generation
Gartnaneane Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Glenora Wind Farm Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Goto-Fukue Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Green Wind Energy (Wexford) Limited
Ireland
C
100.0
*
100.0
*
Renewable Development
Griffin Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Hadyard Hill Wind Farm Limited
Scotland
A
\u2013
100.0
Dormant
Hydro Electric Pension Scheme Trustees Limited
Scotland
A
100.0
100.0
Dormant
Izu Islands Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Keadby Developments Limited
England and Wales
E
100.0
100.0
Dormant
Keadby Generation Limited
England and Wales
E
100.0
100.0
Power Generation
Keadby Wind Farm Limited
England and Wales
B
100.0
100.0
Power Generation
Leanamore Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Limerick West Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Littleton Pastures Solar Limited
England and Wales
B
100.0
100.0
Power Generation
March Winds Limited
Ireland
C
100.0
100.0
Power Generation
Medway Power Limited
England and Wales
B
100.0
100.0
Power Generation
Meentycat Limited
Ireland
C
100.0
100.0
Power Generation
Milane Holdings Limited
Ireland
C
100.0
100.0
Dormant
Minami-Izu Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Mullananalt Wind Farm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Niigata Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Oki Islands Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Optimal Power Networks Limited
England and Wales
B
100.0
100.0
Construction of utility
projects
Platin Power Limited
Ireland
C
100.0
100.0
Dormant
Pomerania PV sp z.o.o. (formerly Optisol 4 sp
Poland
AJ
100.0
\u2013
Renewable Development
z.o.o)
Power from Waste Limited
England and Wales
B
100.0
100.0
Dormant
Richfield Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Scottish and Southern Energy Power
Scotland
A
100.0
100.0
Holding Company
Distribution Limited
Scottish Hydro Electric Power Distribution plc
Scotland
A
100.0
100.0
Power Distribution
Scottish Hydro Electric Transmission plc
Scotland
A
75.0
75.0
Power Transmission
Sheskin South Renewables Power Designated
Ireland
C
100.0
100.0
Renewable Development
Activity Company
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ariel S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Boreas S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Carril S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos del Sur S.A.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Eolo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Gregal S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ladera Negra, S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Loma del Reposo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Marte S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Mercurio S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Neptuno S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Terral S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tomillo S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Urano S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Slough Domestic Electricity Limited
England and Wales
B
100.0
100.0
Dormant
Slough Electricity Contracts Limited
England and Wales
B
100.0
100.0
Electricity Contracting
Slough Energy Supplies Limited
England and Wales
B
100.0
100.0
Dormant
Slough Heat & Power Limited
England and Wales
B
100.0
100.0
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Slough Utility Services Limited
England and Wales
B
100.0
100.0
Distribution of Electricity
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Belle
France
AE
100.0
100.0
Renewable Development
Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
France
AE
100.0
100.0
Renewable Development
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
France
AE
100.0
100.0
Renewable Development
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
France
AE
100.0
100.0
Renewable Development
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
la Voie Pou\u00e7oise
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins
France
AE
100.0
100.0
Renewable Development
du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
France
AE
100.0
100.0
Renewable Development
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Souvans
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
France
AE
100.0
100.0
Renewable Development
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
France
AE
100.0
100.0
Renewable Development
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
France
AE
100.0
100.0
Renewable Development
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
France
AE
100.0
100.0
Renewable Development
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
France
AE
100.0
100.0
Renewable Development
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux
France
AE
100.0
100.0
Renewable Development
SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Pi\u00e8ce du Moulin SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
France
AE
100.0
\u2013
Power Generation
Southern Electric Power Distribution plc
England and Wales
B
100.0
100.0
Power Distribution
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SPV Parco Eolico Libeccio S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Maestrale S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Tramontana S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SSE Airtricity Distributed Energy Limited
Ireland
C
100.0
100.0
Power Distribution
SSE Airtricity Energy Services Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Airtricity Energy Services (NI) Limited
Northern Ireland
Q
100.0
100.0
Energy Related Services
(formerly Fusion Heating Limited)
SSE Airtricity Energy Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Gas Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Battery Monk Fryston Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Battery Salisbury Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Beatrice Offshore Windfarm Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE BTM HoldCo Limited
England and Wales
B
100.0
100.0
Holding Company
SSE BTM Operational Assets Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Contracting Group Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Cottered Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Cumars\u00e1id Teoranta
Ireland
C
100.0
100.0
Telecommunications
SSE Daines BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE DE EV Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE DE Solar Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Derrymeen BESS Limited (formerly Heron
Northern Ireland
F
100.0
\u2013
Renewable Development
Storage No. 1 Limited)
SSE Digital Services Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Eggborough Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Energy Markets Limited (formerly SSE EPM
England and Wales
B
100.0
100.0
Energy Trading
Limited)
SSE Energy Supply Limited
England and Wales
B
100.0
100.0
Energy Supply
SSE Enterprise Limited
England and Wales
B
100.0
100.0
Corporate Services
SSE EV M7 Limited
England and Wales
B
100.0
100.0
Power Generation
SSE EV Operational Assets Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Ewerby Solar Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Ewerby Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Fancott BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Ferrybridge Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Fiddlers Ferry Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Foxholes Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Galloper Offshore Windfarm Holdings
England and Wales
B
\u2013
100.0
Holding Company
Limited
SSE Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Generation Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Group Limited
Scotland
A
100.0
100.0
Dormant
SSE Heat Networks (Battersea) Limited
England and Wales
B
100.0
100.0
Dormant
SSE Heat Networks Limited
Scotland
A
100.0
100.0
Utility Services
SSE Hornsea Limited
England and Wales
B
100.0
100.0
Gas Storage
SSE Hydrogen Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Hydrogen Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE IAMP Microgrid Limited
England and Wales
B
100.0
\u2013
Utility Services
SSE Imperial Park PN Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Insurance Limited
Isle of Man
G
100.0
100.0
Insurance
SSE Knapthorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Low Carbon Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Low Carbon Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Maple Limited
England and Wales
B
100.0
100.0
Investment Holding
SSE Medway Operations Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Micro Renewables Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Multifuel Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Muskham Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Newchurch Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE OWS Glasgow Limited
Scotland
A
100.0
100.0
Property Holding
SSE Pacifico K.K.
Japan
Y
80.0
80.0
Renewable Development
SSE Private Networks Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Production Services Limited
England and Wales
B
100.0
100.0
Maintenance Services
SSE Renewables France SARL (formerly Soci\u00e9t\u00e9
France
AE
100.0
100.0
Renewable Development
d\u2019Exploitation du Parc Eolien de Broyes SARL)
SSE Renewables (Ireland) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Iris Solar 1 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL3 sp. z o.o.)
SSE Renewables Iris Solar 2 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL20 sp. z o.o)
SSE Renewables Iris Solar 3 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL22 sp. z o.o.)
SSE Renewables Iris Solar 4 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL23 sp. z o.o.)
SSE Renewables Iris Solar 5 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL24 sp. z o.o.)
SSE Renewables Iris Solar 6 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL34 sp. z o.o.)
SSE Renewables (Netherlands) Holdings B.V.
Netherlands
AA
100.0
100.0
Holding Company
SSE Renewables Developments (Germany)
Germany
U
100.0
100.0
Renewable Development
GmbH
SSE Renewables Developments (The
Netherlands) B.V.
Netherlands
AA
100.0
\u2013
Renewable Development
SSE Renewables Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Hellas Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
(formerly Energiaki Voursana Single Member
S.A.)
SSE Renewables Holdings (Europe) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Holdings (UK) Limited
Northern Ireland
F
100.0
100.0
Holding Company
SSE Renewables Holdings Germany GmbH
Germany
H
\u2013
100.0
Dormant
SSE Renewables Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables International Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables North America Inc.
United States
W
100.0
100.0
Renewable Development
SSE Renewables North America Offshore
United States
W
100.0
100.0
Renewable Development
Wind LLC.
SSE Renewables North America Services Inc
United States
W
100.0
100.0
Renewable Development
SSE Renewables Off Shore Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Offshore Windfarm Holdings
Scotland
A
100.0
100.0
Holding Company
Limited
SSE Renewables Onshore Windfarm Holdings
Northern Ireland
F
100.0
100.0
Holding Company
Limited
SSE Renewables Poland Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Poland sp z.o.o.
Poland
X
100.0
100.0
Renewable Development
SSE Renewables Services (UK) Limited
Northern Ireland
F
100.0
100.0
Renewable Development
SSE Renewables Solar & Battery Holdings
England and Wales
B
100.0
100.0
Holding Company
Limited (formerly SSE DE Battery Holdco
Limited)
SSE Renewables UK Limited
Northern Ireland
F
100.0
100.0
Power Generation
SSE Renewables Wind (Ireland) Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Wind Farms (Ireland) Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Wind Farms (UK) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Retail Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Seabank Investments Limited
England and Wales
B
100.0
100.0
Dormant
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE Seabank Land Investments Limited
England and Wales
B
100.0
100.0
Dormant
SSE Services plc
England and Wales
B
100.0
100.0
Corporate Services
SSE Southern Group Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Staythorpe Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Power Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe SGT Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Southery Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Stock Limited
Scotland
A
100.0
100.0
Stock Holding
SSE Sunflower Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 1 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 2 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 3 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
\u2013
Renewable Development
Partner 4 B.V.
SSE Thermal Energy Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Thermal Energy Operations Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Thermal Generation (Scotland) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Thermal Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Toddleburn Limited
Scotland
A
100.0
100.0
Power Generation
SSE Trading Limited
England and Wales
B
100.0
100.0
Energy Trading
SSE Trustees Limited
England and Wales
B
100.0
100.0
Dormant
SSE Tulip Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 1 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 2 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 3 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Utility Solutions Limited
England and Wales
B
100.0
100.0
Utility Services
SSE Venture Capital Limited
Scotland
A
100.0
100.0
Investment Holding
SSE Viking Limited
England and Wales
B
100.0
100.0
Renewable Development
SSE(SE) Quest Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Yuza Offshore Wind Power G.K. (formerly
Japan
Y
80.0
\u2013
Renewable Development
SSE Happo-Nishiro Offshore Wind Power
G.K.)
SSEN Distribution Limited
Scotland
A
100.0
100.0
Holding Company
SSEPG (Operations) Limited
England and Wales
B
100.0
100.0
Power Generation
Strathy Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Sure Partners Limited
Ireland
C
100.0
100.0
Renewable Development
S + S Limited
Scotland
A
100.0
100.0
Dormant
Tealing Solar Park Limited
England and Wales
B
100.0
100.0
Power Generation
TESGL Limited
England and Wales
D
100.0
100.0
Building Energy
Management
The Energy Solutions Group Bidco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Midco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Topco Limited
England and Wales
D
100.0
100.0
Dormant
Tokushima Offshore Wind Power G.K.
Japan
Y
80.0
\u2013
Renewable Development
Tournafulla Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Viking Energy (Scottish Partnership)
Scotland
I
100.0
100.0
Renewable Development
Viking Energy Wind Farm LLP
Scotland
A
100.0
100.0
Renewable Development
Wakayama-West Offshore Wind Power No. 1
Japan
Y
80.0
80.0
Renewable Development
G.K.
Wakayama-West Offshore Wind Power No.2
Japan
Y
80.0
80.0
Renewable Development
G.K.
All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held Statutory audit exemptions SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006.
Registered
Company number
Aberarder Wind Farm (Scotland) Limited
SC746968
Aberarder Wind Farm LLP
OC398487
Bhlaraidh Wind Farm Limited
SC663027
Fibre Fuel Limited
02902165
Fibre Power (Slough) Limited
02902170
Keadby Wind Farm Limited
06852112
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited)
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM HoldCo Limited
14413957
SSE BTM Operational Assets Limited
14885059
SSE DE EV Holdco Limited
14278443
SSE DE Solar HoldCo Limited
14189570
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE EV M7 Limited
14418288
SSE EV Operational Assets Limited
14401537
SSE Group Limited
SC126049
SSE Imperial Park PN Limited
02631510
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE OWS Glasgow Limited
SC228283
SSE Private Networks Holdco Limited
14921243
SSE Production Services Limited
02499702
SSE Renewables Holdings (UK) Limited
NI043239
SSE Renewables Offshore Windfarm Holdings Limited
SC436251
SSE Renewables Onshore Windfarm Holdings Limited
NI049557
SSE Renewables Poland Holdings Limited
SC723844
SSE Renewables Solar & Battery Holdings Limited (formerly SSE DE Battery Holdco Limited)
13561962
SSE Renewables UK Limited
NI048447
SSE Renewables Wind Farms (UK) Limited
SC654502
SSE Retail Limited
SC213458
SSE Seabank Investments Limited
02631512
SSE Seabank Land Investments Limited
07877772
SSE Southery Solar Limited
14953142
SSE Staythorpe Battery Limited
14046860
SSE Staythorpe Power Limited
14043534
SSE Staythorpe SGT Limited
14046946
SSE Staythorpe Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Toddleburn Limited
SC259104
SSE Viking Limited
06021053
SSE(SE) Quest Trustee Limited
03487059
SSEPG (Operations) Limited
02764438
Strathy Wind Farm Limited
SC663103
Tealing Solar Park Limited
08783684
A3.1.2. Joint arrangements (incorporated)
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
AtlasConnect Limited
Scotland
A
50.0
50.0
Dormant
Baglan Pipeline Limited
England and Wales
K
50.0
50.0
Dormant
Beatrice Offshore Windfarm Holdco Limited
Scotland
A
40.0
40.0
Holding Company
Beatrice Offshore Windfarm Limited
Scotland
A
40.0
40.0
Power Generation
Bellair Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
Cloosh Valley Wind Farm Designated Activity
Company
Ireland
L
25.0
25.0
Power Generation
Cloosh Valley Wind Farm Holdings Designated
Activity Company
Ireland
L
25.0
25.0
Holding Company
Clyde Windfarm (Scotland) Limited
Scotland
A
50.1
50.1
Power Generation
Coolnagun Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Cornafulla Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Warehousing and storage
DB Operational Base Limited
England and Wales
J
40.0
40.0
facilities
Deeside Power (UK) Limited
England and Wales
AF
50.0
50.0
Power Generation
Deeside Power Operation Limited
England and Wales
AF
50.0
50.0
Power Generation
Derryfadda Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Digital Reach Partners Limited
Scotland
A
50.0
50.0
Telecommunications
Doggerbank Offshore Wind Farm Project 1
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 1 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 2
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 2 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 3 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3 And 4
Leaseco Limited (formerly Gatroben Offshore
Developments 3 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4
Holdco Limited (formerly Gatroben Offshore
Developments 1 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4 Projco
Limited (formerly Gatroben Offshore
Developments 2 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Dunmaglass Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Eastern Green Link 2 Limited
England and Wales
AI
50.0
\u2013
Power Transmission
Everwind Limited
Ireland
S
49.0
49.0
Power Generation
Fearna PSH Limited
England and Wales
B
50.0
\u2013
Renewable Development
Garryhinch Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Greater Gabbard Offshore Winds Limited
England and Wales
B
50.0
50.0
Power Generation
Green Energy Company Limited
Ireland
M
47.5
47.5
Dormant
Green H2 Developments Hold Co Limited
England and Wales
B
50.0
50.0
Holding Company
Green H2 Developments Project Co Limited
England and Wales
B
50.0
50.0
Renewable Development
Green Way Energy Limited
Ireland
M
50.0
50.0
Holding Company
H2NE Parentco Limited
England and Wales
AL
50.0
\u2013
Holding Company
H2Northeast Limited
England and Wales
AL
50.0
\u2013
Renewable Development
ICE Santa Engracia, S.L.U.
Spain
AO
44.6
\u2013
Renewable Development
Indian Queens Power Limited
England and Wales
AF
50.0
50.0
Power Generation
Kerry Power Limited
Ireland
M
49.0
49.0
Power Generation
Kilberry Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
** *** ***
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Lely Alpha Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Alpha Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lemanaghan Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Lenalea Wind Farm Designated Activity Company Ireland
C
50.0
50.0
Renewable Development
Littleton Wind Farm Designated Activity Company Ireland
AM
50.0
\u2013
Renewable Development
Marchwood Power Limited
England and Wales
N
50.0
50.0
Power Generation
Marron Activ8 Energies Limited
Ireland
R
50.0
50.0
Energy Related Services
Midas Energy Limited
Ireland
M
49.0
49.0
Power Generation
Neos Networks Limited
Scotland
A
50.0
50.0
Telecommunications
NNXYZ Limited
England and Wales
B
50.0
50.0
Telecommunications
North Falls Offshore Wind Farm Holdco Limited
***
England and Wales
AG
50.0
50.0
Holding company
North Falls Offshore Wind Farm Limited
England and Wales
AG
50.0
50.0
Renewable Development
Ossian Offshore Wind Farm Holdings Limited
Scotland
A
40.0
40.0
Holding company
Ossian Offshore Wind Farm Limited
Scotland
A
40.0
40.0
Renewable Development
Poseidon Offshore Wind Holdco Pty Limited
Australia
AK
50.0
\u2013
Holding company
Poseidon Offshore Wind Pty Limited
Australia
AK
50.0
\u2013
Renewable Development
Pride (SERP) Limited
England and Wales
AP
50.0
\u2013
Contracting
Saltend Cogeneration Company Limited
England and Wales
AF
50.0
50.0
Power Generation
Saltend Operations Company Limited
England and Wales
AF
50.0
50.0
Power Generation
SCCL Holdings Limited
England and Wales
AF
50.0
50.0
Holding Company
Seabank Power Limited
England and Wales
O
50.0
50.0
Power Generation
Seagreen 1A (Holdco) Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen 1A Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Alpha Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Bravo Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Holdco 1 Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
SSE Slough Multifuel Holdco Limited
England and Wales
B
50.0
50.0
Holding company
SSE Slough Multifuel Limited
England and Wales
B
50.0
50.0
Power Generation
Stronelairg Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Sunflower Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Sunflower Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Triton Power Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Intermediate Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Limited
Jersey
AH
50.0
50.0
Power Generation
Tulip Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Tulip Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
*** ** 50.1% of voting rights held *** Joint Operation A3.1.3. Associates
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Corran Environmental LP
Scotland
AQ
100.0
100.0
Renewable Development
Corran Environmental II LP
Scotland
AR
12.5
\u2013
Renewable Development
St Clements Services Limited
England and Wales
P
25.0
25.0
Utilities Software
A.3.1.4. Registered address key
Reference
Company registered address
A
Inveralmond House, 200 Dunkeld Road, Perth PH1 3AQ
B
No 1 Forbury Place, 43 Forbury Road, Reading RG1 3JH
Reference
Company registered address
C Red Oak South, South County Business Park, Leopardstown, Dublin 18
D Ocean Court, Caspian Road, Atlantic Street, Altrincham, WA14 5HH
E
Keadby Power Station, Trentside, Keadby, Scunthorpe, North Lincs DN17 3AZ
F
3
rd
Floor, Millennium House, 17\u201325 Great Victoria Street, Belfast, BT2 7AQ
G
Tower House, Loch Promenade, Douglas, Isle of Man
H
B\u00fcro M\u00fcnchen, Elektrastrasse 6, 81925, M\u00fcnchen, Germany
I The Gutters\u2019 Hut, North Ness Business Park, Lerwick, Shetland ZE1 0LZ
J
One Kingdom Street, London, United Kingdom, W2 6BD
K
10 Fleet Place, London, EC4M 7QS
L 6th Floor, South Bank House, Barrow Street, Dublin 4
M Lissarda Industrial Park, Lissarda, Macroom, County Cork
N
Oceanic Way, Marchwood Industrial Park, Marchwood, Southampton SO40 4BD
O
Severn Road, Hallen, Bristol, BS10 7SP
P
4 \u20136 Church Walk, Daventry, NN11 4BL
Q
Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R
Dunoge, Carrickmacross, Co. Monaghan, Ireland
S
Gorthleahy, Macroom, Co Cork, Ireland
T
c/o Fiduservice SA, Route de Beaumont 20, 1701 Freiburg, Switzerland
U
c/o Bird & Bird LLP, Maximiliansplatz 22, Munich 80333
V
Rm
1901
, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
W
United Agent Group Inc, 1521 Concord Pike, Suite 201, Wilmington DE 19803
X Towarowa no.28, suite 00\u2013839, Warsaw, Poland
Y
Roppongi Grand Tower, 3-2-1 Roppongi, Minato-ku, Tokyo, Japan
Z
Unit 42 Block 528, Grants View, Greenogue Business Park, Rathcoole, Dublin, Ireland
AA
Hofplein 20, Rotterdam, 3032 AC, Netherlands
AB
16
Kifissias Ave, 11526, Athens, Greece
AC
Viale Luca Gaurico, 9/11, 00143, Rome, Italy
AD
Spain: calle Buenos Aires, 12, 48.001, Bilbao, Spain
AE
97 all\u00e9e Alexandre Borodine, Immeuble C\u00e8dre 3, 69800, Saint Priest, France
AF
Saltend Power Station Saltend Chemicals Park, Hedon Road, Hull, East Riding of Yorkshire, England, HU12 8GA
AG
Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB
AH
22 Grenville Street, St Helier, Jersey, JE4 SPX
AI
Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF
AJ
Plac Marsza\u0142ka J\u00f3zefa Pi\u0142sudskiego 2 00-073 Warsaw
AK
Ground Floor, 36 Esplanade, Brighton, VIC 3186
AL
Suite 1 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL
AM
Main St, Newbridge, Kildare, Ireland
AN
Second Floor Eagle Court 2, Hatchford Way, Birmingham B26 3RZ
AO
Portalada, 50, 26.006, Logro\u00f1o (La Rioja), Spain
AP
Level 12, The Shard, 32 London Bridge Street, London, SE1 9SG
AQ
4th Floor, 7 Castle Street, Edinburgh, EH2 3AH
AR
10c Wester Coates Gardens, Edinburgh, EH12 5LT
A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group:
Country Group
of Class of Proportion of Interest Year Consolidation
Company
Principal activity
incorporation shares held shares held % % end date basis
Seabank Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Limited
Power Generation
UK
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Seagreen Wind Energy Limited
Power Generation
UK
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Limited Power Generation
UK
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Triton Power Holdings Limited
Power Generation
Jersey
Ordinary
50.0
50.0
31 December
Equity
Neos Networks Limited
Telecoms
UK
Ordinary
50.0
50.0
31 March
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
Offshore
Clyde Seagreen Beatrice Triton Wind Farm
Seabank Marchwood SSE Slough Windfarm Holdco 1 Offshore Dunmaglass Stronelairg Power Neos Project 1
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks Projco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
258.8
56.3
0.9
168.3
282.0
155.1
37. 1
90.7
811.5
122.3
0.5
69.3
2,052.8
Other income
\u2013
\u2013
\u2013
\u2013
220.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
220.3
Depreciation and
amortisation
(6.9)
(39.7)
\u2013
(29.0)
(81.5)
(87.8)
(7.7)
(13.7)
(34.6)
(93.2)
(0.4)
(26.7)
(421.2)
Other operating
costs
(197.0)
(28.8)
(4.4)
(38.3)
(36.1)
(112.1)
(7.3)
(19.5)
(750.9)
(93.7)
(2.8)
(28.0)
(1,318.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
167.4
\u2013
\u2013
\u2013
(41.2)
\u2013
\u2013
\u2013
126.2
Operating profit
54.9
(12.2)
(3.5)
101.0
331.8
175.5
22.1
57.5
(15.2)
(64.6)
(2.7)
14.6
659.2
Interest expense
0.8
(3.2)
(0.5)
(16.8)
(121.0)
(62.2)
(5.8)
(10.8)
8.4
(20.4)
\u2013
(8.0)
(239.5)
Profit before tax
55.7
(15.4)
(4.0)
84.2
210.8
113.3
16.3
46.7
(6.8)
(85.0)
(2.7)
6.6
419.7
Corporation tax
(13.9)
1.0
(4.1)
(21.9)
(55.3)
(38.8)
(4.2)
(12.0)
(4.2)
\u2013
(0.7)
(3.8)
(157.9)
Profit after tax
41.8
(14.4)
(8.1)
62.3
155.5
74.5
12.1
34.7
(11.0)
(85.0)
(3.4)
2.8
261.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.2
\u2013
(46.3)
(1.4)
\u2013
\u2013
\u2013
\u2013
(31.9)
(46.6)
(126.0)
Taxation
\u2013
\u2013
(0.1)
\u2013
11.6
0.4
\u2013
\u2013
\u2013
\u2013
8.0
11.7
31.6
Total
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
comprehensive
income/(loss)
41.8
(14.4)
(8.0)
62.3
120.8
73.5
12.1
34.7
(11.0)
(85.0)
(27.3)
(32.1)
167.4
SSE share of
profit (based
on % equity)
20.9
(7. 2)
(4.0)
31.2
76.2
29.8
6.1
17.4
(5.5)
(42.5)
(1.4)
(6.9)
114.1
Dividends paid to
shareholders
38.0
14.3
\u2013
146.0
42.8
34.3
33.0
70.0
65.0
\u2013
\u2013
18.4
461.8
Non-current assets
89.5
124.1
192.5
537.9
3,556.6 1,873.1
173.3
316.3
432.9
538.0
3,115.0
4,866.1
15,815.3
Current assets
37.3
37.4
229.2
80.8
47.8
70.9
19.3
41.9
3.6
32.0
34.2
57.8
692.2
Cash and cash
equivalents
70.8
19.6
5.0
40.6
245.7
102.3
8.6
29.1
4.6
22.0
87.4
187.8
823.5
Current liabilities
(14.0)
(34.6)
(77.3)
(12.7)
(309.0)
(181.3)
(3.1)
(10.6)
(18.6)
(131.0)
(65.6)
(225.1)
(1,082.9)
Non-current
liabilities
(46.0)
(37.7)
(20.6)
(434.4)
(3,0
05.
8)
(1,752.9)
(145.4)
(261.4)
(328.9)
(346.0)
(2,726.1)
(4,138.2)
(13,243.4)
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group equity
interest
50.0%
50.0%
50.0%
50.1%
49.0%
40.0%
50.1%
50.1%
50.0%
50.0%
40.0%
\u2013
\u2013
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group\u2019s share of
ownership
interest
68.8
54.4
164.4
106.1
262.3
44.8
26.4
57.8
46.8
57.5
178.0
324.3
1,391.6
Other
adjustments
(20.4)
(0.3)
(79.1)
32.6
224.8
(16.0)
66.9
208.3
108.8
(22.9)
2.3
66.6
571.6
Carrying value of
Group\u2019s equity
interest
48.4
54.1
85.3
138.7
487.1
28.8
93.3
266.1
155.6
34.6
180.3
390.9
1,963.2
(i) (i) In addition to the above the following joint ventures and associates have an equity carrying value that constitutes a material investment of the group: Doggerbank Offshore Wind Farm Project 2 Projco Limited \u00a3119.2m (2023: \u00a3129.8m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a387.3m (2023: \u00a386.2m) and Ossian Offshore Wind Farm Limited \u00a355.3m (2023: \u00a341.3m).
(restated*)
Clyde Seagreen Beatrice Triton
Seabank Marchwood SSE Slough Windfarm Wind Offshore Dunmaglass Stronelairg Power Neos
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
274.5
103.8
\u2013
297.5
95.2
376.5
68.7
151.5
1,628.7
159.2
62.3
3,217.9
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
Depreciation and
amortisation
(6.9)
(30.7)
\u2013
(29.1)
(17.9)
(89.6)
(7.7)
(13.7)
(84.0)
(95.0)
(30.4)
(405.0)
Other operating
costs
(216.5)
(21.0)
\u2013
(56.8)
(40.8)
(94.8)
(12.6)
(28.0)
(415.1)
(80.3)
(40.1)
(1,006.0)
Operating profit
51.1
52.1
\u2013
211.6
36.5
217.6
48.4
109.8
1,129.6
(16.1)
(8.2)
1,832.4
Interest expense
(0.7)
(5.2)
\u2013
(18.4)
(20.7)
(65.4)
(6.1)
(12.1)
(2.4)
(20.7)
(3.0)
(154.7)
Profit before tax
50.4
46.9
\u2013
193.2
15.8
152.2
42.3
97.7
1,127.2
(36.8)
(11.2)
1,67
7.7
Corporation tax
(10.6)
(6.1)
\u2013
(35.6)
(3.8)
(26.0)
(8.1)
(19.1)
(179.2)
\u2013
(4.2)
(292.7)
Profit after tax
39.8
40.8
\u2013
157.6
12.0
126.2
34.2
78.6
948.0
(36.8)
(15.4)
1,385.0
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
6.2
\u2013
141.0
152.4
\u2013
\u2013
\u2013
\u2013
807.6
1,107. 2
Taxation
\u2013
\u2013
(1.6)
\u2013
(35.3)
(38.1)
\u2013
\u2013
\u2013
\u2013
(201.8)
(276.8)
\u2013
\u2013
4.6
\u2013
105.7
114.3
\u2013
\u2013
\u2013
\u2013
605.8
830.4
Total
comprehensive
income/(loss)
39.8
40.8
4.6
157.6
117.7
240.5
34.2
78.6
948.0
(36.8)
590.4
2,215.4
SSE share of
profit (based
on % equity)
19.9
20.4
\u2013
78.9
5.9
50.5
17.1
39.3
474.0
(18.4)
(24.0)
663.6
Dividends paid to
shareholders
47.0
22.4
\u2013
169.1
\u2013
146.5
35.2
93.6
101.4
\u2013
2.0
617.2
Non-current
assets
96.2
154.1
353.5
560.4
3,229.8
1,906.0
175.0
330.2
189.6
626.2
6,288.3
13,909.3
Current assets
48.8
53.5
10.0
119.0
19.4
50.5
27.5
58.2
507.0
41.9
59.9
995.7
Cash and cash
equivalents
69.3
32.8
8.4
83.4
86.4
91.3
19.0
48.3
16.7
23.3
86.1
565.0
Current liabilities
(19.1)
(38.3)
(23.6)
(20.4)
(57.2)
(176.3)
(4.6)
(19.8)
(301.7)
(144.0)
(246.8)
(1,051.8)
Non-current
liabilities
(61.6)
(65.9)
(265.2)
(437.3)
(2,870.7)
(1,800.4)
(139.3)
(259.0)
(18.0)
(353.1)
(5,241.9)
(11,512.4)
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group equity
interest
50%
50%
50%
50.1%
49%
40%
50.1%
50.1%
50%
50%
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group\u2019s share of
ownership
interest
66.8
68.1
41.5
152.8
199.8
28.4
38.8
79.1
196.8
97.2
376.4
1,345.7
Other
adjustments
(20.3)
0.3
40.8
27.4
149.9
(15.3)
68.1
214.7
73.1
(22.5)
113.8
630.0
Carrying value of
Group\u2019s equity
interest
46.5
68.4
82.3
180.2
349.7
13.1
106.9
293.8
269.9
74.7
490.2
1,975.7
* The comparatives have been restated. See note 2.1. In addition to the above at 31 March 2024, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a312.2m (2023: \u00a325.7m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2023: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2023: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2023: \u00a388.7m); Neos Networks Limited \u00a357.7m (2023: \u00a356.0m); Seagreen Wind Energy Limited \u00a3686.4m (2023: \u00a3593.1m); SSE Slough Multifuel Limited \u00a3157.8m (2023: \u00a3128.0m) and Doggerbank A Offshore Windfarm Limited \u00a387.7m (2023: \u00a3nil). This represents 93% (2023: 96%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-779": { "value": "16. Investments 16.1. Joint Ventures and associates
2024
2023 (restated*)
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,975.7
1,115.4
3,091.1
1,262.2
736.9
1,999.1
Additions
280.6
244.7
525.3
263.6
489.7
753.3
Repayment of shareholder loans
\u2013
(14.6)
(14.6)
\u2013
(61.4)
(61.4)
Dividends received
(223.7)
\u2013
(223.7)
(294.1)
\u2013
(294.1)
Share of profit after tax
(i)
\u2013 continuing operations
115.9
\u2013
115.9
663.6
\u2013
663.6
Share of other comprehensive income
(40.9)
\u2013
(40.9)
342.4
\u2013
342.4
Disposals
(3.0)
\u2013
(3.0)
(0.2)
\u2013
(0.2)
Transfer \u2013 Loans to Equity
(54.4)
54.4
\u2013
50.0
(50.0)
\u2013
Transfers \u2013 Other Investments
24.1
\u2013
24.1
\u2013
\u2013
\u2013
Impairments
(90.8)
(46.0)
(136.8)
(329.3)
\u2013
(329.3)
Investment (decrease)/increase in respect of financial
guarantees
(18.9)
\u2013
(18.9)
16.0
\u2013
16.0
Exchange rate adjustments
(1.4)
(1.0)
(2.4)
1.5
0.2
1.7
At 31 March
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
(ii) (iii) (i) Of the \u00a3115.9m (2023: \u00a3663.6m) share of profits from continuing operations, only \u00a3114.1m (2023: \u00a3662.3m) is recognised through the income statement. The \u00a31.8m (2023: \u00a31.3m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments of \u00a3136.8m (2023: \u00a3329.3m) include charges of \u00a363.2m (2023: \u00a3291.6m) in relation to the Group\u2019s Triton joint venture, and \u00a373.6m (2023: \u00a337.7m) in relation to the Group\u2019s investment in Neos Networks, of which \u00a373.6m (2023: \u00a35.9m) has been treated as exceptional and \u00a3nil (2023: \u00a331.8m) has been treated as non-exceptional, see note 7. (iii) The investment (decrease)/increase in respect of financial guarantees relates to \u00a322.2m (2023: \u00a3nil) of unwind and expiry of guarantee contracts, less \u00a33.3m (2023: \u00a316.0m) for the fair value of fees receivable on guarantees granted to joint venture investments during the year. 16.2. Additions and disposals of equity in the current year Additions in the year On 21 March 2024 the Group completed the purchase of 50% of the equity in eight onshore wind development projects in Ireland from Bord na Mona Powergen Limited for cash consideration of \u00a341.9m. During the year ended 31 March 2024 the Group provided equity and loans to its existing joint venture investments of \u00a3237.9m and \u00a3235.9m respectively, primarily in relation to Seagreen Wind Energy Limited and Dogger Bank A Offshore Wind Farm. Disposals in the year There were no significant disposals in the current year, the Group has received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to investments in associates. 16.3. Acquisitions and disposals of equity in the previous year Additions in the previous year On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the year ended 31 March 2023 is provided in note 12.1. Additionally, during the year ended 31 March 2023 the Group provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited and Doggerbank A Offshore Wind Farm. Disposals of equity in the previous year There were no significant disposals of equity in the prior year. 16.4. Principal joint ventures and associates Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures, joint operations, associates and investments are included in the Accompanying Information (A3 ). Share of results of joint ventures and associates
2024
2024
2024
2024
2023
Thermal
Windfarms Generation Other Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
359.9
563.7
80.0
1,003.6
1,564.8
Other income
88.1
\u2013
\u2013
88.1
10.2
Depreciation and amortisation
(121.6)
(40.6)
(46.6)
(208.8)
(201.1)
Other operating costs
(91.6)
(490.5)
(63.3)
(645.4)
(700.0)
Operating profit
234.8
32.6
(29.9)
237.5
673.9
Interest expense
(103.2)
2.7
(10.2)
(110.7)
(70.1)
Changes in fair value of derivatives
82.0
(20.6)
\u2013
61.4
202.9
Corporation tax
(63.5)
(10.5)
(0.1)
(74.1)
(143.1)
Share of post taxation results
150.1
4.2
(40.2)
114.1
663.6
Recognised in other comprehensive income
Cashflow hedges
(54.6)
0.1
\u2013
(54.5)
456.5
Taxation
13.6
\u2013
\u2013
13.6
(114.1)
Total comprehensive income
109.1
4.3
(40.2)
73.2
1,006.0
(i) Share of joint ventures and associates\u2019 assets and liabilities
2024
2024
2024
2024
2023
Thermal Total
Windfarms Generation Other Total \u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m (restated*)
Non-current assets
6,171.5
427.7
310.5
6,909.7
6,093.0
Current assets
156.9
153.8
19.5
330.2
486.9
Cash and cash equivalents
309.3
50.0
13.7
373.0
263.3
Current liabilities
(355.6)
(72.3)
(68.1)
(496.0)
(484.1)
Non-current liabilities
(5,335.8)
(216.6)
(172.9)
(5,725.3)
(5,013.4)
946.3
342.6
102.7
1,391.6
1,345.7
Other adjustments
593.8
9.0
(31.2)
571.6
630.0
Share of net assets of joint ventures and associates
1,540.1
351.6
71.5
1,963.2
1,975.7
Shareholder loans
1,121.6
173.6
57.7
1,352.9
1,115.4
Interest in joint venture and associate
2,661.7
525.2
129.2
3,316.1
3,091.1
(i) (i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited. * The comparatives have been restated. See note 2.1. Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 . 16.5. Joint operations Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group.
Principal Country of Class of Proportion of Group
activity incorporation shares held shares held (%)
Interest (%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Windfarm
UK
Ordinary
50.0
50.0
31 March
Eastern Green Link 2 Limited
Power Transmission
UK
Ordinary
50.0
37. 5
31 March
The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm. Eastern Green Link 2 Limited is a joint operation between SHET and National Grid Electricity Transmission plc to install a 2GW subsea high-voltage connection. The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage facility owned by SSE Hornsea Limited. 16.6. Other investments held at fair value through other comprehensive income
Total
\u00a3m
At 31 March 2022
8.7
Additions in year
19.1
Fair value adjustment through other comprehensive income
(0.4)
At 31 March 2023
27.4
Disposals in year
(0.4)
Transfers to investments in joint ventures and associates
(24.1)
Fair value adjustment through other comprehensive income
0.3
At 31 March 2024
3.2
In the current year the classification of an investment of \u00a324.1m (2023: \u00a3nil) has been reassessed and reclassified from \u2018Other investments\u2019 to \u2018Equity investments in joint ventures and associates\u2019. The investment has been recognised as an associate reflecting the Group\u2019s level of ownership and influence over the investee; comparative amounts have not been re-presented. A3.1.3. Associates
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Corran Environmental LP
Scotland
AQ
100.0
100.0
Renewable Development
Corran Environmental II LP
Scotland
AR
12.5
\u2013
Renewable Development
St Clements Services Limited
England and Wales
P
25.0
25.0
Utilities Software
A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group:
Country Group
of Class of Proportion of Interest Year Consolidation
Company
Principal activity
incorporation shares held shares held % % end date basis
Seabank Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Limited
Power Generation
UK
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Seagreen Wind Energy Limited
Power Generation
UK
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Limited Power Generation
UK
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Triton Power Holdings Limited
Power Generation
Jersey
Ordinary
50.0
50.0
31 December
Equity
Neos Networks Limited
Telecoms
UK
Ordinary
50.0
50.0
31 March
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
Offshore
Clyde Seagreen Beatrice Triton Wind Farm
Seabank Marchwood SSE Slough Windfarm Holdco 1 Offshore Dunmaglass Stronelairg Power Neos Project 1
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks Projco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
258.8
56.3
0.9
168.3
282.0
155.1
37. 1
90.7
811.5
122.3
0.5
69.3
2,052.8
Other income
\u2013
\u2013
\u2013
\u2013
220.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
220.3
Depreciation and
amortisation
(6.9)
(39.7)
\u2013
(29.0)
(81.5)
(87.8)
(7.7)
(13.7)
(34.6)
(93.2)
(0.4)
(26.7)
(421.2)
Other operating
costs
(197.0)
(28.8)
(4.4)
(38.3)
(36.1)
(112.1)
(7.3)
(19.5)
(750.9)
(93.7)
(2.8)
(28.0)
(1,318.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
167.4
\u2013
\u2013
\u2013
(41.2)
\u2013
\u2013
\u2013
126.2
Operating profit
54.9
(12.2)
(3.5)
101.0
331.8
175.5
22.1
57.5
(15.2)
(64.6)
(2.7)
14.6
659.2
Interest expense
0.8
(3.2)
(0.5)
(16.8)
(121.0)
(62.2)
(5.8)
(10.8)
8.4
(20.4)
\u2013
(8.0)
(239.5)
Profit before tax
55.7
(15.4)
(4.0)
84.2
210.8
113.3
16.3
46.7
(6.8)
(85.0)
(2.7)
6.6
419.7
Corporation tax
(13.9)
1.0
(4.1)
(21.9)
(55.3)
(38.8)
(4.2)
(12.0)
(4.2)
\u2013
(0.7)
(3.8)
(157.9)
Profit after tax
41.8
(14.4)
(8.1)
62.3
155.5
74.5
12.1
34.7
(11.0)
(85.0)
(3.4)
2.8
261.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.2
\u2013
(46.3)
(1.4)
\u2013
\u2013
\u2013
\u2013
(31.9)
(46.6)
(126.0)
Taxation
\u2013
\u2013
(0.1)
\u2013
11.6
0.4
\u2013
\u2013
\u2013
\u2013
8.0
11.7
31.6
Total
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
comprehensive
income/(loss)
41.8
(14.4)
(8.0)
62.3
120.8
73.5
12.1
34.7
(11.0)
(85.0)
(27.3)
(32.1)
167.4
SSE share of
profit (based
on % equity)
20.9
(7. 2)
(4.0)
31.2
76.2
29.8
6.1
17.4
(5.5)
(42.5)
(1.4)
(6.9)
114.1
Dividends paid to
shareholders
38.0
14.3
\u2013
146.0
42.8
34.3
33.0
70.0
65.0
\u2013
\u2013
18.4
461.8
Non-current assets
89.5
124.1
192.5
537.9
3,556.6 1,873.1
173.3
316.3
432.9
538.0
3,115.0
4,866.1
15,815.3
Current assets
37.3
37.4
229.2
80.8
47.8
70.9
19.3
41.9
3.6
32.0
34.2
57.8
692.2
Cash and cash
equivalents
70.8
19.6
5.0
40.6
245.7
102.3
8.6
29.1
4.6
22.0
87.4
187.8
823.5
Current liabilities
(14.0)
(34.6)
(77.3)
(12.7)
(309.0)
(181.3)
(3.1)
(10.6)
(18.6)
(131.0)
(65.6)
(225.1)
(1,082.9)
Non-current
liabilities
(46.0)
(37.7)
(20.6)
(434.4)
(3,0
05.
8)
(1,752.9)
(145.4)
(261.4)
(328.9)
(346.0)
(2,726.1)
(4,138.2)
(13,243.4)
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group equity
interest
50.0%
50.0%
50.0%
50.1%
49.0%
40.0%
50.1%
50.1%
50.0%
50.0%
40.0%
\u2013
\u2013
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group\u2019s share of
ownership
interest
68.8
54.4
164.4
106.1
262.3
44.8
26.4
57.8
46.8
57.5
178.0
324.3
1,391.6
Other
adjustments
(20.4)
(0.3)
(79.1)
32.6
224.8
(16.0)
66.9
208.3
108.8
(22.9)
2.3
66.6
571.6
Carrying value of
Group\u2019s equity
interest
48.4
54.1
85.3
138.7
487.1
28.8
93.3
266.1
155.6
34.6
180.3
390.9
1,963.2
(i) (i) In addition to the above the following joint ventures and associates have an equity carrying value that constitutes a material investment of the group: Doggerbank Offshore Wind Farm Project 2 Projco Limited \u00a3119.2m (2023: \u00a3129.8m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a387.3m (2023: \u00a386.2m) and Ossian Offshore Wind Farm Limited \u00a355.3m (2023: \u00a341.3m).
(restated*)
Clyde Seagreen Beatrice Triton
Seabank Marchwood SSE Slough Windfarm Wind Offshore Dunmaglass Stronelairg Power Neos
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
274.5
103.8
\u2013
297.5
95.2
376.5
68.7
151.5
1,628.7
159.2
62.3
3,217.9
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
Depreciation and
amortisation
(6.9)
(30.7)
\u2013
(29.1)
(17.9)
(89.6)
(7.7)
(13.7)
(84.0)
(95.0)
(30.4)
(405.0)
Other operating
costs
(216.5)
(21.0)
\u2013
(56.8)
(40.8)
(94.8)
(12.6)
(28.0)
(415.1)
(80.3)
(40.1)
(1,006.0)
Operating profit
51.1
52.1
\u2013
211.6
36.5
217.6
48.4
109.8
1,129.6
(16.1)
(8.2)
1,832.4
Interest expense
(0.7)
(5.2)
\u2013
(18.4)
(20.7)
(65.4)
(6.1)
(12.1)
(2.4)
(20.7)
(3.0)
(154.7)
Profit before tax
50.4
46.9
\u2013
193.2
15.8
152.2
42.3
97.7
1,127.2
(36.8)
(11.2)
1,67
7.7
Corporation tax
(10.6)
(6.1)
\u2013
(35.6)
(3.8)
(26.0)
(8.1)
(19.1)
(179.2)
\u2013
(4.2)
(292.7)
Profit after tax
39.8
40.8
\u2013
157.6
12.0
126.2
34.2
78.6
948.0
(36.8)
(15.4)
1,385.0
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
6.2
\u2013
141.0
152.4
\u2013
\u2013
\u2013
\u2013
807.6
1,107. 2
Taxation
\u2013
\u2013
(1.6)
\u2013
(35.3)
(38.1)
\u2013
\u2013
\u2013
\u2013
(201.8)
(276.8)
\u2013
\u2013
4.6
\u2013
105.7
114.3
\u2013
\u2013
\u2013
\u2013
605.8
830.4
Total
comprehensive
income/(loss)
39.8
40.8
4.6
157.6
117.7
240.5
34.2
78.6
948.0
(36.8)
590.4
2,215.4
SSE share of
profit (based
on % equity)
19.9
20.4
\u2013
78.9
5.9
50.5
17.1
39.3
474.0
(18.4)
(24.0)
663.6
Dividends paid to
shareholders
47.0
22.4
\u2013
169.1
\u2013
146.5
35.2
93.6
101.4
\u2013
2.0
617.2
Non-current
assets
96.2
154.1
353.5
560.4
3,229.8
1,906.0
175.0
330.2
189.6
626.2
6,288.3
13,909.3
Current assets
48.8
53.5
10.0
119.0
19.4
50.5
27.5
58.2
507.0
41.9
59.9
995.7
Cash and cash
equivalents
69.3
32.8
8.4
83.4
86.4
91.3
19.0
48.3
16.7
23.3
86.1
565.0
Current liabilities
(19.1)
(38.3)
(23.6)
(20.4)
(57.2)
(176.3)
(4.6)
(19.8)
(301.7)
(144.0)
(246.8)
(1,051.8)
Non-current
liabilities
(61.6)
(65.9)
(265.2)
(437.3)
(2,870.7)
(1,800.4)
(139.3)
(259.0)
(18.0)
(353.1)
(5,241.9)
(11,512.4)
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group equity
interest
50%
50%
50%
50.1%
49%
40%
50.1%
50.1%
50%
50%
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group\u2019s share of
ownership
interest
66.8
68.1
41.5
152.8
199.8
28.4
38.8
79.1
196.8
97.2
376.4
1,345.7
Other
adjustments
(20.3)
0.3
40.8
27.4
149.9
(15.3)
68.1
214.7
73.1
(22.5)
113.8
630.0
Carrying value of
Group\u2019s equity
interest
46.5
68.4
82.3
180.2
349.7
13.1
106.9
293.8
269.9
74.7
490.2
1,975.7
* The comparatives have been restated. See note 2.1. In addition to the above at 31 March 2024, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a312.2m (2023: \u00a325.7m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2023: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2023: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2023: \u00a388.7m); Neos Networks Limited \u00a357.7m (2023: \u00a356.0m); Seagreen Wind Energy Limited \u00a3686.4m (2023: \u00a3593.1m); SSE Slough Multifuel Limited \u00a3157.8m (2023: \u00a3128.0m) and Doggerbank A Offshore Windfarm Limited \u00a387.7m (2023: \u00a3nil). This represents 93% (2023: 96%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-700": { "value": "
17. Inventories
2024 2023
\u00a3m \u00a3m
Fuel and consumables
155.3
179.3
Certificates and allowances
205.1
125.4
Gas held in storage
23.1
142.2
Less: provisions held
(40.5)
(52.0)
343.0
394.9
Where Renewables Obligation Certificates (\u2018ROCs\u2019) and Renewable Energy Guarantees of Origin (\u2018REGOs\u2019) certificates are self-generated or
purchased to fulfil the Group\u2019s environmental obligations, they are recorded within intangible assets. The value of ROCs and REGOs held in
excess of the Group\u2019s environmental obligations are recorded within inventories.
The Group has expensed inventories of \u00a3562.8m within cost of sales in the year (2023: \u00a3601.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-701": { "value": "
18. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current assets
Loan note receivable
170.1
149.5
Current assets
Trade receivables
1,305.5
1,404.0
Unbilled energy income
663.7
666.1
Other receivables
82.6
226.0
Cash posted as collateral
9.3
316.3
Other prepayments and accrued income
593.0
632.7
2,654.1
3,245.1
Total trade and other receivables
2,824.2
3,394.6
The non-current loan note receivable relates to \u00a3170.1m (2023: \u00a3149.5m) payable by Ovo Energy by 2029. The Ovo loan note carries
interest of 13.25% and is presented cumulative of accrued interest repayments, discounted at 13.25%.
Unbilled energy income represents an estimate of the value of electricity or gas supplied to customers between the date of the last meter
reading and the year end. Detail of the calculation applied to estimate this balance is included at note 4.1(iii). A 5% sensitivity on the unbilled
energy accrual would equate to an increase or decrease in the receivable balance of \u00a320.7m (2023: \u00a319.4m).
Included in other prepayments and accrued income is \u00a311.9m (2023: \u00a3347.3m) in relation to government funded customer support schemes.
Cash posted as collateral relates to amounts deposited on commodity trading exchanges of \u00a39.3m (2023: \u00a3316.3m).
