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1.1. General information
SSE plc (the \u201cCompany\u201d) 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 2025 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 263 to 271 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "SSE plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-603": { "value": "SSE plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-605": { "value": "SSE plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-606": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-604": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-609": { "value": "
1.2. Basis of preparation
Statement of compliance
The financial statements were authorised for issue by the Directors
on 20 May 2025. The financial statements have been prepared in
accordance with UK-adopted International Accounting Standards
(\u201cIAS\u201d).
Going Concern
The Directors consider that the Group has adequate resources to
continue in operational existence for the period to 31 December
2026. 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 249 .
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\u2019s 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
and all values are rounded to the nearest million to one decimal
place (\u00a3m), unless otherwise stated. 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 229 .
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 176 to 178
.
Changes to presentation and prior year adjustments
The prior year comparatives at 31 March 2024 have been restated
as follows:
Segments
In accordance with the requirements of IFRS 8 \u201cOperating
Segments\u201d the Group aligns its segmental disclosures with its
internal reporting to the Group Executive Committee (the Chief
Operating Decision Maker). The reporting of these operating
segments is used to assess operating performance and to make
decisions on how to allocate capital. During the year to 31 March
2025, the Group\u2019s Enterprise business was integrated into its SSE
Business Energy, SSE Thermal and SSE Energy Markets operating
segments. Consequently, the segmental results reported within
these financial statements have been restated with effect from
1 April 2023. Details of the main activities reallocated from SSE
Enterprise into the Group\u2019s other segments are provided note 5 .
Comparative segmental information in note 5 has been restated
to reflect the change to these segments. The impacts of the
restatements are a decrease to the adjusted operating profit of
SSE Business Energy (2024: \u00a340.6m), an increase to the adjusted
operating profit of SSE Thermal (2024: \u00a316.4m) and a decrease in
the adjusted operating profit of SSE Energy Markets (2024: \u00a31.4m)
and a decrease to the adjusted EBITDA of SSE Business Energy
(2024: \u00a336.5m), an increase to the adjusted EBITDA of SSE Thermal
(2024: \u00a322.0m) and a decrease in the adjusted EBITDA of SSE
Energy Markets (2024: \u00a31.4m). The reported operating profit by
segment has been restated by the same amounts. Additionally,
adjusted capital expenditure has been restated with an increase to
SSE Business Energy (2024: \u00a340.9m), SSE Thermal (2024: \u00a39.6m)
and SSE Energy Markets (2024: \u00a30.5m) and revenue has been
restated with an increase to SSE Business Energy (2024: \u00a363.5m)
and SSE Thermal (2024: \u00a328.4m).
This restatement has had no impact on the consolidated adjusted
performance measures of the Group at 31 March 2024.
Additionally note 8.2 employee numbers and A6.2 concentrations
of risk have been restated for March 2024 for this integration.
Alternative Performance Measures (\u201cAPMs\u201d) \u2013 adjustment for
net interest on net pension assets/liabilities
During the year the Group simplified its adjusted profit metrics
by removing the adjustment for interest on net pension assets/
liabilities valued under IAS 19 \u201cEmployee Benefits\u201d. This adjustment
is no longer deemed necessary by management as the pension
interest adjustment is less volatile and material to the Group than it
was when first introduced as an APM adjustment. The impacts of
the restatements for 31 March 2024 are an increase in the adjusted
profit before tax of \u00a326.2m and adjusted earnings per share of
2.4 pence.
There have been no other changes to the Group\u2019s APMs in the
current year.
Non-controlling interest presentation change
After reconsidering the accounting for sale of the 25% non-
controlling stake in Scottish Hydro Electric Transmission plc,
which the Group disposed of in the year ending 31 March 2023, the
comparative balance sheets and statements of changes in equity
have been restated to increase retained earnings by \u00a3195.0m (with a
corresponding decrease in non-controlling interests) representing
the gain recognised in equity on that transaction. Comparatives at
1 April 2023, 31 March 2024 have been restated accordingly. This
adjustment had no impact on net assets, the income statement,
statement of cashflows or adjusted performance measures of the
Group, at any reporting date.