Trade receivables and other financial assets are part of the Group\u2019s financial exposure to credit risk as explained in accompanying
information note A6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-819": { "value": "18. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current assets
Loan note receivable
170.1
149.5
Current assets
Trade receivables
1,305.5
1,404.0
Unbilled energy income
663.7
666.1
Other receivables
82.6
226.0
Cash posted as collateral
9.3
316.3
Other prepayments and accrued income
593.0
632.7
2,654.1
3,245.1
Total trade and other receivables
2,824.2
3,394.6
The non-current loan note receivable relates to \u00a3170.1m (2023: \u00a3149.5m) payable by Ovo Energy by 2029. The Ovo loan note carries interest of 13.25% and is presented cumulative of accrued interest repayments, discounted at 13.25%. Unbilled energy income represents an estimate of the value of electricity or gas supplied to customers between the date of the last meter reading and the year end. Detail of the calculation applied to estimate this balance is included at note 4.1(iii). A 5% sensitivity on the unbilled energy accrual would equate to an increase or decrease in the receivable balance of \u00a320.7m (2023: \u00a319.4m). Included in other prepayments and accrued income is \u00a311.9m (2023: \u00a3347.3m) in relation to government funded customer support schemes. Cash posted as collateral relates to amounts deposited on commodity trading exchanges of \u00a39.3m (2023: \u00a3316.3m). Trade receivables and other financial assets are part of the Group\u2019s financial exposure to credit risk as explained in accompanying information note A6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-781": { "value": "18. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current assets
Loan note receivable
170.1
149.5
Current assets
Trade receivables
1,305.5
1,404.0
Unbilled energy income
663.7
666.1
Other receivables
82.6
226.0
Cash posted as collateral
9.3
316.3
Other prepayments and accrued income
593.0
632.7
2,654.1
3,245.1
Total trade and other receivables
2,824.2
3,394.6
The non-current loan note receivable relates to \u00a3170.1m (2023: \u00a3149.5m) payable by Ovo Energy by 2029. The Ovo loan note carries interest of 13.25% and is presented cumulative of accrued interest repayments, discounted at 13.25%. Unbilled energy income represents an estimate of the value of electricity or gas supplied to customers between the date of the last meter reading and the year end. Detail of the calculation applied to estimate this balance is included at note 4.1(iii). A 5% sensitivity on the unbilled energy accrual would equate to an increase or decrease in the receivable balance of \u00a320.7m (2023: \u00a319.4m). Included in other prepayments and accrued income is \u00a311.9m (2023: \u00a3347.3m) in relation to government funded customer support schemes. Cash posted as collateral relates to amounts deposited on commodity trading exchanges of \u00a39.3m (2023: \u00a3316.3m). Trade receivables and other financial assets are part of the Group\u2019s financial exposure to credit risk as explained in accompanying information note A6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-743": { "value": "18. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current assets
Loan note receivable
170.1
149.5
Current assets
Trade receivables
1,305.5
1,404.0
Unbilled energy income
663.7
666.1
Other receivables
82.6
226.0
Cash posted as collateral
9.3
316.3
Other prepayments and accrued income
593.0
632.7
2,654.1
3,245.1
Total trade and other receivables
2,824.2
3,394.6
The non-current loan note receivable relates to \u00a3170.1m (2023: \u00a3149.5m) payable by Ovo Energy by 2029. The Ovo loan note carries interest of 13.25% and is presented cumulative of accrued interest repayments, discounted at 13.25%. Unbilled energy income represents an estimate of the value of electricity or gas supplied to customers between the date of the last meter reading and the year end. Detail of the calculation applied to estimate this balance is included at note 4.1(iii). A 5% sensitivity on the unbilled energy accrual would equate to an increase or decrease in the receivable balance of \u00a320.7m (2023: \u00a319.4m). Included in other prepayments and accrued income is \u00a311.9m (2023: \u00a3347.3m) in relation to government funded customer support schemes. Cash posted as collateral relates to amounts deposited on commodity trading exchanges of \u00a39.3m (2023: \u00a3316.3m). Trade receivables and other financial assets are part of the Group\u2019s financial exposure to credit risk as explained in accompanying information note A6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-803": { "value": "
2024 2023
\u00a3m \u00a3m
Non-current assets
Loan note receivable
170.1
149.5
Current assets
Trade receivables
1,305.5
1,404.0
Unbilled energy income
663.7
666.1
Other receivables
82.6
226.0
Cash posted as collateral
9.3
316.3
Other prepayments and accrued income
593.0
632.7
2,654.1
3,245.1
Total trade and other receivables
2,824.2
3,394.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-702": { "value": "
19. Trade and other payables
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
656.7
694.6
Contract related liabilities
95.2
54.1
Cash held as collateral
362.5
\u2013
Other creditors
473.0
560.8
Other accruals
1,735.1
1,349.1
3,322.5
2,658.6
Non-current liabilities
Contract related liabilities
158.4
161.3
Deferred income and other accruals
934.4
798.6
1,092.8
959.9
Total trade and other payables
4,415.3
3,618.5
(i)
(ii)
(i)
(ii)
(i) Current contract related liabilities includes customer contributions of \u00a315.7m (2023: \u00a314.5m) and non-current contract related liabilities includes customer contributions of
\u00a3158.4m (2023: \u00a3161.3m).
(ii) Non-current other accruals includes government grants of \u00a36.0m (2023: \u00a37.9m).
Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a3362.5m (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-827": { "value": "19. Trade and other payables
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
656.7
694.6
Contract related liabilities
95.2
54.1
Cash held as collateral
362.5
\u2013
Other creditors
473.0
560.8
Other accruals
1,735.1
1,349.1
3,322.5
2,658.6
Non-current liabilities
Contract related liabilities
158.4
161.3
Deferred income and other accruals
934.4
798.6
1,092.8
959.9
Total trade and other payables
4,415.3
3,618.5
(i) (ii) (i) (ii) (i) Current contract related liabilities includes customer contributions of \u00a315.7m (2023: \u00a314.5m) and non-current contract related liabilities includes customer contributions of \u00a3158.4m (2023: \u00a3161.3m). (ii) Non-current other accruals includes government grants of \u00a36.0m (2023: \u00a37.9m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a3362.5m (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-820": { "value": "19. Trade and other payables
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
656.7
694.6
Contract related liabilities
95.2
54.1
Cash held as collateral
362.5
\u2013
Other creditors
473.0
560.8
Other accruals
1,735.1
1,349.1
3,322.5
2,658.6
Non-current liabilities
Contract related liabilities
158.4
161.3
Deferred income and other accruals
934.4
798.6
1,092.8
959.9
Total trade and other payables
4,415.3
3,618.5
(i) (ii) (i) (ii) (i) Current contract related liabilities includes customer contributions of \u00a315.7m (2023: \u00a314.5m) and non-current contract related liabilities includes customer contributions of \u00a3158.4m (2023: \u00a3161.3m). (ii) Non-current other accruals includes government grants of \u00a36.0m (2023: \u00a37.9m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a3362.5m (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-780": { "value": "19. Trade and other payables
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
656.7
694.6
Contract related liabilities
95.2
54.1
Cash held as collateral
362.5
\u2013
Other creditors
473.0
560.8
Other accruals
1,735.1
1,349.1
3,322.5
2,658.6
Non-current liabilities
Contract related liabilities
158.4
161.3
Deferred income and other accruals
934.4
798.6
1,092.8
959.9
Total trade and other payables
4,415.3
3,618.5
(i) (ii) (i) (ii) (i) Current contract related liabilities includes customer contributions of \u00a315.7m (2023: \u00a314.5m) and non-current contract related liabilities includes customer contributions of \u00a3158.4m (2023: \u00a3161.3m). (ii) Non-current other accruals includes government grants of \u00a36.0m (2023: \u00a37.9m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a3362.5m (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-744": { "value": "19. Trade and other payables
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
656.7
694.6
Contract related liabilities
95.2
54.1
Cash held as collateral
362.5
\u2013
Other creditors
473.0
560.8
Other accruals
1,735.1
1,349.1
3,322.5
2,658.6
Non-current liabilities
Contract related liabilities
158.4
161.3
Deferred income and other accruals
934.4
798.6
1,092.8
959.9
Total trade and other payables
4,415.3
3,618.5
(i) (ii) (i) (ii) (i) Current contract related liabilities includes customer contributions of \u00a315.7m (2023: \u00a314.5m) and non-current contract related liabilities includes customer contributions of \u00a3158.4m (2023: \u00a3161.3m). (ii) Non-current other accruals includes government grants of \u00a36.0m (2023: \u00a37.9m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a3362.5m (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-804": { "value": "
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
656.7
694.6
Contract related liabilities
95.2
54.1
Cash held as collateral
362.5
\u2013
Other creditors
473.0
560.8
Other accruals
1,735.1
1,349.1
3,322.5
2,658.6
Non-current liabilities
Contract related liabilities
158.4
161.3
Deferred income and other accruals
934.4
798.6
1,092.8
959.9
Total trade and other payables
4,415.3
3,618.5
(i) (ii) (i) (ii) ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-703": { "value": "
20. Provisions
Legal and Employee
Decommissioning restructuring related Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2022
940.1
94.0
39.5
37.6
1,111.2
Charged in the year
6.8
16.9
4.5
21.7
49.9
Decrease in decommissioning provision
(196.0)
\u2013
\u2013
\u2013
(196.0)
Unwind of discount
22.1
\u2013
\u2013
\u2013
22.1
Released during the year
\u2013
(45.2)
(11.0)
(43.2)
(99.4)
Disposed during the year
(56.7)
\u2013
\u2013
\u2013
(56.7)
Utilised during the year
(12.2)
(51.0)
(2.0)
\u2013
(65.2)
Transfers
1.8
5.6
(10.1)
2.7
\u2013
Exchange rate adjustments
6.2
\u2013
\u2013
\u2013
6.2
At 31 March 2023
712.1
20.3
20.9
18.8
772.1
Charged in the year
\u2013
\u2013
1.2
4.0
5.2
Increase in decommissioning provision
2.2
\u2013
\u2013
\u2013
2.2
Unwind of discount
25.2
\u2013
\u2013
\u2013
25.2
Acquired during the year
\u2013
\u2013
\u2013
7. 3
7. 3
Released during the year
\u2013
\u2013
\u2013
(4.3)
(4.3)
Utilised during the year
(5.3)
(16.9)
(9.3)
(7.6)
(39.1)
Transfers
5.0
(3.0)
\u2013
(2.0)
\u2013
Exchange rate adjustments
(3.5)
\u2013
\u2013
\u2013
(3.5)
At 31 March 2024
735.7
0.4
12.8
16.2
765.1
At 31 March 2024
Non-current
688.8
0.4
12.5
10.7
712.4
Current
46.9
\u2013
0.3
5.5
52.7
735.7
0.4
12.8
16.2
765.1
At 31 March 2023
Non-current
686.0
19.9
18.6
18.2
742.7
Current
26.1
0.4
2.3
0.6
29.4
712.1
20.3
20.9
18.8
772.1
Decommissioning provisions
Provision has been made for the estimated net present value of decommissioning the Group\u2019s Thermal and Renewable power generation
assets, Gas Storage facilities and the retained 60% share of decommissioning costs of the disposed Gas Production business. Cost
estimates are based on the forecast remediation or clean-up costs based on current technology and prices for Renewable, Thermal and
Gas Storage assets and are reviewed by independent valuation experts every three years. In the intervening years, management update cost
estimates based on factors arising since the last formal valuation date. Retained decommissioning costs in relation to the disposed Gas
Production business are periodically agreed with the field operators. The cost estimates include a risk adjustment and are inflated to the
projected decommissioning date using a market observable inflation rate. This projection is discounted using a risk-free discount rate
based on UK gilt rates with maturity date similar to the expected decommissioning date.
There is a wide range of assumed decommissioning dates across the obligation due to the number of assets and their varying ages, which
is summarised in the table below. Decommissioning dates are based on the useful economic lives of the individual assets based on
technology and price forecasts at the balance sheet date. It is possible that the forecast decommissioning dates will change due to
technology advances or decisions to repower wind farms when the current turbines reach the end of their respective lives. The date of
decommissioning of the Gas Production business can vary based on hydrocarbon reserve estimates and market commodity prices, which
can shorten or lengthen the economic life of the field.
Value of Provision Number of Forecast
31 March 2024 decommissioning decommissioning
Business Unit \u00a3m sites dates
Renewables
230.7
52
2025 \u2013 2065
Thermal
161.7
16
2024 \u2013 2050
Gas Storage
115.4
18
2024 \u2013 2049
Gas Production
219.7
4
2024 \u2013 2040
SSE Enterprise
8.2
1
2027
Total
735.7
1
2
Value of Provision Number of Forecast
31 March 2023 decommissioning decommissioning
Business Unit \u00a3m sites dates
Renewables
218.5
55
2025 \u2013 2049
Thermal
165.0
14
2023 \u2013 2051
Gas Storage
119.4
18
2023 \u2013 2050
Gas Production
201.4
4
2023 \u2013 2038
SSE Enterprise
7.8
1
2027
Total
712.1
1
2
1 The Group has two Gas Storage assets at Aldbrough and Atwick. In total there are 18 caverns with varying economic lives, therefore the number of sites has been disclosed to
more accurately reflect the scale and expected timing of decommissioning activities.
2 The Group has retained a 60% share of the decommissioning obligation for four Gas Production fields, though each field has multiple wells and shared infrastructure that the
Group retains an obligation to remediate.
The Group\u2019s decommissioning provision has increased during the year from \u00a3712.1m to \u00a3735.7m, primarily due to the increase in base cost
estimates and inclusion of the decommissioning provisions for Solar and Battery assets for the first time. While the long term inflation rate
remains stable at 3.2% (2023: 3.2%), the increase in the risk free discount rates applied of between 3.9%-4.4% (2023: 3.5%-3.8%) has partially
negated the increase in the closing provision due to base cost estimate increases. The \u00a32.2m increase in decommissioning provision
primarily relates to a revaluation of \u00a36.2m recognised as an opposing reduction to decommissioning assets and \u00a39.9m income statement
charge in relation to the Group\u2019s share of gas production decommissioning liabilities. During the year, the Group incurred \u00a35.3m of
decommissioning spend, primarily related to the Aldbrough site included within Gas storage and the Fiddler\u2019s Ferry and Ferrybridge sites,
included within Thermal above. Based on work completed to date, provisions accrued for the decommissioning of these power stations are
expected to be sufficient for the final cost of the works.
Impact of climate change on the Group\u2019s decommissioning provisions
The Group has assessed that the most likely impact of climate change on its decommissioning provisions would be the enactment of
legislation that would result in the earlier closure of its unabated gas fired power stations. The decommissioning provision included in the
table above for these assets is based on forecast closure dates under legislation enacted at the balance sheet date and therefore forecast
closure dates have not been accelerated. In the sensitivity analysis below, a scenario has been included assuming legislation is enacted that
would result in closure of these assets from 2030.
Sensitivity analysis
Sensitivity analysis reflecting reasonably probable fluctuations to the main assumptions used in the calculation of the decommissioning
provisions is set out below:
2024 2023
Estimated decommissioning provision including: \u00a3m \u00a3m
Increasing the projected cost estimate by 10%
804.8
781.4
Increasing the inflation rate by 1.0%
808.7
793.2
Decreasing the discount rate by 0.5%
764.4
747.1
Closure of unabated gas CCGTs from 2030
732.6
714.5
Legal and restructuring provisions
Provisions have been made for ongoing legal and regulatory disputes. Where outcomes are unknown, a range of possible scenarios is
calculated, with the most likely being reflected in the provision. The timing of settlement for legal provisions is more uncertain as it is
dependent upon legal resolution being achieved.
Employee related provisions
Employee related provisions include the Group\u2019s employer financed retirement benefit provision for certain directors and former directors
and employees, which is valued in accordance with IAS 19 using assumptions consistent with the Scottish Hydro Electric Pension Scheme
(see note 23 for assumptions applied). In addition, the Group has legal obligations arising from severance payments due to employees,
which are measured based on length of service. At 31 March 2024, the reduction in the provisions relates to payments from the pension
scheme and payments for severance.
Other provisions
Other provisions include onerous contract provisions, mutualisation obligations and other contractual obligations and are calculated based
on a best estimate basis. The timing of settlement of these provisions varies by obligation between 2024 and 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-782": { "value": "
21. Sources of finance
21.1. Capital management
The Board\u2019s policy is to maintain a strong balance sheet and credit rating to support investor, counterparty and market confidence in the
Group and to underpin future development of the business. The Group\u2019s credit ratings are also important in maintaining an efficient cost of
capital and in determining collateral requirements throughout the Group. As at 31 March 2024, the Group\u2019s long-term credit rating was
BBB+ positive outlook for Standard & Poor\u2019s and Baa1 stable outlook for Moody\u2019s.
The maintenance of a medium-term corporate model is a key control in monitoring the development of the Group\u2019s capital structure and
allows for detailed scenarios and sensitivity testing. Key ratios drawn from this analysis underpin regular updates to the Board and include
the ratios used by the rating agencies in assessing the Group\u2019s credit ratings.
The Group\u2019s debt requirements are principally met through issuing bonds denominated in Sterling and Euros as well as private placements
and medium-term bank loans including those with the European Investment Bank.
During the year SSE plc issued an 8 year \u20ac750m Green Bond at a coupon of 4.0%. The bond has been left in Euros as a net investment
hedge for the Group\u2019s Euro denominated subsidiaries. In the year, SSE plc also redeemed US Private Placement debt of combined \u00a3155.0m
and a \u20ac700m Eurobond with coupon at 1.75%. In January 2024 Scottish Hydro Electric Transmission plc issued a 20 year \u00a3500m Green
Bond at a coupon of 5.5%.
SSE\u2019s adjusted net debt and hybrid capital was \u00a39.4bn at 31 March 2024, compared with \u00a38.9bn at 31 March 2023.
Adjusted net debt and hybrid capital is stated after removing lease obligations, external net debt attributable to non-controlling interests
and cash held and posted as collateral in line with the Group\u2019s presentation basis which is explained at note 3(i). The adjustment relating to
the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is \u00a3490.2m at 31 March 2024 (2023:
\u00a3434.2m) and relates to 25% of external loans of \u00a32,088.0m (2023: \u00a31,744.8m) net of cash and cash equivalents of \u00a3127.4m (2023: \u00a37.8m).
Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within
\u2018Trade and other payables\u2019 and \u2018Trade and other receivables\u2019 respectively on the face of the balance sheet.
At 31 March 2024 the collateral balance was a net liability of \u00a3353.2m, consisting of a liability of \u00a3362.5m and an asset of \u00a39.3m (2023:
\u00a3316.3m asset). This reflects the lower levels of initial margin required for commodity contracts traded on exchanges following a reduction
in risk factors and the Group replacing cash collateral with \u00a3100m of letters of credit. Additionally, variation margin positions for March
2024 are \u2018in the money\u2019 due to lower commodity prices, compared to the \u2018out the money\u2019 positions experienced in the prior year.
The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into
Sterling) and as at 31 March 2024 there was \u00a3840m commercial paper outstanding (2023: \u00a3919m). During the year ended 31 March 2024,
the Group issued new debt instruments totalling \u00a31,982m and redeemed \u00a31,744m of maturing debt in the year. The Group also continues
to have access to \u00a33.5bn of revolving credit facilities (2023: \u00a33.5bn), (see note 21.3), which includes \u00a3750m relating to Scottish Hydro
Electric Transmission plc (2023: \u00a3750m). As at 31 March 2024 there were no (2023: \u00a3100m) drawings against these committed facilities
(2023: 3% utilisation).
The Group capital comprises:
2024 2023
\u00a3m \u00a3m
(restated*)
Total borrowings (excluding lease obligations)
8,726.2
8,654.0
Less: Cash and cash equivalents
(1,035.9)
(891.8)
Net debt (excluding hybrid equity)
7,690.3
7,762 . 2
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(490.2)
(434.2)
Cash held/(posted) as collateral and other short term loans
353.2
(316.3)
Adjusted net debt and hybrid capital
9,435.7
8,894.1
Equity attributable to shareholders of the parent
9,170.8
8,551.7
Total capital excluding lease obligations
18,606.5
17,4 45. 8
APM
* The comparative has been restated. See note 2.1.
Under the terms of its major borrowing facilities, the Group is required to comply with the following financial covenant:
\u2013 Interest Cover Ratio: The Group shall procure that the ratio of Operating Profit to Net Interest Payable for any relevant period is not less
than 2.5 to 1.
The following definitions apply in the calculation of these financial covenants:
\u2013 \u201cOperating Profit\u201d means, in relation to a relevant period, the profit on ordinary activities before taxation (after adding back Net Interest
Payable) of the Group for that relevant period but after adjusting this amount to exclude any exceptional profits (or losses) and, for the
avoidance of doubt, before taking account of any exceptional profits (or losses) and excluding the effect of IFRS 9 remeasurements.
\u2013 \u201cNet Interest Payable\u201d means, in respect of any relevant period, interest payable during that relevant period less interest receivable
during that relevant period .
In summary, the Group\u2019s intent is to balance returns to shareholders between current returns through dividends and long-term capital investment for growth. In doing so, the Group will maintain its capital discipline and will continue to operate within the current economic environment prudently. There were no changes to the Group\u2019s capital management approach during the year. Under the SSE plc\u2019s articles of association, the borrowings of the Company are limited so as to ensure that the aggregate amount of all borrowings by the Group outstanding at any time is not more than three times the capital and reserves of the Group. 21.2. Loans and other borrowings
2024 2023
\u00a3m \u00a3m
Current
Short-term loans
1,044.5
1,738.5
Lease obligations
83.5
82.1
1,128.0
1,820.6
Non-current
Loans
7,681 .7
6,915.5
Lease obligations
324.0
323.8
8,005.7
7, 239. 3
Total loans and borrowings
9,133.7
9,059.9
Cash and cash equivalents
(1,035.9)
(891.8)
Unadjusted net debt
8,097.8
8,168.1
Add/(less):
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(490.2)
(434.2)
Lease obligations
(407.5)
(405.9)
Cash held/(posted) as collateral and other short term loans
353.2
(316.3)
Adjusted net debt and hybrid capital
9,435.7
8,894.1
APM Cash and cash equivalents (which are presented as a single class of asset on the face of the balance sheet) comprise cash at bank and short term highly liquid investments with a maturity of three months or less. 21.3. Borrowing facilities The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into Sterling) and as at 31 March 2024 there was \u00a3840m commercial paper outstanding (2023: \u00a3919m). The Group also continues to have access to \u00a33.5bn of revolving credit facilities (2023: \u00a33.5bn). As at 31 March 2024 there were no drawings against these committed facilities (2023: \u00a3100m). The details of the five committed facilities as at 31 March 2024 are: \u2013 a \u00a31.3bn revolving credit facility for SSE plc maturing March 2026 (2023: \u00a31.3bn); \u2013 a \u00a30.2bn bilateral facility for SSE plc maturing October 2026 (2023: \u00a30.2bn); \u2013 a \u00a30.75bn facility for Scottish Hydro Electric Transmission plc maturing November 2026 (2023: \u00a30.75bn); \u2013 a \u00a30.25bn facility for Scottish Hydro Electric Distribution plc and Southern Electric Power Distribution plc maturing November 2026 (2023: \u00a30.25bn); and \u2013 a \u00a31.0bn committed facility for SSE plc maturing February 2025 (2023: \u00a31.0bn). The \u00a31.3bn revolving credit facility and \u00a30.2bn bilateral facility are both in place to provide back-up to the commercial paper programme and support the Group\u2019s capital expenditure plans. The Transmission and Distribution related facilities, both of which have 1 year extension options at the borrower\u2019s discretion, were entered into to help cover the capital expenditure and working capital of those businesses. Both facilities were extended to November 2026 in the year and have a further year option. The \u00a31bn committed facility for SSE plc was entered into to provide cover for potential cash collateral requirements, if periods of extreme volatility return to the commodity markets. The facility had a 1 year extension option at the lender\u2019s discretion that was extended for a year to February 2025. There were no drawings on the SSE plc and Distribution facilities at 31 March 2024 and 31 March 2023 and no drawings on the \u00a3750m Transmission facility at 31 March 2024 compared to \u00a3100m at 31 March 2023. During the year SSE plc issued an 8 year \u20ac750m Green Bond at a coupon of 4.0%. The bond has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. Additionally Scottish Hydro Electric Transmission plc issued a 20 year \u00a3500m bond at a coupon of 5.5%. In the year, SSE plc also redeemed US Private Placement debt of combined \u00a3155m and a \u20ac700m Eurobond with coupon at 1.75%, and Scottish Hydro Electric Transmission plc repaid \u00a3100m of facility advances. Analysis of borrowings
2024
2024
2024
2024
2023
2023
2023
2023
Weighted Weighted
average Face Fair Carrying average Face Fair Carrying
interest value value amount interest value value amount
rate \u00a3m \u00a3m \u00a3m rate \u00a3m \u00a3m \u00a3m
Current
Bank Loans \u2013 non amortising
\u2013
\u2013
\u2013
\u2013
2.6%
50.0
49.4
50.0
Other Short term loans \u2013 non amortising
5.8%
852.4
855.7
840.4
4.5%
1,029.4
1,033.5
1,019.2
US Private Placement 28 April 2023
\u2013
\u2013
\u2013
\u2013
2.8%
35.0
35.3
35.0
US Private Placement 6 September 2023
\u2013
\u2013
\u2013
\u2013
2.9%
120.0
118.8
119.8
1.75% \u20ac700m Eurobond repayable 8 September
2023
\u2013
\u2013
\u2013
\u2013
1.8%
514.6
510.8
514.5
US Private Placement 16 April 2024
4.4%
204.1
257.9
204.1
\u2013
\u2013
\u2013
\u2013
Total current borrowings
1,056.5
1,113.6
1,044.5
1,749.0
1,747.8
1,738.5
Non-Current
Bank loans \u2013 non amortising
(i)
3.5%
500.0
484.2
499.9
3.4%
500.0
479.5
499.9
US Private Placement 16 April 2024
\u2013
\u2013
\u2013
\u2013
4.4%
204.1
259.6
204.1
1.250% Eurobond Repayable 16 April 2025
1.3%
531.4
518.8
531.4
1.3%
531.4
508.3
531.4
0.875% \u20ac600m Eurobond Repayable
8 September 2025
0.9%
513.0
493.0
512.2
0.9%
527.5
495.3
526.2
US Private Placement 8 June 2026
3.1%
64.0
48.7
63.6
3.1%
64.0
59.9
63.5
US Private Placement 6 September 2026
3.2%
247. 1
242.1
245.6
3.2%
247.1
257.4
245.0
US Private Placement 6 September 2027
3.2%
35.0
25.9
34.7
3.2%
35.0
31.7
34.7
1.375% \u20ac650m Eurobond repayable
4 September 2027
1.4%
591.4
553.7
590.7
1.4%
591.4
545.8
590.5
1.50% Eurobond repayable 24 March 2028
1.5%
250.0
221.5
249.3
1.5%
250.0
212.8
249.1
8.375% Eurobond repayable on 20 November 2028
8.4%
500.0
573.3
498.1
\u2013
\u2013
\u2013
\u2013
Between two and five years
3,231.9
3,161.2
3,225.5
2,950.5
2,850.3
2,944.4
8.375% Eurobond repayable on 20 November 2028
\u2013
\u2013
\u2013
\u2013
8.4%
500.0
575.0
497.6
2.875% Eurobond repayable 1 August 2029
2.9%
555.7
543.3
554.3
2.9%
571.5
548.3
569.8
1.750% Eurobond repayable 16 April 2030
1.8%
442.9
403.5
442.9
1.8%
442.9
388.1
442.9
5.50% Eurobond repayable on 7 June 2032
5.5%
350.0
368.1
350.1
5.5%
350.0
364.1
350.1
Private Placement 30 June 2032
3.1%
175.0
148.0
175.0
3.1%
175.0
152.8
175.0
2.25% Eurobond repayable 27 September 2035
2.3%
350.0
266.3
347.6
2.3%
350.0
255.9
347.4
2.125% Eurobond repayable 24 March 2036
2.1%
250.0
184.7
248.5
2.1%
250.0
17 7.7
248.4
4.625% Eurobond repayable on 20 February 2037
4.6%
325.0
312.4
324.3
4.6%
325.0
301.2
324.2
Private Placement 30 June 2037
3.2%
175.0
146.2
175.0
3.2%
175.0
142.2
175.0
6.25% Eurobond repayable on 27 August 2038
6.3%
350.0
386.3
347.7
6.3%
350.0
372.0
347.5
4.454% Index linked loan repayable on
27 February 2044
4.5%
169.4
212.6
169.0
4.5%
165.9
190.4
165.5
1.429% Index linked bond repayable on
20 October 2056
1.4%
188.8
145.5
188.8
1.4%
173.1
140.4
173.1
4.00% \u20ac750m Eurobond repayable 5 September
2031
4.0%
641.2
661.7
639.5
\u2013
\u2013
\u2013
\u2013
5.50% \u00a3500m Eurobond maturing 15 January
2044
5.5%
500.0
500.8
492.6
\u2013
\u2013
\u2013
\u2013
Over five years
4,473.0
4,279.4
4,455.3
3,828.4
3,608.1
3,816.5
Fair value adjustment
0.9
154.6
Total non-current borrowings
7,704.9
7,440.6
7,681 .7
6,778.9
6,458.4
6,915.5
Total borrowings
8,761.4
8,554.2
8,726.2
8, 527.9
8,206.2
8,654.0
(iv) (iv) (i) (ii) (vi) (ix) (v) (ix) (ix) (ix) (vii) (ix) (ix) (viii) (ix) (ix) (iii) Note: The Sterling-equivalent fair value reflects the fair value of non-Sterling denominated borrowings, post the impact of the hedges noted below. (i) Balances include term loans and EIB debt and is a mixture of fixed and floating rate debt. (ii) Balances include Commercial Paper and facility advances (\u00a3840m of Commercial Paper and \u00a3nil of facility advances outstanding at 31 March 2024). (iii) The fair value adjustment relates to the change in the carrying amount of the borrowings as a result of fair value hedges that are in place. The movement in the fair value adjustment is recognised in the income statement with a corresponding movement on the hedging instrument also being recognised in the income statement. (iv) The weighted average interest rates (including the effect of interest rate swaps) for the year ended 31 March 2024 was 3.40% (2022: 3.35%). (v) The 1.375% \u20ac650m Eurobond maturing 4 September 2027 has been swapped to Sterling giving an effective interest rate of 2.56%. (vi) The 1.250% \u20ac600m Eurobond maturing 16 April 2025 has been swapped to Sterling giving an effective interest rate of 2.43%. (vii) The 1.750% \u20ac500m Eurobond maturing 16 April 2030 has been swapped to Sterling giving an effective interest rate of 2.89%. (viii) The 4.0% \u20ac750m Eurobond maturing 5 September 2031 has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. (ix) Bonds have been issued under the Group\u2019s Green Bond Framework. Lease liabilities Amounts charged under lease arrangements are detailed within note 6, and right of use assets recognised under lease arrangements are detailed within note 14.
\u00a3m
At 31 March 2022
393.5
Additions during the year
79.9
Disposals during the year
(1.4)
Unwind of discount
28.3
Repayment in the year
(94.4)
At 31 March 2023
405.9
Additions during the year 75.6
Disposals during the year
(1.9)
Unwind of discount
25.8
Repayment in the year
(97.9)
At 31 March 2024
407.5
(i) (i) Additions include lease liabilities recognised following acquisitions during the year. The weighted average incremental borrowing rate applied to lease liabilities during the year was 4.98% (2023: 5.02%). Incremental borrowing rates applied to individual lease additions in the year ranged between 3.70% to 5.25% (2023: 4.03% to 5.06%). The Group has additional committed payments under short term and low value leases at 31 March 2024 of \u00a311.2m (2023: \u00a311.7m). The maturity of future lease liabilities are as follows:
2024 2023
\u00a3m \u00a3m
Within one year
91.8
94.5
Between one and five years
196.3
202.4
After five years
328.4
316.1
616.5
613.0
Less: future finance charge
(209.0)
(207.1)
Present value of lease obligations
407.5
405.9
21.4. Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital
2024 2023
\u00a3m \u00a3m
Increase/(decrease) in cash and cash equivalents
144.1
(157.5)
(Less)/add:
New borrowing proceeds
(1,982.2)
(1,914.7)
New hybrid equity proceeds
\u2013
(831.4)
Repayment of borrowings
1,744.0
2,148.1
Non-cash movement on borrowings
166.0
(216.2)
Increase in external net debt attributable to non-controlling interests
56.0
434.2
(Decrease)/increase in cash held/posted as collateral and other short term loans
(669.5)
241.6
Increase in adjusted net debt and hybrid capital
(541.6)
(295.9)
APM Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u2018Trade and other payables\u2019 and \u2018Trade and other receivables\u2019 respectively on the face of the balance sheet, as well as loans provided with less than three months\u2019 maturity. 21.5. Reconciliation of movements in financing liabilities
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Foreign At
31 March New of of of lease Fair value exchange Lease Re- 31 March
2023 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private
placement
978.1
\u2013
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate
Eurobonds
5,098.9
1,141.8
\u2013
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked
loans
338.6
\u2013
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term
borrowings
6,915.5
1,141.8
\u2013
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate
Eurobonds
514.5
\u2013
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term
loans \u2013 non
amortising
1,019.2
840.4
\u2013
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private
placement
154.8
\u2013
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term
borrowings
1,738.5
840.4
\u2013
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
\u2013
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and
borrowings
9,059.9
1,982.2
\u2013
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to
hedge long
term
borrowings
(129.3)
\u2013
\u2013
\u2013
\u2013
147.8
\u2013
\u2013
\u2013
\u2013
18.5
8,930.6
1,982.2
\u2013
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Fair Foreign At
31 March New of of of lease value exchange Lease Re- 31 March
2022 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
549.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
0.1
499.9
Private placement
784.5
350.0
\u2013
\u2013
\u2013
(3.2)
\u2013
\u2013
(154.8)
1.6
978.1
Fixed rate
Eurobonds
4,945.0
545.5
\u2013
\u2013
\u2013
75.1
47.4
\u2013
(514.5)
0.4
5,098.9
Index linked loans
299.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39.3
338.6
Hybrid debt
973.9
\u2013
\u2013
(1,029.4)
\u2013
51.1
4.1
\u2013
\u2013
0.3
\u2013
Total long term
borrowings
7, 552. 5
895.5
\u2013
(1,029.4)
\u2013
123.0
51.5
\u2013
(719.3)
41.7
6,915.5
Bank loans
150.0
\u2013
\u2013
(150.0)
\u2013
\u2013
\u2013
\u2013
50.0
\u2013
50.0
Fixed rate
Eurobonds
299.9
\u2013
\u2013
(299.9)
\u2013
\u2013
\u2013
\u2013
514.5
\u2013
514.5
Other short term
loans \u2013 non
amortising
506.1
1,019.2
\u2013
(506.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,019.2
US private
placement
162.7
\u2013
\u2013
(162.7)
\u2013
\u2013
\u2013
\u2013
154.8
\u2013
154.8
Total short term
borrowings
1,118.7
1,019.2
\u2013
(1,118.7)
\u2013
\u2013
\u2013
\u2013
719.3
\u2013
1,738.5
8,671.2
1,914.7
\u2013
(2,148.1)
\u2013
123.0
51.5
\u2013
\u2013
41.7
8,654.0
Lease liabilities
393.5
\u2013
\u2013
\u2013
(94.4)
\u2013
\u2013
106.8
\u2013
\u2013
405.9
Total loans and
borrowings
9,064.7
1,914.7
\u2013
(2,148.1)
(94.4)
123.0
51.5
106.8
\u2013
41.7
9,059.9
Assets held to
hedge long
term
borrowings
242.1
\u2013
\u2013
\u2013
\u2013
(371.4)
\u2013
\u2013
\u2013
\u2013
(129.3)
9,306.8
1,914.7
\u2013
(2,148.1)
(94.4)
(248.4)
51.5
106.8
\u2013
41.7
8,930.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-805": { "value": "21. Sources of finance 21.1. Capital management The Board\u2019s policy is to maintain a strong balance sheet and credit rating to support investor, counterparty and market confidence in the Group and to underpin future development of the business. The Group\u2019s credit ratings are also important in maintaining an efficient cost of capital and in determining collateral requirements throughout the Group. As at 31 March 2024, the Group\u2019s long-term credit rating was BBB+ positive outlook for Standard & Poor\u2019s and Baa1 stable outlook for Moody\u2019s. The maintenance of a medium-term corporate model is a key control in monitoring the development of the Group\u2019s capital structure and allows for detailed scenarios and sensitivity testing. Key ratios drawn from this analysis underpin regular updates to the Board and include the ratios used by the rating agencies in assessing the Group\u2019s credit ratings. The Group\u2019s debt requirements are principally met through issuing bonds denominated in Sterling and Euros as well as private placements and medium-term bank loans including those with the European Investment Bank. During the year SSE plc issued an 8 year \u20ac750m Green Bond at a coupon of 4.0%. The bond has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. In the year, SSE plc also redeemed US Private Placement debt of combined \u00a3155.0m and a \u20ac700m Eurobond with coupon at 1.75%. In January 2024 Scottish Hydro Electric Transmission plc issued a 20 year \u00a3500m Green Bond at a coupon of 5.5%. SSE\u2019s adjusted net debt and hybrid capital was \u00a39.4bn at 31 March 2024, compared with \u00a38.9bn at 31 March 2023. Adjusted net debt and hybrid capital is stated after removing lease obligations, external net debt attributable to non-controlling interests and cash held and posted as collateral in line with the Group\u2019s presentation basis which is explained at note 3(i). The adjustment relating to the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is \u00a3490.2m at 31 March 2024 (2023: \u00a3434.2m) and relates to 25% of external loans of \u00a32,088.0m (2023: \u00a31,744.8m) net of cash and cash equivalents of \u00a3127.4m (2023: \u00a37.8m). Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u2018Trade and other payables\u2019 and \u2018Trade and other receivables\u2019 respectively on the face of the balance sheet. At 31 March 2024 the collateral balance was a net liability of \u00a3353.2m, consisting of a liability of \u00a3362.5m and an asset of \u00a39.3m (2023: \u00a3316.3m asset). This reflects the lower levels of initial margin required for commodity contracts traded on exchanges following a reduction in risk factors and the Group replacing cash collateral with \u00a3100m of letters of credit. Additionally, variation margin positions for March 2024 are \u2018in the money\u2019 due to lower commodity prices, compared to the \u2018out the money\u2019 positions experienced in the prior year. The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into Sterling) and as at 31 March 2024 there was \u00a3840m commercial paper outstanding (2023: \u00a3919m). During the year ended 31 March 2024, the Group issued new debt instruments totalling \u00a31,982m and redeemed \u00a31,744m of maturing debt in the year. The Group also continues to have access to \u00a33.5bn of revolving credit facilities (2023: \u00a33.5bn), (see note 21.3), which includes \u00a3750m relating to Scottish Hydro Electric Transmission plc (2023: \u00a3750m). As at 31 March 2024 there were no (2023: \u00a3100m) drawings against these committed facilities (2023: 3% utilisation). The Group capital comprises:
2024 2023
\u00a3m \u00a3m
(restated*)
Total borrowings (excluding lease obligations)
8,726.2
8,654.0
Less: Cash and cash equivalents
(1,035.9)
(891.8)
Net debt (excluding hybrid equity)
7,690.3
7,762 . 2
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(490.2)
(434.2)
Cash held/(posted) as collateral and other short term loans
353.2
(316.3)
Adjusted net debt and hybrid capital
9,435.7
8,894.1
Equity attributable to shareholders of the parent
9,170.8
8,551.7
Total capital excluding lease obligations
18,606.5
17,4 45. 8
APM * The comparative has been restated. See note 2.1. Under the terms of its major borrowing facilities, the Group is required to comply with the following financial covenant: \u2013 Interest Cover Ratio: The Group shall procure that the ratio of Operating Profit to Net Interest Payable for any relevant period is not less than 2.5 to 1. The following definitions apply in the calculation of these financial covenants: \u2013 \u201cOperating Profit\u201d means, in relation to a relevant period, the profit on ordinary activities before taxation (after adding back Net Interest Payable) of the Group for that relevant period but after adjusting this amount to exclude any exceptional profits (or losses) and, for the avoidance of doubt, before taking account of any exceptional profits (or losses) and excluding the effect of IFRS 9 remeasurements. \u2013 \u201cNet Interest Payable\u201d means, in respect of any relevant period, interest payable during that relevant period less interest receivable during that relevant period . In summary, the Group\u2019s intent is to balance returns to shareholders between current returns through dividends and long-term capital investment for growth. In doing so, the Group will maintain its capital discipline and will continue to operate within the current economic environment prudently. There were no changes to the Group\u2019s capital management approach during the year. Under the SSE plc\u2019s articles of association, the borrowings of the Company are limited so as to ensure that the aggregate amount of all borrowings by the Group outstanding at any time is not more than three times the capital and reserves of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-745": { "value": "21. Sources of finance 21.1. Capital management The Board\u2019s policy is to maintain a strong balance sheet and credit rating to support investor, counterparty and market confidence in the Group and to underpin future development of the business. The Group\u2019s credit ratings are also important in maintaining an efficient cost of capital and in determining collateral requirements throughout the Group. As at 31 March 2024, the Group\u2019s long-term credit rating was BBB+ positive outlook for Standard & Poor\u2019s and Baa1 stable outlook for Moody\u2019s. The maintenance of a medium-term corporate model is a key control in monitoring the development of the Group\u2019s capital structure and allows for detailed scenarios and sensitivity testing. Key ratios drawn from this analysis underpin regular updates to the Board and include the ratios used by the rating agencies in assessing the Group\u2019s credit ratings. The Group\u2019s debt requirements are principally met through issuing bonds denominated in Sterling and Euros as well as private placements and medium-term bank loans including those with the European Investment Bank. During the year SSE plc issued an 8 year \u20ac750m Green Bond at a coupon of 4.0%. The bond has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. In the year, SSE plc also redeemed US Private Placement debt of combined \u00a3155.0m and a \u20ac700m Eurobond with coupon at 1.75%. In January 2024 Scottish Hydro Electric Transmission plc issued a 20 year \u00a3500m Green Bond at a coupon of 5.5%. SSE\u2019s adjusted net debt and hybrid capital was \u00a39.4bn at 31 March 2024, compared with \u00a38.9bn at 31 March 2023. Adjusted net debt and hybrid capital is stated after removing lease obligations, external net debt attributable to non-controlling interests and cash held and posted as collateral in line with the Group\u2019s presentation basis which is explained at note 3(i). The adjustment relating to the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is \u00a3490.2m at 31 March 2024 (2023: \u00a3434.2m) and relates to 25% of external loans of \u00a32,088.0m (2023: \u00a31,744.8m) net of cash and cash equivalents of \u00a3127.4m (2023: \u00a37.8m). Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u2018Trade and other payables\u2019 and \u2018Trade and other receivables\u2019 respectively on the face of the balance sheet. At 31 March 2024 the collateral balance was a net liability of \u00a3353.2m, consisting of a liability of \u00a3362.5m and an asset of \u00a39.3m (2023: \u00a3316.3m asset). This reflects the lower levels of initial margin required for commodity contracts traded on exchanges following a reduction in risk factors and the Group replacing cash collateral with \u00a3100m of letters of credit. Additionally, variation margin positions for March 2024 are \u2018in the money\u2019 due to lower commodity prices, compared to the \u2018out the money\u2019 positions experienced in the prior year. The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into Sterling) and as at 31 March 2024 there was \u00a3840m commercial paper outstanding (2023: \u00a3919m). During the year ended 31 March 2024, the Group issued new debt instruments totalling \u00a31,982m and redeemed \u00a31,744m of maturing debt in the year. The Group also continues to have access to \u00a33.5bn of revolving credit facilities (2023: \u00a33.5bn), (see note 21.3), which includes \u00a3750m relating to Scottish Hydro Electric Transmission plc (2023: \u00a3750m). As at 31 March 2024 there were no (2023: \u00a3100m) drawings against these committed facilities (2023: 3% utilisation). The Group capital comprises:
2024 2023
\u00a3m \u00a3m
(restated*)
Total borrowings (excluding lease obligations)
8,726.2
8,654.0
Less: Cash and cash equivalents
(1,035.9)
(891.8)
Net debt (excluding hybrid equity)
7,690.3
7,762 . 2
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(490.2)
(434.2)
Cash held/(posted) as collateral and other short term loans
353.2
(316.3)
Adjusted net debt and hybrid capital
9,435.7
8,894.1
Equity attributable to shareholders of the parent
9,170.8
8,551.7
Total capital excluding lease obligations
18,606.5
17,4 45. 8
APM * The comparative has been restated. See note 2.1. Under the terms of its major borrowing facilities, the Group is required to comply with the following financial covenant: \u2013 Interest Cover Ratio: The Group shall procure that the ratio of Operating Profit to Net Interest Payable for any relevant period is not less than 2.5 to 1. The following definitions apply in the calculation of these financial covenants: \u2013 \u201cOperating Profit\u201d means, in relation to a relevant period, the profit on ordinary activities before taxation (after adding back Net Interest Payable) of the Group for that relevant period but after adjusting this amount to exclude any exceptional profits (or losses) and, for the avoidance of doubt, before taking account of any exceptional profits (or losses) and excluding the effect of IFRS 9 remeasurements. \u2013 \u201cNet Interest Payable\u201d means, in respect of any relevant period, interest payable during that relevant period less interest receivable during that relevant period
In summary, the Group\u2019s intent is to balance returns to shareholders between current returns through dividends and long-term capital
investment for growth. In doing so, the Group will maintain its capital discipline and will continue to operate within the current economic
environment prudently. There were no changes to the Group\u2019s capital management approach during the year.
Under the SSE plc\u2019s articles of association, the borrowings of the Company are limited so as to ensure that the aggregate amount of all
borrowings by the Group outstanding at any time is not more than three times the capital and reserves of the Group.
21.2. Loans and other borrowings
2024 2023
\u00a3m \u00a3m
Current
Short-term loans
1,044.5
1,738.5
Lease obligations
83.5
82.1
1,128.0
1,820.6
Non-current
Loans
7,681 .7
6,915.5
Lease obligations
324.0
323.8
8,005.7
7, 239. 3
Total loans and borrowings
9,133.7
9,059.9
Cash and cash equivalents
(1,035.9)
(891.8)
Unadjusted net debt
8,097.8
8,168.1
Add/(less):
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(490.2)
(434.2)
Lease obligations
(407.5)
(405.9)
Cash held/(posted) as collateral and other short term loans
353.2
(316.3)
Adjusted net debt and hybrid capital
9,435.7
8,894.1
APM
Cash and cash equivalents (which are presented as a single class of asset on the face of the balance sheet) comprise cash at bank and short
term highly liquid investments with a maturity of three months or less.
21.3. Borrowing facilities
The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into
Sterling) and as at 31 March 2024 there was \u00a3840m commercial paper outstanding (2023: \u00a3919m).
The Group also continues to have access to \u00a33.5bn of revolving credit facilities (2023: \u00a33.5bn). As at 31 March 2024 there were no drawings
against these committed facilities (2023: \u00a3100m). The details of the five committed facilities as at 31 March 2024 are:
\u2013 a \u00a31.3bn revolving credit facility for SSE plc maturing March 2026 (2023: \u00a31.3bn);
\u2013 a \u00a30.2bn bilateral facility for SSE plc maturing October 2026 (2023: \u00a30.2bn);
\u2013 a \u00a30.75bn facility for Scottish Hydro Electric Transmission plc maturing November 2026 (2023: \u00a30.75bn);
\u2013 a \u00a30.25bn facility for Scottish Hydro Electric Distribution plc and Southern Electric Power Distribution plc maturing November 2026
(2023: \u00a30.25bn); and
\u2013 a \u00a31.0bn committed facility for SSE plc maturing February 2025 (2023: \u00a31.0bn).
The \u00a31.3bn revolving credit facility and \u00a30.2bn bilateral facility are both in place to provide back-up to the commercial paper programme
and support the Group\u2019s capital expenditure plans. The Transmission and Distribution related facilities, both of which have 1 year extension
options at the borrower\u2019s discretion, were entered into to help cover the capital expenditure and working capital of those businesses. Both
facilities were extended to November 2026 in the year and have a further year option. The \u00a31bn committed facility for SSE plc was entered
into to provide cover for potential cash collateral requirements, if periods of extreme volatility return to the commodity markets. The facility
had a 1 year extension option at the lender\u2019s discretion that was extended for a year to February 2025. There were no drawings on the SSE
plc and Distribution facilities at 31 March 2024 and 31 March 2023 and no drawings on the \u00a3750m Transmission facility at 31 March 2024
compared to \u00a3100m at 31 March 2023.
During the year SSE plc issued an 8 year \u20ac750m Green Bond at a coupon of 4.0%. The bond has been left in Euros as a net investment
hedge for the Group\u2019s Euro denominated subsidiaries. Additionally Scottish Hydro Electric Transmission plc issued a 20 year \u00a3500m bond
at a coupon of 5.5%. In the year, SSE plc also redeemed US Private Placement debt of combined \u00a3155m and a \u20ac700m Eurobond with
coupon at 1.75%, and Scottish Hydro Electric Transmission plc repaid \u00a3100m of facility advances.
Analysis of borrowings
2024
2024
2024
2024
2023
2023
2023
2023
Weighted Weighted
average Face Fair Carrying average Face Fair Carrying
interest value value amount interest value value amount
rate \u00a3m \u00a3m \u00a3m rate \u00a3m \u00a3m \u00a3m
Current
Bank Loans \u2013 non amortising
\u2013
\u2013
\u2013
\u2013
2.6%
50.0
49.4
50.0
Other Short term loans \u2013 non amortising
5.8%
852.4
855.7
840.4
4.5%
1,029.4
1,033.5
1,019.2
US Private Placement 28 April 2023
\u2013
\u2013
\u2013
\u2013
2.8%
35.0
35.3
35.0
US Private Placement 6 September 2023
\u2013
\u2013
\u2013
\u2013
2.9%
120.0
118.8
119.8
1.75% \u20ac700m Eurobond repayable 8 September
2023
\u2013
\u2013
\u2013
\u2013
1.8%
514.6
510.8
514.5
US Private Placement 16 April 2024
4.4%
204.1
257.9
204.1
\u2013
\u2013
\u2013
\u2013
Total current borrowings
1,056.5
1,113.6
1,044.5
1,749.0
1,747.8
1,738.5
Non-Current
Bank loans \u2013 non amortising
(i)
3.5%
500.0
484.2
499.9
3.4%
500.0
479.5
499.9
US Private Placement 16 April 2024
\u2013
\u2013
\u2013
\u2013
4.4%
204.1
259.6
204.1
1.250% Eurobond Repayable 16 April 2025
1.3%
531.4
518.8
531.4
1.3%
531.4
508.3
531.4
0.875% \u20ac600m Eurobond Repayable
8 September 2025
0.9%
513.0
493.0
512.2
0.9%
527.5
495.3
526.2
US Private Placement 8 June 2026
3.1%
64.0
48.7
63.6
3.1%
64.0
59.9
63.5
US Private Placement 6 September 2026
3.2%
247. 1
242.1
245.6
3.2%
247.1
257.4
245.0
US Private Placement 6 September 2027
3.2%
35.0
25.9
34.7
3.2%
35.0
31.7
34.7
1.375% \u20ac650m Eurobond repayable
4 September 2027
1.4%
591.4
553.7
590.7
1.4%
591.4
545.8
590.5
1.50% Eurobond repayable 24 March 2028
1.5%
250.0
221.5
249.3
1.5%
250.0
212.8
249.1
8.375% Eurobond repayable on 20 November 2028
8.4%
500.0
573.3
498.1
\u2013
\u2013
\u2013
\u2013
Between two and five years
3,231.9
3,161.2
3,225.5
2,950.5
2,850.3
2,944.4
8.375% Eurobond repayable on 20 November 2028
\u2013
\u2013
\u2013
\u2013
8.4%
500.0
575.0
497.6
2.875% Eurobond repayable 1 August 2029
2.9%
555.7
543.3
554.3
2.9%
571.5
548.3
569.8
1.750% Eurobond repayable 16 April 2030
1.8%
442.9
403.5
442.9
1.8%
442.9
388.1
442.9
5.50% Eurobond repayable on 7 June 2032
5.5%
350.0
368.1
350.1
5.5%
350.0
364.1
350.1
Private Placement 30 June 2032
3.1%
175.0
148.0
175.0
3.1%
175.0
152.8
175.0
2.25% Eurobond repayable 27 September 2035
2.3%
350.0
266.3
347.6
2.3%
350.0
255.9
347.4
2.125% Eurobond repayable 24 March 2036
2.1%
250.0
184.7
248.5
2.1%
250.0
17 7.7
248.4
4.625% Eurobond repayable on 20 February 2037
4.6%
325.0
312.4
324.3
4.6%
325.0
301.2
324.2
Private Placement 30 June 2037
3.2%
175.0
146.2
175.0
3.2%
175.0
142.2
175.0
6.25% Eurobond repayable on 27 August 2038
6.3%
350.0
386.3
347.7
6.3%
350.0
372.0
347.5
4.454% Index linked loan repayable on
27 February 2044
4.5%
169.4
212.6
169.0
4.5%
165.9
190.4
165.5
1.429% Index linked bond repayable on
20 October 2056
1.4%
188.8
145.5
188.8
1.4%
173.1
140.4
173.1
4.00% \u20ac750m Eurobond repayable 5 September
2031
4.0%
641.2
661.7
639.5
\u2013
\u2013
\u2013
\u2013
5.50% \u00a3500m Eurobond maturing 15 January
2044
5.5%
500.0
500.8
492.6
\u2013
\u2013
\u2013
\u2013
Over five years
4,473.0
4,279.4
4,455.3
3,828.4
3,608.1
3,816.5
Fair value adjustment
0.9
154.6
Total non-current borrowings
7,704.9
7,440.6
7,681 .7
6,778.9
6,458.4
6,915.5
Total borrowings
8,761.4
8,554.2
8,726.2
8, 527.9
8,206.2
8,654.0
(iv)
(iv)
(i)
(ii)
(vi)
(ix)
(v) (ix)
(ix)
(ix)
(vii)
(ix)
(ix)
(viii) (ix)
(ix)
(iii)
Note: The Sterling-equivalent fair value reflects the fair value of non-Sterling denominated borrowings, post the impact of the hedges noted below.
(i) Balances include term loans and EIB debt and is a mixture of fixed and floating rate debt.
(ii) Balances include Commercial Paper and facility advances (\u00a3840m of Commercial Paper and \u00a3nil of facility advances outstanding at 31 March 2024).
(iii) The fair value adjustment relates to the change in the carrying amount of the borrowings as a result of fair value hedges that are in place. The movement in the fair value
adjustment is recognised in the income statement with a corresponding movement on the hedging instrument also being recognised in the income statement.
(iv) The weighted average interest rates (including the effect of interest rate swaps) for the year ended 31 March 2024 was 3.40% (2022: 3.35%).
(v) The 1.375% \u20ac650m Eurobond maturing 4 September 2027 has been swapped to Sterling giving an effective interest rate of 2.56%.
(vi) The 1.250% \u20ac600m Eurobond maturing 16 April 2025 has been swapped to Sterling giving an effective interest rate of 2.43%.
(vii) The 1.750% \u20ac500m Eurobond maturing 16 April 2030 has been swapped to Sterling giving an effective interest rate of 2.89%.
(viii) The 4.0% \u20ac750m Eurobond maturing 5 September 2031 has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries.
(ix) Bonds have been issued under the Group\u2019s Green Bond Framework.
Lease liabilities
Amounts charged under lease arrangements are detailed within note 6, and right of use assets recognised under lease arrangements are
detailed within note 14.
\u00a3m
At 31 March 2022
393.5
Additions during the year
79.9
Disposals during the year
(1.4)
Unwind of discount
28.3
Repayment in the year
(94.4)
At 31 March 2023
405.9
Additions during the year 75.6
Disposals during the year
(1.9)
Unwind of discount
25.8
Repayment in the year
(97.9)
At 31 March 2024
407.5
(i)
(i) Additions include lease liabilities recognised following acquisitions during the year.
The weighted average incremental borrowing rate applied to lease liabilities during the year was 4.98% (2023: 5.02%). Incremental
borrowing rates applied to individual lease additions in the year ranged between 3.70% to 5.25% (2023: 4.03% to 5.06%).
The Group has additional committed payments under short term and low value leases at 31 March 2024 of \u00a311.2m (2023: \u00a311.7m).
The maturity of future lease liabilities are as follows:
2024 2023
\u00a3m \u00a3m
Within one year
91.8
94.5
Between one and five years
196.3
202.4
After five years
328.4
316.1
616.5
613.0
Less: future finance charge
(209.0)
(207.1)
Present value of lease obligations
407.5
405.9
21.4. Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and
hybrid capital
2024 2023
\u00a3m \u00a3m
Increase/(decrease) in cash and cash equivalents
144.1
(157.5)
(Less)/add:
New borrowing proceeds
(1,982.2)
(1,914.7)
New hybrid equity proceeds
\u2013
(831.4)
Repayment of borrowings
1,744.0
2,148.1
Non-cash movement on borrowings
166.0
(216.2)
Increase in external net debt attributable to non-controlling interests
56.0
434.2
(Decrease)/increase in cash held/posted as collateral and other short term loans
(669.5)
241.6
Increase in adjusted net debt and hybrid capital
(541.6)
(295.9)
APM
Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within
\u2018Trade and other payables\u2019 and \u2018Trade and other receivables\u2019 respectively on the face of the balance sheet, as well as loans provided with
less than three months\u2019 maturity.
21.5. Reconciliation of movements in financing liabilities
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Foreign At
31 March New of of of lease Fair value exchange Lease Re- 31 March
2023 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private
placement
978.1
\u2013
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate
Eurobonds
5,098.9
1,141.8
\u2013
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked
loans
338.6
\u2013
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term
borrowings
6,915.5
1,141.8
\u2013
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate
Eurobonds
514.5
\u2013
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term
loans \u2013 non
amortising
1,019.2
840.4
\u2013
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private
placement
154.8
\u2013
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term
borrowings
1,738.5
840.4
\u2013
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
\u2013
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and
borrowings
9,059.9
1,982.2
\u2013
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to
hedge long
term
borrowings
(129.3)
\u2013
\u2013
\u2013
\u2013
147.8
\u2013
\u2013
\u2013
\u2013
18.5
8,930.6
1,982.2
\u2013
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Fair Foreign At
31 March New of of of lease value exchange Lease Re- 31 March
2022 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
549.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
0.1
499.9
Private placement
784.5
350.0
\u2013
\u2013
\u2013
(3.2)
\u2013
\u2013
(154.8)
1.6
978.1
Fixed rate
Eurobonds
4,945.0
545.5
\u2013
\u2013
\u2013
75.1
47.4
\u2013
(514.5)
0.4
5,098.9
Index linked loans
299.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39.3
338.6
Hybrid debt
973.9
\u2013
\u2013
(1,029.4)
\u2013
51.1
4.1
\u2013
\u2013
0.3
\u2013
Total long term
borrowings
7, 552. 5
895.5
\u2013
(1,029.4)
\u2013
123.0
51.5
\u2013
(719.3)
41.7
6,915.5
Bank loans
150.0
\u2013
\u2013
(150.0)
\u2013
\u2013
\u2013
\u2013
50.0
\u2013
50.0
Fixed rate
Eurobonds
299.9
\u2013
\u2013
(299.9)
\u2013
\u2013
\u2013
\u2013
514.5
\u2013
514.5
Other short term
loans \u2013 non
amortising
506.1
1,019.2
\u2013
(506.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,019.2
US private
placement
162.7
\u2013
\u2013
(162.7)
\u2013
\u2013
\u2013
\u2013
154.8
\u2013
154.8
Total short term
borrowings
1,118.7
1,019.2
\u2013
(1,118.7)
\u2013
\u2013
\u2013
\u2013
719.3
\u2013
1,738.5
8,671.2
1,914.7
\u2013
(2,148.1)
\u2013
123.0
51.5
\u2013
\u2013
41.7
8,654.0
Lease liabilities
393.5
\u2013
\u2013
\u2013
(94.4)
\u2013
\u2013
106.8
\u2013
\u2013
405.9
Total loans and
borrowings
9,064.7
1,914.7
\u2013
(2,148.1)
(94.4)
123.0
51.5
106.8
\u2013
41.7
9,059.9
Assets held to
hedge long
term
borrowings
242.1
\u2013
\u2013
\u2013
\u2013
(371.4)
\u2013
\u2013
\u2013
\u2013
(129.3)
9,306.8
1,914.7
\u2013
(2,148.1)
(94.4)
(248.4)
51.5
106.8
\u2013
41.7
8,930.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-806": { "value": "21.3. Borrowing facilities The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into Sterling) and as at 31 March 2024 there was \u00a3840m commercial paper outstanding (2023: \u00a3919m). The Group also continues to have access to \u00a33.5bn of revolving credit facilities (2023: \u00a33.5bn). As at 31 March 2024 there were no drawings against these committed facilities (2023: \u00a3100m). The details of the five committed facilities as at 31 March 2024 are: \u2013 a \u00a31.3bn revolving credit facility for SSE plc maturing March 2026 (2023: \u00a31.3bn); \u2013 a \u00a30.2bn bilateral facility for SSE plc maturing October 2026 (2023: \u00a30.2bn); \u2013 a \u00a30.75bn facility for Scottish Hydro Electric Transmission plc maturing November 2026 (2023: \u00a30.75bn); \u2013 a \u00a30.25bn facility for Scottish Hydro Electric Distribution plc and Southern Electric Power Distribution plc maturing November 2026 (2023: \u00a30.25bn); and \u2013 a \u00a31.0bn committed facility for SSE plc maturing February 2025 (2023: \u00a31.0bn). The \u00a31.3bn revolving credit facility and \u00a30.2bn bilateral facility are both in place to provide back-up to the commercial paper programme and support the Group\u2019s capital expenditure plans. The Transmission and Distribution related facilities, both of which have 1 year extension options at the borrower\u2019s discretion, were entered into to help cover the capital expenditure and working capital of those businesses. Both facilities were extended to November 2026 in the year and have a further year option. The \u00a31bn committed facility for SSE plc was entered into to provide cover for potential cash collateral requirements, if periods of extreme volatility return to the commodity markets. The facility had a 1 year extension option at the lender\u2019s discretion that was extended for a year to February 2025. There were no drawings on the SSE plc and Distribution facilities at 31 March 2024 and 31 March 2023 and no drawings on the \u00a3750m Transmission facility at 31 March 2024 compared to \u00a3100m at 31 March 2023. During the year SSE plc issued an 8 year \u20ac750m Green Bond at a coupon of 4.0%. The bond has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. Additionally Scottish Hydro Electric Transmission plc issued a 20 year \u00a3500m bond at a coupon of 5.5%. In the year, SSE plc also redeemed US Private Placement debt of combined \u00a3155m and a \u20ac700m Eurobond with coupon at 1.75%, and Scottish Hydro Electric Transmission plc repaid \u00a3100m of facility advances. Analysis of borrowings
2024
2024
2024
2024
2023
2023
2023
2023
Weighted Weighted
average Face Fair Carrying average Face Fair Carrying
interest value value amount interest value value amount
rate \u00a3m \u00a3m \u00a3m rate \u00a3m \u00a3m \u00a3m
Current
Bank Loans \u2013 non amortising
\u2013
\u2013
\u2013
\u2013
2.6%
50.0
49.4
50.0
Other Short term loans \u2013 non amortising
5.8%
852.4
855.7
840.4
4.5%
1,029.4
1,033.5
1,019.2
US Private Placement 28 April 2023
\u2013
\u2013
\u2013
\u2013
2.8%
35.0
35.3
35.0
US Private Placement 6 September 2023
\u2013
\u2013
\u2013
\u2013
2.9%
120.0
118.8
119.8
1.75% \u20ac700m Eurobond repayable 8 September
2023
\u2013
\u2013
\u2013
\u2013
1.8%
514.6
510.8
514.5
US Private Placement 16 April 2024
4.4%
204.1
257.9
204.1
\u2013
\u2013
\u2013
\u2013
Total current borrowings
1,056.5
1,113.6
1,044.5
1,749.0
1,747.8
1,738.5
Non-Current
Bank loans \u2013 non amortising
(i)
3.5%
500.0
484.2
499.9
3.4%
500.0
479.5
499.9
US Private Placement 16 April 2024
\u2013
\u2013
\u2013
\u2013
4.4%
204.1
259.6
204.1
1.250% Eurobond Repayable 16 April 2025
1.3%
531.4
518.8
531.4
1.3%
531.4
508.3
531.4
0.875% \u20ac600m Eurobond Repayable
8 September 2025
0.9%
513.0
493.0
512.2
0.9%
527.5
495.3
526.2
US Private Placement 8 June 2026
3.1%
64.0
48.7
63.6
3.1%
64.0
59.9
63.5
US Private Placement 6 September 2026
3.2%
247. 1
242.1
245.6
3.2%
247.1
257.4
245.0
US Private Placement 6 September 2027
3.2%
35.0
25.9
34.7
3.2%
35.0
31.7
34.7
1.375% \u20ac650m Eurobond repayable
4 September 2027
1.4%
591.4
553.7
590.7
1.4%
591.4
545.8
590.5
1.50% Eurobond repayable 24 March 2028
1.5%
250.0
221.5
249.3
1.5%
250.0
212.8
249.1
8.375% Eurobond repayable on 20 November 2028
8.4%
500.0
573.3
498.1
\u2013
\u2013
\u2013
\u2013
Between two and five years
3,231.9
3,161.2
3,225.5
2,950.5
2,850.3
2,944.4
8.375% Eurobond repayable on 20 November 2028
\u2013
\u2013
\u2013
\u2013
8.4%
500.0
575.0
497.6
2.875% Eurobond repayable 1 August 2029
2.9%
555.7
543.3
554.3
2.9%
571.5
548.3
569.8
1.750% Eurobond repayable 16 April 2030
1.8%
442.9
403.5
442.9
1.8%
442.9
388.1
442.9
5.50% Eurobond repayable on 7 June 2032
5.5%
350.0
368.1
350.1
5.5%
350.0
364.1
350.1
Private Placement 30 June 2032
3.1%
175.0
148.0
175.0
3.1%
175.0
152.8
175.0
2.25% Eurobond repayable 27 September 2035
2.3%
350.0
266.3
347.6
2.3%
350.0
255.9
347.4
2.125% Eurobond repayable 24 March 2036
2.1%
250.0
184.7
248.5
2.1%
250.0
17 7.7
248.4
4.625% Eurobond repayable on 20 February 2037
4.6%
325.0
312.4
324.3
4.6%
325.0
301.2
324.2
Private Placement 30 June 2037
3.2%
175.0
146.2
175.0
3.2%
175.0
142.2
175.0
6.25% Eurobond repayable on 27 August 2038
6.3%
350.0
386.3
347.7
6.3%
350.0
372.0
347.5
4.454% Index linked loan repayable on
27 February 2044
4.5%
169.4
212.6
169.0
4.5%
165.9
190.4
165.5
1.429% Index linked bond repayable on
20 October 2056
1.4%
188.8
145.5
188.8
1.4%
173.1
140.4
173.1
4.00% \u20ac750m Eurobond repayable 5 September
2031
4.0%
641.2
661.7
639.5
\u2013
\u2013
\u2013
\u2013
5.50% \u00a3500m Eurobond maturing 15 January
2044
5.5%
500.0
500.8
492.6
\u2013
\u2013
\u2013
\u2013
Over five years
4,473.0
4,279.4
4,455.3
3,828.4
3,608.1
3,816.5
Fair value adjustment
0.9
154.6
Total non-current borrowings
7,704.9
7,440.6
7,681 .7
6,778.9
6,458.4
6,915.5
Total borrowings
8,761.4
8,554.2
8,726.2
8, 527.9
8,206.2
8,654.0
(iv) (iv) (i) (ii) (vi) (ix) (v) (ix) (ix) (ix) (vii) (ix) (ix) (viii) (ix) (ix) (iii) Note: The Sterling-equivalent fair value reflects the fair value of non-Sterling denominated borrowings, post the impact of the hedges noted below. (i) Balances include term loans and EIB debt and is a mixture of fixed and floating rate debt. (ii) Balances include Commercial Paper and facility advances (\u00a3840m of Commercial Paper and \u00a3nil of facility advances outstanding at 31 March 2024). (iii) The fair value adjustment relates to the change in the carrying amount of the borrowings as a result of fair value hedges that are in place. The movement in the fair value adjustment is recognised in the income statement with a corresponding movement on the hedging instrument also being recognised in the income statement. (iv) The weighted average interest rates (including the effect of interest rate swaps) for the year ended 31 March 2024 was 3.40% (2022: 3.35%). (v) The 1.375% \u20ac650m Eurobond maturing 4 September 2027 has been swapped to Sterling giving an effective interest rate of 2.56%. (vi) The 1.250% \u20ac600m Eurobond maturing 16 April 2025 has been swapped to Sterling giving an effective interest rate of 2.43%. (vii) The 1.750% \u20ac500m Eurobond maturing 16 April 2030 has been swapped to Sterling giving an effective interest rate of 2.89%. (viii) The 4.0% \u20ac750m Eurobond maturing 5 September 2031 has been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. (ix) Bonds have been issued under the Group\u2019s Green Bond Framework. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-807": { "value": "Lease liabilities Amounts charged under lease arrangements are detailed within note 6, and right of use assets recognised under lease arrangements are detailed within note 14.
\u00a3m
At 31 March 2022
393.5
Additions during the year
79.9
Disposals during the year
(1.4)
Unwind of discount
28.3
Repayment in the year
(94.4)
At 31 March 2023
405.9
Additions during the year 75.6
Disposals during the year
(1.9)
Unwind of discount
25.8
Repayment in the year
(97.9)
At 31 March 2024
407.5
(i) (i) Additions include lease liabilities recognised following acquisitions during the year. The weighted average incremental borrowing rate applied to lease liabilities during the year was 4.98% (2023: 5.02%). Incremental borrowing rates applied to individual lease additions in the year ranged between 3.70% to 5.25% (2023: 4.03% to 5.06%). The Group has additional committed payments under short term and low value leases at 31 March 2024 of \u00a311.2m (2023: \u00a311.7m). The maturity of future lease liabilities are as follows:
2024 2023
\u00a3m \u00a3m
Within one year
91.8
94.5
Between one and five years
196.3
202.4
After five years
328.4
316.1
616.5
613.0
Less: future finance charge
(209.0)
(207.1)
Present value of lease obligations
407.5
405.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-828": { "value": "21.4. Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital
2024 2023
\u00a3m \u00a3m
Increase/(decrease) in cash and cash equivalents
144.1
(157.5)
(Less)/add:
New borrowing proceeds
(1,982.2)
(1,914.7)
New hybrid equity proceeds
\u2013
(831.4)
Repayment of borrowings
1,744.0
2,148.1
Non-cash movement on borrowings
166.0
(216.2)
Increase in external net debt attributable to non-controlling interests
56.0
434.2
(Decrease)/increase in cash held/posted as collateral and other short term loans
(669.5)
241.6
Increase in adjusted net debt and hybrid capital
(541.6)
(295.9)
APM Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u2018Trade and other payables\u2019 and \u2018Trade and other receivables\u2019 respectively on the face of the balance sheet, as well as loans provided with less than three months\u2019 maturity. 21.5. Reconciliation of movements in financing liabilities
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Foreign At
31 March New of of of lease Fair value exchange Lease Re- 31 March
2023 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private
placement
978.1
\u2013
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate
Eurobonds
5,098.9
1,141.8
\u2013
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked
loans
338.6
\u2013
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term
borrowings
6,915.5
1,141.8
\u2013
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate
Eurobonds
514.5
\u2013
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term
loans \u2013 non
amortising
1,019.2
840.4
\u2013
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private
placement
154.8
\u2013
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term
borrowings
1,738.5
840.4
\u2013
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
\u2013
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and
borrowings
9,059.9
1,982.2
\u2013
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to
hedge long
term
borrowings
(129.3)
\u2013
\u2013
\u2013
\u2013
147.8
\u2013
\u2013
\u2013
\u2013
18.5
8,930.6
1,982.2
\u2013
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Fair Foreign At
31 March New of of of lease value exchange Lease Re- 31 March
2022 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
549.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
0.1
499.9
Private placement
784.5
350.0
\u2013
\u2013
\u2013
(3.2)
\u2013
\u2013
(154.8)
1.6
978.1
Fixed rate
Eurobonds
4,945.0
545.5
\u2013
\u2013
\u2013
75.1
47.4
\u2013
(514.5)
0.4
5,098.9
Index linked loans
299.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39.3
338.6
Hybrid debt
973.9
\u2013
\u2013
(1,029.4)
\u2013
51.1
4.1
\u2013
\u2013
0.3
\u2013
Total long term
borrowings
7, 552. 5
895.5
\u2013
(1,029.4)
\u2013
123.0
51.5
\u2013
(719.3)
41.7
6,915.5
Bank loans
150.0
\u2013
\u2013
(150.0)
\u2013
\u2013
\u2013
\u2013
50.0
\u2013
50.0
Fixed rate
Eurobonds
299.9
\u2013
\u2013
(299.9)
\u2013
\u2013
\u2013
\u2013
514.5
\u2013
514.5
Other short term
loans \u2013 non
amortising
506.1
1,019.2
\u2013
(506.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,019.2
US private
placement
162.7
\u2013
\u2013
(162.7)
\u2013
\u2013
\u2013
\u2013
154.8
\u2013
154.8
Total short term
borrowings
1,118.7
1,019.2
\u2013
(1,118.7)
\u2013
\u2013
\u2013
\u2013
719.3
\u2013
1,738.5
8,671.2
1,914.7
\u2013
(2,148.1)
\u2013
123.0
51.5
\u2013
\u2013
41.7
8,654.0
Lease liabilities
393.5
\u2013
\u2013
\u2013
(94.4)
\u2013
\u2013
106.8
\u2013
\u2013
405.9
Total loans and
borrowings
9,064.7
1,914.7
\u2013
(2,148.1)
(94.4)
123.0
51.5
106.8
\u2013
41.7
9,059.9
Assets held to
hedge long
term
borrowings
242.1
\u2013
\u2013
\u2013
\u2013
(371.4)
\u2013
\u2013
\u2013
\u2013
(129.3)
9,306.8
1,914.7
\u2013
(2,148.1)
(94.4)
(248.4)
51.5
106.8
\u2013
41.7
8,930.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-808": { "value": "21.5. Reconciliation of movements in financing liabilities
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Foreign At
31 March New of of of lease Fair value exchange Lease Re- 31 March
2023 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private
placement
978.1
\u2013
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate
Eurobonds
5,098.9
1,141.8
\u2013
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked
loans
338.6
\u2013
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term
borrowings
6,915.5
1,141.8
\u2013
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate
Eurobonds
514.5
\u2013
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term
loans \u2013 non
amortising
1,019.2
840.4
\u2013
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private
placement
154.8
\u2013
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term
borrowings
1,738.5
840.4
\u2013
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
\u2013
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and
borrowings
9,059.9
1,982.2
\u2013
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to
hedge long
term
borrowings
(129.3)
\u2013
\u2013
\u2013
\u2013
147.8
\u2013
\u2013
\u2013
\u2013
18.5
8,930.6
1,982.2
\u2013
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
Financing cash flows
Non-cash movements
At Disposal Repayment Repayment Fair Foreign At
31 March New of of of lease value exchange Lease Re- 31 March
2022 borrowings borrowings borrowings creditor movements movements liabilities classification Other 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing
liabilities
Bank loans
549.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.0)
0.1
499.9
Private placement
784.5
350.0
\u2013
\u2013
\u2013
(3.2)
\u2013
\u2013
(154.8)
1.6
978.1
Fixed rate
Eurobonds
4,945.0
545.5
\u2013
\u2013
\u2013
75.1
47.4
\u2013
(514.5)
0.4
5,098.9
Index linked loans
299.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39.3
338.6
Hybrid debt
973.9
\u2013
\u2013
(1,029.4)
\u2013
51.1
4.1
\u2013
\u2013
0.3
\u2013
Total long term
borrowings
7, 552. 5
895.5
\u2013
(1,029.4)
\u2013
123.0
51.5
\u2013
(719.3)
41.7
6,915.5
Bank loans
150.0
\u2013
\u2013
(150.0)
\u2013
\u2013
\u2013
\u2013
50.0
\u2013
50.0
Fixed rate
Eurobonds
299.9
\u2013
\u2013
(299.9)
\u2013
\u2013
\u2013
\u2013
514.5
\u2013
514.5
Other short term
loans \u2013 non
amortising
506.1
1,019.2
\u2013
(506.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,019.2
US private
placement
162.7
\u2013
\u2013
(162.7)
\u2013
\u2013
\u2013
\u2013
154.8
\u2013
154.8
Total short term
borrowings
1,118.7
1,019.2
\u2013
(1,118.7)
\u2013
\u2013
\u2013
\u2013
719.3
\u2013
1,738.5
8,671.2
1,914.7
\u2013
(2,148.1)
\u2013
123.0
51.5
\u2013
\u2013
41.7
8,654.0
Lease liabilities
393.5
\u2013
\u2013
\u2013
(94.4)
\u2013
\u2013
106.8
\u2013
\u2013
405.9
Total loans and
borrowings
9,064.7
1,914.7
\u2013
(2,148.1)
(94.4)
123.0
51.5
106.8
\u2013
41.7
9,059.9
Assets held to
hedge long
term
borrowings
242.1
\u2013
\u2013
\u2013
\u2013
(371.4)
\u2013
\u2013
\u2013
\u2013
(129.3)
9,306.8
1,914.7
\u2013
(2,148.1)
(94.4)
(248.4)
51.5
106.8
\u2013
41.7
8,930.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-704": { "value": "
22. Equity
22.1. Share capital
Number
(millions) \u00a3m
Allotted, called up and fully paid:
At 31 March 2022
1,073.1
536.5
Issue of shares (i)
27.7
13.9
Shares repurchased (ii)
(6.9)
(3.4)
At 31 March 2023
1,093.9
5 47.0
Issue of shares (i)
2.3
1.1
At 31 March 2024
1,096.2
548.1
The Company has one class of ordinary share which carries no right to fixed income. The holders of ordinary shares are entitled to receive
dividends as declared and are entitled to one vote per share at meetings of the Company.
i. Shareholders were able to elect to receive ordinary shares in place of the final dividend of 67.7p per ordinary share (in relation to year ended 31 March 2023) and the interim
dividend of 20.0p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 1,779,529 and 493,654 new fully paid
ordinary shares respectively (2023: 18,241,941 and 9,413,103). In addition, the Company issued 0.8m (2023: 1.9m) shares during the year under the savings-related share option
schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a39.2m (2023: \u00a318.0m).
ii. Under the share buyback programme in the year to 31 March 2023, 6.9m of shares were repurchased and cancelled for a total consideration of \u00a3107.6m (including stamp duty and
commission). The nominal value of share capital repurchased and cancelled is transferred out of share capital and into the capital redemption reserve. The scrip dividend take-up
for the financial year ended 31 March 2023 was 18.0%, which is below the 25.0% required by the share buyback programme, therefore there have been no share buybacks in the
current financial year ended 31 March 2024.
Of the 1,096.2m shares in issue, 2.8m are held as treasury shares. These shares will be held by the Group and used to award shares to
employees under the Sharesave scheme in the UK.
During the year, on behalf of the Company, the employee share trust purchased 1.3m shares for a total consideration of \u00a321.8m (2023:
1.4m shares, consideration of \u00a323.4m) to be held in trust for the benefit of employee share schemes. At 31 March 2024, the trust held 6.9m
shares (2023: 6.5m) which had a market value of \u00a3113.9m (2023: \u00a3118.0m).
22.2. Capital redemption reserve
The capital redemption reserve comprises the value of shares redeemed or purchased by the Company from distributable profits.
22.3. Hedge reserve
The hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedge derivative instruments
related to hedged transactions that have not yet occurred.
22.4. Translation reserve
Comprises exchange translation differences on foreign currency net investments offset by exchange translation differences on borrowings
and derivatives classified as net investment hedges under IAS 39.
22.5. Hybrid Equity
2024 2023
\u00a3m \u00a3m
GBP 600m 3.74% perpetual subordinated capital securities (i)
598.0
598.0
EUR 500m 3.125% perpetual subordinated capital securities (i)
453.0
453.0
EUR 1,000m 4.00% perpetual subordinated capital securities (ii)
831.4
831.4
1,882.4
1,882.4
i. 2 July 2020 \u00a3600m and \u20ac500m Hybrid Capital Bonds
The hybrid capital bonds issued in July 2020 have no fixed redemption date, but the Company may, at its sole discretion, redeem all but not
part of the capital securities at their principal amount. The date for the first potential discretionary redemption of the \u00a3600m hybrid bond is
14 April 2026 and then every 5 years thereafter. The date for the first potential discretionary redemption of the \u20ac500m hybrid capital bond
is 14 July 2027 and then every 5 years thereafter. For the \u00a3600m hybrid the discretionary coupon payments are made annually on 14 April
and for the \u20ac500m Hybrid the coupon payments are made annually on 14 July.
ii. 12 April 2022 \u20ac1,000m Hybrid Capital Bonds
The hybrid capital bond issued in April 2022 has no fixed redemption date, but the Company may, at its sole discretion, redeem all but not
part of the capital securities at their principal amount. The date for the first potential discretionary redemption is 21 April 2028 and then
every 5 years thereafter. The discretionary hybrid coupon payments are made annually on 21 April.
iii. Coupon Payments
In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2023: \u00a322.4m) was made on 14 April 2023 and for
the \u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.5m (2023: \u00a316.4m) was made on 14 July 2023. The first discretionary
coupon payment on the \u20ac1bn hybrid equity bond of \u00a334.2m was paid on 21 April 2023.
The coupon payments in the year to 31 March 2024 consequently totalled \u00a373.1m (2023: \u00a338.8m).
The Company has the option to defer coupon payments on the bonds on any relevant payment date, as long as a dividend on the ordinary
shares has not been declared. Deferred coupons shall be satisfied only on redemption; or on a dividend payment on ordinary shares, both
of which occur at the sole option of the Company. Interest will accrue on any deferred coupon.
22.6. Equity attributable to non-controlling interests
This relates to equity attributable to non-wholly owned but controlled subsidiaries which are consolidated within the financial statements
of the Group. At 31 March 2024 the amount attributable to non-controlling interests is \u00a3749.9m (2023: \u00a3649.1m), which relates to SHET of
\u00a3709.1m (2023: \u00a3606.5m) and SSE Pacifico \u00a340.8m (2023: \u00a342.6m). The profit and loss attributable to non-controlling interests for the year
ended 31 March 2024 is \u00a3100.8m gain (2023: \u00a323.6m gain), which relates to SHET \u00a3101.5m gain (2023: \u00a325.5m gain) and SSE Pacifico
\u00a30.7m loss (2023: \u00a31.9m loss).
Details regarding SHET\u2019s principal activity and country of incorporation are included in A3
.
SHET\u2019s summary financial information is as follows:
31 March 31 March 25 November
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Non-current assets
5,579.2
4,907.1
4,717.0
Current assets
337.0
16.5
2.0
Current liabilities
(509.0)
(370.3)
(384.3)
Non-current liabilities
(3,370.4)
(2,909.4)
(2,795.4)
2,036.8
1,643.9
1,539.3
1 April 26 November
2022 to 2022 to
31 March 25 November 31 March Total
2024 2022 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
885.2
435.4
220.4
655.8
Operating profit
565.0
274.5
131.0
405.5
Net finance costs
(35.0)
(31.7)
(14.9)
(46.6)
Profit before taxation
530.0
242.8
116.1
358.9
Taxation
(132.5)
(59.1)
(19.6)
(78.7)
Profit after taxation
397. 5
183.7
96.5
280.2
The summary financial information provided above is presented without Group eliminations, including \u00a3780.0m (2023: \u00a3780.0m) of
internal loans with related interest of \u00a316.2m (2023: \u00a36.5m), other consolidation adjustments of \u00a35.9m and related taxation, which have
been eliminated to calculate the non-controlling interest for adjusted profit.
26 November
2022
31 March to 31 March
2024 2023
\u00a3m \u00a3m
Net profit
397.5
96.5
add/(less):
Interest elimination
16.2
6.5
Current taxation on consolidation adjustments
(7.1)
(1.1)
Deferred taxation
102.0
16.5
508.6
118.4
Adjusted net profit attributable to 25% non-controlling interests
127.1
29.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-746": { "value": "22.1. Share capital
Number
(millions) \u00a3m
Allotted, called up and fully paid:
At 31 March 2022
1,073.1
536.5
Issue of shares (i)
27.7
13.9
Shares repurchased (ii)
(6.9)
(3.4)
At 31 March 2023
1,093.9
5 47.0
Issue of shares (i)
2.3
1.1
At 31 March 2024
1,096.2
548.1
The Company has one class of ordinary share which carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. i. Shareholders were able to elect to receive ordinary shares in place of the final dividend of 67.7p per ordinary share (in relation to year ended 31 March 2023) and the interim dividend of 20.0p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 1,779,529 and 493,654 new fully paid ordinary shares respectively (2023: 18,241,941 and 9,413,103). In addition, the Company issued 0.8m (2023: 1.9m) shares during the year under the savings-related share option schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a39.2m (2023: \u00a318.0m). ii. Under the share buyback programme in the year to 31 March 2023, 6.9m of shares were repurchased and cancelled for a total consideration of \u00a3107.6m (including stamp duty and commission). The nominal value of share capital repurchased and cancelled is transferred out of share capital and into the capital redemption reserve. The scrip dividend take-up for the financial year ended 31 March 2023 was 18.0%, which is below the 25.0% required by the share buyback programme, therefore there have been no share buybacks in the current financial year ended 31 March 2024. Of the 1,096.2m shares in issue, 2.8m are held as treasury shares. These shares will be held by the Group and used to award shares to employees under the Sharesave scheme in the UK. During the year, on behalf of the Company, the employee share trust purchased 1.3m shares for a total consideration of \u00a321.8m (2023: 1.4m shares, consideration of \u00a323.4m) to be held in trust for the benefit of employee share schemes. At 31 March 2024, the trust held 6.9m shares (2023: 6.5m) which had a market value of \u00a3113.9m (2023: \u00a3118.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-747": { "value": "22.2. Capital redemption reserve The capital redemption reserve comprises the value of shares redeemed or purchased by the Company from distributable profits. 22.3. Hedge reserve The hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedge derivative instruments related to hedged transactions that have not yet occurred. 22.4. Translation reserve Comprises exchange translation differences on foreign currency net investments offset by exchange translation differences on borrowings and derivatives classified as net investment hedges under IAS 39. 22.5. Hybrid Equity
2024 2023
\u00a3m \u00a3m
GBP 600m 3.74% perpetual subordinated capital securities (i)
598.0
598.0
EUR 500m 3.125% perpetual subordinated capital securities (i)
453.0
453.0
EUR 1,000m 4.00% perpetual subordinated capital securities (ii)
831.4
831.4
1,882.4
1,882.4
i. 2 July 2020 \u00a3600m and \u20ac500m Hybrid Capital Bonds The hybrid capital bonds issued in July 2020 have no fixed redemption date, but the Company may, at its sole discretion, redeem all but not part of the capital securities at their principal amount. The date for the first potential discretionary redemption of the \u00a3600m hybrid bond is 14 April 2026 and then every 5 years thereafter. The date for the first potential discretionary redemption of the \u20ac500m hybrid capital bond is 14 July 2027 and then every 5 years thereafter. For the \u00a3600m hybrid the discretionary coupon payments are made annually on 14 April and for the \u20ac500m Hybrid the coupon payments are made annually on 14 July. ii. 12 April 2022 \u20ac1,000m Hybrid Capital Bonds The hybrid capital bond issued in April 2022 has no fixed redemption date, but the Company may, at its sole discretion, redeem all but not part of the capital securities at their principal amount. The date for the first potential discretionary redemption is 21 April 2028 and then every 5 years thereafter. The discretionary hybrid coupon payments are made annually on 21 April. iii. Coupon Payments In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2023: \u00a322.4m) was made on 14 April 2023 and for the \u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.5m (2023: \u00a316.4m) was made on 14 July 2023. The first discretionary coupon payment on the \u20ac1bn hybrid equity bond of \u00a334.2m was paid on 21 April 2023. The coupon payments in the year to 31 March 2024 consequently totalled \u00a373.1m (2023: \u00a338.8m). The Company has the option to defer coupon payments on the bonds on any relevant payment date, as long as a dividend on the ordinary shares has not been declared. Deferred coupons shall be satisfied only on redemption; or on a dividend payment on ordinary shares, both of which occur at the sole option of the Company. Interest will accrue on any deferred coupon. 22.6. Equity attributable to non-controlling interests This relates to equity attributable to non-wholly owned but controlled subsidiaries which are consolidated within the financial statements of the Group. At 31 March 2024 the amount attributable to non-controlling interests is \u00a3749.9m (2023: \u00a3649.1m), which relates to SHET of \u00a3709.1m (2023: \u00a3606.5m) and SSE Pacifico \u00a340.8m (2023: \u00a342.6m). The profit and loss attributable to non-controlling interests for the year ended 31 March 2024 is \u00a3100.8m gain (2023: \u00a323.6m gain), which relates to SHET \u00a3101.5m gain (2023: \u00a325.5m gain) and SSE Pacifico \u00a30.7m loss (2023: \u00a31.9m loss). Details regarding SHET\u2019s principal activity and country of incorporation are included in A3 . SHET\u2019s summary financial information is as follows:
31 March 31 March 25 November
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Non-current assets
5,579.2
4,907.1
4,717.0
Current assets
337.0
16.5
2.0
Current liabilities
(509.0)
(370.3)
(384.3)
Non-current liabilities
(3,370.4)
(2,909.4)
(2,795.4)
2,036.8
1,643.9
1,539.3
1 April 26 November
2022 to 2022 to
31 March 25 November 31 March Total
2024 2022 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
885.2
435.4
220.4
655.8
Operating profit
565.0
274.5
131.0
405.5
Net finance costs
(35.0)
(31.7)
(14.9)
(46.6)
Profit before taxation
530.0
242.8
116.1
358.9
Taxation
(132.5)
(59.1)
(19.6)
(78.7)
Profit after taxation
397. 5
183.7
96.5
280.2
The summary financial information provided above is presented without Group eliminations, including \u00a3780.0m (2023: \u00a3780.0m) of internal loans with related interest of \u00a316.2m (2023: \u00a36.5m), other consolidation adjustments of \u00a35.9m and related taxation, which have been eliminated to calculate the non-controlling interest for adjusted profit.
26 November
2022
31 March to 31 March
2024 2023
\u00a3m \u00a3m
Net profit
397.5
96.5
add/(less):
Interest elimination
16.2
6.5
Current taxation on consolidation adjustments
(7.1)
(1.1)
Deferred taxation
102.0
16.5
508.6
118.4
Adjusted net profit attributable to 25% non-controlling interests
127.1
29.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-705": { "value": "264 SSE plc Annual Report 2024 23. Retirement benefit obligations Defined benefit schemes The Group has two funded final salary pension schemes which provide defined benefits based on final pensionable pay. The schemes are subject to independent valuations at least every three years. The future benefit obligations are valued by actuarial methods on the basis of an appropriate assessment of the relevant parameters. The Group provides pension benefits to most UK colleagues through SSE Pensions+, a defined contribution master trust agreement with Aviva. The Group generally matches employee contributions up to 6%, and provides additional contributions of 3% after two years and a further 3% after ten years continuous Group service. The Group also operates other pension arrangements, including a defined contribution master trust agreement with Zurich in the Republic of Ireland and an Unfunded Unapproved Retirement Benefit Scheme. The Group presents its pension scheme valuations under two different measurement bases, an actuarial valuation and an IAS 19 valuation as required by accounting standards. The IAS 19 valuation is used to determine the assets and obligations recognised in the Group\u2019s consolidated balance sheet and is calculated annually by scheme actuaries, whereas the formal actuarial valuation is used to determine the contributions the Group makes to each scheme. The actuarial valuation is recalculated for each scheme every three years. Actuarial valuations The individual pension scheme details based on the latest formal actuarial valuations are as follows:
Scottish Hydro Electric
SSE Southern
Latest formal actuarial valuation
31 March 2021
31 March 2022
Valuation carried out by
Hymans Robertson
Aon Hewitt
Value of assets based on valuation
\u00a32,050.5m
\u00a32,395.6m
Value of liabilities based on valuation
\u00a31,782.2m
\u00a32,475.2m
Valuation method adopted
Projected Unit
Projected Unit
Average salary increase
RPI+0.50%
RPI+0.25%
Average pension increase
RPI
RPI
Value of fund assets/accrued benefits
115.1%
96.8%
Future contributions Scottish Hydro Electric Pension Scheme The last triennial actuarial valuation of the scheme was carried out at 31 March 2021 and showed a surplus of \u00a3268.3m on a projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which does not require contributions to be paid to the scheme, unless there is a deficit on the valuation basis for two successive quarterly valuations. Consequently, the Group has not made contributions to the scheme in the year ending 31 March 2024. The next triennial funding valuation will be carried out as at 31 March 2024. This process began during the year and is expected to be finalised by the end of 2024. As part of that process the Trustee and Group will agree any required future contributions to the scheme based on the valuation. SSE Southern Group of the Electricity Supply Pension Scheme The last triennial actuarial valuation of the scheme was carried out as at 31 March 2022 and showed a deficit of \u00a379.6m on a projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which, along with investment returns from return- seeking assets, are expected to make good this shortfall by 31 March 2027. The next funding valuation will be carried out as at 31 March 2025. The Group also pays contributions in respect of current accrual. Total contributions of approximately \u00a328.2m are expected to be paid by the Group during the year ending on 31 March 2025, including deficit repair contributions of \u00a315.6m. The deficit repair contribution will be made until March 2027, increasing in line with inflation each year. During the year ending 31 March 2024 the Group paid deficit contributions of \u00a316.3m. Pension summary as measured under IAS 19:
Net actuarial (loss)/gain
recognised in respect of the
pension asset in the statement
Scheme type
of comprehensive income
Net pension asset
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Scottish Hydro Electric
Defined benefit
(37.1)
(152.0)
339.3
366.6
SSE Southern
Defined benefit
(118.1)
72.8
82.3
174.5
(155.2)
(79.2)
421.6
541.1
IFRC 14 surplus restrictions In 2016/17 the Group agreed with the trustees to the Scottish Hydro Electric Pension Scheme an amendment to the scheme rules to clarify that the Company has a clear right to any surplus upon final winding up of the scheme. This amendment removes the previous restriction on recognition of any surplus and as such the previously applied restriction is no longer recognised. The net pension asset of the Scottish Hydro Electric Scheme at 31 March 2024 was equal to \u00a3339.3m (2023: \u00a3366.6m). At 31 March 2024, the SSE Southern Pension Scheme has a net surplus of \u00a382.3m (2023: \u00a3174.5m), and unrecognised future contributions of \u00a346.8m (2023: \u00a350.9m), subject to increases in line with inflation. The Group has assessed that it has the right to recognise the current and any future surpluses on the scheme, therefore has not recognised a liability for future unrecoverable contributions. Other matters On 16 June 2023 the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others) calling into question the validity of rule amendments made to defined benefit pension schemes contracted-out on a Reference Scheme Test basis between 6 April 1997 and 5 April 2016. Amendments to these pension schemes over this time required confirmation from the Scheme Actuary that the Reference Scheme Test would continue to be met. In the absence of such a confirmation, the Rule amendment would be void. This ruling could have wide ranging implications for many UK pension schemes and will be subject to an Appeal in 2024. The Trustees of the Scottish Hydro Electric Pension Scheme and the SSE Southern Pension Scheme have not performed a detailed assessment over the impact of this ruling. The Trustees believe it is appropriate to await the outcome of the appeal process in 2024 before taking any further action, and the Group supports their position. Due to the uncertainty, it is not possible to assess the potential impact of the Virgin Media High Court ruling on the Scottish Hydro Electric Pension Scheme or the SSE Southern Pension Scheme. 23.1. Pension scheme assumptions Both schemes have been updated to 31 March 2024 by qualified independent actuaries. The valuations have been prepared for the purposes of meeting the requirements of IAS 19. The major assumptions used by the actuaries in both schemes were:
At 31 March At 31 March
2024 2023
Rate of increase in pensionable salaries
3.4%
3.5%
Rate of increase in pension payments
3.1%
3.2%
Discount rate
4.8%
4.8%
Inflation rate
3.1%
3.2%
The assumptions relating to longevity underlying the pension liabilities at 31 March 2024 are based on standard actuarial mortality tables, and include an allowance for future improvements in longevity. The assumptions, equivalent to future longevity for members in normal health at age 65, are as follows: Scottish Hydro Electric
At 31 March 2024
At 31 March 2023
Male
Female
Male
Female
Currently aged 65
22
24
22
24
Currently aged 45
24
26
24
26
SSE Southern
At 31 March 2024
At 31 March 2023
Male
Female
Male
Female
Currently aged 65
22
25
22
24
Currently aged 45
24
26
24
26
23.2. Sensitivity analysis The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows: Scottish Hydro Electric
At 31 March 2024
At 31 March 2023
Increase/ Effect on Increase/ Effect on
decrease in scheme\u2019s decrease in scheme\u2019s
assumption liabilities assumption liabilities
Rate of increase in pensionable salaries
0.1%
+/- 0.1%
0.1%
+/- 0.1%
Rate of increase in pension payments
0.1%
+/- 0.7%
0.1%
+/- 0.7%
Discount rate
0.1%
+/- 0.7%
0.1%
+/- 0.7%
Longevity
1 year
+/- 2.0%
1 year
+/- 1.9%
SSE Southern
At 31 March 2024
At 31 March 2023
Increase/ Effect on Increase/ Effect on
decrease in scheme\u2019s decrease in scheme\u2019s
assumption liabilities assumption liabilities
Rate of increase in pensionable salaries
0.1%
+/- 0.1%
0.1%
+/- 0.1%
Rate of increase in pension payments
0.1%
+/- 1.2%
0.1%
+/- 1.2%
Discount rate
0.1%
+/- 1.3%
0.1%
+/- 1.3%
Longevity
1 year
+/- 3.5%
1 year
+/- 3.3%
23.3. Valuation of combined pension schemes
Value at Value at
31 March 31 March
Quoted Unquoted 2024 Quoted Unquoted 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
196.9
\u2013
196.9
94.3
\u2013
94.3
Government bonds
1,215.3
\u2013
1,215.3
1,381.6
\u2013
1,381.6
Corporate bonds
\u2013
\u2013
\u2013
122.8
\u2013
122.8
Insurance contracts
\u2013
500.3
500.3
\u2013
532.4
532.4
Other investments
1,102.7
\u2013
1,102.7
1,057.5
\u2013
1,057.5
Total fair value of plan assets
2,514.9
500.3
3,015.2
2,656.2
532.4
3,188.6
Present value of defined benefit obligation
(2,593.6)
(2,647.5)
Surplus in the schemes
421.6
541.1
Deferred tax thereon
(105.4)
(135.3)
Net pension asset
316.2
405.8
(i) (ii) (i) See details of valuations of insurance contracts in note 23.7(ii). (ii) Deferred tax rate of 25% applied to net pension surplus position (2023: 25%). 23.4. Movements in the combined defined benefit assets and obligations during the year:
2024
2023
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,188.6
(2 ,647.5)
541.1
4,311.2
(3,726.3)
584.9
Included in Income Statement
Current service cost
\u2013
(16.2)
(16.2)
\u2013
(28.2)
(28.2)
Past service cost
\u2013
(2.4)
(2.4)
\u2013
(5.7)
(5.7)
Interest income/(cost)
148.5
(122.3)
26.2
114.8
(98.6)
16.2
148.5
(140.9)
7.6
114.8
(132.5)
(17.7)
Included in Other Comprehensive Income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
29.3
29.3
\u2013
71.7
71.7
Financial assumptions
\u2013
53.7
53.7
\u2013
1,099.8
1,099.8
Experience assumptions
\u2013
(46.2)
(46.2)
\u2013
(135.1)
(135.1)
Return on plan assets excluding interest income
(192.0)
\u2013
(192.0)
(1,115.6)
\u2013
(1,115.6)
(192.0)
36.8
(155.2)
(1,115.6)
1,036.4
(79.2)
Other
Contributions paid by the employer
28.1
\u2013
28.1
53.1
\u2013
53.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(158.1)
158.1
\u2013
(175.0)
175.0
\u2013
(129.9)
158.0
28.1
(121.8)
174.9
53.1
Balance at 31 March
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
23.5. Pension scheme contributions and costs
Charges/(credits) recognised:
2024 2023
\u00a3m \u00a3m
Service costs (charged to operating profit)
18.6
33.9
(Credited)/charged to finance costs:
Interest from pension scheme assets
(148.5)
(114.8)
Interest on pension scheme liabilities
122.3
98.6
(26.2)
(16.2)
The return on pension scheme assets is as follows:
2024 2023
\u00a3m \u00a3m
Return on pension scheme assets
(43.5)
(1,000.8)
Defined contribution scheme
The total contribution paid by the Group to defined contribution pension schemes was \u00a390.5m (2023: \u00a358.7m).
Unfunded Unapproved Retirement Benefit Scheme (UURBS) pension costs
The decrease in the year in relation to UURBS was \u00a36.1m (2023: decrease of \u00a38.9m). This is included in Employee related provisions (note 20).