Changes to estimates
On 31 March 2025, the Group\u2019s Thermal business reviewed the
useful economic life of the Peterhead, Keadby and Medway CCGT
assets. The review confirmed the technical capability of the assets
to continue to operate until at least 2035. Noting also the
recommendations of the UK Government\u2019s UK Clean Power 2030
Action Plan and the Group\u2019s ongoing success in the capacity
markets it is expected that the assets will continue to generate
economic benefit in this period. As a result, the useful economic
lives of the assets have been extended to 2035. The change in
useful economic life had no impact on the depreciation charge for
the year ended 31 March 2025, but will reduce the depreciation
charge for the year ending 31 March 2026 by \u00a314.2m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-652": { "value": "Statement of compliance The financial statements were authorised for issue by the Directors on 20 May 2025. The financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-653": { "value": "Going Concern The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2026. 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 249 . 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 programme. 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 \u00a321m overdraft facility. The refinancing requirement in the 25/26 financial year is \u00a31.9bn, being the \u00a30.9bn of short term Commercial Paper that matures between April and June, and \u00a31.0bn of medium to long term debt maturing being the \u20ac600m (\u00a3531m) Eurobond maturing 16 April 2025 and \u20ac600m (\u00a3503m) Eurobond maturing 8 September 2025. 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 \u00a33.0bn, \u00a31.5bn 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 \u00a316.9bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.4bn of long term funding in the current financial year. The Group\u2019s period of Going Concern assessment is performed to 31 December 2026, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. While the formal assessment period was to the period ending 31 December 2026, a period of three months beyond this date was reviewed for significant events that may result in a change to the conclusion of the assessment. No events or circumstances were identified in that period beyond the formal assessment. 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 2026. The statement of Going Concern is included in the Audit Committee Report. As at 31 March 2025, the net value of outstanding cash collateral held in respect of mark-to-market related margin calls on exchange traded positions was \u00a372.9m (2024: \u00a3353.2m). 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:
2025
2025
2025
2025
2025
2025
Contractual
Carrying value cash flows 0 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years > 5 years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
1,230.5
(1,243.0)
(1,243.0)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(233.3)
(11.1)
(11.1)
(211.1)
\u2013
Loans \u2013 fixed
1,300.4
(1,669.0)
(54.6)
(346.7)
(459.1)
(808.6)
Unsecured bonds \u2013 fixed
7,507.1
(10,125.6)
(777.9)
(792.8)
(1,999.5)
(6,555.4)
Fair value adjustment
( 8 8 . 6 )
\u2013
\u2013
\u2013
\u2013
\u2013
10,149.4
(13,270.9)
(2,086.6)
(1,150.6)
(2,669.7)
(7,364.0)
Lease liabilities
455.0
(711.9)
(75.2)
(64.4)
(169.1)
(403.2)
10,604.4
(13,982.8)
(2,161.8)
(1,215.0)
(2,838.8)
(7,767.2)
Derivative financial liabilities
Operating derivatives designated at fair value
162.1
387.3
(81.1)
205.9
92.4
170.1
Interest rate swaps used for hedging
76.8
(76.8)
(45.5)
(17.4)
(12.6)
(1.3)
Interest rate swaps designated at fair value
31.0
(31.0)
(7.4)
(7.5)
(5.5)
(10.6)
Forward foreign exchange contracts held for hedging
19.9
(975.4)
(258.1)
(171.8)
(545.5)
\u2013
Forward foreign exchange contracts designated at fair
value
4.2
(474.0)
(413.6)
(56.2)
(4.2)
\u2013
294.0
(1,169.9)
(805.7)
(47.0)
(475.4)
158.2
Other financial liabilities
Trade payables
710.7
(710.7)
(710.7)
\u2013
\u2013
\u2013
Financial guarantee liabilities
25.5
(25.5)
(2.4)
(7.8)
(3.6)
(11.7)
736.2
(736.2)
(713.1)
(7.8)
(3.6)
(11.7)
Total
11,634.6
(15,888.9)
(3,680.6)
(1,269.8)
(3,317.8)
(7,620.7)
Derivative financial assets
Financing derivatives
(83.7)
793.5
544.2
172.9
70.9
5.5
Operating derivatives designated at fair value
(158.2)
366.5
304.6
26.0
24.0
11.9
(241.9)
1,160.0
848.8
198.9
94.9
17.4
Net total
(i)
11,392.7
(14,728.9)
(2,831.8)
(1,070.9)
(3,222.9)
(7,603.3)
2024
2024
2024
2024
2024
2024
Contractual
Carrying value cash flows 0 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years > 5 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)
F a i r v a l u e a d j u s t m e n t
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
(i)
9,797.0
(14,628.0)
(2,988.4)
(1,451.1)
(2,244.2)
(7,944.3)
(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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-654": { "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\u2019s 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 and all values are rounded to the nearest million to one decimal place (\u00a3m), unless otherwise stated. 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 229 . ", "dimensions": { "concept": "ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-699": { "value": "Changes to presentation and prior year adjustments The prior year comparatives at 31 March 2024 have been restated as follows: Segments In accordance with the requirements of IFRS 8 \u201cOperating Segments\u201d the Group aligns its segmental disclosures with its internal reporting to the Group Executive Committee (the Chief Operating Decision Maker). The reporting of these operating segments is used to assess operating performance and to make decisions on how to allocate capital. During the year to 31 March 2025, the Group\u2019s Enterprise business was integrated into its SSE Business Energy, SSE Thermal and SSE Energy Markets operating segments. Consequently, the segmental results reported within these financial statements have been restated with effect from 1 April 2023. Details of the main activities reallocated from SSE Enterprise into the Group\u2019s other segments are provided note 5 . Comparative segmental information in note 5 has been restated to reflect the change to these segments. The impacts of the restatements are a decrease to the adjusted operating profit of SSE Business Energy (2024: \u00a340.6m), an increase to the adjusted operating profit of SSE Thermal (2024: \u00a316.4m) and a decrease in the adjusted operating profit of SSE Energy Markets (2024: \u00a31.4m) and a decrease to the adjusted EBITDA of SSE Business Energy (2024: \u00a336.5m), an increase to the adjusted EBITDA of SSE Thermal (2024: \u00a322.0m) and a decrease in the adjusted EBITDA of SSE Energy Markets (2024: \u00a31.4m). The reported operating profit by segment has been restated by the same amounts. Additionally, adjusted capital expenditure has been restated with an increase to SSE Business Energy (2024: \u00a340.9m), SSE Thermal (2024: \u00a39.6m) and SSE Energy Markets (2024: \u00a30.5m) and revenue has been restated with an increase to SSE Business Energy (2024: \u00a363.5m) and SSE Thermal (2024: \u00a328.4m). This restatement has had no impact on the consolidated adjusted performance measures of the Group at 31 March 2024. Additionally note 8.2 employee numbers and A6.2 concentrations of risk have been restated for March 2024 for this integration. Alternative Performance Measures (\u201cAPMs\u201d) \u2013 adjustment for net interest on net pension assets/liabilities During the year the Group simplified its adjusted profit metrics by removing the adjustment for interest on net pension assets/ liabilities valued under IAS 19 \u201cEmployee Benefits\u201d. This adjustment is no longer deemed necessary by management as the pension interest adjustment is less volatile and material to the Group than it was when first introduced as an APM adjustment. The impacts of the restatements for 31 March 2024 are an increase in