Staff costs analysis
The pension costs in note 8 can be analysed as follows:
2024 2023
\u00a3m \u00a3m
Service costs
18.6
33.9
Defined contribution scheme payments
90.5
60.1
109.1
94.0
23.6. Pension scheme risk assessment and mitigation
Risks to which the Pension Schemes exposes the Group
The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions
to the schemes in times of adverse experience. The most financially significant risks are likely to be:
i. Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will
create a deficit. The schemes hold a proportion of growth assets (equities and property) which, though expected to outperform corporate
bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains
appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower proportion of growth assets than the SSE Southern
Pension Scheme reflecting the maturity of each scheme.
ii. Changes in bond yields
A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will be
partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes.
iii. Inflation risk
The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most
cases, caps on the level of inflationary increases are in place to protect against extreme inflation). However, this will be partially offset by
inflation hedging in both schemes.
iv. Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will result
in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of the
schemes\u2019 liabilities of the risks highlighted.
v. Liability versus asset risk
The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019 assets
will expose the Group to movements in the overall funding surplus.
23.7. Risk mitigation i. De-risking The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher risk assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk. ii. Asset buy-in On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c\u00a3800m of the scheme\u2019s funding liabilities) to a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the fair value hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s assets and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against volatility in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to valuation fluctuations related to active and deferred members and any members who retired after 1 October 2019. iii. Asset-liability matching strategies used by the Scheme The Group and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation on an ongoing basis in light of changes in the funding position and market opportunities. 23.8. Risk assessment i. Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 17 years (2023: 17 years) for the Scottish Hydro Electric Pension Scheme and 13 years (2023: 14 years) for the SSE Southern Pension Scheme. ii. Information about the defined benefit obligations Status of members is weighted by the liabilities of each scheme
Scottish
Hydro Electric SSE Southern
% %
Active members
23
16
Deferred members
14
8
Pensioners
63
76
100
100
23.9. Pension scheme policies i. Recognition of gains and losses The Group recognises actuarial gains and losses in the Statement of Other Comprehensive Income following the re-measurement of the net defined benefit liabilities of the schemes. ii. Methods and assumptions used in preparing the sensitivity analyses The sensitivities disclosed are calculated using approximate methods taking into account the duration of the schemes\u2019 liabilities. While these have been calculated consistently with the previous financial year, the method applied may change over time with financial conditions and assumptions. iii. Asset recognition The Group has recognised net pension assets in relation to the Scottish Hydro Electric and SSE Southern pension schemes due to a surplus existing under IAS 19 accounting. The Group will only recognise a surplus should it have rights to that surplus under the rules of the pension scheme. The Group no longer applies the \u2018asset ceiling\u2019 restriction mandated by IFRIC 14. Details on this key accounting consideration are provided above. iv. Fair value assessment of scheme assets The Group seeks to assess whether there is a quotable market value (referenced as \u201cquotable\u201d above) in relation to pension scheme assets held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then regularly assessed. Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019) held by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the expected return on these assets being set equal to the discount rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-783": { "value": "
Defined benefit schemes
The Group has two funded final salary pension schemes which provide defined benefits based on final pensionable pay. The schemes are
subject to independent valuations at least every three years. The future benefit obligations are valued by actuarial methods on the basis of
an appropriate assessment of the relevant parameters.
The Group provides pension benefits to most UK colleagues through SSE Pensions+, a defined contribution master trust agreement with
Aviva. The Group generally matches employee contributions up to 6%, and provides additional contributions of 3% after two years and a
further 3% after ten years continuous Group service. The Group also operates other pension arrangements, including a defined
contribution master trust agreement with Zurich in the Republic of Ireland and an Unfunded Unapproved Retirement Benefit Scheme.
The Group presents its pension scheme valuations under two different measurement bases, an actuarial valuation and an IAS 19 valuation
as required by accounting standards. The IAS 19 valuation is used to determine the assets and obligations recognised in the Group\u2019s
consolidated balance sheet and is calculated annually by scheme actuaries, whereas the formal actuarial valuation is used to determine the
contributions the Group makes to each scheme. The actuarial valuation is recalculated for each scheme every three years.
Actuarial valuations
The individual pension scheme details based on the latest formal actuarial valuations are as follows:
Scottish Hydro Electric
SSE Southern
Latest formal actuarial valuation
31 March 2021
31 March 2022
Valuation carried out by
Hymans Robertson
Aon Hewitt
Value of assets based on valuation
\u00a32,050.5m
\u00a32,395.6m
Value of liabilities based on valuation
\u00a31,782.2m
\u00a32,475.2m
Valuation method adopted
Projected Unit
Projected Unit
Average salary increase
RPI+0.50%
RPI+0.25%
Average pension increase
RPI
RPI
Value of fund assets/accrued benefits
115.1%
96.8%
Future contributions
Scottish Hydro Electric Pension Scheme
The last triennial actuarial valuation of the scheme was carried out at 31 March 2021 and showed a surplus of \u00a3268.3m on a projected unit
basis. Following this valuation, the Group agreed to a new schedule of contributions which does not require contributions to be paid to the
scheme, unless there is a deficit on the valuation basis for two successive quarterly valuations. Consequently, the Group has not made
contributions to the scheme in the year ending 31 March 2024. The next triennial funding valuation will be carried out as at 31 March 2024.
This process began during the year and is expected to be finalised by the end of 2024. As part of that process the Trustee and Group will
agree any required future contributions to the scheme based on the valuation.
SSE Southern Group of the Electricity Supply Pension Scheme
The last triennial actuarial valuation of the scheme was carried out as at 31 March 2022 and showed a deficit of \u00a379.6m on a projected unit
basis. Following this valuation, the Group agreed to a new schedule of contributions which, along with investment returns from return-
seeking assets, are expected to make good this shortfall by 31 March 2027. The next funding valuation will be carried out as at 31 March
2025. The Group also pays contributions in respect of current accrual. Total contributions of approximately \u00a328.2m are expected to be paid
by the Group during the year ending on 31 March 2025, including deficit repair contributions of \u00a315.6m. The deficit repair contribution will
be made until March 2027, increasing in line with inflation each year.
During the year ending 31 March 2024 the Group paid deficit contributions of \u00a316.3m.
Pension summary as measured under IAS 19:
Net actuarial (loss)/gain
recognised in respect of the
pension asset in the statement
Scheme type
of comprehensive income
Net pension asset
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Scottish Hydro Electric
Defined benefit
(37.1)
(152.0)
339.3
366.6
SSE Southern
Defined benefit
(118.1)
72.8
82.3
174.5
(155.2)
(79.2)
421.6
541.1
IFRC 14 surplus restrictions
The value of Scottish Hydro Electric Pension Scheme assets recognised was previously impacted by the asset ceiling test which restricts the
surplus that can be recognised to assets that can be recovered through future refunds or reductions in future contributions to the scheme,
and may increase the value of scheme liabilities where there are minimum funding liabilities in relation to agreed contributions. IFRIC 14
\u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019 clarifies that future refunds may be
recognised if the sponsoring entity has an unconditional right to a refund in certain circumstances.
In 2016/17 the Group agreed with the trustees to the Scottish Hydro Electric Pension Scheme an amendment to the scheme rules to clarify
that the Company has a clear right to any surplus upon final winding up of the scheme. This amendment removes the previous restriction
on recognition of any surplus and as such the previously applied restriction is no longer recognised. The net pension asset of the Scottish
Hydro Electric Scheme at 31 March 2024 was equal to \u00a3339.3m (2023: \u00a3366.6m).
At 31 March 2024, the SSE Southern Pension Scheme has a net surplus of \u00a382.3m (2023: \u00a3174.5m), and unrecognised future contributions
of \u00a346.8m (2023: \u00a350.9m), subject to increases in line with inflation. The Group has assessed that it has the right to recognise the current
and any future surpluses on the scheme, therefore has not recognised a liability for future unrecoverable contributions.
Other matters
On 16 June 2023 the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others) calling into
question the validity of rule amendments made to defined benefit pension schemes contracted-out on a Reference Scheme Test basis
between 6 April 1997 and 5 April 2016. Amendments to these pension schemes over this time required confirmation from the Scheme
Actuary that the Reference Scheme Test would continue to be met. In the absence of such a confirmation, the Rule amendment would be
void. This ruling could have wide ranging implications for many UK pension schemes and will be subject to an Appeal in 2024.
The Trustees of the Scottish Hydro Electric Pension Scheme and the SSE Southern Pension Scheme have not performed a detailed
assessment over the impact of this ruling. The Trustees believe it is appropriate to await the outcome of the appeal process in 2024 before
taking any further action, and the Group supports their position. Due to the uncertainty, it is not possible to assess the potential impact of
the Virgin Media High Court ruling on the Scottish Hydro Electric Pension Scheme or the SSE Southern Pension Scheme.
23.1. Pension scheme assumptions
Both schemes have been updated to 31 March 2024 by qualified independent actuaries. The valuations have been prepared for the
purposes of meeting the requirements of IAS 19. The major assumptions used by the actuaries in both schemes were:
At 31 March At 31 March
2024 2023
Rate of increase in pensionable salaries
3.4%
3.5%
Rate of increase in pension payments
3.1%
3.2%
Discount rate
4.8%
4.8%
Inflation rate
3.1%
3.2%
The assumptions relating to longevity underlying the pension liabilities at 31 March 2024 are based on standard actuarial mortality tables,
and include an allowance for future improvements in longevity. The assumptions, equivalent to future longevity for members in normal
health at age 65, are as follows:
Scottish Hydro Electric
At 31 March 2024
At 31 March 2023
Male
Female
Male
Female
Currently aged 65
22
24
22
24
Currently aged 45
24
26
24
26
SSE Southern
At 31 March 2024
At 31 March 2023
Male
Female
Male
Female
Currently aged 65
22
25
22
24
Currently aged 45
24
26
24
26
23.2. Sensitivity analysis
The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows:
Scottish Hydro Electric
At 31 March 2024
At 31 March 2023
Increase/ Effect on Increase/ Effect on
decrease in scheme\u2019s decrease in scheme\u2019s
assumption liabilities assumption liabilities
Rate of increase in pensionable salaries
0.1%
+/- 0.1%
0.1%
+/- 0.1%
Rate of increase in pension payments
0.1%
+/- 0.7%
0.1%
+/- 0.7%
Discount rate
0.1%
+/- 0.7%
0.1%
+/- 0.7%
Longevity
1 year
+/- 2.0%
1 year
+/- 1.9%
SSE Southern
At 31 March 2024
At 31 March 2023
Increase/ Effect on Increase/ Effect on
decrease in scheme\u2019s decrease in scheme\u2019s
assumption liabilities assumption liabilities
Rate of increase in pensionable salaries
0.1%
+/- 0.1%
0.1%
+/- 0.1%
Rate of increase in pension payments
0.1%
+/- 1.2%
0.1%
+/- 1.2%
Discount rate
0.1%
+/- 1.3%
0.1%
+/- 1.3%
Longevity
1 year
+/- 3.5%
1 year
+/- 3.3%
23.3. Valuation of combined pension schemes
Value at Value at
31 March 31 March
Quoted Unquoted 2024 Quoted Unquoted 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
196.9
\u2013
196.9
94.3
\u2013
94.3
Government bonds
1,215.3
\u2013
1,215.3
1,381.6
\u2013
1,381.6
Corporate bonds
\u2013
\u2013
\u2013
122.8
\u2013
122.8
Insurance contracts
\u2013
500.3
500.3
\u2013
532.4
532.4
Other investments
1,102.7
\u2013
1,102.7
1,057.5
\u2013
1,057.5
Total fair value of plan assets
2,514.9
500.3
3,015.2
2,656.2
532.4
3,188.6
Present value of defined benefit obligation
(2,593.6)
(2,647.5)
Surplus in the schemes
421.6
541.1
Deferred tax thereon
(105.4)
(135.3)
Net pension asset
316.2
405.8
(i)
(ii)
(i) See details of valuations of insurance contracts in note 23.7(ii).
(ii) Deferred tax rate of 25% applied to net pension surplus position (2023: 25%).
23.4. Movements in the combined defined benefit assets and obligations during the year:
2024
2023
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,188.6
(2 ,647.5)
541.1
4,311.2
(3,726.3)
584.9
Included in Income Statement
Current service cost
\u2013
(16.2)
(16.2)
\u2013
(28.2)
(28.2)
Past service cost
\u2013
(2.4)
(2.4)
\u2013
(5.7)
(5.7)
Interest income/(cost)
148.5
(122.3)
26.2
114.8
(98.6)
16.2
148.5
(140.9)
7.6
114.8
(132.5)
(17.7)
Included in Other Comprehensive Income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
29.3
29.3
\u2013
71.7
71.7
Financial assumptions
\u2013
53.7
53.7
\u2013
1,099.8
1,099.8
Experience assumptions
\u2013
(46.2)
(46.2)
\u2013
(135.1)
(135.1)
Return on plan assets excluding interest income
(192.0)
\u2013
(192.0)
(1,115.6)
\u2013
(1,115.6)
(192.0)
36.8
(155.2)
(1,115.6)
1,036.4
(79.2)
Other
Contributions paid by the employer
28.1
\u2013
28.1
53.1
\u2013
53.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(158.1)
158.1
\u2013
(175.0)
175.0
\u2013
(129.9)
158.0
28.1
(121.8)
174.9
53.1
Balance at 31 March
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
23.9. Pension scheme policies i. Recognition of gains and losses The Group recognises actuarial gains and losses in the Statement of Other Comprehensive Income following the re-measurement of the net defined benefit liabilities of the schemes. ii. Methods and assumptions used in preparing the sensitivity analyses The sensitivities disclosed are calculated using approximate methods taking into account the duration of the schemes\u2019 liabilities. While these have been calculated consistently with the previous financial year, the method applied may change over time with financial conditions and assumptions. iii. Asset recognition The Group has recognised net pension assets in relation to the Scottish Hydro Electric and SSE Southern pension schemes due to a surplus existing under IAS 19 accounting. The Group will only recognise a surplus should it have rights to that surplus under the rules of the pension scheme. The Group no longer applies the \u2018asset ceiling\u2019 restriction mandated by IFRIC 14. Details on this key accounting consideration are provided above. iv. Fair value assessment of scheme assets The Group seeks to assess whether there is a quotable market value (referenced as \u201cquotable\u201d above) in relation to pension scheme assets held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then regularly assessed. Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019) held by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the expected return on these assets being set equal to the discount rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-748": { "value": "23.2. Sensitivity analysis The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows: Scottish Hydro Electric At 31 March 2024 At 31 March 2023 Increase/ Effect on Increase/ Effect on decrease in scheme\u2019s decrease in scheme\u2019s assumption liabilities assumption liabilities Rate of increase in pensionable salaries 0.1% +/- 0.1% 0.1% +/- 0.1% Rate of increase in pension payments 0.1% +/- 0.7% 0.1% +/- 0.7% Discount rate 0.1% +/- 0.7% 0.1% +/- 0.7% Longevity 1 year +/- 2.0% 1 year +/- 1.9% SSE Southern
At 31 March 2024
At 31 March 2023
Increase/ Effect on Increase/ Effect on
decrease in scheme\u2019s decrease in scheme\u2019s
assumption liabilities assumption liabilities
Rate of increase in pensionable salaries
0.1%
+/- 0.1%
0.1%
+/- 0.1%
Rate of increase in pension payments
0.1%
+/- 1.2%
0.1%
+/- 1.2%
Discount rate
0.1%
+/- 1.3%
0.1%
+/- 1.3%
Longevity
1 year
+/- 3.5%
1 year
+/- 3.3%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-809": { "value": "23.4. Movements in the combined defined benefit assets and obligations during the year:
2024
2023
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,188.6
(2 ,647.5)
541.1
4,311.2
(3,726.3)
584.9
Included in Income Statement
Current service cost
\u2013
(16.2)
(16.2)
\u2013
(28.2)
(28.2)
Past service cost
\u2013
(2.4)
(2.4)
\u2013
(5.7)
(5.7)
Interest income/(cost)
148.5
(122.3)
26.2
114.8
(98.6)
16.2
148.5
(140.9)
7.6
114.8
(132.5)
(17.7)
Included in Other Comprehensive Income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
29.3
29.3
\u2013
71.7
71.7
Financial assumptions
\u2013
53.7
53.7
\u2013
1,099.8
1,099.8
Experience assumptions
\u2013
(46.2)
(46.2)
\u2013
(135.1)
(135.1)
Return on plan assets excluding interest income
(192.0)
\u2013
(192.0)
(1,115.6)
\u2013
(1,115.6)
(192.0)
36.8
(155.2)
(1,115.6)
1,036.4
(79.2)
Other
Contributions paid by the employer
28.1
\u2013
28.1
53.1
\u2013
53.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(158.1)
158.1
\u2013
(175.0)
175.0
\u2013
(129.9)
158.0
28.1
(121.8)
174.9
53.1
Balance at 31 March
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
iv. Fair value assessment of scheme assets
The Group seeks to assess whether there is a quotable market value (referenced as \u201cquotable\u201d above) in relation to pension scheme assets
held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no
quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then
regularly assessed.
Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019) held
by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the
expected return on these assets being set equal to the discount rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-749": { "value": "23.4. Movements in the combined defined benefit assets and obligations during the year: 2024 2023 Assets Obligations Total Assets Obligations Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 3,188.6 (2 ,647.5) 541.1 4,311.2 (3,726.3) 584.9 Included in Income Statement Current service cost \u2013 (16.2) (16.2) \u2013 (28.2) (28.2) Past service cost \u2013 (2.4) (2.4) \u2013 (5.7) (5.7) Interest income/(cost) 148.5 (122.3) 26.2 114.8 (98.6) 16.2 148.5 (140.9) 7.6 114.8 (132.5) (17.7) Included in Other Comprehensive Income Actuarial gain/(loss) arising from: Demographic assumptions \u2013 29.3 29.3 \u2013 71.7 71.7 Financial assumptions \u2013 53.7 53.7 \u2013 1,099.8 1,099.8 Experience assumptions \u2013 (46.2) (46.2) \u2013 (135.1) (135.1) Return on plan assets excluding interest income (192.0) \u2013 (192.0) (1,115.6) \u2013 (1,115.6) (192.0) 36.8 (155.2) (1,115.6) 1,036.4 (79.2) Other Contributions paid by the employer 28.1 \u2013 28.1 53.1 \u2013 53.1 Scheme participant\u2019s contributions 0.1 (0.1) \u2013 0.1 (0.1) ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-821": { "value": "23.5. Pension scheme contributions and costs Charges/(credits) recognised:
2024 2023
\u00a3m \u00a3m
Service costs (charged to operating profit)
18.6
33.9
(Credited)/charged to finance costs:
Interest from pension scheme assets
(148.5)
(114.8)
Interest on pension scheme liabilities
122.3
98.6
(26.2)
(16.2)
The return on pension scheme assets is as follows:
2024 2023
\u00a3m \u00a3m
Return on pension scheme assets
(43.5)
(1,000.8)
Defined contribution scheme The total contribution paid by the Group to defined contribution pension schemes was \u00a390.5m (2023: \u00a358.7m). Unfunded Unapproved Retirement Benefit Scheme (UURBS) pension costs The decrease in the year in relation to UURBS was \u00a36.1m (2023: decrease of \u00a38.9m). This is included in Employee related provisions (note 20). Staff costs analysis The pension costs in note 8 can be analysed as follows:
2024 2023
\u00a3m \u00a3m
Service costs
18.6
33.9
Defined contribution scheme payments
90.5
60.1
109.1
94.0
23.6. Pension scheme risk assessment and mitigation Risks to which the Pension Schemes exposes the Group The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions to the schemes in times of adverse experience. The most financially significant risks are likely to be: i. Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets (equities and property) which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower proportion of growth assets than the SSE Southern Pension Scheme reflecting the maturity of each scheme. ii. Changes in bond yields A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will be partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes. iii. Inflation risk The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). However, this will be partially offset by inflation hedging in both schemes. iv. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will result in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of the schemes\u2019 liabilities of the risks highlighted. v. Liability versus asset risk The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019 assets will expose the Group to movements in the overall funding surplus. 23.7. Risk mitigation i. De-risking The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher risk assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk. ii. Asset buy-in On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c\u00a3800m of the scheme\u2019s funding liabilities) to a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the fair value hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s assets and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against volatility in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to valuation fluctuations related to active and deferred members and any members who retired after 1 October 2019. iii. Asset-liability matching strategies used by the Scheme The Group and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation on an ongoing basis in light of changes in the funding position and market opportunities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfPresentValueOfDefinedBenefitObligationThatDistinguishesNatureCharacteristicsAndRisksExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-784": { "value": "23.5. Pension scheme contributions and costs Charges/(credits) recognised:
2024 2023
\u00a3m \u00a3m
Service costs (charged to operating profit)
18.6
33.9
(Credited)/charged to finance costs:
Interest from pension scheme assets
(148.5)
(114.8)
Interest on pension scheme liabilities
122.3
98.6
(26.2)
(16.2)
The return on pension scheme assets is as follows:
2024 2023
\u00a3m \u00a3m
Return on pension scheme assets
(43.5)
(1,000.8)
Defined contribution scheme The total contribution paid by the Group to defined contribution pension schemes was \u00a390.5m (2023: \u00a358.7m). Unfunded Unapproved Retirement Benefit Scheme (UURBS) pension costs The decrease in the year in relation to UURBS was \u00a36.1m (2023: decrease of \u00a38.9m). This is included in Employee related provisions (note 20). Staff costs analysis The pension costs in note 8 can be analysed as follows:
2024 2023
\u00a3m \u00a3m
Service costs
18.6
33.9
Defined contribution scheme payments
90.5
60.1
109.1
94.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-810": { "value": "23.6. Pension scheme risk assessment and mitigation Risks to which the Pension Schemes exposes the Group The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions to the schemes in times of adverse experience. The most financially significant risks are likely to be: i. Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets (equities and property) which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower proportion of growth assets than the SSE Southern Pension Scheme reflecting the maturity of each scheme. ii. Changes in bond yields A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will be partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes. iii. Inflation risk The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). However, this will be partially offset by inflation hedging in both schemes. iv. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will result in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of the schemes\u2019 liabilities of the risks highlighted. v. Liability versus asset risk The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019 assets will expose the Group to movements in the overall funding surplus.
23.7. Risk mitigation
i. De-risking
The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher risk
assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes
continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the
impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk.
ii. Asset buy-in
On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the
assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c\u00a3800m of the scheme\u2019s funding
liabilities) to a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the
fair value hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s
assets and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against
volatility in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to
valuation fluctuations related to active and deferred members and any members who retired after 1 October 2019.
iii. Asset-liability matching strategies used by the Scheme
The Group and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when
appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the
pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being
higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection
against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation on
an ongoing basis in light of changes in the funding position and market opportunities.
23.8. Risk assessment
i. Maturity profile of the defined benefit obligations
The weighted average duration of the defined benefit obligation is 17 years (2023: 17 years) for the Scottish Hydro Electric Pension Scheme
and 13 years (2023: 14 years) for the SSE Southern Pension Scheme.
ii. Information about the defined benefit obligations
Status of members is weighted by the liabilities of each scheme
Scottish
Hydro Electric SSE Southern
% %
Active members
23
16
Deferred members
14
8
Pensioners
63
76
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-822": { "value": "23.8. Risk assessment i. Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 17 years (2023: 17 years) for the Scottish Hydro Electric Pension Scheme and 13 years (2023: 14 years) for the SSE Southern Pension Scheme. ii. Information about the defined benefit obligations Status of members is weighted by the liabilities of each scheme
Scottish
Hydro Electric SSE Southern
% %
Active members
23
16
Deferred members
14
8
Pensioners
63
76
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-706": { "value": "
24. Financial instruments
For financial reporting purposes, the Group has classified derivative financial instruments into two categories, operating derivatives and
financing derivatives. Operating derivatives include all qualifying commodity contracts including those for electricity, gas, oil, and carbon
and the post-day 1 fair value movements on non-government backed contracts for difference in SSE Renewables. Financing derivatives
include all fair value and cash flow interest rate hedges, non-hedge accounted (mark-to-market) interest rate derivatives, cash flow foreign
exchange hedges and non-hedge accounted foreign exchange contracts. Non-hedge accounted contracts are treated as held for trading.
The Group provides guarantees in respect of certain activities of former subsidiaries and to certain current joint venture investments. Prior
to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4, where existing accounting practices were
grandfathered and the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to
make payment to settle the obligation. The adoption of IFRS 17 from 1 April 2022 resulted in a reassessment of these contracts and the
Group elected to apply the valuation principles of IFRS 9 to these contracts.
24.1. Financial instruments \u2013 income statement
2024 2023
\u00a3m \u00a3m
Operating derivatives
Total result on operating derivatives
(573.1)
(2,980.2)
Less: Amounts settled
1,025.3
272.0
Movement in unrealised derivatives
452.2
(2,708.2)
Financing derivatives (and hedged items)
Total result on financing derivatives
370.6
81.3
Less: Amounts settled
(364.5)
120.6
Movement in unrealised derivatives
6.1
201.9
Financial guarantee liabilities
Total result on financial guarantee liabilities
12.5
\u2013
Net income statement impact
470.8
(2,506.3)
(i)
(ii)
(i)
(ii)
(iii)
(i) Total result on derivatives in the income statement represents the total amounts (charged) or credited to the income statement in respect of operating and financial derivatives,
and is shown as certain re-measurements in note 7.
(ii) Amounts settled in the year represent the result on derivatives transacted which have matured or been delivered and have been included within the total result on derivatives, and
is shown as certain re-measurements in note 7.
(iii) Total result on financial guarantee liabilities in the income statement represents the total amounts credited or (charged) to the income statement in respect of the unwind of the
financial liabilities and new or expiring contracts.
The movement in unrealised operating derivative excludes a \u00a38.8m loss (2023: \u00a316.6m gain) on proprietary trades, which has been
recognised in the underlying profit of the Group.
24.2. Financial instruments \u2013 balance sheet
The derivative financial assets and (liabilities) are represented as follows:
2023
2024 \u00a3m
Derivative financial assets \u00a3m (restated*)
Non-current
64.2
246.0
Current
536.1
759.2
Total derivative assets
600.3
1,005.2
Derivative liabilities
Non-current
(222.2)
(243.3)
Current
(345.2)
(1,021.0)
Total derivative liabilities
(567.4)
(1,264.3)
Net derivative asset/(liability)
32.9
(259.1)
The financial guarantee liabilities are represented as follows:
2024 2023
Financial guarantee liabilities \u00a3m \u00a3m
Non-current
(36.4)
(66.5)
Current
(3.1)
(4.4)
Total guarantee liabilities
(39.5)
(70.9)
* The comparative has been restated. See note 1.2.
Information on the Group\u2019s financial risk management and the fair value of financial instruments is available at A6 and A7 .
A7. Fair value of financial instruments A7.1. Fair value of financial instruments within the Group The fair values of the primary financial assets and liabilities of the Group together with their carrying values are as follows:
2024
2024
2024
2024
2023
2023
2023
2023
FVTPL/ Total
Amortised FVTPL/ Total carrying Fair Amortised FVTOCI carrying value Fair
cost FVTOCI value value cost \u00a3m \u00a3m value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (restated*) (restated*) \u00a3m (restated*)
Financial assets
Current
Trade receivables
1,305.5
\u2013
1,305.5
1,305.5
1,404.0
\u2013
1,404.0
1,404.0
Other receivables
4.1
\u2013
4.1
4.1
12.7
\u2013
12.7
12.7
Cash collateral and other
short term loans
9.3
\u2013
9.3
9.3
316.3
\u2013
316.3
316.3
Cash and cash
equivalents
1,035.9
\u2013
1,035.9
1,035.9
891.8
\u2013
891.8
891.8
Derivative financial assets
\u2013
536.1
536.1
536.1
\u2013
759.2
759.2
759.2
2,354.8
536.1
2,890.9
2,890.9
2,624.8
759.2
3,384.0
3,384.0
Non-current
Unquoted equity
investments
\u2013
3.2
3.2
3.2
\u2013
27.4
27.4
27.4
Loan note receivable
170.1
\u2013
170.1
170.1
149.5
\u2013
149.5
149.5
Loans to associates and
jointly controlled
entities
1,352.9
\u2013
1,352.9
1,352.9
1,114.6
\u2013
1,114.6
1,114.6
Derivative financial assets
\u2013
64.2
64.2
64.2
\u2013
246.0
246.0
246.0
1,523.0
67.4
1,590.4
1,590.4
1,264.1
273.4
1,537.5
1,537.5
3,877.8
603.5
4,481.3
4,481.3
3,888.9
1,032.6
4,921.5
4,921.5
Financial liabilities
Current
Trade payables
(656.7)
\u2013
(656.7)
(656.7)
(694.6)
\u2013
(694.6)
(694.6)
Outstanding liquid funds
(362.5)
\u2013
(362.5)
(362.5)
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
(1,738.5)
\u2013
(1,738.5)
(1,747.8)
Lease liabilities
(83.5)
\u2013
(83.5)
(83.5)
(82.1)
\u2013
(82.1)
(82.1)
Financial guarantee
liabilities
\u2013
(3.1)
(3.1)
(3.1)
\u2013
(4.4)
(4.4)
(4.4)
Derivative financial
liabilities
\u2013
(345.2)
(345.2)
(345.2)
\u2013
(1,021.0)
(1,021.0)
(1,021.0)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
(2,515.2)
(1,025.4)
(3,540.6)
(3,549.9)
Non-current
Loans and borrowings
(7,680.8)
(0.9)
(7,681 .7)
(7,440.6)
(6,760.9)
(154.6)
(6,915.5)
(6,458.4)
Lease liabilities
(324.0)
\u2013
(324.0)
(324.0)
(323.8)
\u2013
(323.8)
(323.8)
Financial guarantee
liabilities
\u2013
(36.4)
(36.4)
(36.4)
\u2013
(66.5)
(66.5)
(66.5)
Derivative financial
liabilities
\u2013
(222.2)
(222.2)
(222.2)
\u2013
(243.3)
(243.3)
(243.3)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(7,084.7)
(464.4)
(7,549.1)
(7,092.0)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
(9,599.9)
(1,489.8)
(11,089.7)
(10,641.9)
Net financial liabilities
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(5,711.0)
(457.2)
(6,168.2)
(5,720.4)
(i) (ii) (i) (ii) * The comparative information has been restated. See notes 1.2 and 2.1. (i) Financial assets and liabilities that are measured at amortised cost. (ii) Financial assets and liabilities that are measured at either Fair Value through Profit and Loss (Derivative Financial Assets and Liabilities) or Fair Value through Other Comprehensive Income (Unquoted Equity Investments)
A7.1.1. Basis of determining fair value
Certain assets and liabilities have been classified and carried at amortised cost on inception in line with IFRS 9 criteria. The carrying value
of these assets are approximately equivalent to fair value due to short term maturity aside from loans and borrowings which are subject to
longer maturity dates.
All other financial assets and liabilities are measured at either Fair Value through Profit and Loss (\u2018FVTPL\u2019) or Fair Value through Other
Comprehensive Income (\u2018FVTOCI\u2019). Fair values for energy derivatives are based on unadjusted quoted market prices, where actively traded.
For energy derivatives that are not actively traded, interest rate instruments, foreign currency hedge contracts and cross currency swap
contracts associated with foreign currency denominated long-term fixed rate debt, the fair values are determined by reference to closing
rate market prices for similar instruments. Fair values for unquoted equity instruments are derived from venture capital or growth equity
firm valuation statements. Fair values for financial guarantee contracts are equal to the premium or fee received/charged.
The fair values are stated at a specific date and may be different from the amounts which will actually be paid or received on settlement of
the instruments. The fair value of items such as property, plant and equipment, internally generated brands or the Group\u2019s customer base
are not included as these are not considered financial instruments.
A7.2. Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Levels 1 to 3 based on the degree to which the fair value is observable.
\u2013 Level 1 fair value measurements are those derived from unadjusted quoted market prices for identical assets or liabilities.
\u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not
based on observable market data.
2024 2024 2024 2024
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
357.7
121.6
0.5
479.8
Interest rate derivatives
\u2013
113.0
\u2013
113.0
Foreign exchange derivatives
\u2013
7.5
\u2013
7.5
Unquoted equity investments
\u2013
\u2013
3.2
3.2
357.7
242.1
3.7
603.5
Financial liabilities
Energy derivatives
\u2013
(327. 1)
(101.3)
(428.4)
Interest rate derivatives
\u2013
(95.8)
\u2013
(95.8)
Foreign exchange derivatives
\u2013
(43.2)
\u2013
(43.2)
Loans and borrowings
\u2013
(0.9)
\u2013
(0.9)
\u2013
(467.0)
(101.3)
(568.3)
The table above excludes financial guarantee liabilities measured in accordance with IFRS 17. There were no significant transfers out of
Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2024. There were no significant transfers out of Level 2
into Level 3 or out of Level 3 into Level 2 during the year ended 31 March 2024.
In December 2023, the Group entered into an additional Affiliate Contract for Difference (\u201cACfD\u201d) agreement with Seagreen Wind Energy
Limited (\u201cSWEL\u201d) with a 5 year term. SWEL is a wholly owned subsidiary of Seagreen Holdco 1 Limited, a joint venture between the Group
(49%) and TOTAL SE (51%) and TOTAL SE entered into a equivalent ACfD with SWEL on the same day. The Group also has some smaller
commercial CfD arrangements entered into with non-government third parties that are also classified as derivatives. The ACfD and the
commercial CfDs meet the definition of financial instruments and are classified as Level 3 on the fair value hierarchy due to significant
unobservable inputs in the determination of fair value.
The fair value measurement impact in the income statement attributable to Level 3 CfDs was a loss of \u00a399.0m (2023: \u00a31.8m). The fair value
was determined using the income approach with reference to future market prices which are beyond the liquid period in the forward market.
The non-government CfDs were issued for \u00a3nil consideration, being the deemed transaction price. The Group has calculated that the
contracts had a fair value on day 1, being the difference between the strike price per the contract and the forward market spot price. This
valuation is based on unobservable inputs and is considered judgemental. Key assumptions applied when deriving the fair value are related
to discount rates; electricity volumes; and electricity prices. In line with IFRS 9, the day 1 gain is deferred and will be recognised over the life
of the contract.
Seagreen Offshore Wind Farm reached full commercial operations during October 2023. The deferred day 1 fair value across all Seagreen
contracts commenced amortisation in December 2023 with a \u00a37.4m deferred measurement gain recognised during the year.
The following table represents the difference between the Level 3 financial instruments at fair value at the start of the reporting period and
at the reporting date:
\u00a3m
Level 3 financial instrument fair value as at 31 March 2022
8.7
Additions (cash contributions)
19.1
Remeasurement loss recognised in income statement
(1.8)
Remeasurement loss recognised in other comprehensive income
(0.4)
Additions \u2013 new instruments entered in the year
400.1
Deferred day 1 gains on instruments entered in the year
(400.1)
Level 3 financial instrument fair value as at 31 March 2023
25.6
Additions (cash contributions)
Transfer from financial assets (note 1.2)
(24.1 )
Cash settlement
(0.4)
Disposals in year
(0.4)
Remeasurement loss recognised in income statement
(106.0)
Remeasurement loss recognised in other comprehensive income
0.3
Additions \u2013 new instruments entered in the year
11.5
Deferred day 1 gains on instruments entered in the year
(11.5)
Amortisation of day 1 gains in the year
7.4
Level 3 financial instrument fair value as at 31 March 2024
(97.6)
The following table details the valuation technique, significant unobservable inputs and the range of values for the energy derivatives
measured at fair value on a recurring basis and classified as Level 3.
Market price range
Carrying value (net) Valuation Significant (min-max)
\u00a3m technique unobservable input \u00a3/MwH
Electricity prices,
31 March 2024
100.8
Discounted cash flow
Generation volumes
53 \u2013 147
Electricity prices,
31 March 2023
1.8
Discounted cash flow
Generation volumes
68 \u2013 147
Deferred measurement differences
\u00a3m
Deferred measurement difference as at 31 March 2022
\u2013
Deferred measurement difference arising during the year on new instruments
400.1
Deferred measurement difference as at 31 March 2023
400.1
Deferred measurement difference adjustment in the year
9.3
Deferred measurement difference arising during the year on new instruments
11.5
Deferred measurement difference recognised during the year
(7.4)
Deferred measurement difference as at 31 March 2024
413.5
The following table shows the impact on the fair value of the Level 3 energy derivatives when applying reasonably possible alternative
assumptions to the valuation obtained using the discounted cash flow model.
At 31 March 2024
At 31 March 2023
Effect on fair Effect on fair
value of value of
deferred deferred
Increase/ measurement Increase/ measurement
decrease in differences decrease in differences
Assumption assumption \u00a3m assumption \u00a3m
Discount rate
+1%/-1%
22.2/(19.9)
+1%/-1%
(29.5)/35.3
Volumes
+10%/-10%
29.3/(31.3)
+10%/-10%
39.8/(39.8)
Prices
+10%/-10%
135.7/(135.7)
+10%/-10%
108.7/(108.7)
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable for the year ended 31 March 2023.
2023 2023 2023 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
\u2013
743.9
22.0
765.9
Interest rate derivatives
\u2013
227.8
\u2013
227.8
Foreign exchange derivatives
\u2013
11.5
\u2013
11.5
Unquoted equity investments
\u2013
\u2013
27.4
27.4
\u2013
983.2
49.4
1,032.6
Financial liabilities
Energy derivatives
(189.6)
(939.4)
(23.8)
(1,152.8)
Interest rate derivatives
\u2013
(92.6)
\u2013
(92.6)
Foreign exchange derivatives
\u2013
(18.9)
\u2013
(18.9)
Loans and borrowings
\u2013
(154.6)
\u2013
(154.6)
(189.6)
(1,205.5)
(23.8)
(1,418.9)
There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2023. A8. Hedge accounting A8.1. Cash flow hedges The Group designates contracts which qualify as hedges for accounting purposes either as cash flow hedges or fair value hedges. Cash flow hedges are contracts entered into to hedge a forecast transaction or cash flow risk generally arising from a change in interest rates or foreign currency exchange rates and which meet the effectiveness criteria prescribed by IFRS 9. The Group\u2019s accounting policy on cash flow hedges is explained in the Accompanying Information section A1 . The following table indicates the contractual maturities of the expected transactions and the qualifying cash flow hedges associated. Non-Sterling denominated contractual cash flows have been converted at the forward foreign exchange rate.
2024
2024
2024
2024
2024
2024
2023
2023
2023
2023
2023
2023
Carrying Expected 0 \u2013 12 1\u20132 2\u20135 > 5 Carrying Expected 0 \u2013 12 1\u20132 2\u20135 > 5
amount cash flows months years years years amount cash flows months years years years
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps:
Assets
19.7
21.4
7.3
5.3
8.8
\u2013
25.2
28.1
6.5
5.5
15.8
0.3
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.7
21.4
7. 3
5.3
8.8
\u2013
25.2
28.1
6.5
5.5
15.8
0.3
Cross currency swaps:
Assets
71.7
72.4
51.4
1.5
19.5
\u2013
178.9
194.0
110.1
56.0
27.9
\u2013
Liabilities
(57.4)
(57.6)
(19.3)
(23.3)
(30.6)
15.6
(37.4)
(30.3)
(17.8)
(17.6)
(10.6)
15.7
14.3
14.8
32.1
(21.8)
(11.1)
15.6
141.5
163.7
92.3
38.4
17.3
15.7
Forward foreign exchange contracts:
Assets
0.5
35.0
34.6
0.4
\u2013
\u2013
2.4
(120.4)
(106.9)
(11.7)
(1.8)
\u2013
Liabilities
(30.5)
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
(11.5)
(337.7)
(292.0)
(42.3)
(3.4)
\u2013
(30.0)
(1,305.9)
(523.1)
(99.4)
(647.6)
(35.8)
(9.1)
(458.1)
(398.9)
(54.0)
(5.2)
\u2013
A8.2. Net investment hedge The Group\u2019s net investment hedge consists of debt issued in the same currency (\u20ac) as the net investment in foreign subsidiaries with \u20ac denominated functional currencies being the Airtricity Supply business, the thermal plants in Ireland and wind farms in Ireland and Southern Europe. The hedge compares the element of the net assets whose functional cash flows are denominated in \u20ac to the matching portion of the \u20ac borrowings held by the Group. This therefore provides protection against movements in foreign exchange rates. There is no net investment hedge in relation to SSE Pacifico as the Group has no JPY denominated debt. Gains and losses in the hedge are recognised in equity and will be transferred to the income statement on disposal of the foreign operation (2024: \u00a330.9m gain, 2023: \u00a343.1m loss). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income statement (2024:\u00a3nil, 2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-750": { "value": "24. Financial instruments For financial reporting purposes, the Group has classified derivative financial instruments into two categories, operating derivatives and financing derivatives. Operating derivatives include all qualifying commodity contracts including those for electricity, gas, oil, and carbon and the post-day 1 fair value movements on non-government backed contracts for difference in SSE Renewables. Financing derivatives include all fair value and cash flow interest rate hedges, non-hedge accounted (mark-to-market) interest rate derivatives, cash flow foreign exchange hedges and non-hedge accounted foreign exchange contracts. Non-hedge accounted contracts are treated as held for trading. The Group provides guarantees in respect of certain activities of former subsidiaries and to certain current joint venture investments. Prior to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4, where existing accounting practices were grandfathered and the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to make payment to settle the obligation. The adoption of IFRS 17 from 1 April 2022 resulted in a reassessment of these contracts and the Group elected to apply the valuation principles of IFRS 9 to these contracts. 24.1. Financial instruments \u2013 income statement
2024 2023
\u00a3m \u00a3m
Operating derivatives
Total result on operating derivatives
(573.1)
(2,980.2)
Less: Amounts settled
1,025.3
272.0
Movement in unrealised derivatives
452.2
(2,708.2)
Financing derivatives (and hedged items)
Total result on financing derivatives
370.6
81.3
Less: Amounts settled
(364.5)
120.6
Movement in unrealised derivatives
6.1
201.9
Financial guarantee liabilities
Total result on financial guarantee liabilities
12.5
\u2013
Net income statement impact
470.8
(2,506.3)
(i) (ii) (i) (ii) (iii) (i) Total result on derivatives in the income statement represents the total amounts (charged) or credited to the income statement in respect of operating and financial derivatives, and is shown as certain re-measurements in note 7. (ii) Amounts settled in the year represent the result on derivatives transacted which have matured or been delivered and have been included within the total result on derivatives, and is shown as certain re-measurements in note 7. (iii) Total result on financial guarantee liabilities in the income statement represents the total amounts credited or (charged) to the income statement in respect of the unwind of the financial liabilities and new or expiring contracts. The movement in unrealised operating derivative excludes a \u00a38.8m loss (2023: \u00a316.6m gain) on proprietary trades, which has been recognised in the underlying profit of the Group. 24.2. Financial instruments \u2013 balance sheet The derivative financial assets and (liabilities) are represented as follows:
2023
2024 \u00a3m
Derivative financial assets \u00a3m (restated*)
Non-current
64.2
246.0
Current
536.1
759.2
Total derivative assets
600.3
1,005.2
Derivative liabilities
Non-current
(222.2)
(243.3)
Current
(345.2)
(1,021.0)
Total derivative liabilities
(567.4)
(1,264.3)
Net derivative asset/(liability)
32.9
(259.1)
The financial guarantee liabilities are represented as follows:
2024 2023
Financial guarantee liabilities \u00a3m \u00a3m
Non-current
(36.4)
(66.5)
Current
(3.1)
(4.4)
Total guarantee liabilities
(39.5)
(70.9)
* The comparative has been restated. See note 1.2. Information on the Group\u2019s financial risk management and the fair value of financial instruments is available at A6 and A7 . A8. Hedge accounting A8.1. Cash flow hedges The Group designates contracts which qualify as hedges for accounting purposes either as cash flow hedges or fair value hedges. Cash flow hedges are contracts entered into to hedge a forecast transaction or cash flow risk generally arising from a change in interest rates or foreign currency exchange rates and which meet the effectiveness criteria prescribed by IFRS 9. The Group\u2019s accounting policy on cash flow hedges is explained in the Accompanying Information section A1 . The following table indicates the contractual maturities of the expected transactions and the qualifying cash flow hedges associated. Non-Sterling denominated contractual cash flows have been converted at the forward foreign exchange rate.
2024
2024
2024
2024
2024
2024
2023
2023
2023
2023
2023
2023
Carrying Expected 0 \u2013 12 1\u20132 2\u20135 > 5 Carrying Expected 0 \u2013 12 1\u20132 2\u20135 > 5
amount cash flows months years years years amount cash flows months years years years
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps:
Assets
19.7
21.4
7.3
5.3
8.8
\u2013
25.2
28.1
6.5
5.5
15.8
0.3
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.7
21.4
7. 3
5.3
8.8
\u2013
25.2
28.1
6.5
5.5
15.8
0.3
Cross currency swaps:
Assets
71.7
72.4
51.4
1.5
19.5
\u2013
178.9
194.0
110.1
56.0
27.9
\u2013
Liabilities
(57.4)
(57.6)
(19.3)
(23.3)
(30.6)
15.6
(37.4)
(30.3)
(17.8)
(17.6)
(10.6)
15.7
14.3
14.8
32.1
(21.8)
(11.1)
15.6
141.5
163.7
92.3
38.4
17.3
15.7
Forward foreign exchange contracts:
Assets
0.5
35.0
34.6
0.4
\u2013
\u2013
2.4
(120.4)
(106.9)
(11.7)
(1.8)
\u2013
Liabilities
(30.5)
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
(11.5)
(337.7)
(292.0)
(42.3)
(3.4)
\u2013
(30.0)
(1,305.9)
(523.1)
(99.4)
(647.6)
(35.8)
(9.1)
(458.1)
(398.9)
(54.0)
(5.2)
\u2013
A8.2. Net investment hedge The Group\u2019s net investment hedge consists of debt issued in the same currency (\u20ac) as the net investment in foreign subsidiaries with \u20ac denominated functional currencies being the Airtricity Supply business, the thermal plants in Ireland and wind farms in Ireland and Southern Europe. The hedge compares the element of the net assets whose functional cash flows are denominated in \u20ac to the matching portion of the \u20ac borrowings held by the Group. This therefore provides protection against movements in foreign exchange rates. There is no net investment hedge in relation to SSE Pacifico as the Group has no JPY denominated debt. Gains and losses in the hedge are recognised in equity and will be transferred to the income statement on disposal of the foreign operation (2024: \u00a330.9m gain, 2023: \u00a343.1m loss). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income statement (2024:\u00a3nil, 2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-707": { "value": "
25. Commitments and contingencies
25.1. Capital commitments
2024 2023
\u00a3m \u00a3m
Capital expenditure:
Contracted for but not provided
1,389.2
1,035.6
Contracted for but not provided capital commitments include the fixed contracted costs of the Group\u2019s major capital projects. In practice
contractual variations may arise on the final settlement of these contractual costs. The increase from the prior year relates primarily to
Transmission projects.
25.2. Contingent assets and liabilities
At 31 March 2024, the Group has unrecognised contingent assets in relation to the part disposal transaction of SSE Slough Multifuel Limited.
In the prior year, the Group had further unrecognised contingent assets in relation to the part disposal transactions of Neos Networks
Limited, Seagreen and Doggerbank C, which have lapsed during the current year. In total, contingent consideration receivable has
decreased to \u00a319.1m (2023: \u00a3149.1m), for which the Group has recognised a net receivable of \u00a34.1m (2023: \u00a34.1m). The payments of the
remaining \u00a315.0m (2023: \u00a3145.0m) are subject to various earn outs or contract and planning milestones, some of which the Group has
assessed are unachievable or are out of the Group\u2019s control. At 31 March 2024, the Group has assessed that there is neither the required
certainty of receipt, nor the ability to accurately assess the amounts receivable for recognition of these amounts.
Contingent liabilities for the Group solely relate to SSE plc, and have been disclosed within note 13 to the Company Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-751": { "value": "25.1. Capital commitments
2024 2023
\u00a3m \u00a3m
Capital expenditure:
Contracted for but not provided
1,389.2
1,035.6
Contracted for but not provided capital commitments include the fixed contracted costs of the Group\u2019s major capital projects. In practice contractual variations may arise on the final settlement of these contractual costs. The increase from the prior year relates primarily to Transmission projects. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-785": { "value": "25.2. Contingent assets and liabilities At 31 March 2024, the Group has unrecognised contingent assets in relation to the part disposal transaction of SSE Slough Multifuel Limited. In the prior year, the Group had further unrecognised contingent assets in relation to the part disposal transactions of Neos Networks Limited, Seagreen and Doggerbank C, which have lapsed during the current year. In total, contingent consideration receivable has decreased to \u00a319.1m (2023: \u00a3149.1m), for which the Group has recognised a net receivable of \u00a34.1m (2023: \u00a34.1m). The payments of the remaining \u00a315.0m (2023: \u00a3145.0m) are subject to various earn outs or contract and planning milestones, some of which the Group has assessed are unachievable or are out of the Group\u2019s control. At 31 March 2024, the Group has assessed that there is neither the required certainty of receipt, nor the ability to accurately assess the amounts receivable for recognition of these amounts. Contingent liabilities for the Group solely relate to SSE plc, and have been disclosed within note 13 to the Company Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-752": { "value": "25.2. Contingent assets and liabilities At 31 March 2024, the Group has unrecognised contingent assets in relation to the part disposal transaction of SSE Slough Multifuel Limited. In the prior year, the Group had further unrecognised contingent assets in relation to the part disposal transactions of Neos Networks Limited, Seagreen and Doggerbank C, which have lapsed during the current year. In total, contingent consideration receivable has decreased to \u00a319.1m (2023: \u00a3149.1m), for which the Group has recognised a net receivable of \u00a34.1m (2023: \u00a34.1m). The payments of the remaining \u00a315.0m (2023: \u00a3145.0m) are subject to various earn outs or contract and planning milestones, some of which the Group has assessed are unachievable or are out of the Group\u2019s control. At 31 March 2024, the Group has assessed that there is neither the required certainty of receipt, nor the ability to accurately assess the amounts receivable for recognition of these amounts. Contingent liabilities for the Group solely relate to SSE plc, and have been disclosed within note 13 to the Company Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-683": { "value": "A1. Basis of consolidation and significant accounting policies A1.1. Basis of consolidation The financial statements consolidate the results of the Company and its subsidiaries together with the Group\u2019s share of the results and net assets of its interests in joint arrangements and associates. Where necessary to ensure consistency, the accounting policies of the subsidiaries, joint arrangements or associates have been adjusted to align to the accounting policies of the Group. Intra-Group balances and any unrealised gains and losses or income and expenses arising from Intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with joint arrangements and associates are eliminated to the extent of the Group\u2019s interest in the entity. Non-controlling interests represent the equity in subsidiaries that is not attributable, either directly or indirectly, to SSE plc shareholders. Subsidiaries (Accompanying Information A3 ) Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity transactions. Interests in joint arrangements and associates (note 16 and Accompanying Information A3 ) Joint arrangements, as defined by IFRS 11 \u201cJoint Arrangements\u201d, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post-acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non- monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below.
2024
2023
Change
EUR v GBP
Year end spot rate
1.1697
1.1374
2.8%
Average spot rate
1.1694
1.1564
1.1%
US$ v GBP
Year end spot rate
1.2623
1.2337
2.3%
Average spot rate
1.2710
1.2050
5.5%
JPY v GBP
Year end spot rate
191.0290
163.8230
16.6%
Average spot rate
190.4400
163.2888
16.6%
A1.2. Significant accounting policies Revenue (notes 2 and 5) Revenue from contracts with customers is recognised to the extent that it reflects the expected consideration for goods or services provided to the customer under contract, over the performance obligations they are being provided. For each separable performance obligation identified, the Group determines whether it is satisfied at a \u201cpoint in time\u201d or \u201cover time\u201d based upon an evaluation of the receipt and consumption of benefits, control of assets and enforceable payment rights associated with that obligation. If the criteria required for \u201cover time\u201d recognition are not met, the performance obligation is deemed to be satisfied at a \u201cpoint in time\u201d. Revenue principally arises as a result of the Group\u2019s activities in energy production, storage, transmission, distribution, supply and related services in the energy markets in Great Britain and Ireland. The key policies applied by each Business Unit are as follows: Transmission Use of electricity transmission networks Revenue from use of electricity transmission networks is derived from the allowed revenue as defined by the parameters in the relevant electricity transmission licence, which informs the tariffs set. Electricity transmission revenue is determined in accordance with the regulatory licence, based on an Ofgem approved revenue model and is recognised \u201cover time\u201d as charged to National Grid. Where this revenue differs from the allowed revenue, there may be an over- or under-recovery of revenue which will be reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being the transmission of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue under the regulatory agreement. Transmission network contracted services Where the Group has an ongoing obligation to provide contracted services (transmission network connections), revenues are recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty periods are offered. Distribution Use of electricity distribution networks Revenue from use of electricity distribution networks is derived from the allowed revenue as defined by the parameters in the relevant electricity distribution licence, which informs the tariffs set. Electricity distribution revenue recognised is based on the volume of electricity distributed \u201cover time\u201d, as use of distribution service is determined by the customer, and the set customer tariff. As with electricity transmission revenue, any over- or under-recovery of revenue is reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being the distribution of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue under the regulatory agreement. The policy also applies to the Group\u2019s independent network business reported within SSE Enterprise. Distribution network contracted services Where the Group has an ongoing obligation to provide contracted services (such as for distribution network connections), revenues are recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet. The release of deferred income on customer funded additions is removed from the Group\u2019s adjusted EBITDA measure. No extended warranty periods are offered. Renewables Electricity generation Revenue from the physical generation of electricity is recognised \u201cpoint in time\u201d as generated and supplied to the national settlements body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d designation. Renewables contracted services Revenue from national support schemes, such as Renewable Obligation Certificates, is recognised at the point the performance obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic. Revenue from other ancillary generation services is recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Thermal Electricity generation Revenue from the physical generation of electricity is recognised \u201cpoint in time\u201d as generated and supplied to the national settlements body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d designation. This policy is also applied to the Group\u2019s Slough Heat & Power assets within the Enterprise business. Gas storage Revenue from gas storage trading activities is recognised \u201cpoint in time\u201d as injected back into the gas network. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d designation. Thermal Generation contracted services Revenue from national support schemes, such as the Capacity Market mechanism, is recognised at the point the performance obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic. Revenue from other ancillary generation services is recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Customers Supply of energy Revenue on the supply of energy comprises sales to domestic (in Ireland) and business end-user customers (in GB and Ireland) is based on actual energy consumption including an estimate of the value of electricity and gas supplied to customers between the date of the last meter reading and the year end. Revenue is recognised \u201cover time\u201d consistent with the delivery of energy to the customer as we consider the receipt and consumption of the benefits of the energy to be simultaneous. Revenue is measured based on the applicable customer tariff rate and after deduction of any applicable contractual discounts. Details of the judgements involved in the estimation process for the value of electricity and gas supplied to customers is given within note 4.1(iii). Payments from customers may be received in advance of providing the contracted service and are deferred on balance sheet. Amounts received from customers in relation to energy management services provided by Third Party Intermediaries (\u2018TPIs\u2019) are offset against payments to those TPIs, reflecting the responsibility for providing the energy management service. Energy related services Where the Group has an ongoing obligation to provide contracted energy related services, revenues are recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period at the fixed contracted rate. Where the Group has an obligation to perform a specific service, revenues are recognised \u201cpoint in time\u201d, following performance of the service at the fixed contracted consideration. No extended warranty periods are offered. SSE Energy Markets Commodity optimisation and other services Income from sales commodity optimisation trading occurring in any business unit is presented net in cost of sales alongside purchase commodity optimisation trades. Revenue on physical power and gas supplies recognised \u201cpoint in time\u201d as delivered to the national settlements body or third parties. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d designation. Revenue arising on commodities purchased in excess of the Group\u2019s requirements and recorded as inventory assets, such as Renewables Obligation Certificates, REGOs or carbon allowances, is recognised \u201cpoint in time\u201d on disposal of these inventory assets to third parties. Revenue from other ancillary services is recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Aside from where specifically noted above, consideration is due when the performance obligation has been satisfied. As the period between satisfaction of the performance obligation and receipt of consideration from the customer is expected to be less than a year, the Group has applied the practical expedient not to adjust revenue for the effect of any financing components. Revenue from sources other than the Group\u2019s contracts with customers principally comprise meter rental income within the SSE Enterprise business, and Contract for Difference income within certain Joint Venture arrangements. Income on meter rental agreements, which are classified as operating leases, are presented as revenue where they relate to the core operating activities of that business. Lease payments are recognised as income on a straight-line basis over the lease term. Where the Group earns income from an asset during the commissioning period, the income is recognised in the income statement as revenue accordance with the relevant asset accounting policy set out above. Other operating income \u2013 Government Grants (note 6) Under UK and Irish governments\u2019 customer support schemes licensed energy suppliers are required to provide a discount on gas and electricity prices to customers. The level of discount applied to each customer varies dependent upon energy tariff and support scheme applicable to each customer. Where SSE provided a discount to customer through reduction of energy bill, the cost of applying these discounts is recovered from the Government. The amounts reclaimed under this scheme are recognised as government grant income within Other Operating Income in the consolidated income statement. For the year ended 31 March 2024 the most significant customer support scheme administered by the Group was the Energy Bills Discount Scheme (\u2018EBDS\u2019), applicable to eligible non-domestic gas and electricity customers in GB and Northern Ireland during the period from 1 April 2023 to 31 March 2024. In the prior year the most significant scheme was the Energy Bill Relief Scheme (\u2018EBRS\u2019), applicable to GB commercial gas and electricity customer usage during the period 1 October 2022 to 31 March 2023. These schemes impact SSE Business Energy with discounts made to SSE\u2019s billings to customers and the unbilled income accrual, and a separate asset is recognised in respect of claimed or to-be-claimed receipts from the UK government. Contract for Differences (\u2018CfD\u2019) are agreements between a low carbon electricity generator and the Low Carbon Contracts Company (\u2018LCCC\u2019), a UK Government owned entity responsible for delivering support mechanisms for low-carbon electricity generation. These agreements are not considered to be contracts with a customer, as the LCCC does not receive any goods or services from the generator. These arrangements are instead considered to be Government Grants, with income arising from these grants recognised in the income statement in the period in which generation takes place. In the year, the Group recognised no income or expense (2023: none) related to Contracts for Difference with the LCCC within its wholly owned subsidiaries. The Group\u2019s joint venture investment, Beatrice Offshore Windfarm Limited, has a CfD with the LCCC which resulted in payments from the LCCC of \u00a3217.3m in the year with SSE\u2019s share of \u00a386.9m recognised within share of profit (2023: \u00a325.6m, with SSE\u2019s share of \u00a312.8m recognised within share of profit). The Group\u2019s wholly owned Viking windfarm and joint venture investment Seagreen Wind Energy Limited also have a CfD arrangement in place with the LCCC. The LCCC government agreements for Viking and Seagreen are not yet effective and as such no income or cost was recognised during the year. Where the CfD strike price falls below the spot price of generation and payments are made to the LCCC, these payments are expensed as incurred within operating costs. See \u2018financial instruments\u2019 below for the Group\u2019s policy in relation to commercial Contracts for Difference. Presentation of grants related to assets Income received from Government towards the capital cost of an asset are deducted from the carrying value presented in the financial statements. Cost of sales (note 6) Cost of sales includes fuel and energy purchases, direct employee benefits, and depreciation of property, plant and equipment. The net result from sales and purchases of commodity optimisation trades \u2013 comprising both realised and unrealised gains and losses arising from optimisation trading activities \u2013 is also presented within cost of sales, reflecting the underlying economic purpose of this trading activity. Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 271 and for lease liability charges on page 278 . Taxation (note 10) Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to items recognised directly in equity, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. During the year to 31 March 2024 Finance (No.2) Act 2023 was enacted, bringing Electricity Generator Levy (\u201cEGL\u201d) into force, which is effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather than an income tax. The Group therefore recognises an accrual for the year within cost of sales. Business Combinations (note 12) The acquisition of subsidiaries, and joint operations that meet the definition of a business, is accounted for under the acquisition method as defined by IFRS 3 \u201cBusiness Combinations\u201d. The cost of acquisition is measured as being the aggregate fair value of consideration to be transferred at the date control is obtained. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests, less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the Group\u2019s impairment accounting policy. Contingent consideration is classified as a liability and subsequently re-measured through the income statement. Acquisition costs are expensed as incurred. Changes in ownership that do not result in a change of control are accounted for as equity transactions. Held for sale assets and liabilities and discontinued operations Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements.Intangible assets (note 13) Goodwill and impairment testing Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an annual basis. For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will represent how goodwill was attributed but may not represent reportable business segments. Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining the profit or loss on disposal. Allowances and certificates Allowances and certificates consist of purchased carbon emissions allowances and generated or purchased obligations certificates. These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and SSE Business Energy businesses. The EU Emissions Trading Scheme (EU ETS) has been in operation since 1 January 2005, with the Group operating under the established EU ETS carbon pricing system from that date. Since 1 January 2021, following Brexit, the UK Government has established a UK Emissions Trading Scheme (UK ETS) to replace the EU ETS with the Group\u2019s UK generation assets now operating under the UK ETS carbon pricing system. The Group continues to hold EU ETS certificates to settle obligations arising through the activities of its Irish Thermal generation assets. Carbon allowances purchased are recorded at cost within intangible assets. Forward carbon contracts are measured at fair value with gains or losses arising on re-measurement being recognised in the income statement. A liability is recognised based on the level of emissions recorded. Up to the level of allowances held, including forward carbon contracts, the liability is measured at the cost of purchase. When the carbon emission liability exceeds the carbon allowances held, the difference is measured at market value selling price. Subsequent movements in market value are prospectively recognised in operating profit. The carbon allowance intangible asset is surrendered at the end of the compliance period to the extent requested reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised should the carrying value of allowances exceed market or fair value. Under the Renewable Obligations Certificates (ROCs) scheme, certificates obtained from own generation are awarded by a third party, Ofgem. ROCs can be traded with third parties and are ultimately used by suppliers to demonstrate to Ofgem that they have met their obligation to source a set proportion of the electricity they supply from renewable sources. The value of a ROC to a supplier comprises two elements: the \u201cbuy-out\u201d price which is set annually in advance of the compliance period by Ofgem; and the \u201crecycle\u201d price which is determined after the compliance period by Ofgem. The recycle price element is estimated at the balance sheet date based on assumptions at that point in in time around likely levels of renewable generation and supply over the remaining compliance period, and is therefore subject to possible future variation. Where ROCs are self-generated or purchased to fulfil the Group\u2019s liability under the renewable obligation, they are recorded at market value at the point of generation or purchased within intangible assets. The Group can hold ROCs in excess of the Group\u2019s renewables obligation, which, due to limited evidence of liquidity or net settlement for ROC trades, are recorded at the lower of cost or net realisable value within inventories. Similarly, the fair value of any forward contracts entered into at the balance sheet date for the purchase or sale of ROCs in future periods are not recognised, as there is insufficient liquidity for net settlement. The Group\u2019s liability under the renewable obligation is recognised based on electricity supplied to customers, the obligation level set by Ofgem and the prevailing market price. The Group\u2019s SSE Business Energy segment has a requirement under certain customer supply agreements to demonstrate the origin of electricity supplied to customers generated by renewable sources. Renewable Energy Guarantees of Origin (\u2018REGO\u2019) certificates are procured from third parties or generated by the Group\u2019s Renewable accredited assets and retained for surrender under the scheme. Tickets that are held to be surrendered are recorded as intangible assets are recorded at cost, in line with the expense recognised by SSE Business Energy during the period. Excess tickets held by the Group are held in inventories at the lower of cost or net realisable value. The ROCS and REGO intangible assets are surrendered at the end of the compliance period reflecting the consumption of economic benefit and release of the associated liability. As a result, no amortisation is recorded during the period. Research and development Expenditure on research activities is charged to the income statement as incurred. Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in a project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is transferred to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning testing activities are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life of the asset. The asset is derecognised on disposal, or when no future economic benefits are expected to arise. Other intangible assets Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally developed software assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation periods utilised are as follows:
Years
Brands
10
Customer lists
Contract term
Developed software assets and application software licences
3\u201315
The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use. Cloud computing arrangements The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met. Property, plant and equipment (note 14) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairments. The cost of self-constructed assets includes the cost of materials, direct labour and other directly attributable costs. Where the asset is a qualifying asset, for which a considerable period of time is required to prepare the asset for use or sale, borrowing costs will be capitalised as part of the asset\u2019s cost. Where an item of property, plant and equipment comprises major components having different useful lives, the components are accounted for as separate items of property, plant and equipment, and depreciated accordingly. An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. Right of use assets Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Hydro civil assets The Group is obliged under the Reservoirs Act 1975 to maintain its hydro infrastructure network, including its dams, tunnels and other hydro civil engineering structures (hydro civil assets). All items of property, plant and equipment within hydro civil assets, with the exception of land, are subject to depreciation. In accordance with the transition provisions of IFRS 1 \u201cFirst-time Adoption of IFRS\u201d, the Group identified the carrying value of these assets at privatisation and has treated this value as deemed cost. Following this assessment, the assets, and all subsequent enhancement and replacement expenditure, has been subject to depreciation over a useful economic life of 75 years. All subsequent maintenance expenditure is chargeable directly to the income statement. Depreciation Depreciation is charged to the income statement to write off cost, less residual values, on a straight line basis over their estimated useful lives. Heritable and freehold land is not depreciated. Depreciation policy, useful lives and residual values are reviewed at least annually, for all asset classes to ensure that the current method is the most appropriate. Depreciation commences following the asset commissioning period and when the asset is available for commercial operation. The estimated useful lives for assets depreciated on a straight line basis are as follows:
Years
Hydro civil assets (classified within Renewable power generation assets)
75 to 100
Thermal and hydro power stations including electrical and mechanical assets
(classified within Thermal power generation assets)
20 to 60
Onshore wind farms (classified within Renewable power generation assets)
20 to 25
Offshore wind farms (classified within Renewable power generation assets)
23 to 30
Gas storage facilities (classified within Other assets)
25 to 50
Overhead lines, underground cables and other network assets (classified within Distribution or Transmission network assets)
5 to 80
Office buildings (classified within Land and buildings)
30 to 40
Fixtures, IT assets, vehicles and mobile plant (classified within Other assets)
3 to 15
Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease agreement. Subsequent expenditure It is the Group policy to capitalise qualifying replacement expenditure and depreciate it over the expected useful life of the replaced asset. Replaced assets are derecognised at this point and the costs recorded as costs of disposal. Where an item of property, plant and equipment is replaced and it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement adjusted for inflation will be used as an approximation of the cost of the replaced part at the time it was acquired or constructed. Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately is capitalised. Other subsequent expenditure is capitalised only when it increases the future economic benefits of the item of property, plant and equipment to which it relates. Maintenance and repair costs are expensed as incurred. Derecognition An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing the proceeds received with the carrying amount of the asset and are included in the income statement. Any gain or loss on derecognition of the asset is included in the income statement in the period of derecognition. Lease arrangements (note 21) Lease arrangements are separately distinguished from service contracts based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Group is deemed to control the use of an identified asset, a right of use asset and a corresponding lease liability are recognised on the balance sheet. Right of use assets are capitalised and held as part of property, plant and equipment. The accounting policy for such arrangements is described on page 277 . Lease liabilities are initially measured at the present value of the future lease payments discounted using the rate implicit in the lease if that can be readily determined. If the interest rate implicit in the lease cannot be readily determined the incremental borrowing rate is used. Where the interest rate implicit in the lease is not readily determinable, the Group has applied the intercompany borrowing rate which is based on the Group\u2019s external medium-term borrowing rates with premia adjustments for any subsidiary specific risk factors. In determining whether any break and/or extension clauses should be included within the lease term, the Group has considered that where an internal decision has been made to break or extend the lease agreement, that decision shall be applied in determining the appropriate lease term. Where an internal decision has not been made, and where the non-cancellable element of the lease term has longer than five years remaining, it is considered that any clauses will not be triggered as any decision beyond that date is not reasonably certain. For all leases with less than five years remaining, an assessment is made at each reporting period on a lease-by-lease basis on whether the clause is reasonably certain to be triggered. Reassessment of break and/or extension judgements made in prior periods could result in recalculation of the lease liability and adjustments to associated balances. The lease liability is subsequently adjusted for the unwind of discounting, repayments and other modifications to the underlying agreement. Lease modifications are accounted for as a separate lease where the scope of the lease increases through the right to use one or more underlying assets and where the consideration of the lease increases by an amount that is equivalent to the standalone price of the increase in scope. Where a modification decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d are expensed to the income statement on a straight-line basis over the lease term. Impairment review (note 15) The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant and equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be performed annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or until previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life or which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost are also reviewed for impairment annually. For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and the value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly exceeds the carrying amount. Previous impairments of goodwill are not reversed. Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets. The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for that asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the relevant taxation rate. Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge will be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated against the carrying value of assets previously subject to an impairment charge. Inventories (note 17) Inventories \u2013 aside from inventory purchased by the Gas Storage business for trading activities \u2013 are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Gas inventory purchased by the Gas Storage business for trading activities is held at fair value with reference to the forward month market price. Gains and losses on remeasurement at fair value are recognised within the Income Statement, as a \u201ccertain remeasurement\u201d item. Provisions (note 20) A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Decommissioning The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date. Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the provision is included in finance costs. The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end of field life dates for each field, which can change based on market commodity prices. Retirement benefit obligations (note 23) Defined benefit pension schemes The Group operates two defined benefit pension schemes, one of which is operated by the Company. Pension scheme assets are measured using bid market values. Pension scheme liabilities are measured using the projected unit credit actuarial method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Any increase in the present value of liabilities within the Group\u2019s defined benefit pension schemes expected to arise from employee service in the year is charged as service costs to operating profit. Net interest costs are based on net scheme assets or liabilities, adjusted for minimum funding requirement and pension surplus restrictions under IFRIC 14 \u2018IAS 19\u2014The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. Actuarial gains and losses are recognised in full in the consolidated statement of comprehensive income. Pension scheme surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet. Defined contribution pension schemes The Group also operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The amounts charged represent the contributions payable to the schemes in the year and are charged directly to the income statement. Equity and equity-related compensation benefits The Group operates a number of employee share schemes as described in the Remuneration Report. These schemes enable Group employees to acquire shares of the Company. The exercise prices of the sharesave scheme are set at a discount to market price at the date of the grant. The fair value of the sharesave scheme option granted is measured at the grant date by use of a Black-Scholes model. The fair value of the options granted is recognised as an expense on a straight-line basis over the period that the scheme vests. Estimates are updated for non-market conditions at each balance sheet date with any adjustment in respect of the current and prior years being recognised in the income statement. The costs associated with the other main employee schemes are recognised over the period to which they relate. The charge related to the equity shares in the Company awarded under the share schemes is treated as an increase in the cost of investment held by the Company in the subsidiary companies of the Group. The disclosures on equity and equity-related compensation benefits have been removed on the grounds of materiality in relation to the Group. Financial instruments (note 24) The Group uses a range of financial instruments to hedge exposures to financial risks, such as interest rate, foreign exchange and energy price fluctuations in its normal course of business and in accordance with the Group\u2019s risk management policies. The Group\u2019s risk management policies are further explained in A6 . The Group\u2019s review of the IFRS 9 hedge accounting model concluded that, whilst adoption would not change the treatment of existing hedging arrangements, the changes made would not result in any additional hedge designations either. As such, the existing hedge accounting model under IAS 39 appropriately reflects the Group\u2019s risk management activities in the financial statements. Therefore, as permitted by IFRS 9, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be periodically reviewed to consider any changes in our risk management activities. Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Trade receivables Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses. At the end of each reporting period a review of the allowance for impairment of trade receivables (or bad debt provision) is performed by the respective businesses. Trade receivables do not contain a significant financing element, and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised on initial recognition. A provision matrix is utilised to estimate the lifetime expected credit losses, based on the age, status and risk of each class of receivable, which is updated periodically to include changes to both forward-looking and historical inputs. Interest-bearing loans and borrowings All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship. Commercial (and affiliate) contracts for difference The Group has commercial Contracts for Difference (CfD) arrangements in place where the Group has agreed to provide a revenue support contract. Where the Group has entered into these arrangements and there is no relationship with a government entity, the instruments are classified as derivatives and accounted for under IFRS 9. The Group has assessed that due to the valuation complexity of these arrangements, they are Level 3 financial instruments in the fair value hierarchy. On day 1, the Group recognises no gain or loss arising from the instrument, but instead defers this gain or loss and recognises it progressively over the life of the instrument. At each balance sheet date the fair value of the instrument is assessed with any movement in fair value recognised in the income statement in the period it arises. Seagreen Wind Energy Limited entered commercial operation in the current year and the day 1 gain on the commercial CfD arrangements is being recognised on a straight-line basis over the life of the instrument. Financial guarantee liabilities On 1 April 2023, the Group adopted IFRS 17 on a modified retrospective basis from the earliest period presented in these financial statements. The Group issues financial guarantee contracts to make specified payments to reimburse holders for losses incurred if certain former subsidiaries and certain current joint venture investments fail to make payments when due in accordance with the original or modified terms of a debt instrument. Prior to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4, where the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to make payment to settle the obligation. On transition to IFRS 17, the Group elected to apply IFRS 9 \u201cFinancial Instruments\u201d to these contracts, as available under the transition arrangements of the new standard. The financial guarantee contract is initially measured at fair value and subsequently measured at the higher of: 1. the loss allowance for expected credit losses, and 2. the initial fair value less any income recognised. Share capital Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Hybrid equity Hybrid equity comprises issued bonds that qualify for recognition as equity. Accordingly, any coupon payments are accounted for as dividends and are recognised directly in equity at the time the payment obligation arises. This is because the coupon payments are discretionary and relate to equity. Coupon payments consequently do not have any impact on the income statement. Coupon payments are recognised in the cash flow statement in the same way as dividends to ordinary shareholders. Tax credits in relation to the coupon payments are linked to the past transactions or events that support the coupon payments and consequently the tax credits are reported in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-708": { "value": "A1.1. Basis of consolidation The financial statements consolidate the results of the Company and its subsidiaries together with the Group\u2019s share of the results and net assets of its interests in joint arrangements and associates. Where necessary to ensure consistency, the accounting policies of the subsidiaries, joint arrangements or associates have been adjusted to align to the accounting policies of the Group. Intra-Group balances and any unrealised gains and losses or income and expenses arising from Intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with joint arrangements and associates are eliminated to the extent of the Group\u2019s interest in the entity. Non-controlling interests represent the equity in subsidiaries that is not attributable, either directly or indirectly, to SSE plc shareholders. Subsidiaries (Accompanying Information A3 ) Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity transactions. Interests in joint arrangements and associates (note 16 and Accompanying Information A3 ) Joint arrangements, as defined by IFRS 11 \u201cJoint Arrangements\u201d, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post-acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non- monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below.
2024
2023
Change
EUR v GBP
Year end spot rate
1.1697
1.1374
2.8%
Average spot rate
1.1694
1.1564
1.1%
US$ v GBP
Year end spot rate
1.2623
1.2337
2.3%
Average spot rate
1.2710
1.2050
5.5%
JPY v GBP
Year end spot rate
191.0290
163.8230
16.6%
Average spot rate
190.4400
163.2888
16.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-753": { "value": "
Subsidiaries (Accompanying Information A3
)
Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly,
to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential
voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are
consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions
with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity
transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-754": { "value": "
Interests in joint arrangements and associates (note 16 and Accompanying Information A3
)
Joint arrangements, as defined by IFRS 11 \u201cJoint Arrangements\u201d, are those arrangements that convey to two or more parties \u2018joint control\u2019.
Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement,
are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019,
being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power
Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are
classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and
obligations over the assets and liabilities of the investee.
Associates are those investments over which the Group has significant influence but neither control nor joint control.
The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the
operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from
the arrangement.
The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate
net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post-acquisition
results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within
the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this
will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted
operations after tax and interest in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-786": { "value": "Interests in joint arrangements and associates (note 16 and Accompanying Information A3 ) Joint arrangements, as defined by IFRS 11 \u201cJoint Arrangements\u201d, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post-acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-811": { "value": "Interests in joint arrangements and associates (note 16 and Accompanying Information A3 ) Joint arrangements, as defined by IFRS 11 \u201cJoint Arrangements\u201d, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post-acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-755": { "value": "
Foreign currencies
The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the
Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated
in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of
such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency
borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying
cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non-
monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of
transaction.
For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are
translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the
relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the
translation reserve and are reported in the consolidated statement of comprehensive income.
The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the
table below.
2024
2023
Change
EUR v GBP
Year end spot rate
1.1697
1.1374
2.8%
Average spot rate
1.1694
1.1564
1.1%
US$ v GBP
Year end spot rate
1.2623
1.2337
2.3%
Average spot rate
1.2710
1.2050
5.5%
JPY v GBP
Year end spot rate
191.0290
163.8230
16.6%
Average spot rate
190.4400
163.2888
16.6%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-787": { "value": "Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non- monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below.
2024
2023
Change
EUR v GBP
Year end spot rate
1.1697
1.1374
2.8%
Average spot rate
1.1694
1.1564
1.1%
US$ v GBP
Year end spot rate
1.2623
1.2337
2.3%
Average spot rate
1.2710
1.2050
5.5%
JPY v GBP
Year end spot rate
191.0290
163.8230
16.6%
Average spot rate
190.4400
163.2888
16.6%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-709": { "value": "
Revenue (notes 2 and 5)
Revenue from contracts with customers is recognised to the extent that it reflects the expected consideration for goods or services
provided to the customer under contract, over the performance obligations they are being provided. For each separable performance
obligation identified, the Group determines whether it is satisfied at a \u201cpoint in time\u201d or \u201cover time\u201d based upon an evaluation of the receipt
and consumption of benefits, control of assets and enforceable payment rights associated with that obligation. If the criteria required for
\u201cover time\u201d recognition are not met, the performance obligation is deemed to be satisfied at a \u201cpoint in time\u201d.
Revenue principally arises as a result of the Group\u2019s activities in energy production, storage, transmission, distribution, supply and related
services in the energy markets in Great Britain and Ireland. The key policies applied by each Business Unit are as follows:
Transmission
Use of electricity transmission networks
Revenue from use of electricity transmission networks is derived from the allowed revenue as defined by the parameters in the relevant
electricity transmission licence, which informs the tariffs set.
Electricity transmission revenue is determined in accordance with the regulatory licence, based on an Ofgem approved revenue model
and is recognised \u201cover time\u201d as charged to National Grid. Where this revenue differs from the allowed revenue, there may be an over-
or under-recovery of revenue which will be reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No
accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being
the transmission of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when
included within the tariffs that form allowed revenue under the regulatory agreement.
Transmission network contracted services
Where the Group has an ongoing obligation to provide contracted services (transmission network connections), revenues are recognised
\u201cover time\u201d consistent with the customer receiving and consuming the benefits of that service across the expected contractual service
period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically
received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty periods
are offered.
Distribution
Use of electricity distribution networks
Revenue from use of electricity distribution networks is derived from the allowed revenue as defined by the parameters in the relevant
electricity distribution licence, which informs the tariffs set.
Electricity distribution revenue recognised is based on the volume of electricity distributed \u201cover time\u201d, as use of distribution service is
determined by the customer, and the set customer tariff. As with electricity transmission revenue, any over- or under-recovery of revenue
is reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or
under-recoveries in the year that they arise as they are contingent on future events (being the distribution of electricity in a future period).
The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue
under the regulatory agreement. The policy also applies to the Group\u2019s independent network business reported within SSE Enterprise.
Distribution network contracted services
Where the Group has an ongoing obligation to provide contracted services (such as for distribution network connections), revenues are
recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of that service across the expected contractual
service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are
typically received from customers in advance of providing the contracted service and are deferred on balance sheet. The release of deferred
income on customer funded additions is removed from the Group\u2019s adjusted EBITDA measure. No extended warranty periods are offered.
Renewables
Electricity generation
Revenue from the physical generation of electricity is recognised \u201cpoint in time\u201d as generated and supplied to the national settlements
body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d
designation.
Renewables contracted services
Revenue from national support schemes, such as Renewable Obligation Certificates, is recognised at the point the performance obligation
has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period,
depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the
fixed contractual consideration, depending on the individual scheme mechanic.
Revenue from other ancillary generation services is recognised \u201cover time\u201d consistent with the customer receiving and consuming the
benefits of those services across the expected contractual service period, and at the contracted consideration.
Thermal
Electricity generation
Revenue from the physical generation of electricity is recognised \u201cpoint in time\u201d as generated and supplied to the national settlements
body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d
designation. This policy is also applied to the Group\u2019s Slough Heat & Power assets within the Enterprise business.
Gas storage
Revenue from gas storage trading activities is recognised \u201cpoint in time\u201d as injected back into the gas network. Revenue is measured at
either the spot price at the time of delivery, or trade price where that trade is eligible for \u201cown use\u201d designation.
Thermal Generation contracted services
Revenue from national support schemes, such as the Capacity Market mechanism, is recognised at the point the performance obligation
has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period,
depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the
fixed contractual consideration, depending on the individual scheme mechanic.
Revenue from other ancillary generation services is recognised \u201cover time\u201d consistent with the customer receiving and consuming the
benefits of those services across the expected contractual service period, and at the contracted consideration.
Customers
Supply of energy
Revenue on the supply of energy comprises sales to domestic (in Ireland) and business end-user customers (in GB and Ireland) is based on
actual energy consumption including an estimate of the value of electricity and gas supplied to customers between the date of the last
meter reading and the year end. Revenue is recognised \u201cover time\u201d consistent with the delivery of energy to the customer as we consider
the receipt and consumption of the benefits of the energy to be simultaneous. Revenue is measured based on the applicable customer
tariff rate and after deduction of any applicable contractual discounts.
Details of the judgements involved in the estimation process for the value of electricity and gas supplied to customers is given within
note 4.1(iii).
Payments from customers may be received in advance of providing the contracted service and are deferred on balance sheet. Amounts
received from customers in relation to energy management services provided by Third Party Intermediaries (\u2018TPIs\u2019) are offset against
payments to those TPIs, reflecting the responsibility for providing the energy management service.
Energy related services
Where the Group has an ongoing obligation to provide contracted energy related services, revenues are recognised \u201cover time\u201d consistent
with the customer receiving and consuming the benefits of that service across the expected contractual service period at the fixed
contracted rate. Where the Group has an obligation to perform a specific service, revenues are recognised \u201cpoint in time\u201d, following
performance of the service at the fixed contracted consideration. No extended warranty periods are offered.
SSE Energy Markets
Commodity optimisation and other services
Income from sales commodity optimisation trading occurring in any business unit is presented net in cost of sales alongside purchase
commodity optimisation trades. Revenue on physical power and gas supplies recognised \u201cpoint in time\u201d as delivered to the national
settlements body or third parties. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is
eligible for \u201cown use\u201d designation.
Revenue arising on commodities purchased in excess of the Group\u2019s requirements and recorded as inventory assets, such as Renewables
Obligation Certificates, REGOs or carbon allowances, is recognised \u201cpoint in time\u201d on disposal of these inventory assets to third parties.
Revenue from other ancillary services is recognised \u201cover time\u201d consistent with the customer receiving and consuming the benefits of
those services across the expected contractual service period, and at the contracted consideration.
Aside from where specifically noted above, consideration is due when the performance obligation has been satisfied. As the period
between satisfaction of the performance obligation and receipt of consideration from the customer is expected to be less than a year, the
Group has applied the practical expedient not to adjust revenue for the effect of any financing components.
Revenue from sources other than the Group\u2019s contracts with customers principally comprise meter rental income within the SSE Enterprise
business, and Contract for Difference income within certain Joint Venture arrangements.
Income on meter rental agreements, which are classified as operating leases, are presented as revenue where they relate to the core
operating activities of that business. Lease payments are recognised as income on a straight-line basis over the lease term.
Where the Group earns income from an asset during the commissioning period, the income is recognised in the income statement as
revenue accordance with the relevant asset accounting policy set out above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-711": { "value": "
Other operating income \u2013 Government Grants (note 6)
Under UK and Irish governments\u2019 customer support schemes licensed energy suppliers are required to provide a discount on gas and
electricity prices to customers. The level of discount applied to each customer varies dependent upon energy tariff and support scheme
applicable to each customer. Where SSE provided a discount to customer through reduction of energy bill, the cost of applying these
discounts is recovered from the Government. The amounts reclaimed under this scheme are recognised as government grant income
within Other Operating Income in the consolidated income statement.
For the year ended 31 March 2024 the most significant customer support scheme administered by the Group was the Energy Bills Discount
Scheme (\u2018EBDS\u2019), applicable to eligible non-domestic gas and electricity customers in GB and Northern Ireland during the period from
1 April 2023 to 31 March 2024. In the prior year the most significant scheme was the Energy Bill Relief Scheme (\u2018EBRS\u2019), applicable to GB
commercial gas and electricity customer usage during the period 1 October 2022 to 31 March 2023. These schemes impact SSE Business
Energy with discounts made to SSE\u2019s billings to customers and the unbilled income accrual, and a separate asset is recognised in respect of
claimed or to-be-claimed receipts from the UK government.
Contract for Differences (\u2018CfD\u2019) are agreements between a low carbon electricity generator and the Low Carbon Contracts Company
(\u2018LCCC\u2019), a UK Government owned entity responsible for delivering support mechanisms for low-carbon electricity generation. These
agreements are not considered to be contracts with a customer, as the LCCC does not receive any goods or services from the generator.
These arrangements are instead considered to be Government Grants, with income arising from these grants recognised in the income
statement in the period in which generation takes place. In the year, the Group recognised no income or expense (2023: none) related to
Contracts for Difference with the LCCC within its wholly owned subsidiaries. The Group\u2019s joint venture investment, Beatrice Offshore
Windfarm Limited, has a CfD with the LCCC which resulted in payments from the LCCC of \u00a3217.3m in the year with SSE\u2019s share of \u00a386.9m
recognised within share of profit (2023: \u00a325.6m, with SSE\u2019s share of \u00a312.8m recognised within share of profit). The Group\u2019s wholly owned
Viking windfarm and joint venture investment Seagreen Wind Energy Limited also have a CfD arrangement in place with the LCCC.
The LCCC government agreements for Viking and Seagreen are not yet effective and as such no income or cost was recognised during
the year.
Where the CfD strike price falls below the spot price of generation and payments are made to the LCCC, these payments are expensed as
incurred within operating costs. See \u2018financial instruments\u2019 below for the Group\u2019s policy in relation to commercial Contracts for Difference.
Presentation of grants related to assets
Income received from Government towards the capital cost of an asset are deducted from the carrying value presented in the financial
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-710": { "value": "
Cost of sales (note 6)
Cost of sales includes fuel and energy purchases, direct employee benefits, and depreciation of property, plant and equipment.
The net result from sales and purchases of commodity optimisation trades \u2013 comprising both realised and unrealised gains and losses
arising from optimisation trading activities \u2013 is also presented within cost of sales, reflecting the underlying economic purpose of this
trading activity.
", "dimensions": { "concept": "sseplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-788": { "value": "Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 271 and for lease liability charges on page 27", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-756": { "value": "Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 271 and for lease liability charges on page 27", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-712": { "value": "Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 271 and for lease liability charges on page 27", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-713": { "value": "
Taxation (note 10)
Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to
items recognised directly in equity, in which case it is recognised in other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations
that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably
not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the
Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is
recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred
tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
During the year to 31 March 2024 Finance (No.2) Act 2023 was enacted, bringing Electricity Generator Levy (\u201cEGL\u201d) into force, which is
effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather
than an income tax. The Group therefore recognises an accrual for the year within cost of sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-757": { "value": "Taxation (note 10) Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to items recognised directly in equity, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. During the year to 31 March 2024 Finance (No.2) Act 2023 was enacted, bringing Electricity Generator Levy (\u201cEGL\u201d) into force, which is effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather than an income tax. The Group therefore recognises an accrual for the year within cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-715": { "value": "
Business Combinations (note 12)
The acquisition of subsidiaries, and joint operations that meet the definition of a business, is accounted for under the acquisition method as
defined by IFRS 3 \u201cBusiness Combinations\u201d.
The cost of acquisition is measured as being the aggregate fair value of consideration to be transferred at the date control is obtained.
Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests, less the net
recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review
for impairment (or more frequently if necessary) in accordance with the Group\u2019s impairment accounting policy.
Contingent consideration is classified as a liability and subsequently re-measured through the income statement. Acquisition costs are
expensed as incurred.
Changes in ownership that do not result in a change of control are accounted for as equity transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-790": { "value": "Business Combinations (note 12) The acquisition of subsidiaries, and joint operations that meet the definition of a business, is accounted for under the acquisition method as defined by IFRS 3 \u201cBusiness Combinations\u201d. The cost of acquisition is measured as being the aggregate fair value of consideration to be transferred at the date control is obtained. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests, less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the Group\u2019s impairment accounting policy. Contingent consideration is classified as a liability and subsequently re-measured through the income statement. Acquisition costs are expensed as incurred. Changes in ownership that do not result in a change of control are accounted for as equity transactions. Goodwill and impairment testing Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an annual basis. For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will represent how goodwill was attributed but may not represent reportable business segments. Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-714": { "value": "
Held for sale assets and liabilities and discontinued operations
Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to
continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is
highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year.
Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet
prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value
and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale.
Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a
separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or
geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are
disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly.
Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and
discontinued operations continue to be eliminated in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-789": { "value": "Held for sale assets and liabilities and discontinued operations Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-758": { "value": "Held for sale assets and liabilities and discontinued operations Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-716": { "value": "Intangible assets (note 13) Goodwill and impairment testing Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an annual basis. For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will represent how goodwill was attributed but may not represent reportable business segments. Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining the profit or loss on disposal. Allowances and certificates Allowances and certificates consist of purchased carbon emissions allowances and generated or purchased obligations certificates. These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and SSE Business Energy businesses. The EU Emissions Trading Scheme (EU ETS) has been in operation since 1 January 2005, with the Group operating under the established EU ETS carbon pricing system from that date. Since 1 January 2021, following Brexit, the UK Government has established a UK Emissions Trading Scheme (UK ETS) to replace the EU ETS with the Group\u2019s UK generation assets now operating under the UK ETS carbon pricing system. The Group continues to hold EU ETS certificates to settle obligations arising through the activities of its Irish Thermal generation assets. Carbon allowances purchased are recorded at cost within intangible assets. Forward carbon contracts are measured at fair value with gains or losses arising on re-measurement being recognised in the income statement. A liability is recognised based on the level of emissions recorded. Up to the level of allowances held, including forward carbon contracts, the liability is measured at the cost of purchase. When the carbon emission liability exceeds the carbon allowances held, the difference is measured at market value selling price. Subsequent movements in market value are prospectively recognised in operating profit. The carbon allowance intangible asset is surrendered at the end of the compliance period to the extent requested reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised should the carrying value of allowances exceed market or fair value. Under the Renewable Obligations Certificates (ROCs) scheme, certificates obtained from own generation are awarded by a third party, Ofgem. ROCs can be traded with third parties and are ultimately used by suppliers to demonstrate to Ofgem that they have met their obligation to source a set proportion of the electricity they supply from renewable sources. The value of a ROC to a supplier comprises two elements: the \u201cbuy-out\u201d price which is set annually in advance of the compliance period by Ofgem; and the \u201crecycle\u201d price which is determined after the compliance period by Ofgem. The recycle price element is estimated at the balance sheet date based on assumptions at that point in in time around likely levels of renewable generation and supply over the remaining compliance period, and is therefore subject to possible future variation. Where ROCs are self-generated or purchased to fulfil the Group\u2019s liability under the renewable obligation, they are recorded at market value at the point of generation or purchased within intangible assets. The Group can hold ROCs in excess of the Group\u2019s renewables obligation, which, due to limited evidence of liquidity or net settlement for ROC trades, are recorded at the lower of cost or net realisable value within inventories. Similarly, the fair value of any forward contracts entered into at the balance sheet date for the purchase or sale of ROCs in future periods are not recognised, as there is insufficient liquidity for net settlement. The Group\u2019s liability under the renewable obligation is recognised based on electricity supplied to customers, the obligation level set by Ofgem and the prevailing market price. The Group\u2019s SSE Business Energy segment has a requirement under certain customer supply agreements to demonstrate the origin of electricity supplied to customers generated by renewable sources. Renewable Energy Guarantees of Origin (\u2018REGO\u2019) certificates are procured from third parties or generated by the Group\u2019s Renewable accredited assets and retained for surrender under the scheme. Tickets that are held to be surrendered are recorded as intangible assets are recorded at cost, in line with the expense recognised by SSE Business Energy during the period. Excess tickets held by the Group are held in inventories at the lower of cost or net realisable value. The ROCS and REGO intangible assets are surrendered at the end of the compliance period reflecting the consumption of economic benefit and release of the associated liability. As a result, no amortisation is recorded during the period. Research and development Expenditure on research activities is charged to the income statement as incurred. Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in a project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is transferred
to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning testing activities
are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life of the asset. The asset
is derecognised on disposal, or when no future economic benefits are expected to arise.
Other intangible assets
Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment
losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally developed software
assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads. Amortisation is charged
to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation periods utilised are as follows:
Years
Brands
10
Customer lists
Contract term
Developed software assets and application software licences
3\u201315
The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are
derecognised on disposal, or when no future economic benefits are expected from their use.
Cloud computing arrangements
The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the
Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of
these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-759": { "value": "
Goodwill and impairment testing
Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the
identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial
recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an
annual basis.
For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs
expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will
represent how goodwill was attributed but may not represent reportable business segments.
Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a
separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded
within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and
associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining
the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-812": { "value": "
Allowances and certificates
Allowances and certificates consist of purchased carbon emissions allowances and generated or purchased obligations certificates. These
allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and SSE Business
Energy businesses.
The EU Emissions Trading Scheme (EU ETS) has been in operation since 1 January 2005, with the Group operating under the established
EU ETS carbon pricing system from that date. Since 1 January 2021, following Brexit, the UK Government has established a UK Emissions
Trading Scheme (UK ETS) to replace the EU ETS with the Group\u2019s UK generation assets now operating under the UK ETS carbon pricing
system. The Group continues to hold EU ETS certificates to settle obligations arising through the activities of its Irish Thermal generation
assets. Carbon allowances purchased are recorded at cost within intangible assets. Forward carbon contracts are measured at fair value
with gains or losses arising on re-measurement being recognised in the income statement. A liability is recognised based on the level of
emissions recorded. Up to the level of allowances held, including forward carbon contracts, the liability is measured at the cost of
purchase. When the carbon emission liability exceeds the carbon allowances held, the difference is measured at market value selling price.
Subsequent movements in market value are prospectively recognised in operating profit.
The carbon allowance intangible asset is surrendered at the end of the compliance period to the extent requested reflecting the
consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge
may be recognised should the carrying value of allowances exceed market or fair value.
Under the Renewable Obligations Certificates (ROCs) scheme, certificates obtained from own generation are awarded by a third party,
Ofgem. ROCs can be traded with third parties and are ultimately used by suppliers to demonstrate to Ofgem that they have met their
obligation to source a set proportion of the electricity they supply from renewable sources. The value of a ROC to a supplier comprises
two elements: the \u201cbuy-out\u201d price which is set annually in advance of the compliance period by Ofgem; and the \u201crecycle\u201d price which is
determined after the compliance period by Ofgem. The recycle price element is estimated at the balance sheet date based on assumptions
at that point in in time around likely levels of renewable generation and supply over the remaining compliance period, and is therefore
subject to possible future variation.
Where ROCs are self-generated or purchased to fulfil the Group\u2019s liability under the renewable obligation, they are recorded at market
value at the point of generation or purchased within intangible assets. The Group can hold ROCs in excess of the Group\u2019s renewables
obligation, which, due to limited evidence of liquidity or net settlement for ROC trades, are recorded at the lower of cost or net realisable
value within inventories. Similarly, the fair value of any forward contracts entered into at the balance sheet date for the purchase or sale of
ROCs in future periods are not recognised, as there is insufficient liquidity for net settlement. The Group\u2019s liability under the renewable
obligation is recognised based on electricity supplied to customers, the obligation level set by Ofgem and the prevailing market price.
The Group\u2019s SSE Business Energy segment has a requirement under certain customer supply agreements to demonstrate the origin
of electricity supplied to customers generated by renewable sources. Renewable Energy Guarantees of Origin (\u2018REGO\u2019) certificates are
procured from third parties or generated by the Group\u2019s Renewable accredited assets and retained for surrender under the scheme. Tickets
that are held to be surrendered are recorded as intangible assets are recorded at cost, in line with the expense recognised by SSE Business
Energy during the period. Excess tickets held by the Group are held in inventories at the lower of cost or net realisable value.
The ROCS and REGO intangible assets are surrendered at the end of the compliance period reflecting the consumption of economic
benefit and release of the associated liability. As a result, no amortisation is recorded during the period.
Research and development
Expenditure on research activities is charged to the income statement as incurred.
Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and
commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind
farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven
technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs
and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in a
project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is transferred
to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning testing activities are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life of the asset. The asset is derecognised on disposal, or when no future economic benefits are expected to arise. Other intangible assets Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally developed software assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation periods utilised are as follows:
Years
Brands
10
Customer lists
Contract term
Developed software assets and application software licences
3\u201315
The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use. Cloud computing arrangements The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-717": { "value": "
Property, plant and equipment (note 14)
Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairments. The cost of self-constructed
assets includes the cost of materials, direct labour and other directly attributable costs. Where the asset is a qualifying asset, for which a
considerable period of time is required to prepare the asset for use or sale, borrowing costs will be capitalised as part of the asset\u2019s cost.
Where an item of property, plant and equipment comprises major components having different useful lives, the components are
accounted for as separate items of property, plant and equipment, and depreciated accordingly. An item of property, plant and equipment
is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset.
Right of use assets
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Where a modification to a lease agreement
decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to
the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability
with a corresponding adjustment to the right of use asset.
Hydro civil assets
The Group is obliged under the Reservoirs Act 1975 to maintain its hydro infrastructure network, including its dams, tunnels and other
hydro civil engineering structures (hydro civil assets). All items of property, plant and equipment within hydro civil assets, with the exception
of land, are subject to depreciation.
In accordance with the transition provisions of IFRS 1 \u201cFirst-time Adoption of IFRS\u201d, the Group identified the carrying value of these assets
at privatisation and has treated this value as deemed cost. Following this assessment, the assets, and all subsequent enhancement and
replacement expenditure, has been subject to depreciation over a useful economic life of 75 years. All subsequent maintenance
expenditure is chargeable directly to the income statement.
Depreciation
Depreciation is charged to the income statement to write off cost, less residual values, on a straight line basis over their estimated useful
lives. Heritable and freehold land is not depreciated. Depreciation policy, useful lives and residual values are reviewed at least annually, for
all asset classes to ensure that the current method is the most appropriate. Depreciation commences following the asset commissioning
period and when the asset is available for commercial operation. The estimated useful lives for assets depreciated on a straight line basis
are as follows:
Years
Hydro civil assets (classified within Renewable power generation assets)
75 to 100
Thermal and hydro power stations including electrical and mechanical assets
(classified within Thermal power generation assets)
20 to 60
Onshore wind farms (classified within Renewable power generation assets)
20 to 25
Offshore wind farms (classified within Renewable power generation assets)
23 to 30
Gas storage facilities (classified within Other assets)
25 to 50
Overhead lines, underground cables and other network assets (classified within Distribution or Transmission network assets)
5 to 80
Office buildings (classified within Land and buildings)
30 to 40
Fixtures, IT assets, vehicles and mobile plant (classified within Other assets)
3 to 15
Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the
term of the relevant lease agreement.
Subsequent expenditure
It is the Group policy to capitalise qualifying replacement expenditure and depreciate it over the expected useful life of the replaced asset.
Replaced assets are derecognised at this point and the costs recorded as costs of disposal. Where an item of property, plant and equipment
is replaced and it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement adjusted for
inflation will be used as an approximation of the cost of the replaced part at the time it was acquired or constructed.
Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately is capitalised.
Other subsequent expenditure is capitalised only when it increases the future economic benefits of the item of property, plant and
equipment to which it relates. Maintenance and repair costs are expensed as incurred.
Derecognition
An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of the asset. Gains and losses on disposals are determined by comparing the proceeds received with the carrying
amount of the asset and are included in the income statement. Any gain or loss on derecognition of the asset is included in the income
statement in the period of derecognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-760": { "value": "Depreciation Depreciation is charged to the income statement to write off cost, less residual values, on a straight line basis over their estimated useful lives. Heritable and freehold land is not depreciated. Depreciation policy, useful lives and residual values are reviewed at least annually, for all asset classes to ensure that the current method is the most appropriate. Depreciation commences following the asset commissioning period and when the asset is available for commercial operation. The estimated useful lives for assets depreciated on a straight line basis are as follows:
Years
Hydro civil assets (classified within Renewable power generation assets)
75 to 100
Thermal and hydro power stations including electrical and mechanical assets
(classified within Thermal power generation assets)
20 to 60
Onshore wind farms (classified within Renewable power generation assets)
20 to 25
Offshore wind farms (classified within Renewable power generation assets)
23 to 30
Gas storage facilities (classified within Other assets)
25 to 50
Overhead lines, underground cables and other network assets (classified within Distribution or Transmission network assets)
5 to 80
Office buildings (classified within Land and buildings)
30 to 40
Fixtures, IT assets, vehicles and mobile plant (classified within Other assets)
3 to 15
Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-719": { "value": "
Lease arrangements (note 21)
Lease arrangements are separately distinguished from service contracts based on whether the contract conveys the right to control the use
of an identified asset for a period of time in exchange for consideration. If the Group is deemed to control the use of an identified asset, a
right of use asset and a corresponding lease liability are recognised on the balance sheet.
Right of use assets are capitalised and held as part of property, plant and equipment. The accounting policy for such arrangements is
described on page 277
.
Lease liabilities are initially measured at the present value of the future lease payments discounted using the rate implicit in the lease if that
can be readily determined. If the interest rate implicit in the lease cannot be readily determined the incremental borrowing rate is used.
Where the interest rate implicit in the lease is not readily determinable, the Group has applied the intercompany borrowing rate which is
based on the Group\u2019s external medium-term borrowing rates with premia adjustments for any subsidiary specific risk factors.
In determining whether any break and/or extension clauses should be included within the lease term, the Group has considered that where
an internal decision has been made to break or extend the lease agreement, that decision shall be applied in determining the appropriate
lease term. Where an internal decision has not been made, and where the non-cancellable element of the lease term has longer than five
years remaining, it is considered that any clauses will not be triggered as any decision beyond that date is not reasonably certain. For all
leases with less than five years remaining, an assessment is made at each reporting period on a lease-by-lease basis on whether the clause
is reasonably certain to be triggered. Reassessment of break and/or extension judgements made in prior periods could result in
recalculation of the lease liability and adjustments to associated balances.
The lease liability is subsequently adjusted for the unwind of discounting, repayments and other modifications to the underlying
agreement. Lease modifications are accounted for as a separate lease where the scope of the lease increases through the right to use one
or more underlying assets and where the consideration of the lease increases by an amount that is equivalent to the standalone price of the
increase in scope. Where a modification decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a
gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications are accounted for as a reassessment
of the lease liability with a corresponding adjustment to the right of use asset.
Leases with a duration of 12 months or less and leases for assets which are deemed \u201clow value\u201d are expensed to the income statement on a
straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-718": { "value": "
Impairment review (note 15)
The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint
ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant and
equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be performed
annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or until
previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life or
which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost are
also reviewed for impairment annually.
For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of
goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and the
value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is
measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the
financial asset\u2019s original effective interest rate.
If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the
income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly
exceeds the carrying amount. Previous impairments of goodwill are not reversed.
Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the
selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach
taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment
assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific
assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any
specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates
involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets.
The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for that
asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted
using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the relevant taxation
rate.
Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge will
be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated against the
carrying value of assets previously subject to an impairment charge.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-791": { "value": "Impairment review (note 15) The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant and equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be performed annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or until previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life or which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost are also reviewed for impairment annually. For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and the value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly exceeds the carrying amount. Previous impairments of goodwill are not reversed. Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets. The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for that asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the relevant taxation rate. Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge will be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated against the carrying value of assets previously subject to an impairment charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-761": { "value": "Impairment review (note 15) The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant and equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be performed annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or until previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life or which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost are also reviewed for impairment annually. For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and the value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly exceeds the carrying amount. Previous impairments of goodwill are not reversed. Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets. The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for that asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the relevant taxation rate. Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge will be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated against the carrying value of assets previously subject to an impairment charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-721": { "value": "
Inventories (note 17)
Inventories \u2013 aside from inventory purchased by the Gas Storage business for trading activities \u2013 are valued at the lower of cost and net
realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion
and selling expenses.
Gas inventory purchased by the Gas Storage business for trading activities is held at fair value with reference to the forward month market
price. Gains and losses on remeasurement at fair value are recognised within the Income Statement, as a \u201ccertain remeasurement\u201d item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-722": { "value": "Provisions (note 20) A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Decommissioning The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date. Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the provision is included in finance costs. The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end of field life dates for each field, which can change based on market commodity prices.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-762": { "value": "
Decommissioning
The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three
years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date.
Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations
at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised
during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the
balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is
included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis
over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the
provision is included in finance costs.
The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost
estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end of
field life dates for each field, which can change based on market commodity prices.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-720": { "value": "
Retirement benefit obligations (note 23)
Defined benefit pension schemes
The Group operates two defined benefit pension schemes, one of which is operated by the Company. Pension scheme assets are
measured using bid market values. Pension scheme liabilities are measured using the projected unit credit actuarial method and are
discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.
Any increase in the present value of liabilities within the Group\u2019s defined benefit pension schemes expected to arise from employee service
in the year is charged as service costs to operating profit.
Net interest costs are based on net scheme assets or liabilities, adjusted for minimum funding requirement and pension surplus restrictions
under IFRIC 14 \u2018IAS 19\u2014The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. Actuarial gains and
losses are recognised in full in the consolidated statement of comprehensive income. Pension scheme surpluses, to the extent that they are
considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet.
Defined contribution pension schemes
The Group also operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those of
the Group in independently administered funds. The amounts charged represent the contributions payable to the schemes in the year and
are charged directly to the income statement.
Equity and equity-related compensation benefits
The Group operates a number of employee share schemes as described in the Remuneration Report. These schemes enable Group
employees to acquire shares of the Company.
The exercise prices of the sharesave scheme are set at a discount to market price at the date of the grant. The fair value of the sharesave
scheme option granted is measured at the grant date by use of a Black-Scholes model. The fair value of the options granted is recognised
as an expense on a straight-line basis over the period that the scheme vests. Estimates are updated for non-market conditions at each
balance sheet date with any adjustment in respect of the current and prior years being recognised in the income statement. The costs
associated with the other main employee schemes are recognised over the period to which they relate. The charge related to the equity
shares in the Company awarded under the share schemes is treated as an increase in the cost of investment held by the Company in the
subsidiary companies of the Group. The disclosures on equity and equity-related compensation benefits have been removed on the
grounds of materiality in relation to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-723": { "value": "
Financial instruments (note 24)
The Group uses a range of financial instruments to hedge exposures to financial risks, such as interest rate, foreign exchange and energy
price fluctuations in its normal course of business and in accordance with the Group\u2019s risk management policies. The Group\u2019s risk
management policies are further explained in A6
.
The Group\u2019s review of the IFRS 9 hedge accounting model concluded that, whilst adoption would not change the treatment of existing
hedging arrangements, the changes made would not result in any additional hedge designations either. As such, the existing hedge
accounting model under IAS 39 appropriately reflects the Group\u2019s risk management activities in the financial statements. Therefore, as
permitted by IFRS 9, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be
periodically reviewed to consider any changes in our risk management activities.
Interest rate and foreign exchange derivatives
Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at
fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for
hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to
ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The
treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is
designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with
all fair value movements being recorded through the income statement.
A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans
and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In
such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in
the income statement.
A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective
directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement.
When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in
equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised
in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement.
Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains
in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised
in the income statement.
Commodity derivatives
Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as
electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or
delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019
contracts and are measured at cost. These contracts are not within the scope of IFRS 9.
Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are
recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the
changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships
in relation to commodity contracts.
Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair
value with gains and losses on re-measurement being recognised in the income statement in cost of sales.
Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Trade receivables Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses. At the end of each reporting period a review of the allowance for impairment of trade receivables (or bad debt provision) is performed by the respective businesses. Trade receivables do not contain a significant financing element, and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised on initial recognition. A provision matrix is utilised to estimate the lifetime expected credit losses, based on the age, status and risk of each class of receivable, which is updated periodically to include changes to both forward-looking and historical inputs. Interest-bearing loans and borrowings All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship. Commercial (and affiliate) contracts for difference The Group has commercial Contracts for Difference (CfD) arrangements in place where the Group has agreed to provide a revenue support contract. Where the Group has entered into these arrangements and there is no relationship with a government entity, the instruments are classified as derivatives and accounted for under IFRS 9. The Group has assessed that due to the valuation complexity of these arrangements, they are Level 3 financial instruments in the fair value hierarchy. On day 1, the Group recognises no gain or loss arising from the instrument, but instead defers this gain or loss and recognises it progressively over the life of the instrument. At each balance sheet date the fair value of the instrument is assessed with any movement in fair value recognised in the income statement in the period it arises. Seagreen Wind Energy Limited entered commercial operation in the current year and the day 1 gain on the commercial CfD arrangements is being recognised on a straight-line basis over the life of the instrument. Financial guarantee liabilities On 1 April 2023, the Group adopted IFRS 17 on a modified retrospective basis from the earliest period presented in these financial statements. The Group issues financial guarantee contracts to make specified payments to reimburse holders for losses incurred if certain former subsidiaries and certain current joint venture investments fail to make payments when due in accordance with the original or modified terms of a debt instrument. Prior to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4, where the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to make payment to settle the obligation. On transition to IFRS 17, the Group elected to apply IFRS 9 \u201cFinancial Instruments\u201d to these contracts, as available under the transition arrangements of the new standard. The financial guarantee contract is initially measured at fair value and subsequently measured at the higher of: 1. the loss allowance for expected credit losses, and 2. the initial fair value less any income recognised. Share capital Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Hybrid equity Hybrid equity comprises issued bonds that qualify for recognition as equity. Accordingly, any coupon payments are accounted for as dividends and are recognised directly in equity at the time the payment obligation arises. This is because the coupon payments are discretionary and relate to equity. Coupon payments consequently do not have any impact on the income statement. Coupon payments are recognised in the cash flow statement in the same way as dividends to ordinary shareholders. Tax credits in relation to the coupon payments are linked to the past transactions or events that support the coupon payments and consequently the tax credits are reported in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-792": { "value": "Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-763": { "value": "Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales.
Embedded derivatives
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of
the derivatives are not closely related to those of the host contracts.
Net investment hedges
Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the
effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge
is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly
in equity is transferred to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-793": { "value": "Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-764": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral
part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of
cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-767": { "value": "
Trade receivables
Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses.
At the end of each reporting period a review of the allowance for impairment of trade receivables (or bad debt provision) is performed
by the respective businesses. Trade receivables do not contain a significant financing element, and therefore expected credit losses are
measured using the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised on initial
recognition. A provision matrix is utilised to estimate the lifetime expected credit losses, based on the age, status and risk of each class of
receivable, which is updated periodically to include changes to both forward-looking and historical inputs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-765": { "value": "
Interest-bearing loans and borrowings
All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised
cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-794": { "value": "Interest-bearing loans and borrowings All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship. Commercial (and affiliate) contracts for difference The Group has commercial Contracts for Difference (CfD) arrangements in place where the Group has agreed to provide a revenue support contract. Where the Group has entered into these arrangements and there is no relationship with a government entity, the instruments are classified as derivatives and accounted for under IFRS 9. The Group has assessed that due to the valuation complexity of these arrangements, they are Level 3 financial instruments in the fair value hierarchy. On day 1, the Group recognises no gain or loss arising from the instrument, but instead defers this gain or loss and recognises it progressively over the life of the instrument. At each balance sheet date the fair value of the instrument is assessed with any movement in fair value recognised in the income statement in the period it arises. Seagreen Wind Energy Limited entered commercial operation in the current year and the day 1 gain on the commercial CfD arrangements is being recognised on a straight-line basis over the life of the instrument. Financial guarantee liabilities On 1 April 2023, the Group adopted IFRS 17 on a modified retrospective basis from the earliest period presented in these financial statements. The Group issues financial guarantee contracts to make specified payments to reimburse holders for losses incurred if certain former subsidiaries and certain current joint venture investments fail to make payments when due in accordance with the original or modified terms of a debt instrument. Prior to adoption of IFRS 17, these contracts were designated as insurance contracts under IFRS 4, where the contracts were treated as contingent liabilities until such time as it became probable the Group would be required to make payment to settle the obligation. On transition to IFRS 17, the Group elected to apply IFRS 9 \u201cFinancial Instruments\u201d to these contracts, as available under the transition arrangements of the new standard. The financial guarantee contract is initially measured at fair value and subsequently measured at the higher of: 1. the loss allowance for expected credit losses, and 2. the initial fair value less any income recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-766": { "value": "
Share capital
Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised
in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-724": { "value": "
A3. Related undertakings
A3.1.1. Subsidiary undertakings
Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Aberarder Wind Farm (Scotland) Limited
Scotland
A
100.0
100.0
Renewable Development
Aberarder Wind Farm LLP
England and Wales
B
100.0
100.0
Renewable Development
Abernedd Power Company Limited
England and Wales
B
100.0
100.0
Holding Company
Aichi Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Aichi Offshore Wind Power No. 2 G.K.
Japan
Y
80.0
80.0
Renewable Development
Airtricity Windfarm Finance Limited
Ireland
C
100.0
100.0
Holding Company
Aldbrough Pathfinder Limited
England and Wales
B
100.0
\u2013
Power Generation
Arklow Offshore Phase II Company Limited
Ireland
C
100.0
100.0
Dormant
Beithe (HK) Limited
Hong Kong
V
\u2013
100.0
Holding Company
Berwick Bank A Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank B Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank C Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank Holdings A Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings B Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings C Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Wind Farm Limited
Scotland
A
100.0
100.0
Renewable Development
Bhlaraidh Extension Wind Farm Limited
Scotland
A
100.0
\u2013
Power Generation
Bhlaraidh Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Bindoo Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
BOC1234
Limited
Scotland
A
\u2013
100.0
Dissolved
Brickmount Limited
Ireland
C
100.0
100.0
Power Generation
Building Automation Solutions Limited
England and Wales
D
100.0
100.0
Dormant
By-Pass Farm Solar Limited
England and Wales
B
100.0
*
100.0
*
Power Generation
Coire Glas Hydro Pumped Storage Limited
Scotland
A
100.0
100.0
Power Generation
Comhlacht Gaoithe Teoranta
Ireland
C
100.0
100.0
Power Generation
Coomacheo Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Coomatallin Windfarm (ROI) Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Curragh Mountain Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Dedondo Limited
Ireland
C
100.0
100.0
Power Generation
Dromada Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Drumnahough Wind Farm Designated Activity
Ireland
C
100.0
100.0
Power Generation
Company
Enerfarm 3 Single Member S.A. Renewable
Greece
AB
100.0
100.0
Renewable Development
Energy Sources
Energia Levante S.r.l.
Italy
AC
100.0
100.0
Renewable Development
Energiaki Kleidi Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Mavrovouniou Single Member Private
Greece
AB
100.0
*
100.0
*
Renewable Development
Company
Energiaki Mesovouniou Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Platorrachis Single Member S.A.
Greece
AB
100.0
*
100.0
*
Renewable Development
Energiaki Velanidias Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Enerveo Ireland Limited
Ireland
Z
100.0
\u2013
Contracting
Enerveo Limited
England and Wales
AN
100.0
\u2013
Contracting
Enshunada Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Ferrybridge Hydrogen Limited
England and Wales
B
100.0
\u2013
Power Generation
Fibre Fuel Limited
England and Wales
B
100.0
100.0
Dormant
Fibre Power (Slough) Limited
England and Wales
B
100.0
100.0
Power Generation
Galway Wind Park Phase 3 Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Ganderoy Limited
Ireland
C
100.0
100.0
Power Generation
Gartnaneane Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Glenora Wind Farm Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Goto-Fukue Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Green Wind Energy (Wexford) Limited
Ireland
C
100.0
*
100.0
*
Renewable Development
Griffin Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Hadyard Hill Wind Farm Limited
Scotland
A
\u2013
100.0
Dormant
Hydro Electric Pension Scheme Trustees Limited
Scotland
A
100.0
100.0
Dormant
Izu Islands Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Keadby Developments Limited
England and Wales
E
100.0
100.0
Dormant
Keadby Generation Limited
England and Wales
E
100.0
100.0
Power Generation
Keadby Wind Farm Limited
England and Wales
B
100.0
100.0
Power Generation
Leanamore Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Limerick West Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Littleton Pastures Solar Limited
England and Wales
B
100.0
100.0
Power Generation
March Winds Limited
Ireland
C
100.0
100.0
Power Generation
Medway Power Limited
England and Wales
B
100.0
100.0
Power Generation
Meentycat Limited
Ireland
C
100.0
100.0
Power Generation
Milane Holdings Limited
Ireland
C
100.0
100.0
Dormant
Minami-Izu Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Mullananalt Wind Farm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Niigata Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Oki Islands Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Optimal Power Networks Limited
England and Wales
B
100.0
100.0
Construction of utility
projects
Platin Power Limited
Ireland
C
100.0
100.0
Dormant
Pomerania PV sp z.o.o. (formerly Optisol 4 sp
Poland
AJ
100.0
\u2013
Renewable Development
z.o.o)
Power from Waste Limited
England and Wales
B
100.0
100.0
Dormant
Richfield Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Scottish and Southern Energy Power
Scotland
A
100.0
100.0
Holding Company
Distribution Limited
Scottish Hydro Electric Power Distribution plc
Scotland
A
100.0
100.0
Power Distribution
Scottish Hydro Electric Transmission plc
Scotland
A
75.0
75.0
Power Transmission
Sheskin South Renewables Power Designated
Ireland
C
100.0
100.0
Renewable Development
Activity Company
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ariel S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Boreas S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Carril S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos del Sur S.A.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Eolo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Gregal S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ladera Negra, S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Loma del Reposo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Marte S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Mercurio S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Neptuno S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Terral S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tomillo S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Urano S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Slough Domestic Electricity Limited
England and Wales
B
100.0
100.0
Dormant
Slough Electricity Contracts Limited
England and Wales
B
100.0
100.0
Electricity Contracting
Slough Energy Supplies Limited
England and Wales
B
100.0
100.0
Dormant
Slough Heat & Power Limited
England and Wales
B
100.0
100.0
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Slough Utility Services Limited
England and Wales
B
100.0
100.0
Distribution of Electricity
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Belle
France
AE
100.0
100.0
Renewable Development
Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
France
AE
100.0
100.0
Renewable Development
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
France
AE
100.0
100.0
Renewable Development
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
France
AE
100.0
100.0
Renewable Development
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
la Voie Pou\u00e7oise
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins
France
AE
100.0
100.0
Renewable Development
du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
France
AE
100.0
100.0
Renewable Development
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Souvans
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
France
AE
100.0
100.0
Renewable Development
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
France
AE
100.0
100.0
Renewable Development
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
France
AE
100.0
100.0
Renewable Development
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
France
AE
100.0
100.0
Renewable Development
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
France
AE
100.0
100.0
Renewable Development
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux
France
AE
100.0
100.0
Renewable Development
SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Pi\u00e8ce du Moulin SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
France
AE
100.0
\u2013
Power Generation
Southern Electric Power Distribution plc
England and Wales
B
100.0
100.0
Power Distribution
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SPV Parco Eolico Libeccio S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Maestrale S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Tramontana S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SSE Airtricity Distributed Energy Limited
Ireland
C
100.0
100.0
Power Distribution
SSE Airtricity Energy Services Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Airtricity Energy Services (NI) Limited
Northern Ireland
Q
100.0
100.0
Energy Related Services
(formerly Fusion Heating Limited)
SSE Airtricity Energy Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Gas Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Battery Monk Fryston Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Battery Salisbury Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Beatrice Offshore Windfarm Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE BTM HoldCo Limited
England and Wales
B
100.0
100.0
Holding Company
SSE BTM Operational Assets Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Contracting Group Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Cottered Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Cumars\u00e1id Teoranta
Ireland
C
100.0
100.0
Telecommunications
SSE Daines BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE DE EV Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE DE Solar Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Derrymeen BESS Limited (formerly Heron
Northern Ireland
F
100.0
\u2013
Renewable Development
Storage No. 1 Limited)
SSE Digital Services Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Eggborough Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Energy Markets Limited (formerly SSE EPM
England and Wales
B
100.0
100.0
Energy Trading
Limited)
SSE Energy Supply Limited
England and Wales
B
100.0
100.0
Energy Supply
SSE Enterprise Limited
England and Wales
B
100.0
100.0
Corporate Services
SSE EV M7 Limited
England and Wales
B
100.0
100.0
Power Generation
SSE EV Operational Assets Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Ewerby Solar Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Ewerby Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Fancott BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Ferrybridge Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Fiddlers Ferry Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Foxholes Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Galloper Offshore Windfarm Holdings
England and Wales
B
\u2013
100.0
Holding Company
Limited
SSE Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Generation Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Group Limited
Scotland
A
100.0
100.0
Dormant
SSE Heat Networks (Battersea) Limited
England and Wales
B
100.0
100.0
Dormant
SSE Heat Networks Limited
Scotland
A
100.0
100.0
Utility Services
SSE Hornsea Limited
England and Wales
B
100.0
100.0
Gas Storage
SSE Hydrogen Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Hydrogen Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE IAMP Microgrid Limited
England and Wales
B
100.0
\u2013
Utility Services
SSE Imperial Park PN Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Insurance Limited
Isle of Man
G
100.0
100.0
Insurance
SSE Knapthorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Low Carbon Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Low Carbon Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Maple Limited
England and Wales
B
100.0
100.0
Investment Holding
SSE Medway Operations Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Micro Renewables Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Multifuel Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Muskham Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Newchurch Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE OWS Glasgow Limited
Scotland
A
100.0
100.0
Property Holding
SSE Pacifico K.K.
Japan
Y
80.0
80.0
Renewable Development
SSE Private Networks Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Production Services Limited
England and Wales
B
100.0
100.0
Maintenance Services
SSE Renewables France SARL (formerly Soci\u00e9t\u00e9
France
AE
100.0
100.0
Renewable Development
d\u2019Exploitation du Parc Eolien de Broyes SARL)
SSE Renewables (Ireland) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Iris Solar 1 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL3 sp. z o.o.)
SSE Renewables Iris Solar 2 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL20 sp. z o.o)
SSE Renewables Iris Solar 3 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL22 sp. z o.o.)
SSE Renewables Iris Solar 4 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL23 sp. z o.o.)
SSE Renewables Iris Solar 5 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL24 sp. z o.o.)
SSE Renewables Iris Solar 6 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL34 sp. z o.o.)
SSE Renewables (Netherlands) Holdings B.V.
Netherlands
AA
100.0
100.0
Holding Company
SSE Renewables Developments (Germany)
Germany
U
100.0
100.0
Renewable Development
GmbH
SSE Renewables Developments (The
Netherlands) B.V.
Netherlands
AA
100.0
\u2013
Renewable Development
SSE Renewables Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Hellas Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
(formerly Energiaki Voursana Single Member
S.A.)
SSE Renewables Holdings (Europe) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Holdings (UK) Limited
Northern Ireland
F
100.0
100.0
Holding Company
SSE Renewables Holdings Germany GmbH
Germany
H
\u2013
100.0
Dormant
SSE Renewables Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables International Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables North America Inc.
United States
W
100.0
100.0
Renewable Development
SSE Renewables North America Offshore
United States
W
100.0
100.0
Renewable Development
Wind LLC.
SSE Renewables North America Services Inc
United States
W
100.0
100.0
Renewable Development
SSE Renewables Off Shore Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Offshore Windfarm Holdings
Scotland
A
100.0
100.0
Holding Company
Limited
SSE Renewables Onshore Windfarm Holdings
Northern Ireland
F
100.0
100.0
Holding Company
Limited
SSE Renewables Poland Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Poland sp z.o.o.
Poland
X
100.0
100.0
Renewable Development
SSE Renewables Services (UK) Limited
Northern Ireland
F
100.0
100.0
Renewable Development
SSE Renewables Solar & Battery Holdings
England and Wales
B
100.0
100.0
Holding Company
Limited (formerly SSE DE Battery Holdco
Limited)
SSE Renewables UK Limited
Northern Ireland
F
100.0
100.0
Power Generation
SSE Renewables Wind (Ireland) Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Wind Farms (Ireland) Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Wind Farms (UK) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Retail Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Seabank Investments Limited
England and Wales
B
100.0
100.0
Dormant
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE Seabank Land Investments Limited
England and Wales
B
100.0
100.0
Dormant
SSE Services plc
England and Wales
B
100.0
100.0
Corporate Services
SSE Southern Group Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Staythorpe Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Power Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe SGT Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Southery Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Stock Limited
Scotland
A
100.0
100.0
Stock Holding
SSE Sunflower Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 1 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 2 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 3 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
\u2013
Renewable Development
Partner 4 B.V.
SSE Thermal Energy Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Thermal Energy Operations Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Thermal Generation (Scotland) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Thermal Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Toddleburn Limited
Scotland
A
100.0
100.0
Power Generation
SSE Trading Limited
England and Wales
B
100.0
100.0
Energy Trading
SSE Trustees Limited
England and Wales
B
100.0
100.0
Dormant
SSE Tulip Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 1 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 2 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 3 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Utility Solutions Limited
England and Wales
B
100.0
100.0
Utility Services
SSE Venture Capital Limited
Scotland
A
100.0
100.0
Investment Holding
SSE Viking Limited
England and Wales
B
100.0
100.0
Renewable Development
SSE(SE) Quest Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Yuza Offshore Wind Power G.K. (formerly
Japan
Y
80.0
\u2013
Renewable Development
SSE Happo-Nishiro Offshore Wind Power
G.K.)
SSEN Distribution Limited
Scotland
A
100.0
100.0
Holding Company
SSEPG (Operations) Limited
England and Wales
B
100.0
100.0
Power Generation
Strathy Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Sure Partners Limited
Ireland
C
100.0
100.0
Renewable Development
S + S Limited
Scotland
A
100.0
100.0
Dormant
Tealing Solar Park Limited
England and Wales
B
100.0
100.0
Power Generation
TESGL Limited
England and Wales
D
100.0
100.0
Building Energy
Management
The Energy Solutions Group Bidco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Midco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Topco Limited
England and Wales
D
100.0
100.0
Dormant
Tokushima Offshore Wind Power G.K.
Japan
Y
80.0
\u2013
Renewable Development
Tournafulla Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Viking Energy (Scottish Partnership)
Scotland
I
100.0
100.0
Renewable Development
Viking Energy Wind Farm LLP
Scotland
A
100.0
100.0
Renewable Development
Wakayama-West Offshore Wind Power No. 1
Japan
Y
80.0
80.0
Renewable Development
G.K.
Wakayama-West Offshore Wind Power No.2
Japan
Y
80.0
80.0
Renewable Development
G.K.
All shares in subsidiary companies are ordinary share capital, unless otherwise stated.
* 100% of voting rights held
Statutory audit exemptions
SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following
companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006.
Registered
Company number
Aberarder Wind Farm (Scotland) Limited
SC746968
Aberarder Wind Farm LLP
OC398487
Bhlaraidh Wind Farm Limited
SC663027
Fibre Fuel Limited
02902165
Fibre Power (Slough) Limited
02902170
Keadby Wind Farm Limited
06852112
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited)
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM HoldCo Limited
14413957
SSE BTM Operational Assets Limited
14885059
SSE DE EV Holdco Limited
14278443
SSE DE Solar HoldCo Limited
14189570
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE EV M7 Limited
14418288
SSE EV Operational Assets Limited
14401537
SSE Group Limited
SC126049
SSE Imperial Park PN Limited
02631510
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE OWS Glasgow Limited
SC228283
SSE Private Networks Holdco Limited
14921243
SSE Production Services Limited
02499702
SSE Renewables Holdings (UK) Limited
NI043239
SSE Renewables Offshore Windfarm Holdings Limited
SC436251
SSE Renewables Onshore Windfarm Holdings Limited
NI049557
SSE Renewables Poland Holdings Limited
SC723844
SSE Renewables Solar & Battery Holdings Limited (formerly SSE DE Battery Holdco Limited)
13561962
SSE Renewables UK Limited
NI048447
SSE Renewables Wind Farms (UK) Limited
SC654502
SSE Retail Limited
SC213458
SSE Seabank Investments Limited
02631512
SSE Seabank Land Investments Limited
07877772
SSE Southery Solar Limited
14953142
SSE Staythorpe Battery Limited
14046860
SSE Staythorpe Power Limited
14043534
SSE Staythorpe SGT Limited
14046946
SSE Staythorpe Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Toddleburn Limited
SC259104
SSE Viking Limited
06021053
SSE(SE) Quest Trustee Limited
03487059
SSEPG (Operations) Limited
02764438
Strathy Wind Farm Limited
SC663103
Tealing Solar Park Limited
08783684
A3.1.2. Joint arrangements (incorporated)
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
AtlasConnect Limited
Scotland
A
50.0
50.0
Dormant
Baglan Pipeline Limited
England and Wales
K
50.0
50.0
Dormant
Beatrice Offshore Windfarm Holdco Limited
Scotland
A
40.0
40.0
Holding Company
Beatrice Offshore Windfarm Limited
Scotland
A
40.0
40.0
Power Generation
Bellair Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
Cloosh Valley Wind Farm Designated Activity
Company
Ireland
L
25.0
25.0
Power Generation
Cloosh Valley Wind Farm Holdings Designated
Activity Company
Ireland
L
25.0
25.0
Holding Company
Clyde Windfarm (Scotland) Limited
Scotland
A
50.1
50.1
Power Generation
Coolnagun Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Cornafulla Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Warehousing and storage
DB Operational Base Limited
England and Wales
J
40.0
40.0
facilities
Deeside Power (UK) Limited
England and Wales
AF
50.0
50.0
Power Generation
Deeside Power Operation Limited
England and Wales
AF
50.0
50.0
Power Generation
Derryfadda Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Digital Reach Partners Limited
Scotland
A
50.0
50.0
Telecommunications
Doggerbank Offshore Wind Farm Project 1
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 1 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 2
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 2 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3
Holdco Limited
England and Wales
B
40.0
40.0
Holding Company
Doggerbank Offshore Wind Farm Project 3 Projco
Limited
England and Wales
B
40.0
40.0
Renewable Development
Doggerbank Offshore Wind Farm Project 3 And 4
Leaseco Limited (formerly Gatroben Offshore
Developments 3 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4
Holdco Limited (formerly Gatroben Offshore
Developments 1 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Doggerbank Offshore Wind Farm Project 4 Projco
Limited (formerly Gatroben Offshore
Developments 2 Limited)
England and Wales
B
50.0
50.0
Renewable Development
Dunmaglass Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Eastern Green Link 2 Limited
England and Wales
AI
50.0
\u2013
Power Transmission
Everwind Limited
Ireland
S
49.0
49.0
Power Generation
Fearna PSH Limited
England and Wales
B
50.0
\u2013
Renewable Development
Garryhinch Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Greater Gabbard Offshore Winds Limited
England and Wales
B
50.0
50.0
Power Generation
Green Energy Company Limited
Ireland
M
47.5
47.5
Dormant
Green H2 Developments Hold Co Limited
England and Wales
B
50.0
50.0
Holding Company
Green H2 Developments Project Co Limited
England and Wales
B
50.0
50.0
Renewable Development
Green Way Energy Limited
Ireland
M
50.0
50.0
Holding Company
H2NE Parentco Limited
England and Wales
AL
50.0
\u2013
Holding Company
H2Northeast Limited
England and Wales
AL
50.0
\u2013
Renewable Development
ICE Santa Engracia, S.L.U.
Spain
AO
44.6
\u2013
Renewable Development
Indian Queens Power Limited
England and Wales
AF
50.0
50.0
Power Generation
Kerry Power Limited
Ireland
M
49.0
49.0
Power Generation
Kilberry Wind Farm Designated Activity Company
Ireland
AM
50.0
\u2013
Renewable Development
**
***
***
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Lely Alpha Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Alpha Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind General Partner B.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lely Beta Offshore Wind Projco C.V.
Netherlands
AA
50.0
\u2013
Renewable Development
Lemanaghan Wind Farm Designated Activity
Company
Ireland
AM
50.0
\u2013
Renewable Development
Lenalea Wind Farm Designated Activity Company Ireland
C
50.0
50.0
Renewable Development
Littleton Wind Farm Designated Activity Company Ireland
AM
50.0
\u2013
Renewable Development
Marchwood Power Limited
England and Wales
N
50.0
50.0
Power Generation
Marron Activ8 Energies Limited
Ireland
R
50.0
50.0
Energy Related Services
Midas Energy Limited
Ireland
M
49.0
49.0
Power Generation
Neos Networks Limited
Scotland
A
50.0
50.0
Telecommunications
NNXYZ Limited
England and Wales
B
50.0
50.0
Telecommunications
North Falls Offshore Wind Farm Holdco Limited
***
England and Wales
AG
50.0
50.0
Holding company
North Falls Offshore Wind Farm Limited
England and Wales
AG
50.0
50.0
Renewable Development
Ossian Offshore Wind Farm Holdings Limited
Scotland
A
40.0
40.0
Holding company
Ossian Offshore Wind Farm Limited
Scotland
A
40.0
40.0
Renewable Development
Poseidon Offshore Wind Holdco Pty Limited
Australia
AK
50.0
\u2013
Holding company
Poseidon Offshore Wind Pty Limited
Australia
AK
50.0
\u2013
Renewable Development
Pride (SERP) Limited
England and Wales
AP
50.0
\u2013
Contracting
Saltend Cogeneration Company Limited
England and Wales
AF
50.0
50.0
Power Generation
Saltend Operations Company Limited
England and Wales
AF
50.0
50.0
Power Generation
SCCL Holdings Limited
England and Wales
AF
50.0
50.0
Holding Company
Seabank Power Limited
England and Wales
O
50.0
50.0
Power Generation
Seagreen 1A (Holdco) Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen 1A Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Alpha Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Bravo Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
Seagreen Holdco 1 Limited
England and Wales
B
49.0
49.0
Holding company
Seagreen Wind Energy Limited
England and Wales
B
49.0
49.0
Renewable Development
SSE Slough Multifuel Holdco Limited
England and Wales
B
50.0
50.0
Holding company
SSE Slough Multifuel Limited
England and Wales
B
50.0
50.0
Power Generation
Stronelairg Wind Farm Limited
Scotland
A
50.1
50.1
Power Generation
Sunflower Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Sunflower Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Triton Power Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Intermediate Holdings Limited
Jersey
AH
50.0
50.0
Holding company
Triton Power Limited
Jersey
AH
50.0
50.0
Power Generation
Tulip Offshore Wind General Partner B.V.
Netherlands
AA
\u2013
50.0
Renewable Development
Tulip Offshore Wind Projectco C.V.
Netherlands
AA
\u2013
50.0
Renewable Development
***
** 50.1% of voting rights held
*** Joint Operation
A3.1.3. Associates
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Corran Environmental LP
Scotland
AQ
100.0
100.0
Renewable Development
Corran Environmental II LP
Scotland
AR
12.5
\u2013
Renewable Development
St Clements Services Limited
England and Wales
P
25.0
25.0
Utilities Software
A.3.1.4. Registered address key
Reference
Company registered address
A
Inveralmond House, 200 Dunkeld Road, Perth PH1 3AQ
B
No 1 Forbury Place, 43 Forbury Road, Reading RG1 3JH
Reference
Company registered address
C Red Oak South, South County Business Park, Leopardstown, Dublin 18
D Ocean Court, Caspian Road, Atlantic Street, Altrincham, WA14 5HH
E
Keadby Power Station, Trentside, Keadby, Scunthorpe, North Lincs DN17 3AZ
F
3
rd
Floor, Millennium House, 17\u201325 Great Victoria Street, Belfast, BT2 7AQ
G
Tower House, Loch Promenade, Douglas, Isle of Man
H
B\u00fcro M\u00fcnchen, Elektrastrasse 6, 81925, M\u00fcnchen, Germany
I The Gutters\u2019 Hut, North Ness Business Park, Lerwick, Shetland ZE1 0LZ
J
One Kingdom Street, London, United Kingdom, W2 6BD
K
10 Fleet Place, London, EC4M 7QS
L 6th Floor, South Bank House, Barrow Street, Dublin 4
M Lissarda Industrial Park, Lissarda, Macroom, County Cork
N
Oceanic Way, Marchwood Industrial Park, Marchwood, Southampton SO40 4BD
O
Severn Road, Hallen, Bristol, BS10 7SP
P
4 \u20136 Church Walk, Daventry, NN11 4BL
Q
Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R
Dunoge, Carrickmacross, Co. Monaghan, Ireland
S
Gorthleahy, Macroom, Co Cork, Ireland
T
c/o Fiduservice SA, Route de Beaumont 20, 1701 Freiburg, Switzerland
U
c/o Bird & Bird LLP, Maximiliansplatz 22, Munich 80333
V
Rm
1901
, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
W
United Agent Group Inc, 1521 Concord Pike, Suite 201, Wilmington DE 19803
X Towarowa no.28, suite 00\u2013839, Warsaw, Poland
Y
Roppongi Grand Tower, 3-2-1 Roppongi, Minato-ku, Tokyo, Japan
Z
Unit 42 Block 528, Grants View, Greenogue Business Park, Rathcoole, Dublin, Ireland
AA
Hofplein 20, Rotterdam, 3032 AC, Netherlands
AB
16
Kifissias Ave, 11526, Athens, Greece
AC
Viale Luca Gaurico, 9/11, 00143, Rome, Italy
AD
Spain: calle Buenos Aires, 12, 48.001, Bilbao, Spain
AE
97 all\u00e9e Alexandre Borodine, Immeuble C\u00e8dre 3, 69800, Saint Priest, France
AF
Saltend Power Station Saltend Chemicals Park, Hedon Road, Hull, East Riding of Yorkshire, England, HU12 8GA
AG
Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB
AH
22 Grenville Street, St Helier, Jersey, JE4 SPX
AI
Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF
AJ
Plac Marsza\u0142ka J\u00f3zefa Pi\u0142sudskiego 2 00-073 Warsaw
AK
Ground Floor, 36 Esplanade, Brighton, VIC 3186
AL
Suite 1 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL
AM
Main St, Newbridge, Kildare, Ireland
AN
Second Floor Eagle Court 2, Hatchford Way, Birmingham B26 3RZ
AO
Portalada, 50, 26.006, Logro\u00f1o (La Rioja), Spain
AP
Level 12, The Shard, 32 London Bridge Street, London, SE1 9SG
AQ
4th Floor, 7 Castle Street, Edinburgh, EH2 3AH
AR
10c Wester Coates Gardens, Edinburgh, EH12 5LT
A4. Joint ventures and associates
The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently
material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group:
Country Group
of Class of Proportion of Interest Year Consolidation
Company
Principal activity
incorporation shares held shares held % % end date basis
Seabank Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Power Generation
UK
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Limited
Power Generation
UK
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Seagreen Wind Energy Limited
Power Generation
UK
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Limited Power Generation
UK
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Power Generation
UK
Ordinary
50.1
50.1
31 March
Equity
Triton Power Holdings Limited
Power Generation
Jersey
Ordinary
50.0
50.0
31 December
Equity
Neos Networks Limited
Telecoms
UK
Ordinary
50.0
50.0
31 March
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
Offshore
Clyde Seagreen Beatrice Triton Wind Farm
Seabank Marchwood SSE Slough Windfarm Holdco 1 Offshore Dunmaglass Stronelairg Power Neos Project 1
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks Projco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
258.8
56.3
0.9
168.3
282.0
155.1
37. 1
90.7
811.5
122.3
0.5
69.3
2,052.8
Other income
\u2013
\u2013
\u2013
\u2013
220.3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
220.3
Depreciation and
amortisation
(6.9)
(39.7)
\u2013
(29.0)
(81.5)
(87.8)
(7.7)
(13.7)
(34.6)
(93.2)
(0.4)
(26.7)
(421.2)
Other operating
costs
(197.0)
(28.8)
(4.4)
(38.3)
(36.1)
(112.1)
(7.3)
(19.5)
(750.9)
(93.7)
(2.8)
(28.0)
(1,318.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
167.4
\u2013
\u2013
\u2013
(41.2)
\u2013
\u2013
\u2013
126.2
Operating profit
54.9
(12.2)
(3.5)
101.0
331.8
175.5
22.1
57.5
(15.2)
(64.6)
(2.7)
14.6
659.2
Interest expense
0.8
(3.2)
(0.5)
(16.8)
(121.0)
(62.2)
(5.8)
(10.8)
8.4
(20.4)
\u2013
(8.0)
(239.5)
Profit before tax
55.7
(15.4)
(4.0)
84.2
210.8
113.3
16.3
46.7
(6.8)
(85.0)
(2.7)
6.6
419.7
Corporation tax
(13.9)
1.0
(4.1)
(21.9)
(55.3)
(38.8)
(4.2)
(12.0)
(4.2)
\u2013
(0.7)
(3.8)
(157.9)
Profit after tax
41.8
(14.4)
(8.1)
62.3
155.5
74.5
12.1
34.7
(11.0)
(85.0)
(3.4)
2.8
261.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.2
\u2013
(46.3)
(1.4)
\u2013
\u2013
\u2013
\u2013
(31.9)
(46.6)
(126.0)
Taxation
\u2013
\u2013
(0.1)
\u2013
11.6
0.4
\u2013
\u2013
\u2013
\u2013
8.0
11.7
31.6
Total
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
comprehensive
income/(loss)
41.8
(14.4)
(8.0)
62.3
120.8
73.5
12.1
34.7
(11.0)
(85.0)
(27.3)
(32.1)
167.4
SSE share of
profit (based
on % equity)
20.9
(7. 2)
(4.0)
31.2
76.2
29.8
6.1
17.4
(5.5)
(42.5)
(1.4)
(6.9)
114.1
Dividends paid to
shareholders
38.0
14.3
\u2013
146.0
42.8
34.3
33.0
70.0
65.0
\u2013
\u2013
18.4
461.8
Non-current assets
89.5
124.1
192.5
537.9
3,556.6 1,873.1
173.3
316.3
432.9
538.0
3,115.0
4,866.1
15,815.3
Current assets
37.3
37.4
229.2
80.8
47.8
70.9
19.3
41.9
3.6
32.0
34.2
57.8
692.2
Cash and cash
equivalents
70.8
19.6
5.0
40.6
245.7
102.3
8.6
29.1
4.6
22.0
87.4
187.8
823.5
Current liabilities
(14.0)
(34.6)
(77.3)
(12.7)
(309.0)
(181.3)
(3.1)
(10.6)
(18.6)
(131.0)
(65.6)
(225.1)
(1,082.9)
Non-current
liabilities
(46.0)
(37.7)
(20.6)
(434.4)
(3,0
05.
8)
(1,752.9)
(145.4)
(261.4)
(328.9)
(346.0)
(2,726.1)
(4,138.2)
(13,243.4)
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group equity
interest
50.0%
50.0%
50.0%
50.1%
49.0%
40.0%
50.1%
50.1%
50.0%
50.0%
40.0%
\u2013
\u2013
Net assets
137.6
108.8
328.8
212.2
535.3
112.1
52.7
115.3
93.6
115.0
444.9
748.4
3,004.7
Group\u2019s share of
ownership
interest
68.8
54.4
164.4
106.1
262.3
44.8
26.4
57.8
46.8
57.5
178.0
324.3
1,391.6
Other
adjustments
(20.4)
(0.3)
(79.1)
32.6
224.8
(16.0)
66.9
208.3
108.8
(22.9)
2.3
66.6
571.6
Carrying value of
Group\u2019s equity
interest
48.4
54.1
85.3
138.7
487.1
28.8
93.3
266.1
155.6
34.6
180.3
390.9
1,963.2
(i)
(i) In addition to the above the following joint ventures and associates have an equity carrying value that constitutes a material investment of the group: Doggerbank Offshore Wind
Farm Project 2 Projco Limited \u00a3119.2m (2023: \u00a3129.8m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a387.3m (2023: \u00a386.2m) and Ossian Offshore Wind Farm Limited
\u00a355.3m (2023: \u00a341.3m).
(restated*)
Clyde Seagreen Beatrice Triton
Seabank Marchwood SSE Slough Windfarm Wind Offshore Dunmaglass Stronelairg Power Neos
Power Power Multifuel (Scotland) Energy Windfarm Wind Farm Wind Farm Holdings Networks
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Other Total
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
274.5
103.8
\u2013
297.5
95.2
376.5
68.7
151.5
1,628.7
159.2
62.3
3,217.9
Other income
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
\u2013
\u2013
\u2013
\u2013
\u2013
25.5
Depreciation and
amortisation
(6.9)
(30.7)
\u2013
(29.1)
(17.9)
(89.6)
(7.7)
(13.7)
(84.0)
(95.0)
(30.4)
(405.0)
Other operating
costs
(216.5)
(21.0)
\u2013
(56.8)
(40.8)
(94.8)
(12.6)
(28.0)
(415.1)
(80.3)
(40.1)
(1,006.0)
Operating profit
51.1
52.1
\u2013
211.6
36.5
217.6
48.4
109.8
1,129.6
(16.1)
(8.2)
1,832.4
Interest expense
(0.7)
(5.2)
\u2013
(18.4)
(20.7)
(65.4)
(6.1)
(12.1)
(2.4)
(20.7)
(3.0)
(154.7)
Profit before tax
50.4
46.9
\u2013
193.2
15.8
152.2
42.3
97.7
1,127.2
(36.8)
(11.2)
1,67
7.7
Corporation tax
(10.6)
(6.1)
\u2013
(35.6)
(3.8)
(26.0)
(8.1)
(19.1)
(179.2)
\u2013
(4.2)
(292.7)
Profit after tax
39.8
40.8
\u2013
157.6
12.0
126.2
34.2
78.6
948.0
(36.8)
(15.4)
1,385.0
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
6.2
\u2013
141.0
152.4
\u2013
\u2013
\u2013
\u2013
807.6
1,107. 2
Taxation
\u2013
\u2013
(1.6)
\u2013
(35.3)
(38.1)
\u2013
\u2013
\u2013
\u2013
(201.8)
(276.8)
\u2013
\u2013
4.6
\u2013
105.7
114.3
\u2013
\u2013
\u2013
\u2013
605.8
830.4
Total
comprehensive
income/(loss)
39.8
40.8
4.6
157.6
117.7
240.5
34.2
78.6
948.0
(36.8)
590.4
2,215.4
SSE share of
profit (based
on % equity)
19.9
20.4
\u2013
78.9
5.9
50.5
17.1
39.3
474.0
(18.4)
(24.0)
663.6
Dividends paid to
shareholders
47.0
22.4
\u2013
169.1
\u2013
146.5
35.2
93.6
101.4
\u2013
2.0
617.2
Non-current
assets
96.2
154.1
353.5
560.4
3,229.8
1,906.0
175.0
330.2
189.6
626.2
6,288.3
13,909.3
Current assets
48.8
53.5
10.0
119.0
19.4
50.5
27.5
58.2
507.0
41.9
59.9
995.7
Cash and cash
equivalents
69.3
32.8
8.4
83.4
86.4
91.3
19.0
48.3
16.7
23.3
86.1
565.0
Current liabilities
(19.1)
(38.3)
(23.6)
(20.4)
(57.2)
(176.3)
(4.6)
(19.8)
(301.7)
(144.0)
(246.8)
(1,051.8)
Non-current
liabilities
(61.6)
(65.9)
(265.2)
(437.3)
(2,870.7)
(1,800.4)
(139.3)
(259.0)
(18.0)
(353.1)
(5,241.9)
(11,512.4)
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group equity
interest
50%
50%
50%
50.1%
49%
40%
50.1%
50.1%
50%
50%
Net assets
133.6
136.2
83.1
305.1
407.7
71.1
77.6
157.9
393.6
194.3
945.6
2,905.8
Group\u2019s share of
ownership
interest
66.8
68.1
41.5
152.8
199.8
28.4
38.8
79.1
196.8
97.2
376.4
1,345.7
Other
adjustments
(20.3)
0.3
40.8
27.4
149.9
(15.3)
68.1
214.7
73.1
(22.5)
113.8
630.0
Carrying value of
Group\u2019s equity
interest
46.5
68.4
82.3
180.2
349.7
13.1
106.9
293.8
269.9
74.7
490.2
1,975.7
* The comparatives have been restated. See note 2.1.
In addition to the above at 31 March 2024, the Group was owed the following loans from its principal joint ventures: Marchwood Power
Limited \u00a312.2m (2023: \u00a325.7m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2023: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m
(2023: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2023: \u00a388.7m); Neos Networks Limited \u00a357.7m (2023: \u00a356.0m); Seagreen Wind
Energy Limited \u00a3686.4m (2023: \u00a3593.1m); SSE Slough Multifuel Limited \u00a3157.8m (2023: \u00a3128.0m) and Doggerbank A Offshore Windfarm
Limited \u00a387.7m (2023: \u00a3nil).
This represents 93% (2023: 96%) of the loans provided to equity-accounted joint ventures and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-768": { "value": "A3.1.1. Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Aberarder Wind Farm (Scotland) Limited
Scotland
A
100.0
100.0
Renewable Development
Aberarder Wind Farm LLP
England and Wales
B
100.0
100.0
Renewable Development
Abernedd Power Company Limited
England and Wales
B
100.0
100.0
Holding Company
Aichi Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Aichi Offshore Wind Power No. 2 G.K.
Japan
Y
80.0
80.0
Renewable Development
Airtricity Windfarm Finance Limited
Ireland
C
100.0
100.0
Holding Company
Aldbrough Pathfinder Limited
England and Wales
B
100.0
\u2013
Power Generation
Arklow Offshore Phase II Company Limited
Ireland
C
100.0
100.0
Dormant
Beithe (HK) Limited
Hong Kong
V
\u2013
100.0
Holding Company
Berwick Bank A Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank B Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank C Limited
England and Wales
B
100.0
100.0
Renewable Development
Berwick Bank Holdings A Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings B Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Holdings C Limited
England and Wales
B
100.0
100.0
Holding Company
Berwick Bank Wind Farm Limited
Scotland
A
100.0
100.0
Renewable Development
Bhlaraidh Extension Wind Farm Limited
Scotland
A
100.0
\u2013
Power Generation
Bhlaraidh Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Bindoo Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
BOC1234
Limited
Scotland
A
\u2013
100.0
Dissolved
Brickmount Limited
Ireland
C
100.0
100.0
Power Generation
Building Automation Solutions Limited
England and Wales
D
100.0
100.0
Dormant
By-Pass Farm Solar Limited
England and Wales
B
100.0
*
100.0
*
Power Generation
Coire Glas Hydro Pumped Storage Limited
Scotland
A
100.0
100.0
Power Generation
Comhlacht Gaoithe Teoranta
Ireland
C
100.0
100.0
Power Generation
Coomacheo Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Coomatallin Windfarm (ROI) Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Curragh Mountain Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Dedondo Limited
Ireland
C
100.0
100.0
Power Generation
Dromada Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Drumnahough Wind Farm Designated Activity
Ireland
C
100.0
100.0
Power Generation
Company
Enerfarm 3 Single Member S.A. Renewable
Greece
AB
100.0
100.0
Renewable Development
Energy Sources
Energia Levante S.r.l.
Italy
AC
100.0
100.0
Renewable Development
Energiaki Kleidi Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Mavrovouniou Single Member Private
Greece
AB
100.0
*
100.0
*
Renewable Development
Company
Energiaki Mesovouniou Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Energiaki Platorrachis Single Member S.A.
Greece
AB
100.0
*
100.0
*
Renewable Development
Energiaki Velanidias Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
Enerveo Ireland Limited
Ireland
Z
100.0
\u2013
Contracting
Enerveo Limited
England and Wales
AN
100.0
\u2013
Contracting
Enshunada Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Ferrybridge Hydrogen Limited
England and Wales
B
100.0
\u2013
Power Generation
Fibre Fuel Limited
England and Wales
B
100.0
100.0
Dormant
Fibre Power (Slough) Limited
England and Wales
B
100.0
100.0
Power Generation
Galway Wind Park Phase 3 Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Ganderoy Limited
Ireland
C
100.0
100.0
Power Generation
Gartnaneane Limited
Ireland
C
100.0
*
100.0
*
Power Generation
Glenora Wind Farm Designated Activity
Ireland
C
100.0
100.0
Renewable Development
Company
Goto-Fukue Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Green Wind Energy (Wexford) Limited
Ireland
C
100.0
*
100.0
*
Renewable Development
Griffin Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Hadyard Hill Wind Farm Limited
Scotland
A
\u2013
100.0
Dormant
Hydro Electric Pension Scheme Trustees Limited
Scotland
A
100.0
100.0
Dormant
Izu Islands Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Keadby Developments Limited
England and Wales
E
100.0
100.0
Dormant
Keadby Generation Limited
England and Wales
E
100.0
100.0
Power Generation
Keadby Wind Farm Limited
England and Wales
B
100.0
100.0
Power Generation
Leanamore Wind Farm Limited
Ireland
C
100.0
100.0
Power Generation
Limerick West Windfarm Limited
Ireland
C
100.0
100.0
Power Generation
Littleton Pastures Solar Limited
England and Wales
B
100.0
100.0
Power Generation
March Winds Limited
Ireland
C
100.0
100.0
Power Generation
Medway Power Limited
England and Wales
B
100.0
100.0
Power Generation
Meentycat Limited
Ireland
C
100.0
100.0
Power Generation
Milane Holdings Limited
Ireland
C
100.0
100.0
Dormant
Minami-Izu Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Mullananalt Wind Farm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Niigata Offshore Wind Power No. 1 G.K.
Japan
Y
80.0
80.0
Renewable Development
Oki Islands Offshore Wind Power G.K.
Japan
Y
80.0
80.0
Renewable Development
Optimal Power Networks Limited
England and Wales
B
100.0
100.0
Construction of utility
projects
Platin Power Limited
Ireland
C
100.0
100.0
Dormant
Pomerania PV sp z.o.o. (formerly Optisol 4 sp
Poland
AJ
100.0
\u2013
Renewable Development
z.o.o)
Power from Waste Limited
England and Wales
B
100.0
100.0
Dormant
Richfield Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Scottish and Southern Energy Power
Scotland
A
100.0
100.0
Holding Company
Distribution Limited
Scottish Hydro Electric Power Distribution plc
Scotland
A
100.0
100.0
Power Distribution
Scottish Hydro Electric Transmission plc
Scotland
A
75.0
75.0
Power Transmission
Sheskin South Renewables Power Designated
Ireland
C
100.0
100.0
Renewable Development
Activity Company
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ariel S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Boreas S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Carril S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos del Sur S.A.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Eolo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Gregal S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ladera Negra, S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Loma del Reposo S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Marte S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Mercurio S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Neptuno S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Terral S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Tomillo S.A. U.
Spain
AD
100.0
100.0
Renewable Development
Sistemas Energ\u00e9ticos Urano S.L. U.
Spain
AD
100.0
100.0
Renewable Development
Slough Domestic Electricity Limited
England and Wales
B
100.0
100.0
Dormant
Slough Electricity Contracts Limited
England and Wales
B
100.0
100.0
Electricity Contracting
Slough Energy Supplies Limited
England and Wales
B
100.0
100.0
Dormant
Slough Heat & Power Limited
England and Wales
B
100.0
100.0
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
Slough Utility Services Limited
England and Wales
B
100.0
100.0
Distribution of Electricity
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
France
AE
100.0
\u2013
Electricity Storage
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
France
AE
100.0
\u2013
Power Generation
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Belle
France
AE
100.0
100.0
Renewable Development
Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
France
AE
100.0
100.0
Renewable Development
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
France
AE
100.0
100.0
Renewable Development
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
France
AE
100.0
100.0
Renewable Development
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
la Voie Pou\u00e7oise
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins
France
AE
100.0
100.0
Renewable Development
du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
France
AE
100.0
100.0
Renewable Development
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
France
AE
100.0
\u2013
Power Generation
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Souvans
France
AE
100.0
100.0
Renewable Development
SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
France
AE
100.0
100.0
Renewable Development
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
France
AE
100.0
100.0
Renewable Development
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
France
AE
100.0
100.0
Renewable Development
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
France
AE
100.0
100.0
Renewable Development
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
France
AE
100.0
100.0
Renewable Development
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
France
AE
100.0
100.0
Renewable Development
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux
France
AE
100.0
100.0
Renewable Development
SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Pi\u00e8ce du Moulin SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SARL
France
AE
100.0
100.0
Renewable Development
(formerly Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
France
AE
100.0
\u2013
Power Generation
Southern Electric Power Distribution plc
England and Wales
B
100.0
100.0
Power Distribution
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SPV Parco Eolico Libeccio S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Maestrale S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SPV Parco Eolico Tramontana S.r.l.
Italy
AC
100.0
100.0
Renewable Development
SSE Airtricity Distributed Energy Limited
Ireland
C
100.0
100.0
Power Distribution
SSE Airtricity Energy Services Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Airtricity Energy Services (NI) Limited
Northern Ireland
Q
100.0
100.0
Energy Related Services
(formerly Fusion Heating Limited)
SSE Airtricity Energy Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Gas Supply (NI) Limited
Northern Ireland
F
100.0
100.0
Energy Supply
SSE Airtricity Limited
Ireland
C
100.0
100.0
Energy Supply
SSE Battery Monk Fryston Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Battery Salisbury Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Beatrice Offshore Windfarm Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE BTM HoldCo Limited
England and Wales
B
100.0
100.0
Holding Company
SSE BTM Operational Assets Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Contracting Group Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Cottered Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Cumars\u00e1id Teoranta
Ireland
C
100.0
100.0
Telecommunications
SSE Daines BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE DE EV Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE DE Solar Holdco Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Derrymeen BESS Limited (formerly Heron
Northern Ireland
F
100.0
\u2013
Renewable Development
Storage No. 1 Limited)
SSE Digital Services Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Eggborough Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Energy Markets Limited (formerly SSE EPM
England and Wales
B
100.0
100.0
Energy Trading
Limited)
SSE Energy Supply Limited
England and Wales
B
100.0
100.0
Energy Supply
SSE Enterprise Limited
England and Wales
B
100.0
100.0
Corporate Services
SSE EV M7 Limited
England and Wales
B
100.0
100.0
Power Generation
SSE EV Operational Assets Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Ewerby Solar Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Ewerby Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Fancott BESS Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Ferrybridge Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Fiddlers Ferry Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Foxholes Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Galloper Offshore Windfarm Holdings
England and Wales
B
\u2013
100.0
Holding Company
Limited
SSE Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Generation Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Group Limited
Scotland
A
100.0
100.0
Dormant
SSE Heat Networks (Battersea) Limited
England and Wales
B
100.0
100.0
Dormant
SSE Heat Networks Limited
Scotland
A
100.0
100.0
Utility Services
SSE Hornsea Limited
England and Wales
B
100.0
100.0
Gas Storage
SSE Hydrogen Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Hydrogen Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE IAMP Microgrid Limited
England and Wales
B
100.0
\u2013
Utility Services
SSE Imperial Park PN Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Insurance Limited
Isle of Man
G
100.0
100.0
Insurance
SSE Knapthorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Low Carbon Developments Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Low Carbon Holdings Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Maple Limited
England and Wales
B
100.0
100.0
Investment Holding
SSE Medway Operations Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Micro Renewables Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Multifuel Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Muskham Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Newchurch Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE OWS Glasgow Limited
Scotland
A
100.0
100.0
Property Holding
SSE Pacifico K.K.
Japan
Y
80.0
80.0
Renewable Development
SSE Private Networks Holdco Limited
England and Wales
B
100.0
\u2013
Holding Company
SSE Production Services Limited
England and Wales
B
100.0
100.0
Maintenance Services
SSE Renewables France SARL (formerly Soci\u00e9t\u00e9
France
AE
100.0
100.0
Renewable Development
d\u2019Exploitation du Parc Eolien de Broyes SARL)
SSE Renewables (Ireland) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Iris Solar 1 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL3 sp. z o.o.)
SSE Renewables Iris Solar 2 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL20 sp. z o.o)
SSE Renewables Iris Solar 3 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL22 sp. z o.o.)
SSE Renewables Iris Solar 4 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL23 sp. z o.o.)
SSE Renewables Iris Solar 5 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL24 sp. z o.o.)
SSE Renewables Iris Solar 6 sp. z o.o.
Poland
AJ
100.0
\u2013
Renewable Development
(formerly IBC SE PL34 sp. z o.o.)
SSE Renewables (Netherlands) Holdings B.V.
Netherlands
AA
100.0
100.0
Holding Company
SSE Renewables Developments (Germany)
Germany
U
100.0
100.0
Renewable Development
GmbH
SSE Renewables Developments (The
Netherlands) B.V.
Netherlands
AA
100.0
\u2013
Renewable Development
SSE Renewables Generation Ireland Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Hellas Single Member S.A.
Greece
AB
100.0
100.0
Renewable Development
(formerly Energiaki Voursana Single Member
S.A.)
SSE Renewables Holdings (Europe) Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Holdings (UK) Limited
Northern Ireland
F
100.0
100.0
Holding Company
SSE Renewables Holdings Germany GmbH
Germany
H
\u2013
100.0
Dormant
SSE Renewables Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables International Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables North America Inc.
United States
W
100.0
100.0
Renewable Development
SSE Renewables North America Offshore
United States
W
100.0
100.0
Renewable Development
Wind LLC.
SSE Renewables North America Services Inc
United States
W
100.0
100.0
Renewable Development
SSE Renewables Off Shore Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Offshore Windfarm Holdings
Scotland
A
100.0
100.0
Holding Company
Limited
SSE Renewables Onshore Windfarm Holdings
Northern Ireland
F
100.0
100.0
Holding Company
Limited
SSE Renewables Poland Holdings Limited
Scotland
A
100.0
100.0
Holding Company
SSE Renewables Poland sp z.o.o.
Poland
X
100.0
100.0
Renewable Development
SSE Renewables Services (UK) Limited
Northern Ireland
F
100.0
100.0
Renewable Development
SSE Renewables Solar & Battery Holdings
England and Wales
B
100.0
100.0
Holding Company
Limited (formerly SSE DE Battery Holdco
Limited)
SSE Renewables UK Limited
Northern Ireland
F
100.0
100.0
Power Generation
SSE Renewables Wind (Ireland) Holdings Limited
Ireland
C
100.0
100.0
Holding Company
SSE Renewables Wind Farms (Ireland) Limited
Ireland
C
100.0
100.0
Power Generation
SSE Renewables Wind Farms (UK) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Retail Limited
Scotland
A
100.0
100.0
Energy Related Services
SSE Seabank Investments Limited
England and Wales
B
100.0
100.0
Dormant
Registered 2024 2023
address Holding Holding
Company
Country of incorporation
(key) %
%
Principal activity
SSE Seabank Land Investments Limited
England and Wales
B
100.0
100.0
Dormant
SSE Services plc
England and Wales
B
100.0
100.0
Corporate Services
SSE Southern Group Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Staythorpe Battery Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Power Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe SGT Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Staythorpe Solar Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Southery Solar Limited
England and Wales
B
100.0
\u2013
Power Generation
SSE Stock Limited
Scotland
A
100.0
100.0
Stock Holding
SSE Sunflower Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 1 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 2 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
100.0
Renewable Development
Partner 3 B.V.
SSE Sunflower Offshore Wind Limited
Netherlands
AA
100.0
\u2013
Renewable Development
Partner 4 B.V.
SSE Thermal Energy Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Thermal Energy Operations Limited
England and Wales
B
100.0
100.0
Power Generation
SSE Thermal Generation (Scotland) Limited
Scotland
A
100.0
100.0
Power Generation
SSE Thermal Generation Holdings Limited
England and Wales
B
100.0
100.0
Holding Company
SSE Toddleburn Limited
Scotland
A
100.0
100.0
Power Generation
SSE Trading Limited
England and Wales
B
100.0
100.0
Energy Trading
SSE Trustees Limited
England and Wales
B
100.0
100.0
Dormant
SSE Tulip Offshore Wind Holdco B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 1 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 2 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Tulip Offshore Wind Limited Partner 3 B.V.
Netherlands
AA
100.0
100.0
Renewable Development
SSE Utility Solutions Limited
England and Wales
B
100.0
100.0
Utility Services
SSE Venture Capital Limited
Scotland
A
100.0
100.0
Investment Holding
SSE Viking Limited
England and Wales
B
100.0
100.0
Renewable Development
SSE(SE) Quest Trustee Limited
England and Wales
B
100.0
100.0
Dormant
SSE Yuza Offshore Wind Power G.K. (formerly
Japan
Y
80.0
\u2013
Renewable Development
SSE Happo-Nishiro Offshore Wind Power
G.K.)
SSEN Distribution Limited
Scotland
A
100.0
100.0
Holding Company
SSEPG (Operations) Limited
England and Wales
B
100.0
100.0
Power Generation
Strathy Wind Farm Limited
Scotland
A
100.0
100.0
Power Generation
Sure Partners Limited
Ireland
C
100.0
100.0
Renewable Development
S + S Limited
Scotland
A
100.0
100.0
Dormant
Tealing Solar Park Limited
England and Wales
B
100.0
100.0
Power Generation
TESGL Limited
England and Wales
D
100.0
100.0
Building Energy
Management
The Energy Solutions Group Bidco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Midco Limited
England and Wales
D
100.0
100.0
Dormant
The Energy Solutions Group Topco Limited
England and Wales
D
100.0
100.0
Dormant
Tokushima Offshore Wind Power G.K.
Japan
Y
80.0
\u2013
Renewable Development
Tournafulla Windfarm (ROI) Limited
Ireland
C
100.0
100.0
Power Generation
Viking Energy (Scottish Partnership)
Scotland
I
100.0
100.0
Renewable Development
Viking Energy Wind Farm LLP
Scotland
A
100.0
100.0
Renewable Development
Wakayama-West Offshore Wind Power No. 1
Japan
Y
80.0
80.0
Renewable Development
G.K.
Wakayama-West Offshore Wind Power No.2
Japan
Y
80.0
80.0
Renewable Development
G.K.
All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held Statutory audit exemptions SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006.
Registered
Company number
Aberarder Wind Farm (Scotland) Limited
SC746968
Aberarder Wind Farm LLP
OC398487
Bhlaraidh Wind Farm Limited
SC663027
Fibre Fuel Limited
02902165
Fibre Power (Slough) Limited
02902170
Keadby Wind Farm Limited
06852112
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited (formerly Fusion Heating Limited)
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM HoldCo Limited
14413957
SSE BTM Operational Assets Limited
14885059
SSE DE EV Holdco Limited
14278443
SSE DE Solar HoldCo Limited
14189570
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE EV M7 Limited
14418288
SSE EV Operational Assets Limited
14401537
SSE Group Limited
SC126049
SSE Imperial Park PN Limited
02631510
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE OWS Glasgow Limited
SC228283
SSE Private Networks Holdco Limited
14921243
SSE Production Services Limited
02499702
SSE Renewables Holdings (UK) Limited
NI043239
SSE Renewables Offshore Windfarm Holdings Limited
SC436251
SSE Renewables Onshore Windfarm Holdings Limited
NI049557
SSE Renewables Poland Holdings Limited
SC723844
SSE Renewables Solar & Battery Holdings Limited (formerly SSE DE Battery Holdco Limited)
13561962
SSE Renewables UK Limited
NI048447
SSE Renewables Wind Farms (UK) Limited
SC654502
SSE Retail Limited
SC213458
SSE Seabank Investments Limited
02631512
SSE Seabank Land Investments Limited
07877772
SSE Southery Solar Limited
14953142
SSE Staythorpe Battery Limited
14046860
SSE Staythorpe Power Limited
14043534
SSE Staythorpe SGT Limited
14046946
SSE Staythorpe Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Toddleburn Limited
SC259104
SSE Viking Limited
06021053
SSE(SE) Quest Trustee Limited
03487059
SSEPG (Operations) Limited
02764438
Strathy Wind Farm Limited
SC663103
Tealing Solar Park Limited
08783684
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-725": { "value": "A5. Related party transactions The immediate parent and ultimate controlling party of the Group is SSE plc (incorporated in Scotland). Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Trading transactions The following transactions took place during the year between the Group and entities which are related to the Group, but which are not members of the Group. Related parties are defined as those in which the Group has control, joint control or significant influence over.
2024
2024
2024
2024
2023
2023
2023
2023
Purchase of Purchase of
Sale of goods goods and Amounts Amounts Sale of goods goods and Amounts Amounts
and services services owed from owed to and services services owed from owed to
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures:
Marchwood Power Limited
42.6
(63.2)
\u2013
(13.0)
122.4
(228.5)
\u2013
(16.8)
Clyde Windfarm (Scotland) Limited
5.6
(153.9)
\u2013
(48.7)
4.8
(280.5)
0.1
(49.5)
Beatrice Offshore Windfarm Limited
4.8
(75.5)
2.0
(6.8)
4.7
(176.5)
1.0
(8.7)
Stronelairg Windfarm Limited
2.5
(75.6)
\u2013
(20.8)
2.4
(146.2)
\u2013
(21.7)
Dunmaglass Windfarm Limited
1.1
(32.2)
\u2013
(8.6)
1.1
(66.4)
\u2013
(9.1)
Neos Networks Limited
3.8
(28.5)
6.1
(4.7)
3.8
(23.8)
46.2
(5.8)
Seagreen Wind Energy Limited
19.8
(113.4)
11.3
(11.7)
35.2
(44.4)
22.9
(7.5)
Doggerbank A, B, C and D
36.5
\u2013
10.7
\u2013
25.4
\u2013
7.6
\u2013
Other Joint Ventures
18.0
(209.4)
6.7
(63.9)
14.0
(219.2)
1.1
(50.8)
The transactions with Marchwood Power Limited relate to the contracts for the provision of energy or the tolling of energy under power purchase arrangements. Details of the Group\u2019s 15-year Affiliate Contract for Difference agreement with Seagreen Wind Energy Limited are included in note A7. 2. The amounts outstanding are trading balances, are unsecured and will be settled in cash. No provisions have been made for doubtful debts in respect of the amounts owed by related parties. Aggregate capital loans to joint ventures and associates are shown in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-769": { "value": "
Trading transactions
The following transactions took place during the year between the Group and entities which are related to the Group, but which are not
members of the Group. Related parties are defined as those in which the Group has control, joint control or significant influence over.
2024
2024
2024
2024
2023
2023
2023
2023
Purchase of Purchase of
Sale of goods goods and Amounts Amounts Sale of goods goods and Amounts Amounts
and services services owed from owed to and services services owed from owed to
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint ventures:
Marchwood Power Limited
42.6
(63.2)
\u2013
(13.0)
122.4
(228.5)
\u2013
(16.8)
Clyde Windfarm (Scotland) Limited
5.6
(153.9)
\u2013
(48.7)
4.8
(280.5)
0.1
(49.5)
Beatrice Offshore Windfarm Limited
4.8
(75.5)
2.0
(6.8)
4.7
(176.5)
1.0
(8.7)
Stronelairg Windfarm Limited
2.5
(75.6)
\u2013
(20.8)
2.4
(146.2)
\u2013
(21.7)
Dunmaglass Windfarm Limited
1.1
(32.2)
\u2013
(8.6)
1.1
(66.4)
\u2013
(9.1)
Neos Networks Limited
3.8
(28.5)
6.1
(4.7)
3.8
(23.8)
46.2
(5.8)
Seagreen Wind Energy Limited
19.8
(113.4)
11.3
(11.7)
35.2
(44.4)
22.9
(7.5)
Doggerbank A, B, C and D
36.5
\u2013
10.7
\u2013
25.4
\u2013
7.6
\u2013
Other Joint Ventures
18.0
(209.4)
6.7
(63.9)
14.0
(219.2)
1.1
(50.8)
The transactions with Marchwood Power Limited relate to the contracts for the provision of energy or the tolling of energy under power
purchase arrangements.
Details of the Group\u2019s 15-year Affiliate Contract for Difference agreement with Seagreen Wind Energy Limited are included in note A7. 2.
The amounts outstanding are trading balances, are unsecured and will be settled in cash. No provisions have been made for doubtful debts
in respect of the amounts owed by related parties. Aggregate capital loans to joint ventures and associates are shown in note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-726": { "value": "
A6. Financial risk management
This note presents information about the fair value of the Group\u2019s financial instruments, the Group\u2019s exposure to the risks associated with
those instruments, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of
capital. Further qualitative disclosures are included throughout these consolidated financial statements.
The Group has exposure to the following risks from its use of financial instruments:
\u2013 Credit risk
\u2013 Liquidity risk
\u2013 Commodity risk
\u2013 Currency risk
\u2013 Interest rate risk
The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s policies
for risk management are established to identify the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks
and adherence to limits. Exposure to commodity, currency and interest rate risks arise in the normal course of the Group\u2019s business and
derivative financial instruments are entered into to hedge exposure to these risks.
SSE has a Group wide Risk Committee reporting to the Group Executive Committee, which is responsible for reviewing the strategic,
market, credit, operational and liquidity risks and exposures that arise from the Group\u2019s operating activities. In addition, the Group has two
dedicated Energy Market risk committees reporting to the Group Executive Committee and Board respectively, with the Group Executive
Sub-committee chaired by the Chief Financial Officer (the \u201cGroup Energy Markets Exposures Risk Committee\u201d) and the Board Sub-
committee chaired by Non-Executive Director Tony Cocker (the \u201cEnergy Markets Risk Committee (EMRC)\u201d). These Committees oversee
the Group\u2019s management of its energy market exposures, including its approach to hedging.
During the year ended 31 March 2024, the Group continued to be exposed to the economic conditions impacting the primary
commodities to which it is exposed (Gas, Carbon and Power). The Group\u2019s approach to hedging, and the diversity of its energy portfolios
(across Wind, Hydro, Thermal and Customers) has provided certain mitigation of these exposures.
At 31 March, the Group\u2019s collateral position was as follows:
2024 2023
Note \u00a3m \u00a3m
Collateral posted included within trade and other receivables
18
9.3
316.3
Collateral held included within trade and other payables
19
(362.5)
\u2013
Net collateral posted
(353.2)
316.3
Exposure to the commodity, currency and interest rate risks noted arise in the normal course of the Group\u2019s business and derivative
financial instruments are entered into to hedge exposure to these risks. The objectives and policies for holding or issuing financial
instruments and similar contracts, and the strategies for achieving those objectives that have been followed during the year are explained
below.
A6.1. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations.
Credit risk arising from the Group\u2019s normal commercial operations is controlled by individual business units operating in accordance with
Group policies and procedures. Generally, for significant contracts, individual business units enter into contracts or agreements with
counterparties having investment grade credit ratings only, or where suitable collateral or other security has been provided. Counterparty
credit validation is undertaken prior to contractual commitment.
Credit risk management for the Group\u2019s SSEN Transmission and SSEN Distribution businesses is performed in accordance with industry
standards as set out by the Regulator and is financially controlled by the individual business units. The Group\u2019s greatest credit risks lie
with the operations of the Customers business, the wholesale procurement activities conducted by SSE Energy Markets under a trust
arrangement and the activities carried out by the Group\u2019s Treasury function. In all cases, specific credit risk controls that match the risk
profile of those activities are applied. Exposure to credit risk in the retail supply of electricity and gas to end user customers arises from
the potential of a customer defaulting on their invoiced payables. The Group exposure to domestic retail supply customers is limited to
customers of the Group\u2019s Airtricity business. The creditworthiness of these customers is reviewed from a variety of internal and external
information. The financial strength and creditworthiness of business customers is assessed prior to commencing, and for the duration of,
their contract of supply.
Exposure to credit risk in the procurement of wholesale energy and fuel is managed by reference to agreed transaction credit limits which
are determined by whether the counterparty:
\u2013 holds an investment grade credit rating; or
\u2013 can be assessed as adequately creditworthy in accordance with internal credit rules using information from other external credit
agencies; or
\u2013 can provide a guarantee from an investment grade rated entity or post suitable collateral or provide other acceptable assurances in
accordance with group procedures where they have failed to meet the above conditions; or
\u2013 can be allocated a non-standard credit limit approved by the relevant authority as delegated by the Group Board.
Credit support clauses and Master Netting Agreements are typically included or entered into in order to mitigate the impact to the Group
against counterparty failure or non-delivery. As part of its normal activities, SSE Energy Markets transacts significant volumes of commodity
derivative products through cleared exchanges to mitigate credit risk. Such exchanges are subject to strict regulation by the UK Financial
Conduct Authority (FCA) and participants in these exchanges are obliged to meet rigorous capital adequacy requirements.
Individual counterparty credit exposures are monitored regularly and are subject to approved limits. At 31 March 2024, SSE Energy Markets
had pledged no cash collateral (2023: \u00a3316.3m) and \u00a3459.9m (2023: \u00a3443.6m) of letters of credit, and had received \u00a3353.2m (2023: none)
of cash collateral and \u00a3130.8m (2023: \u00a3110.8m) of letters of credit principally to reduce exposures on credit risk.
Bank credit exposures, which are monitored and reported on daily, are calculated on a mark-to-market basis and adjusted for future
volatility and probability of default. Any issues relating to these credit exposures are presented for discussion and review by the Tax and
Treasury Committee.
Credit exposure also exists in relation to financial guarantees issued by Group companies under which the total outstanding exposure
at 31 March 2024 was \u00a3684.9m (2023: \u00a3869.7m) in respect of liabilities of joint ventures and associates and \u00a3479.3m (2023: \u00a3633.3m) in
respect of the liabilities of former subsidiaries. An amount of \u00a339.5m (2023: \u00a370.9m) is recorded as a liability at 31 March 2024 in respect of
the carrying value of these guarantees. Expected loss allowances for financial guarantee contracts have been reviewed at the balance sheet
date and will be reviewed on an annual basis.
Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject to insignificant risk
of change in value or credit risk.
Derivative financial instruments are entered into to cover the Group\u2019s market risks \u2013 commodity risk, interest rate risk, currency risk \u2013 and
are consequently covered elsewhere in this note.
Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment.
A6.2. Concentrations of risk
Trade receivables recorded by reported segment held at the 31 March were:
2024 2023
\u00a3m \u00a3m
SSEN Transmission
5.9
8.0
SSEN Distribution
133.5
137.2
SSE Renewables
97.9
88.3
SSE Thermal
39.1
41.0
Gas Storage
1.0
1.5
Energy Customer Solutions
SSE Business Energy
545.4
386.9
SSE Airtricity
115.5
125.1
SSE Enterprise
12.3
31.8
SSE Energy Markets
311.7
567.5
Corporate Unallocated
43.2
16.7
Total SSE Group
1,305.5
1,404.0
Energy Customers Solution (SSE Business Energy and SSE Airtricity) accounts for 50.6% (2023: 36.5%) of the Group\u2019s trade receivables from
continuing operations. Trade receivables associated with the Group\u2019s 1.1 million electricity and gas customers are recorded within this
business unit. The Group also has significant trade receivables associated with its SSE Energy Markets activities which are generally settled
within two to four weeks from invoicing. The Group\u2019s exposure to credit risk is therefore subject to diversification with no exposure to
individual retail customers totalling >10% of trade receivables. The largest customer balance, due from a SSE Energy Markets customer (also
a SSE Energy Markets supplier), is 3% (2023: 8%) of the total trade receivables.
The ageing of trade receivables at the reporting date was:
2024 2023
\u00a3m \u00a3m
Not past due
962.6
1,229.0
Past due but not individually impaired:
0 \u2013 30 days
132.5
116.3
31 \u2013 90 days
119.9
65.6
Over 90 days
343.9
162.3
1,558.9
1,573.2
Less: allowance for impairment
(253.4)
(169.2)
Net trade receivables
1,305.5
1,404.0
The Group has past due debt which has not had an impairment allowance set aside to cover potential credit losses. The Group has certain
procedures to pursue customers in significant arrears and believes its impairment policy in relation to such balances is appropriate. The
increased ageing of the trade receivables results in an increase in provisions held in respect of them under the provision matrix approach
employed. The increase in aged debt across all periods is predominantly due to factors associated with the migration of SSE Business
Energy customer accounts and balances to a new billing system and associated issues relating to collection activities alongside other wider
economic factors such as lower levels of government support to customers. This factor and the associated increase in subjectivity related
is commented upon in Note 4.3(iii). The Group also considers various risk factors when assessing the level of provision to recognise.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery.
The Group has other receivables which are financial assets totalling \u00a34.1m (2023: \u00a312.8m).
The movement in the allowance for impairment of trade receivables (continuing operations only) was:
2024 2023
\u00a3m \u00a3m
Balance at 1 April
169.2
78.2
Increase/(decrease) in allowance for impairment
121.5
116.8
Impairment losses recognised
(37.3)
(25.8)
Balance at 31 March
253.4
169.2
A6.3. Liquidity risk and Going Concern
Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The
Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements,
the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes.
Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and
foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term
liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s
operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury
Committee and Audit Committee.
In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed
borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period.
The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term
borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money
market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities
listed at note 21.3, the Group has a \u00a315m overdraft facility.
The refinancing requirement in the 24/25 financial year is \u00a31.1bn, being the \u00a3852m of short-term Commercial Paper that matures between
April and May, and $320m (\u00a3204m) of US Private Placement maturing 16 April 2024. The Directors are confident in the ability of the Group
to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing
history of the Group for both fixed debt and commercial paper, as discussed more fully below.
Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the
Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent
company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account
the Group\u2019s credit rating and the successful issuance of \u00a315.5bn of medium to long term debt and Hybrid equity since February 2012,
including \u00a31.1bn of long term funding in the 23/24 financial year being a \u20ac750m 8 year Eurobond at 4.0% in August 2023 for SSE plc and a
20 year \u00a3500m Eurobond at a coupon of 5.5% for Scottish Hydro Electric Transmission plc.
The Group\u2019s period of Going Concern assessment is performed to 31 December 2025, 21 months from the balance sheet date, which is
at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern
conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of
proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and
other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenants in
the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December
2025. The statement of going concern is included in the Audit Committee Report.
As at 31 March 2024, the net value of outstanding cash collateral held in respect of mark-to-market related margin calls on exchange
traded positions was \u00a3353.2m (2023: cash posted \u00a3316.3m).
The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial
instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual
cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index as
at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to the
length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have been
calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a choice
of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity.
The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of netting
agreements:
2024
2024
2024
2024
2024
2024
Carrying Contractual 0 \u2013 12 1\u20132 2\u20135 > 5
value cash flows months years years years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
840.4
(852.4)
(852.4)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(244.3)
(11.1)
(11.1)
(222.1)
\u2013
Loans \u2013 fixed
1,367.0
(1,883.2)
(255.7)
(47.1)
(445.5)
(1,134.9)
Unsecured bonds \u2013 fixed
6,317.9
(8,964.7)
(218.8)
(1,174.7)
(856.4)
(6,714.8)
Fair value adjustment
0.9
\u2013
\u2013
\u2013
\u2013
\u2013
8,726.2
(11,944.6)
(1,338.0)
(1,232.9)
(1,524.0)
(7,849.7)
Lease liabilities
407.5
(616.5)
(91.8)
(54.1)
(142.1)
(328.5)
9,133.7
(12,561.1)
(1,429.8)
(1,287.0)
(1,666.1)
(8,178.2)
Derivative financial liabilities
Operating derivatives designated at fair value
428.4
(904.4)
(1,239.2)
(73.2)
90.2
317.8
Interest rate swaps used for hedging
57.4
(57.4)
(26.1)
(10.6)
(16.9)
(3.8)
Interest rate swaps designated at fair value
38.4
(38.4)
(5.2)
(5.2)
(9.8)
(18.2)
Forward foreign exchange contracts held for hedging
30.5
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
Forward foreign exchange contracts designated
at fair value
12.7
377.1
352.2
22.1
2.8
\u2013
567.4
(1,964.0)
(1,476.0)
(166.7)
(581.3)
260.0
Other financial liabilities
Trade payables
656.7
(656.7)
(656.7)
\u2013
\u2013
\u2013
Financial guarantee liabilities
39.5
(39.5)
(2.9)
(2.7)
(7.8)
(26.1)
696.2
(696.2)
(659.6)
(2.7)
(7.8)
(26.1)
Total
10,397. 3
(15,221.3)
(3,565.4)
(1,456.4)
(2,255.2)
(7,944.3)
Derivative financial assets
Financing derivatives
(120.5)
(168.3)
(179.7)
(1.3)
12.7
\u2013
Operating derivatives designated at fair value
(479.8)
761.6
756.7
6.6
(1.7)
\u2013
(600.3)
593.3
577.0
5.3
11.0
\u2013
Net total
9,797.0
(14,628.0)
(2,988.4)
(1,451.1)
(2,244.2)
(7,944.3)
(i)
(restated*)
2023
2023
2023
2023
2023
2023
Carrying Contractual 0 \u2013 12 1 \u2013 2 2 \u2013 5 > 5
value cash flows months years years years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
1,019.2
(1,029.8)
(1,029.8)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(253.4)
(10.7)
(10.7)
(232.0)
\u2013
Loans \u2013 fixed
1,574.7
(2,064.5)
(96.5)
(194.3)
(917.7)
(856.0)
Unsecured bonds \u2013 fixed
5,705.5
(7,596.0)
(182.8)
(681.3)
(2,040.7)
(4,691.2)
Fair value adjustment
154.6
\u2013
\u2013
\u2013
\u2013
\u2013
8,654.0
(10,943.7)
(1,319.8)
(886.3)
(3,190.4)
(5,547. 2)
Lease liabilities
405.9
(613.0)
(94.5)
(55.8)
(146.6)
(316.1)
Derivative financial liabilities
9,059.9
(11,556.7)
(1,414.3)
(942.1)
(3,337.0)
(5,863.3)
Operating derivatives designated at fair value
1,152.8
(1,841.9)
(1,770.2)
(97.5)
1.0
24.8
Interest rate swaps used for hedging
37.4
(37.4)
(8.5)
(8.5)
(17.2)
(3.2)
Interest rate swaps designated at fair value
55.2
(55.2)
(5.0)
(4.9)
(13.2)
(32.1)
Forward foreign exchange contracts held for hedging
11.5
(337.7)
(292.0)
(42.3)
(3.4)
\u2013
Forward foreign exchange contracts designated
at fair value
7.4
2.0
(50.7)
66.4
(13.7)
\u2013
Other financial liabilities
1,264.3
(2,270.2)
(2,126.4)
(86.8)
(46.5)
(10.5)
Trade payables
694.6
(694.6)
(694.6)
\u2013
\u2013
\u2013
Financial guarantee liabilities
70.9
(70.9)
(4.4)
(4.0)
(11.7)
(50.8)
765.5
(765.5)
(699.0)
(4.0)
(11.7)
(50.8)
Total
11,089.7
(14,592.4)
(4,239.7)
(1,032.9)
(3,395.2)
(5,924.6)
Derivative financial assets
Financing derivatives
(239.3)
638.9
518.2
82.1
37.0
1.6
Operating derivatives designated at fair value
(765.9)
1,445.5
970.5
40.9
127.9
306.2
(1,005.2)
2,084.4
1,488.7
123.0
164.9
307.8
Net total
10,084.5
(12,508.0)
(2,751.0)
(909.9)
(3,230.3)
(5,616.8)
(i)
* The comparatives have been restated. See note 2.1.
(i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of payments or
receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts which are not IFRS 9 financial
instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u201cFinancial Instruments: Disclosures\u201d.
A6.4. Commodity risk
The Group\u2019s Energy Markets business implements the hedging policy through trading in the commodity markets and manages the
requirement for the delivery of the Group\u2019s physical commodity needs as part of its normal course of business. The risk management
activity carried out by SSE Energy Markets arises from the Group\u2019s requirement to source gas, electricity or other commodities such as
renewable obligation certificates for SSE Business Energy and SSE Airtricity, and to procure fuel and other commodities and provide a
route-to-market and risk management services for SSE Renewables, SSE Thermal, and Gas Storage.
Current hedging approach
The Group has traded in three principal commodities during the year, as well as the spreads between two or more commodity prices:
power (baseload and other products); gas; and carbon (emissions allowances). Each commodity has different liquidity characteristics,
which impacts on the degree of hedging possible. Similarly, each of the Group\u2019s assets carries different exposures to the commodity
market and thus requires a different approach to hedging. As such, the Group\u2019s current hedging approach varies by each class of asset
as follows:
Asset class
Minimum Hedge Target
Principal Commodity Exposures
GB Wind
Target to hedge less than 100% of anticipated wind energy output for the
Power, Gas, Carbon
coming 12 months, progressively establishing the hedge over the 36 months
prior to delivery. From September 2023, this has been around 80%.
Hydro
80% of forecast generation 12 months in advance of delivery, progressively
Power, Gas, Carbon
established over the 36 months prior to delivery.
GB Thermal
100% of expected output 6 months in advance of delivery, progressively
Power, Gas, Carbon
established over the 18 months prior to delivery.
Gas Storage
The assets were commercially operated throughout the year and the business
Gas
managed its exposure to changes in the spread between summer and winter
prices, market volatility and plant availability.
SSE Business Energy
Sales to contract customers are 100% hedged: at point of sale for fixed, upon
Power, Gas
instruction for flexi and on a rolling basis for tariff customers.
However, there are three principal areas where significant variations in earnings cannot be fully mitigated through hedging:
\u2013 The impact of the weather on the volume of electricity produced from renewable sources;
\u2013 The impact of operational matters such as unplanned outages; and
\u2013 The ability of flexible thermal power stations to earn extrinsic income by providing services to the electricity system and by responding
to shorter-term electricity market conditions.
Hedging is carried out by each asset class trading internally with SSE Energy Markets to effect these hedges and SSE Energy Markets then
trading onwards with external counterparties and markets. SSE Energy Markets is only able to accept internal trades when there is sufficient
liquidity to offset them in the external market or they can be offset with internal trades from other asset classes. In this way, the commodity
risks to which SSE Energy Markets is individually exposed, are minimised.
The volumetric extent to which assets are hedged are reported monthly to the Group Energy Markets Exposures Risk Committee, and to
the Energy Markets Risk Committee (\u2018EMRC\u2019) on at least a quarterly basis. Variations to the hedging approach above will be required as
markets and other factors (such as asset disposals) change. The EMRC also receives reporting on credit risk, other risk measures, and
market liquidity in assessing whether any variations to the hedging approach are required.
The Group measures and manages the Commodity Risk associated with the financial and non-financial commodity contracts it is exposed
to. However, within the Group\u2019s financial statements only certain commodity contracts are designated as financial instruments under IFRS
9. As a result, it is only the fair value of those IFRS 9 financial instruments which represents the exposure of the Group\u2019s commodity price
risk under IFRS 7. This is a consequence of the Group\u2019s accounting policy which stipulates that commodity contracts which are designated
as financial instruments under IFRS 9 should be accounted for on a fair value basis with changes in fair value reflected in profit or equity.
Conversely, commodity contracts that are not designated as financial instruments under IFRS 9 will be accounted for as \u2018own use\u2019
contracts. As fair value changes in own use contracts are not reflected through profit or equity, these do not represent the IFRS 7
commodity price risk. Furthermore, other physical contracts can be treated as the hedging instrument in documented cash flow hedging
relationships where the hedged item is the forecast future purchase requirement to meet production or customer demand. The accounting
policies associated with financial instruments are explained in the Accompanying Information section A1
.
Sensitivity analysis
The Group\u2019s exposure to commodity price risk according to IFRS 7 is measured by reference to the Group\u2019s IFRS 9 commodity contracts.
IFRS 7 requires disclosure of a sensitivity analysis for market risks that is intended to illustrate the sensitivity of the Group\u2019s financial position
and performance to changes in market variables impacting upon the fair value or cash flows associated with the Group\u2019s financial
instruments.
Therefore, the sensitivity analysis provided discloses the effect on profit or loss and equity at the balance sheet date assuming that a
reasonably possible change in the relevant commodity price had occurred and been applied to the risk exposures in existence at that date.
The reasonably possible changes in commodity prices used in the sensitivity analysis were determined based on calculated or implied
volatilities where available, or historical data.
The sensitivity analysis has been calculated on the basis that the proportion of commodity contracts that are IFRS 9 financial instruments
remains consistent with those at that point. Excluded from this analysis are all commodity contracts that are not financial instruments
under IFRS 9.
2024
2023
Reasonably Reasonably
possible possible
increase/ increase/
decrease in decrease in
Base Price
variable
Base Price
 variable
Commodity prices
UK gas (p/therm)
91
+73/-54
113
+90/-71
UK power (\u00a3/MWh)
72
+43/-34
149
+89/-72
UK carbon (\u00a3/tonne)
37
+31/-22
74
+54/-39
EU emissions (\u20ac/tonne)
40
+20/-16
98
+69/-54
UK oil (US$/bbl)
\u2013
\u2013
597
+290/-244
IRL power (\u20ac/MWh)
106
+86/-63
172
+138/-108
EU power (\u20ac/MWh)
24
+12/-10
\u2013
\u2013
(i)
(i)
(i) The base price represents the weighted average forward market price over the duration of the active market curve used to calculate the sensitivity analysis. The reasonably
possible increase/decrease in market prices has been determined via SSE Energy Markets price model simulations and the volatility assumptions of the model have been calibrated
from a look-back analysis over the previous 12 month period.
The impacts of reasonably possible changes in commodity prices on profit after taxation based on the rationale described are as follows:
2024
Impact on 2023
profit and Impact on profit
equity and equity
Incremental profit/(loss) (\u00a3m) (\u00a3m)
Commodity prices combined \u2013 increase
(7.1)
399.3
Commodity prices combined \u2013 decrease
(0.4)
(306.3)
The sensitivity analysis provided is hypothetical and is based on the exposure to energy-related commodities, and their corresponding
valuation under IFRS 9, that the Group has at each period end. This analysis should be used with caution as the impacts disclosed are not
necessarily indicative of the actual impacts that would be experienced given it does not consider all interrelationships, consequences and
effects of such a change in those prices.
A6.5. Currency risk
The Group publishes its consolidated financial statements in Sterling but also conducts business in foreign currencies. As a result, it is
subject to foreign currency exchange risk arising from exchange rate movements which will be reflected in the Group\u2019s transaction costs or
in the underlying foreign currency assets of its foreign operations.
The Group\u2019s policy is to use forward contracts, swaps and options to manage its exposures to foreign exchange risk. All such exposures are
transactional in nature, and relate primarily to procurement contracts, commodity purchasing and related freight requirements, commodity
hedging, long term plant servicing and maintenance agreements and the purchase and sale of carbon emission certificates. The policy is to
seek to hedge 100% of its currency requirements arising under all committed contracts excepting commodity hedge transactions, the
requirements for which are significantly less predictable. The policy for these latter transactions is to assess the Group\u2019s requirements on a
rolling basis and to enter into cover contracts as appropriate.
The Group has foreign operations with significant Euro-denominated and JPY-denominated net assets. The Group\u2019s policy is to hedge its
net investment in its foreign operations by ensuring the net assets whose functional currency cash flows are denominated in foreign
currencies are matched by borrowings in the same currency. For SSE Pacifico, whose functional currency is JPY but which presently has
limited capital commitments, SSE has no JPY denominated borrowings and hence has no current net investment hedge. For the acquired
net assets whose functional cash flows are in Sterling, the Group will ensure Sterling denominated borrowings are in place to minimise
currency risk.
Significant exposures are reported to, and discussed by, the Tax and Treasury Committee on an ongoing basis and additionally form part of
the bi-annual Treasury report to the Audit Committee.
At the balance sheet date, the total nominal value of outstanding forward foreign exchange contracts that the Group has committed to is:
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts
3,197.1
2,516.5
The Group\u2019s exposure to foreign currency risk was as follows:
2024
2023
SEK $ \u20ac CNH CHF SEK $ \u20ac CNH
(million) (million) (million) (million) (million) (million) (million) (million) (million)
Loans and borrowings
\u2013
564.0
3,750.0
\u2013
\u2013
\u2013
564.0
3,700.0
\u2013
Purchase and commodity
contract commitments
5,344.7
10.7
1,296.1
530.0
10.4
420.9
7.9
123.9
334.2
Gross exposure
5,344.7
574.7
5,046.1
530.0
10.4
420.9
571.9
3,823.9
334.2
Forward exchange/swap
contracts
5,344.7
574.7
2,671.3
530.0
10.4
420.9
571.9
2,266.1
334.2
Net exposure (in
currency)
\u2013
\u2013
2,374.8
\u2013
\u2013
\u2013
\u2013
1,557.8
\u2013
Net exposure (in \u00a3m)
\u2013
\u2013
2,030.2
\u2013
\u2013
\u2013
\u2013
1,369.6
\u2013
This represents the net exposure to foreign currencies, reported in pounds Sterling, and arising from all Group activities. All sensitivity
analysis has been prepared on the basis of the relative proportions of instruments in foreign currencies being consistent as at the balance
sheet date. This includes only monetary assets and liabilities denominated in a currency other than Sterling and excludes the translation of
the net assets of foreign operations but not the corresponding impact of the net investment hedge.
The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually
changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would impact
upon the Group.
The majority of these contracts are held to limit exposure to foreign currency movements on asset procurement contracts. A 10% change
in foreign currency exchange rates would have had the following impact on profit after taxation, based on the assumptions presented
above:
Equity
Income statement
At At At At
31 March 2024 31 March 2023 31 March 2024 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m
US Dollars
\u2013
\u2013
\u2013
\u2013
Euro
142.5
98.9
26.7
24.4
SEK
\u2013
\u2013
\u2013
\u2013
CHN
\u2013
\u2013
\u2013
\u2013
CHF
\u2013
\u2013
\u2013
\u2013
142.5
98.9
26.7
24.4
The impact of a decrease in rates would be an identical reduction in the annual charge.
A6.6. Interest rate risk
Interest rate risk derives from the Group\u2019s exposure to changes in the value of an asset or liability or future cash flows through changes in
interest rates.
The Group\u2019s policy is to manage this risk by stipulating that a minimum of 50% of Group borrowings be subject to fixed rates of interest,
either directly through the debt instruments themselves or through the use of derivative financial instruments. The floating rate borrowings
are provided by banks including the European Investment Bank (EIB). Such instruments include interest rate swaps and options, forward
rate agreements and, in the case of debt raised in currencies other than Sterling, cross currency swaps. These practices serve to reduce the
volatility of the Group\u2019s financial performance.
Although interest rate derivatives are primarily used to hedge risk relating to current borrowings, under certain circumstances they may also
be used to hedge future borrowings. Any such pre-hedging is unwound at the time of pricing the underlying debt, either through cash
settlement on a net present value basis or by transacting offsetting trades. The floating rate borrowings mainly comprise cash advances
from the European Investment Bank (EIB), however the Group is currently carrying a surplus cash position of \u00a31,035.9m (2023: \u00a3891.8m).
The impact of a change in interest rates is dependent on the specific details of the financial asset or liability in question. Changes in fixed
rate financial assets and liabilities, which account for the majority of cash, loans and borrowings, are not measured at fair value through the
income statement. In addition to this, changes to fixed-to-floating hedging instruments which are recorded under cash flow hedge
accounting also do not impact the income statement. Changes in hedged items and hedging instruments recorded under fair value hedge
accounting are recorded through the income statement. The exposure measured is therefore based on variable rate debt and instruments.
The net exposure to interest rates at the balance sheet date can be summarised thus:
2024 2023
Carrying Carrying
amount amount
\u00a3m \u00a3m
Interest bearing/earning assets and liabilities:
\u2013 fixed
(8,766.1)
(8,473.9)
\u2013 floating
685.5
441.0
(8,080.6)
(8,032.9)
Represented by:
Cash and cash equivalents
1,035.9
891.8
Derivative financial liabilities
17.2
135.2
Loans and borrowings
(8,726.2)
(8,654.0)
Lease liabilities
(407.5)
(405.9)
(8,080.6)
(8,032.9)
Following from this, the table below represents the expected impact of a change of 100 basis points in short term interest rates at the
reporting date in relation to equity and income statement. The analysis assumes that all other variables, in particular foreign currency rates,
remain constant. An increase in exchange rates would be a change to either the income statement or equity. The assessment is based on a
revision of the fair value assumptions included in the calculated exposures in the previous table.
All sensitivity analysis has been prepared on the basis of the proportion of fixed to floating instruments being consistent as at the balance
sheet date and is stated after the effect of taxation.
The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually
changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would impact
upon the Group.
2024 2023
\u00a3m \u00a3m
Income statement
2.6
3.7
The impact of a decrease in rates would be an equal reduction in the annual charge. There is no impact on equity as the analysis relates to
the Group\u2019s net exposure at the balance sheet date. Contracts qualifying for hedge accounting are, by definition, part of the Group\u2019s
covered position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-770": { "value": "A6.1. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. Credit risk arising from the Group\u2019s normal commercial operations is controlled by individual business units operating in accordance with Group policies and procedures. Generally, for significant contracts, individual business units enter into contracts or agreements with counterparties having investment grade credit ratings only, or where suitable collateral or other security has been provided. Counterparty credit validation is undertaken prior to contractual commitment. Credit risk management for the Group\u2019s SSEN Transmission and SSEN Distribution businesses is performed in accordance with industry standards as set out by the Regulator and is financially controlled by the individual business units. The Group\u2019s greatest credit risks lie with the operations of the Customers business, the wholesale procurement activities conducted by SSE Energy Markets under a trust arrangement and the activities carried out by the Group\u2019s Treasury function. In all cases, specific credit risk controls that match the risk profile of those activities are applied. Exposure to credit risk in the retail supply of electricity and gas to end user customers arises from the potential of a customer defaulting on their invoiced payables. The Group exposure to domestic retail supply customers is limited to customers of the Group\u2019s Airtricity business. The creditworthiness of these customers is reviewed from a variety of internal and external information. The financial strength and creditworthiness of business customers is assessed prior to commencing, and for the duration of, their contract of supply. Exposure to credit risk in the procurement of wholesale energy and fuel is managed by reference to agreed transaction credit limits which are determined by whether the counterparty: \u2013 holds an investment grade credit rating; or \u2013 can be assessed as adequately creditworthy in accordance with internal credit rules using information from other external credit agencies; or \u2013 can provide a guarantee from an investment grade rated entity or post suitable collateral or provide other acceptable assurances in accordance with group procedures where they have failed to meet the above conditions; or \u2013 can be allocated a non-standard credit limit approved by the relevant authority as delegated by the Group Board. Credit support clauses and Master Netting Agreements are typically included or entered into in order to mitigate the impact to the Group against counterparty failure or non-delivery. As part of its normal activities, SSE Energy Markets transacts significant volumes of commodity derivative products through cleared exchanges to mitigate credit risk. Such exchanges are subject to strict regulation by the UK Financial Conduct Authority (FCA) and participants in these exchanges are obliged to meet rigorous capital adequacy requirements. Individual counterparty credit exposures are monitored regularly and are subject to approved limits. At 31 March 2024, SSE Energy Markets had pledged no cash collateral (2023: \u00a3316.3m) and \u00a3459.9m (2023: \u00a3443.6m) of letters of credit, and had received \u00a3353.2m (2023: none) of cash collateral and \u00a3130.8m (2023: \u00a3110.8m) of letters of credit principally to reduce exposures on credit risk. Bank credit exposures, which are monitored and reported on daily, are calculated on a mark-to-market basis and adjusted for future volatility and probability of default. Any issues relating to these credit exposures are presented for discussion and review by the Tax and Treasury Committee. Credit exposure also exists in relation to financial guarantees issued by Group companies under which the total outstanding exposure at 31 March 2024 was \u00a3684.9m (2023: \u00a3869.7m) in respect of liabilities of joint ventures and associates and \u00a3479.3m (2023: \u00a3633.3m) in respect of the liabilities of former subsidiaries. An amount of \u00a339.5m (2023: \u00a370.9m) is recorded as a liability at 31 March 2024 in respect of the carrying value of these guarantees. Expected loss allowances for financial guarantee contracts have been reviewed at the balance sheet date and will be reviewed on an annual basis. Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject to insignificant risk of change in value or credit risk. Derivative financial instruments are entered into to cover the Group\u2019s market risks \u2013 commodity risk, interest rate risk, currency risk \u2013 and are consequently covered elsewhere in this note. Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-813": { "value": "A6.3. Liquidity risk and Going Concern Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements, the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes. Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury Committee and Audit Committee. In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period. The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities listed at note 21.3, the Group has a \u00a315m overdraft facility. The refinancing requirement in the 24/25 financial year is \u00a31.1bn, being the \u00a3852m of short-term Commercial Paper that matures between April and May, and $320m (\u00a3204m) of US Private Placement maturing 16 April 2024. The Directors are confident in the ability of the Group to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing history of the Group for both fixed debt and commercial paper, as discussed more fully below. Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account the Group\u2019s credit rating and the successful issuance of \u00a315.5bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.1bn of long term funding in the 23/24 financial year being a \u20ac750m 8 year Eurobond at 4.0% in August 2023 for SSE plc and a 20 year \u00a3500m Eurobond at a coupon of 5.5% for Scottish Hydro Electric Transmission plc. The Group\u2019s period of Going Concern assessment is performed to 31 December 2025, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenants in the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December 2025. The statement of going concern is included in the Audit Committee Report. As at 31 March 2024, the net value of outstanding cash collateral held in respect of mark-to-market related margin calls on exchange traded positions was \u00a3353.2m (2023: cash posted \u00a3316.3m). The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index as at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to the length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have been calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a choice of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity. The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of netting agreements:
2024
2024
2024
2024
2024
2024
Carrying Contractual 0 \u2013 12 1\u20132 2\u20135 > 5
value cash flows months years years years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
840.4
(852.4)
(852.4)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(244.3)
(11.1)
(11.1)
(222.1)
\u2013
Loans \u2013 fixed
1,367.0
(1,883.2)
(255.7)
(47.1)
(445.5)
(1,134.9)
Unsecured bonds \u2013 fixed
6,317.9
(8,964.7)
(218.8)
(1,174.7)
(856.4)
(6,714.8)
Fair value adjustment
0.9
\u2013
\u2013
\u2013
\u2013
\u2013
8,726.2
(11,944.6)
(1,338.0)
(1,232.9)
(1,524.0)
(7,849.7)
Lease liabilities
407.5
(616.5)
(91.8)
(54.1)
(142.1)
(328.5)
9,133.7
(12,561.1)
(1,429.8)
(1,287.0)
(1,666.1)
(8,178.2)
Derivative financial liabilities
Operating derivatives designated at fair value
428.4
(904.4)
(1,239.2)
(73.2)
90.2
317.8
Interest rate swaps used for hedging
57.4
(57.4)
(26.1)
(10.6)
(16.9)
(3.8)
Interest rate swaps designated at fair value
38.4
(38.4)
(5.2)
(5.2)
(9.8)
(18.2)
Forward foreign exchange contracts held for hedging
30.5
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
Forward foreign exchange contracts designated
at fair value
12.7
377.1
352.2
22.1
2.8
\u2013
567.4
(1,964.0)
(1,476.0)
(166.7)
(581.3)
260.0
Other financial liabilities
Trade payables
656.7
(656.7)
(656.7)
\u2013
\u2013
\u2013
Financial guarantee liabilities
39.5
(39.5)
(2.9)
(2.7)
(7.8)
(26.1)
696.2
(696.2)
(659.6)
(2.7)
(7.8)
(26.1)
Total
10,397. 3
(15,221.3)
(3,565.4)
(1,456.4)
(2,255.2)
(7,944.3)
Derivative financial assets
Financing derivatives
(120.5)
(168.3)
(179.7)
(1.3)
12.7
\u2013
Operating derivatives designated at fair value
(479.8)
761.6
756.7
6.6
(1.7)
\u2013
(600.3)
593.3
577.0
5.3
11.0
\u2013
Net total
9,797.0
(14,628.0)
(2,988.4)
(1,451.1)
(2,244.2)
(7,944.3)
(i)
(restated*)
2023
2023
2023
2023
2023
2023
Carrying Contractual 0 \u2013 12 1 \u2013 2 2 \u2013 5 > 5
value cash flows months years years years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
1,019.2
(1,029.8)
(1,029.8)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(253.4)
(10.7)
(10.7)
(232.0)
\u2013
Loans \u2013 fixed
1,574.7
(2,064.5)
(96.5)
(194.3)
(917.7)
(856.0)
Unsecured bonds \u2013 fixed
5,705.5
(7,596.0)
(182.8)
(681.3)
(2,040.7)
(4,691.2)
Fair value adjustment
154.6
\u2013
\u2013
\u2013
\u2013
\u2013
8,654.0
(10,943.7)
(1,319.8)
(886.3)
(3,190.4)
(5,547. 2)
Lease liabilities
405.9
(613.0)
(94.5)
(55.8)
(146.6)
(316.1)
Derivative financial liabilities
9,059.9
(11,556.7)
(1,414.3)
(942.1)
(3,337.0)
(5,863.3)
Operating derivatives designated at fair value
1,152.8
(1,841.9)
(1,770.2)
(97.5)
1.0
24.8
Interest rate swaps used for hedging
37.4
(37.4)
(8.5)
(8.5)
(17.2)
(3.2)
Interest rate swaps designated at fair value
55.2
(55.2)
(5.0)
(4.9)
(13.2)
(32.1)
Forward foreign exchange contracts held for hedging
11.5
(337.7)
(292.0)
(42.3)
(3.4)
\u2013
Forward foreign exchange contracts designated
at fair value
7.4
2.0
(50.7)
66.4
(13.7)
\u2013
Other financial liabilities
1,264.3
(2,270.2)
(2,126.4)
(86.8)
(46.5)
(10.5)
Trade payables
694.6
(694.6)
(694.6)
\u2013
\u2013
\u2013
Financial guarantee liabilities
70.9
(70.9)
(4.4)
(4.0)
(11.7)
(50.8)
765.5
(765.5)
(699.0)
(4.0)
(11.7)
(50.8)
Total
11,089.7
(14,592.4)
(4,239.7)
(1,032.9)
(3,395.2)
(5,924.6)
Derivative financial assets
Financing derivatives
(239.3)
638.9
518.2
82.1
37.0
1.6
Operating derivatives designated at fair value
(765.9)
1,445.5
970.5
40.9
127.9
306.2
(1,005.2)
2,084.4
1,488.7
123.0
164.9
307.8
Net total
10,084.5
(12,508.0)
(2,751.0)
(909.9)
(3,230.3)
(5,616.8)
(i) * The comparatives have been restated. See note 2.1. (i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of payments or receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts which are not IFRS 9 financial instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u201cFinancial Instruments: Disclosures\u201d. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-771": { "value": "A6.4. Commodity risk The Group\u2019s Energy Markets business implements the hedging policy through trading in the commodity markets and manages the requirement for the delivery of the Group\u2019s physical commodity needs as part of its normal course of business. The risk management activity carried out by SSE Energy Markets arises from the Group\u2019s requirement to source gas, electricity or other commodities such as renewable obligation certificates for SSE Business Energy and SSE Airtricity, and to procure fuel and other commodities and provide a route-to-market and risk management services for SSE Renewables, SSE Thermal, and Gas Storage. Current hedging approach The Group has traded in three principal commodities during the year, as well as the spreads between two or more commodity prices: power (baseload and other products); gas; and carbon (emissions allowances). Each commodity has different liquidity characteristics, which impacts on the degree of hedging possible. Similarly, each of the Group\u2019s assets carries different exposures to the commodity market and thus requires a different approach to hedging. As such, the Group\u2019s current hedging approach varies by each class of asset as follows:
Asset class
Minimum Hedge Target
Principal Commodity Exposures
GB Wind
Target to hedge less than 100% of anticipated wind energy output for the
Power, Gas, Carbon
coming 12 months, progressively establishing the hedge over the 36 months
prior to delivery. From September 2023, this has been around 80%.
Hydro
80% of forecast generation 12 months in advance of delivery, progressively
Power, Gas, Carbon
established over the 36 months prior to delivery.
GB Thermal
100% of expected output 6 months in advance of delivery, progressively
Power, Gas, Carbon
established over the 18 months prior to delivery.
Gas Storage
The assets were commercially operated throughout the year and the business
Gas
managed its exposure to changes in the spread between summer and winter
prices, market volatility and plant availability.
SSE Business Energy
Sales to contract customers are 100% hedged: at point of sale for fixed, upon
Power, Gas
instruction for flexi and on a rolling basis for tariff customers.
However, there are three principal areas where significant variations in earnings cannot be fully mitigated through hedging: \u2013 The impact of the weather on the volume of electricity produced from renewable sources; \u2013 The impact of operational matters such as unplanned outages; and \u2013 The ability of flexible thermal power stations to earn extrinsic income by providing services to the electricity system and by responding to shorter-term electricity market conditions. Hedging is carried out by each asset class trading internally with SSE Energy Markets to effect these hedges and SSE Energy Markets then trading onwards with external counterparties and markets. SSE Energy Markets is only able to accept internal trades when there is sufficient liquidity to offset them in the external market or they can be offset with internal trades from other asset classes. In this way, the commodity risks to which SSE Energy Markets is individually exposed, are minimised. The volumetric extent to which assets are hedged are reported monthly to the Group Energy Markets Exposures Risk Committee, and to the Energy Markets Risk Committee (\u2018EMRC\u2019) on at least a quarterly basis. Variations to the hedging approach above will be required as markets and other factors (such as asset disposals) change. The EMRC also receives reporting on credit risk, other risk measures, and market liquidity in assessing whether any variations to the hedging approach are required. The Group measures and manages the Commodity Risk associated with the financial and non-financial commodity contracts it is exposed to. However, within the Group\u2019s financial statements only certain commodity contracts are designated as financial instruments under IFRS 9. As a result, it is only the fair value of those IFRS 9 financial instruments which represents the exposure of the Group\u2019s commodity price risk under IFRS 7. This is a consequence of the Group\u2019s accounting policy which stipulates that commodity contracts which are designated as financial instruments under IFRS 9 should be accounted for on a fair value basis with changes in fair value reflected in profit or equity. Conversely, commodity contracts that are not designated as financial instruments under IFRS 9 will be accounted for as \u2018own use\u2019 contracts. As fair value changes in own use contracts are not reflected through profit or equity, these do not represent the IFRS 7 commodity price risk. Furthermore, other physical contracts can be treated as the hedging instrument in documented cash flow hedging relationships where the hedged item is the forecast future purchase requirement to meet production or customer demand. The accounting policies associated with financial instruments are explained in the Accompanying Information section A1 . Sensitivity analysis The Group\u2019s exposure to commodity price risk according to IFRS 7 is measured by reference to the Group\u2019s IFRS 9 commodity contracts. IFRS 7 requires disclosure of a sensitivity analysis for market risks that is intended to illustrate the sensitivity of the Group\u2019s financial position and performance to changes in market variables impacting upon the fair value or cash flows associated with the Group\u2019s financial instruments. Therefore, the sensitivity analysis provided discloses the effect on profit or loss and equity at the balance sheet date assuming that a reasonably possible change in the relevant commodity price had occurred and been applied to the risk exposures in existence at that date. The reasonably possible changes in commodity prices used in the sensitivity analysis were determined based on calculated or implied volatilities where available, or historical data. The sensitivity analysis has been calculated on the basis that the proportion of commodity contracts that are IFRS 9 financial instruments remains consistent with those at that point. Excluded from this analysis are all commodity contracts that are not financial instruments under IFRS 9.
2024
2023
Reasonably Reasonably
possible possible
increase/ increase/
decrease in decrease in
Base Price
variable
Base Price
 variable
Commodity prices
UK gas (p/therm)
91
+73/-54
113
+90/-71
UK power (\u00a3/MWh)
72
+43/-34
149
+89/-72
UK carbon (\u00a3/tonne)
37
+31/-22
74
+54/-39
EU emissions (\u20ac/tonne)
40
+20/-16
98
+69/-54
UK oil (US$/bbl)
\u2013
\u2013
597
+290/-244
IRL power (\u20ac/MWh)
106
+86/-63
172
+138/-108
EU power (\u20ac/MWh)
24
+12/-10
\u2013
\u2013
(i) (i) (i) The base price represents the weighted average forward market price over the duration of the active market curve used to calculate the sensitivity analysis. The reasonably possible increase/decrease in market prices has been determined via SSE Energy Markets price model simulations and the volatility assumptions of the model have been calibrated from a look-back analysis over the previous 12 month period. The impacts of reasonably possible changes in commodity prices on profit after taxation based on the rationale described are as follows:
2024
Impact on 2023
profit and Impact on profit
equity and equity
Incremental profit/(loss) (\u00a3m) (\u00a3m)
Commodity prices combined \u2013 increase
(7.1)
399.3
Commodity prices combined \u2013 decrease
(0.4)
(306.3)
The sensitivity analysis provided is hypothetical and is based on the exposure to energy-related commodities, and their corresponding valuation under IFRS 9, that the Group has at each period end. This analysis should be used with caution as the impacts disclosed are not necessarily indicative of the actual impacts that would be experienced given it does not consider all interrelationships, consequences and effects of such a change in those prices. A6.5. Currency risk The Group publishes its consolidated financial statements in Sterling but also conducts business in foreign currencies. As a result, it is subject to foreign currency exchange risk arising from exchange rate movements which will be reflected in the Group\u2019s transaction costs or in the underlying foreign currency assets of its foreign operations. The Group\u2019s policy is to use forward contracts, swaps and options to manage its exposures to foreign exchange risk. All such exposures are transactional in nature, and relate primarily to procurement contracts, commodity purchasing and related freight requirements, commodity hedging, long term plant servicing and maintenance agreements and the purchase and sale of carbon emission certificates. The policy is to seek to hedge 100% of its currency requirements arising under all committed contracts excepting commodity hedge transactions, the requirements for which are significantly less predictable. The policy for these latter transactions is to assess the Group\u2019s requirements on a rolling basis and to enter into cover contracts as appropriate. The Group has foreign operations with significant Euro-denominated and JPY-denominated net assets. The Group\u2019s policy is to hedge its net investment in its foreign operations by ensuring the net assets whose functional currency cash flows are denominated in foreign currencies are matched by borrowings in the same currency. For SSE Pacifico, whose functional currency is JPY but which presently has limited capital commitments, SSE has no JPY denominated borrowings and hence has no current net investment hedge. For the acquired net assets whose functional cash flows are in Sterling, the Group will ensure Sterling denominated borrowings are in place to minimise currency risk. Significant exposures are reported to, and discussed by, the Tax and Treasury Committee on an ongoing basis and additionally form part of the bi-annual Treasury report to the Audit Committee. At the balance sheet date, the total nominal value of outstanding forward foreign exchange contracts that the Group has committed to is:
2024 2023
\u00a3m \u00a3m
Forward foreign exchange contracts
3,197.1
2,516.5
The Group\u2019s exposure to foreign currency risk was as follows:
2024
2023
SEK $ \u20ac CNH CHF SEK $ \u20ac CNH
(million) (million) (million) (million) (million) (million) (million) (million) (million)
Loans and borrowings
\u2013
564.0
3,750.0
\u2013
\u2013
\u2013
564.0
3,700.0
\u2013
Purchase and commodity
contract commitments
5,344.7
10.7
1,296.1
530.0
10.4
420.9
7.9
123.9
334.2
Gross exposure
5,344.7
574.7
5,046.1
530.0
10.4
420.9
571.9
3,823.9
334.2
Forward exchange/swap
contracts
5,344.7
574.7
2,671.3
530.0
10.4
420.9
571.9
2,266.1
334.2
Net exposure (in
currency)
\u2013
\u2013
2,374.8
\u2013
\u2013
\u2013
\u2013
1,557.8
\u2013
Net exposure (in \u00a3m)
\u2013
\u2013
2,030.2
\u2013
\u2013
\u2013
\u2013
1,369.6
\u2013
This represents the net exposure to foreign currencies, reported in pounds Sterling, and arising from all Group activities. All sensitivity analysis has been prepared on the basis of the relative proportions of instruments in foreign currencies being consistent as at the balance sheet date. This includes only monetary assets and liabilities denominated in a currency other than Sterling and excludes the translation of the net assets of foreign operations but not the corresponding impact of the net investment hedge. The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would impact upon the Group. The majority of these contracts are held to limit exposure to foreign currency movements on asset procurement contracts. A 10% change in foreign currency exchange rates would have had the following impact on profit after taxation, based on the assumptions presented above:
Equity
Income statement
At At At At
31 March 2024 31 March 2023 31 March 2024 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m
US Dollars
\u2013
\u2013
\u2013
\u2013
Euro
142.5
98.9
26.7
24.4
SEK
\u2013
\u2013
\u2013
\u2013
CHN
\u2013
\u2013
\u2013
\u2013
CHF
\u2013
\u2013
\u2013
\u2013
142.5
98.9
26.7
24.4
The impact of a decrease in rates would be an identical reduction in the annual charge. A6.6. Interest rate risk Interest rate risk derives from the Group\u2019s exposure to changes in the value of an asset or liability or future cash flows through changes in interest rates. The Group\u2019s policy is to manage this risk by stipulating that a minimum of 50% of Group borrowings be subject to fixed rates of interest, either directly through the debt instruments themselves or through the use of derivative financial instruments. The floating rate borrowings are provided by banks including the European Investment Bank (EIB). Such instruments include interest rate swaps and options, forward rate agreements and, in the case of debt raised in currencies other than Sterling, cross currency swaps. These practices serve to reduce the volatility of the Group\u2019s financial performance. Although interest rate derivatives are primarily used to hedge risk relating to current borrowings, under certain circumstances they may also be used to hedge future borrowings. Any such pre-hedging is unwound at the time of pricing the underlying debt, either through cash settlement on a net present value basis or by transacting offsetting trades. The floating rate borrowings mainly comprise cash advances from the European Investment Bank (EIB), however the Group is currently carrying a surplus cash position of \u00a31,035.9m (2023: \u00a3891.8m). The impact of a change in interest rates is dependent on the specific details of the financial asset or liability in question. Changes in fixed rate financial assets and liabilities, which account for the majority of cash, loans and borrowings, are not measured at fair value through the income statement. In addition to this, changes to fixed-to-floating hedging instruments which are recorded under cash flow hedge accounting also do not impact the income statement. Changes in hedged items and hedging instruments recorded under fair value hedge accounting are recorded through the income statement. The exposure measured is therefore based on variable rate debt and instruments. The net exposure to interest rates at the balance sheet date can be summarised thus:
2024 2023
Carrying Carrying
amount amount
\u00a3m \u00a3m
Interest bearing/earning assets and liabilities:
\u2013 fixed
(8,766.1)
(8,473.9)
\u2013 floating
685.5
441.0
(8,080.6)
(8,032.9)
Represented by:
Cash and cash equivalents
1,035.9
891.8
Derivative financial liabilities
17.2
135.2
Loans and borrowings
(8,726.2)
(8,654.0)
Lease liabilities
(407.5)
(405.9)
(8,080.6)
(8,032.9)
Following from this, the table below represents the expected impact of a change of 100 basis points in short term interest rates at the reporting date in relation to equity and income statement. The analysis assumes that all other variables, in particular foreign currency rates, remain constant. An increase in exchange rates would be a change to either the income statement or equity. The assessment is based on a revision of the fair value assumptions included in the calculated exposures in the previous table. All sensitivity analysis has been prepared on the basis of the proportion of fixed to floating instruments being consistent as at the balance sheet date and is stated after the effect of taxation. The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would impact upon the Group.
2024 2023
\u00a3m \u00a3m
Income statement
2.6
3.7
The impact of a decrease in rates would be an equal reduction in the annual charge. There is no impact on equity as the analysis relates to the Group\u2019s net exposure at the balance sheet date. Contracts qualifying for hedge accounting are, by definition, part of the Group\u2019s covered position.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-772": { "value": "
A7. Fair value of financial instruments
A7.1. Fair value of financial instruments within the Group
The fair values of the primary financial assets and liabilities of the Group together with their carrying values are as follows:
2024
2024
2024
2024
2023
2023
2023
2023
FVTPL/ Total
Amortised FVTPL/ Total carrying Fair Amortised FVTOCI carrying value Fair
cost FVTOCI value value cost \u00a3m \u00a3m value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (restated*) (restated*) \u00a3m (restated*)
Financial assets
Current
Trade receivables
1,305.5
\u2013
1,305.5
1,305.5
1,404.0
\u2013
1,404.0
1,404.0
Other receivables
4.1
\u2013
4.1
4.1
12.7
\u2013
12.7
12.7
Cash collateral and other
short term loans
9.3
\u2013
9.3
9.3
316.3
\u2013
316.3
316.3
Cash and cash
equivalents
1,035.9
\u2013
1,035.9
1,035.9
891.8
\u2013
891.8
891.8
Derivative financial assets
\u2013
536.1
536.1
536.1
\u2013
759.2
759.2
759.2
2,354.8
536.1
2,890.9
2,890.9
2,624.8
759.2
3,384.0
3,384.0
Non-current
Unquoted equity
investments
\u2013
3.2
3.2
3.2
\u2013
27.4
27.4
27.4
Loan note receivable
170.1
\u2013
170.1
170.1
149.5
\u2013
149.5
149.5
Loans to associates and
jointly controlled
entities
1,352.9
\u2013
1,352.9
1,352.9
1,114.6
\u2013
1,114.6
1,114.6
Derivative financial assets
\u2013
64.2
64.2
64.2
\u2013
246.0
246.0
246.0
1,523.0
67.4
1,590.4
1,590.4
1,264.1
273.4
1,537.5
1,537.5
3,877.8
603.5
4,481.3
4,481.3
3,888.9
1,032.6
4,921.5
4,921.5
Financial liabilities
Current
Trade payables
(656.7)
\u2013
(656.7)
(656.7)
(694.6)
\u2013
(694.6)
(694.6)
Outstanding liquid funds
(362.5)
\u2013
(362.5)
(362.5)
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
(1,738.5)
\u2013
(1,738.5)
(1,747.8)
Lease liabilities
(83.5)
\u2013
(83.5)
(83.5)
(82.1)
\u2013
(82.1)
(82.1)
Financial guarantee
liabilities
\u2013
(3.1)
(3.1)
(3.1)
\u2013
(4.4)
(4.4)
(4.4)
Derivative financial
liabilities
\u2013
(345.2)
(345.2)
(345.2)
\u2013
(1,021.0)
(1,021.0)
(1,021.0)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
(2,515.2)
(1,025.4)
(3,540.6)
(3,549.9)
Non-current
Loans and borrowings
(7,680.8)
(0.9)
(7,681 .7)
(7,440.6)
(6,760.9)
(154.6)
(6,915.5)
(6,458.4)
Lease liabilities
(324.0)
\u2013
(324.0)
(324.0)
(323.8)
\u2013
(323.8)
(323.8)
Financial guarantee
liabilities
\u2013
(36.4)
(36.4)
(36.4)
\u2013
(66.5)
(66.5)
(66.5)
Derivative financial
liabilities
\u2013
(222.2)
(222.2)
(222.2)
\u2013
(243.3)
(243.3)
(243.3)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(7,084.7)
(464.4)
(7,549.1)
(7,092.0)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
(9,599.9)
(1,489.8)
(11,089.7)
(10,641.9)
Net financial liabilities
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(5,711.0)
(457.2)
(6,168.2)
(5,720.4)
(i)
(ii)
(i)
(ii)
* The comparative information has been restated. See notes 1.2 and 2.1.
(i) Financial assets and liabilities that are measured at amortised cost.
(ii) Financial assets and liabilities that are measured at either Fair Value through Profit and Loss (Derivative Financial Assets and Liabilities) or Fair Value through Other Comprehensive
Income (Unquoted Equity Investments)
A7.1.1. Basis of determining fair value Certain assets and liabilities have been classified and carried at amortised cost on inception in line with IFRS 9 criteria. The carrying value of these assets are approximately equivalent to fair value due to short term maturity aside from loans and borrowings which are subject to longer maturity dates. All other financial assets and liabilities are measured at either Fair Value through Profit and Loss (\u2018FVTPL\u2019) or Fair Value through Other Comprehensive Income (\u2018FVTOCI\u2019). Fair values for energy derivatives are based on unadjusted quoted market prices, where actively traded. For energy derivatives that are not actively traded, interest rate instruments, foreign currency hedge contracts and cross currency swap contracts associated with foreign currency denominated long-term fixed rate debt, the fair values are determined by reference to closing rate market prices for similar instruments. Fair values for unquoted equity instruments are derived from venture capital or growth equity firm valuation statements. Fair values for financial guarantee contracts are equal to the premium or fee received/charged. The fair values are stated at a specific date and may be different from the amounts which will actually be paid or received on settlement of the instruments. The fair value of items such as property, plant and equipment, internally generated brands or the Group\u2019s customer base are not included as these are not considered financial instruments. A7.2. Fair value hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from unadjusted quoted market prices for identical assets or liabilities. \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data.
2024 2024 2024 2024
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
357.7
121.6
0.5
479.8
Interest rate derivatives
\u2013
113.0
\u2013
113.0
Foreign exchange derivatives
\u2013
7.5
\u2013
7.5
Unquoted equity investments
\u2013
\u2013
3.2
3.2
357.7
242.1
3.7
603.5
Financial liabilities
Energy derivatives
\u2013
(327. 1)
(101.3)
(428.4)
Interest rate derivatives
\u2013
(95.8)
\u2013
(95.8)
Foreign exchange derivatives
\u2013
(43.2)
\u2013
(43.2)
Loans and borrowings
\u2013
(0.9)
\u2013
(0.9)
\u2013
(467.0)
(101.3)
(568.3)
The table above excludes financial guarantee liabilities measured in accordance with IFRS 17. There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2024. There were no significant transfers out of Level 2 into Level 3 or out of Level 3 into Level 2 during the year ended 31 March 2024. In December 2023, the Group entered into an additional Affiliate Contract for Difference (\u201cACfD\u201d) agreement with Seagreen Wind Energy Limited (\u201cSWEL\u201d) with a 5 year term. SWEL is a wholly owned subsidiary of Seagreen Holdco 1 Limited, a joint venture between the Group (49%) and TOTAL SE (51%) and TOTAL SE entered into a equivalent ACfD with SWEL on the same day. The Group also has some smaller commercial CfD arrangements entered into with non-government third parties that are also classified as derivatives. The ACfD and the commercial CfDs meet the definition of financial instruments and are classified as Level 3 on the fair value hierarchy due to significant unobservable inputs in the determination of fair value. The fair value measurement impact in the income statement attributable to Level 3 CfDs was a loss of \u00a399.0m (2023: \u00a31.8m). The fair value was determined using the income approach with reference to future market prices which are beyond the liquid period in the forward market. The non-government CfDs were issued for \u00a3nil consideration, being the deemed transaction price. The Group has calculated that the contracts had a fair value on day 1, being the difference between the strike price per the contract and the forward market spot price. This valuation is based on unobservable inputs and is considered judgemental. Key assumptions applied when deriving the fair value are related to discount rates; electricity volumes; and electricity prices. In line with IFRS 9, the day 1 gain is deferred and will be recognised over the life of the contract. Seagreen Offshore Wind Farm reached full commercial operations during October 2023. The deferred day 1 fair value across all Seagreen contracts commenced amortisation in December 2023 with a \u00a37.4m deferred measurement gain recognised during the year. The following table represents the difference between the Level 3 financial instruments at fair value at the start of the reporting period and at the reporting date:
\u00a3m
Level 3 financial instrument fair value as at 31 March 2022
8.7
Additions (cash contributions)
19.1
Remeasurement loss recognised in income statement
(1.8)
Remeasurement loss recognised in other comprehensive income
(0.4)
Additions \u2013 new instruments entered in the year
400.1
Deferred day 1 gains on instruments entered in the year
(400.1)
Level 3 financial instrument fair value as at 31 March 2023
25.6
Additions (cash contributions)
Transfer from financial assets (note 1.2)
(24.1 )
Cash settlement
(0.4)
Disposals in year
(0.4)
Remeasurement loss recognised in income statement
(106.0)
Remeasurement loss recognised in other comprehensive income
0.3
Additions \u2013 new instruments entered in the year
11.5
Deferred day 1 gains on instruments entered in the year
(11.5)
Amortisation of day 1 gains in the year
7.4
Level 3 financial instrument fair value as at 31 March 2024
(97.6)
The following table details the valuation technique, significant unobservable inputs and the range of values for the energy derivatives measured at fair value on a recurring basis and classified as Level 3.
Market price range
Carrying value (net) Valuation Significant (min-max)
\u00a3m technique unobservable input \u00a3/MwH
Electricity prices,
31 March 2024
100.8
Discounted cash flow
Generation volumes
53 \u2013 147
Electricity prices,
31 March 2023
1.8
Discounted cash flow
Generation volumes
68 \u2013 147
Deferred measurement differences
\u00a3m
Deferred measurement difference as at 31 March 2022
\u2013
Deferred measurement difference arising during the year on new instruments
400.1
Deferred measurement difference as at 31 March 2023
400.1
Deferred measurement difference adjustment in the year
9.3
Deferred measurement difference arising during the year on new instruments
11.5
Deferred measurement difference recognised during the year
(7.4)
Deferred measurement difference as at 31 March 2024
413.5
The following table shows the impact on the fair value of the Level 3 energy derivatives when applying reasonably possible alternative assumptions to the valuation obtained using the discounted cash flow model.
At 31 March 2024
At 31 March 2023
Effect on fair Effect on fair
value of value of
deferred deferred
Increase/ measurement Increase/ measurement
decrease in differences decrease in differences
Assumption assumption \u00a3m assumption \u00a3m
Discount rate
+1%/-1%
22.2/(19.9)
+1%/-1%
(29.5)/35.3
Volumes
+10%/-10%
29.3/(31.3)
+10%/-10%
39.8/(39.8)
Prices
+10%/-10%
135.7/(135.7)
+10%/-10%
108.7/(108.7)
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable for the year ended 31 March 2023.
2023 2023 2023 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
\u2013
743.9
22.0
765.9
Interest rate derivatives
\u2013
227.8
\u2013
227.8
Foreign exchange derivatives
\u2013
11.5
\u2013
11.5
Unquoted equity investments
\u2013
\u2013
27.4
27.4
\u2013
983.2
49.4
1,032.6
Financial liabilities
Energy derivatives
(189.6)
(939.4)
(23.8)
(1,152.8)
Interest rate derivatives
\u2013
(92.6)
\u2013
(92.6)
Foreign exchange derivatives
\u2013
(18.9)
\u2013
(18.9)
Loans and borrowings
\u2013
(154.6)
\u2013
(154.6)
(189.6)
(1,205.5)
(23.8)
(1,418.9)
There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-795": { "value": "A7. Fair value of financial instruments A7.1. Fair value of financial instruments within the Group The fair values of the primary financial assets and liabilities of the Group together with their carrying values are as follows:
2024
2024
2024
2024
2023
2023
2023
2023
FVTPL/ Total
Amortised FVTPL/ Total carrying Fair Amortised FVTOCI carrying value Fair
cost FVTOCI value value cost \u00a3m \u00a3m value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (restated*) (restated*) \u00a3m (restated*)
Financial assets
Current
Trade receivables
1,305.5
\u2013
1,305.5
1,305.5
1,404.0
\u2013
1,404.0
1,404.0
Other receivables
4.1
\u2013
4.1
4.1
12.7
\u2013
12.7
12.7
Cash collateral and other
short term loans
9.3
\u2013
9.3
9.3
316.3
\u2013
316.3
316.3
Cash and cash
equivalents
1,035.9
\u2013
1,035.9
1,035.9
891.8
\u2013
891.8
891.8
Derivative financial assets
\u2013
536.1
536.1
536.1
\u2013
759.2
759.2
759.2
2,354.8
536.1
2,890.9
2,890.9
2,624.8
759.2
3,384.0
3,384.0
Non-current
Unquoted equity
investments
\u2013
3.2
3.2
3.2
\u2013
27.4
27.4
27.4
Loan note receivable
170.1
\u2013
170.1
170.1
149.5
\u2013
149.5
149.5
Loans to associates and
jointly controlled
entities
1,352.9
\u2013
1,352.9
1,352.9
1,114.6
\u2013
1,114.6
1,114.6
Derivative financial assets
\u2013
64.2
64.2
64.2
\u2013
246.0
246.0
246.0
1,523.0
67.4
1,590.4
1,590.4
1,264.1
273.4
1,537.5
1,537.5
3,877.8
603.5
4,481.3
4,481.3
3,888.9
1,032.6
4,921.5
4,921.5
Financial liabilities
Current
Trade payables
(656.7)
\u2013
(656.7)
(656.7)
(694.6)
\u2013
(694.6)
(694.6)
Outstanding liquid funds
(362.5)
\u2013
(362.5)
(362.5)
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
(1,738.5)
\u2013
(1,738.5)
(1,747.8)
Lease liabilities
(83.5)
\u2013
(83.5)
(83.5)
(82.1)
\u2013
(82.1)
(82.1)
Financial guarantee
liabilities
\u2013
(3.1)
(3.1)
(3.1)
\u2013
(4.4)
(4.4)
(4.4)
Derivative financial
liabilities
\u2013
(345.2)
(345.2)
(345.2)
\u2013
(1,021.0)
(1,021.0)
(1,021.0)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
(2,515.2)
(1,025.4)
(3,540.6)
(3,549.9)
Non-current
Loans and borrowings
(7,680.8)
(0.9)
(7,681 .7)
(7,440.6)
(6,760.9)
(154.6)
(6,915.5)
(6,458.4)
Lease liabilities
(324.0)
\u2013
(324.0)
(324.0)
(323.8)
\u2013
(323.8)
(323.8)
Financial guarantee
liabilities
\u2013
(36.4)
(36.4)
(36.4)
\u2013
(66.5)
(66.5)
(66.5)
Derivative financial
liabilities
\u2013
(222.2)
(222.2)
(222.2)
\u2013
(243.3)
(243.3)
(243.3)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(7,084.7)
(464.4)
(7,549.1)
(7,092.0)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
(9,599.9)
(1,489.8)
(11,089.7)
(10,641.9)
Net financial liabilities
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(5,711.0)
(457.2)
(6,168.2)
(5,720.4)
(i) (ii) (i) (ii) * The comparative information has been restated. See notes 1.2 and 2.1. (i) Financial assets and liabilities that are measured at amortised cost. (ii) Financial assets and liabilities that are measured at either Fair Value through Profit and Loss (Derivative Financial Assets and Liabilities) or Fair Value through Other Comprehensive Income (Unquoted Equity Investments) A7.1.1. Basis of determining fair value Certain assets and liabilities have been classified and carried at amortised cost on inception in line with IFRS 9 criteria. The carrying value of these assets are approximately equivalent to fair value due to short term maturity aside from loans and borrowings which are subject to longer maturity dates. All other financial assets and liabilities are measured at either Fair Value through Profit and Loss (\u2018FVTPL\u2019) or Fair Value through Other Comprehensive Income (\u2018FVTOCI\u2019). Fair values for energy derivatives are based on unadjusted quoted market prices, where actively traded. For energy derivatives that are not actively traded, interest rate instruments, foreign currency hedge contracts and cross currency swap contracts associated with foreign currency denominated long-term fixed rate debt, the fair values are determined by reference to closing rate market prices for similar instruments. Fair values for unquoted equity instruments are derived from venture capital or growth equity firm valuation statements. Fair values for financial guarantee contracts are equal to the premium or fee received/charged. The fair values are stated at a specific date and may be different from the amounts which will actually be paid or received on settlement of the instruments. The fair value of items such as property, plant and equipment, internally generated brands or the Group\u2019s customer base are not included as these are not considered financial instruments. A7.2. Fair value hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from unadjusted quoted market prices for identical assets or liabilities. \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data.
2024 2024 2024 2024
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
357.7
121.6
0.5
479.8
Interest rate derivatives
\u2013
113.0
\u2013
113.0
Foreign exchange derivatives
\u2013
7.5
\u2013
7.5
Unquoted equity investments
\u2013
\u2013
3.2
3.2
357.7
242.1
3.7
603.5
Financial liabilities
Energy derivatives
\u2013
(327. 1)
(101.3)
(428.4)
Interest rate derivatives
\u2013
(95.8)
\u2013
(95.8)
Foreign exchange derivatives
\u2013
(43.2)
\u2013
(43.2)
Loans and borrowings
\u2013
(0.9)
\u2013
(0.9)
\u2013
(467.0)
(101.3)
(568.3)
The table above excludes financial guarantee liabilities measured in accordance with IFRS 17. There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2024. There were no significant transfers out of Level 2 into Level 3 or out of Level 3 into Level 2 during the year ended 31 March 2024. In December 2023, the Group entered into an additional Affiliate Contract for Difference (\u201cACfD\u201d) agreement with Seagreen Wind Energy Limited (\u201cSWEL\u201d) with a 5 year term. SWEL is a wholly owned subsidiary of Seagreen Holdco 1 Limited, a joint venture between the Group (49%) and TOTAL SE (51%) and TOTAL SE entered into a equivalent ACfD with SWEL on the same day. The Group also has some smaller commercial CfD arrangements entered into with non-government third parties that are also classified as derivatives. The ACfD and the commercial CfDs meet the definition of financial instruments and are classified as Level 3 on the fair value hierarchy due to significant unobservable inputs in the determination of fair value. The fair value measurement impact in the income statement attributable to Level 3 CfDs was a loss of \u00a399.0m (2023: \u00a31.8m). The fair value was determined using the income approach with reference to future market prices which are beyond the liquid period in the forward market. The non-government CfDs were issued for \u00a3nil consideration, being the deemed transaction price. The Group has calculated that the contracts had a fair value on day 1, being the difference between the strike price per the contract and the forward market spot price. This valuation is based on unobservable inputs and is considered judgemental. Key assumptions applied when deriving the fair value are related to discount rates; electricity volumes; and electricity prices. In line with IFRS 9, the day 1 gain is deferred and will be recognised over the life of the contract. Seagreen Offshore Wind Farm reached full commercial operations during October 2023. The deferred day 1 fair value across all Seagreen contracts commenced amortisation in December 2023 with a \u00a37.4m deferred measurement gain recognised during the year. The following table represents the difference between the Level 3 financial instruments at fair value at the start of the reporting period and at the reporting date:
\u00a3m
Level 3 financial instrument fair value as at 31 March 2022
8.7
Additions (cash contributions)
19.1
Remeasurement loss recognised in income statement
(1.8)
Remeasurement loss recognised in other comprehensive income
(0.4)
Additions \u2013 new instruments entered in the year
400.1
Deferred day 1 gains on instruments entered in the year
(400.1)
Level 3 financial instrument fair value as at 31 March 2023
25.6
Additions (cash contributions)
Transfer from financial assets (note 1.2)
(24.1 )
Cash settlement
(0.4)
Disposals in year
(0.4)
Remeasurement loss recognised in income statement
(106.0)
Remeasurement loss recognised in other comprehensive income
0.3
Additions \u2013 new instruments entered in the year
11.5
Deferred day 1 gains on instruments entered in the year
(11.5)
Amortisation of day 1 gains in the year
7.4
Level 3 financial instrument fair value as at 31 March 2024
(97.6)
The following table details the valuation technique, significant unobservable inputs and the range of values for the energy derivatives measured at fair value on a recurring basis and classified as Level 3.
Market price range
Carrying value (net) Valuation Significant (min-max)
\u00a3m technique unobservable input \u00a3/MwH
Electricity prices,
31 March 2024
100.8
Discounted cash flow
Generation volumes
53 \u2013 147
Electricity prices,
31 March 2023
1.8
Discounted cash flow
Generation volumes
68 \u2013 147
Deferred measurement differences
\u00a3m
Deferred measurement difference as at 31 March 2022
\u2013
Deferred measurement difference arising during the year on new instruments
400.1
Deferred measurement difference as at 31 March 2023
400.1
Deferred measurement difference adjustment in the year
9.3
Deferred measurement difference arising during the year on new instruments
11.5
Deferred measurement difference recognised during the year
(7.4)
Deferred measurement difference as at 31 March 2024
413.5
The following table shows the impact on the fair value of the Level 3 energy derivatives when applying reasonably possible alternative assumptions to the valuation obtained using the discounted cash flow model.
At 31 March 2024
At 31 March 2023
Effect on fair Effect on fair
value of value of
deferred deferred
Increase/ measurement Increase/ measurement
decrease in differences decrease in differences
Assumption assumption \u00a3m assumption \u00a3m
Discount rate
+1%/-1%
22.2/(19.9)
+1%/-1%
(29.5)/35.3
Volumes
+10%/-10%
29.3/(31.3)
+10%/-10%
39.8/(39.8)
Prices
+10%/-10%
135.7/(135.7)
+10%/-10%
108.7/(108.7)
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Levels 1 to 3 based on the degree to which the fair value is observable for the year ended 31 March 2023.
2023 2023 2023 2023
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
\u2013
743.9
22.0
765.9
Interest rate derivatives
\u2013
227.8
\u2013
227.8
Foreign exchange derivatives
\u2013
11.5
\u2013
11.5
Unquoted equity investments
\u2013
\u2013
27.4
27.4
\u2013
983.2
49.4
1,032.6
Financial liabilities
Energy derivatives
(189.6)
(939.4)
(23.8)
(1,152.8)
Interest rate derivatives
\u2013
(92.6)
\u2013
(92.6)
Foreign exchange derivatives
\u2013
(18.9)
\u2013
(18.9)
Loans and borrowings
\u2013
(154.6)
\u2013
(154.6)
(189.6)
(1,205.5)
(23.8)
(1,418.9)
There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-814": { "value": "A7.1. Fair value of financial instruments within the Group The fair values of the primary financial assets and liabilities of the Group together with their carrying values are as follows:
2024
2024
2024
2024
2023
2023
2023
2023
FVTPL/ Total
Amortised FVTPL/ Total carrying Fair Amortised FVTOCI carrying value Fair
cost FVTOCI value value cost \u00a3m \u00a3m value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m (restated*) (restated*) \u00a3m (restated*)
Financial assets
Current
Trade receivables
1,305.5
\u2013
1,305.5
1,305.5
1,404.0
\u2013
1,404.0
1,404.0
Other receivables
4.1
\u2013
4.1
4.1
12.7
\u2013
12.7
12.7
Cash collateral and other
short term loans
9.3
\u2013
9.3
9.3
316.3
\u2013
316.3
316.3
Cash and cash
equivalents
1,035.9
\u2013
1,035.9
1,035.9
891.8
\u2013
891.8
891.8
Derivative financial assets
\u2013
536.1
536.1
536.1
\u2013
759.2
759.2
759.2
2,354.8
536.1
2,890.9
2,890.9
2,624.8
759.2
3,384.0
3,384.0
Non-current
Unquoted equity
investments
\u2013
3.2
3.2
3.2
\u2013
27.4
27.4
27.4
Loan note receivable
170.1
\u2013
170.1
170.1
149.5
\u2013
149.5
149.5
Loans to associates and
jointly controlled
entities
1,352.9
\u2013
1,352.9
1,352.9
1,114.6
\u2013
1,114.6
1,114.6
Derivative financial assets
\u2013
64.2
64.2
64.2
\u2013
246.0
246.0
246.0
1,523.0
67.4
1,590.4
1,590.4
1,264.1
273.4
1,537.5
1,537.5
3,877.8
603.5
4,481.3
4,481.3
3,888.9
1,032.6
4,921.5
4,921.5
Financial liabilities
Current
Trade payables
(656.7)
\u2013
(656.7)
(656.7)
(694.6)
\u2013
(694.6)
(694.6)
Outstanding liquid funds
(362.5)
\u2013
(362.5)
(362.5)
\u2013
\u2013
\u2013
\u2013
Loans and borrowings
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
(1,738.5)
\u2013
(1,738.5)
(1,747.8)
Lease liabilities
(83.5)
\u2013
(83.5)
(83.5)
(82.1)
\u2013
(82.1)
(82.1)
Financial guarantee
liabilities
\u2013
(3.1)
(3.1)
(3.1)
\u2013
(4.4)
(4.4)
(4.4)
Derivative financial
liabilities
\u2013
(345.2)
(345.2)
(345.2)
\u2013
(1,021.0)
(1,021.0)
(1,021.0)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
(2,515.2)
(1,025.4)
(3,540.6)
(3,549.9)
Non-current
Loans and borrowings
(7,680.8)
(0.9)
(7,681 .7)
(7,440.6)
(6,760.9)
(154.6)
(6,915.5)
(6,458.4)
Lease liabilities
(324.0)
\u2013
(324.0)
(324.0)
(323.8)
\u2013
(323.8)
(323.8)
Financial guarantee
liabilities
\u2013
(36.4)
(36.4)
(36.4)
\u2013
(66.5)
(66.5)
(66.5)
Derivative financial
liabilities
\u2013
(222.2)
(222.2)
(222.2)
\u2013
(243.3)
(243.3)
(243.3)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(7,084.7)
(464.4)
(7,549.1)
(7,092.0)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
(9,599.9)
(1,489.8)
(11,089.7)
(10,641.9)
Net financial liabilities
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(5,711.0)
(457.2)
(6,168.2)
(5,720.4)
(i) (ii) (i) (ii) * The comparative information has been restated. See notes 1.2 and 2.1. (i) Financial assets and liabilities that are measured at amortised cost. (ii) Financial assets and liabilities that are measured at either Fair Value through Profit and Loss (Derivative Financial Assets and Liabilities) or Fair Value through Other Comprehensive Income (Unquoted Equity Investments) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-796": { "value": "
A8. Hedge accounting
A8.1. Cash flow hedges
The Group designates contracts which qualify as hedges for accounting purposes either as cash flow hedges or fair value hedges. Cash
flow hedges are contracts entered into to hedge a forecast transaction or cash flow risk generally arising from a change in interest rates or
foreign currency exchange rates and which meet the effectiveness criteria prescribed by IFRS 9. The Group\u2019s accounting policy on cash
flow hedges is explained in the Accompanying Information section A1 .
The following table indicates the contractual maturities of the expected transactions and the qualifying cash flow hedges associated.
Non-Sterling denominated contractual cash flows have been converted at the forward foreign exchange rate.
2024
2024
2024
2024
2024
2024
2023
2023
2023
2023
2023
2023
Carrying Expected 0 \u2013 12 1\u20132 2\u20135 > 5 Carrying Expected 0 \u2013 12 1\u20132 2\u20135 > 5
amount cash flows months years years years amount cash flows months years years years
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps:
Assets
19.7
21.4
7.3
5.3
8.8
\u2013
25.2
28.1
6.5
5.5
15.8
0.3
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.7
21.4
7. 3
5.3
8.8
\u2013
25.2
28.1
6.5
5.5
15.8
0.3
Cross currency swaps:
Assets
71.7
72.4
51.4
1.5
19.5
\u2013
178.9
194.0
110.1
56.0
27.9
\u2013
Liabilities
(57.4)
(57.6)
(19.3)
(23.3)
(30.6)
15.6
(37.4)
(30.3)
(17.8)
(17.6)
(10.6)
15.7
14.3
14.8
32.1
(21.8)
(11.1)
15.6
141.5
163.7
92.3
38.4
17.3
15.7
Forward foreign exchange contracts:
Assets
0.5
35.0
34.6
0.4
\u2013
\u2013
2.4
(120.4)
(106.9)
(11.7)
(1.8)
\u2013
Liabilities
(30.5)
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
(11.5)
(337.7)
(292.0)
(42.3)
(3.4)
\u2013
(30.0)
(1,305.9)
(523.1)
(99.4)
(647.6)
(35.8)
(9.1)
(458.1)
(398.9)
(54.0)
(5.2)
\u2013
A8.2. Net investment hedge
The Group\u2019s net investment hedge consists of debt issued in the same currency (\u20ac) as the net investment in foreign subsidiaries with \u20ac
denominated functional currencies being the Airtricity Supply business, the thermal plants in Ireland and wind farms in Ireland and
Southern Europe. The hedge compares the element of the net assets whose functional cash flows are denominated in \u20ac to the matching
portion of the \u20ac borrowings held by the Group. This therefore provides protection against movements in foreign exchange rates. There is
no net investment hedge in relation to SSE Pacifico as the Group has no JPY denominated debt.
Gains and losses in the hedge are recognised in equity and will be transferred to the income statement on disposal of the foreign operation
(2024: \u00a330.9m gain, 2023: \u00a343.1m loss). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income
statement (2024:\u00a3nil, 2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }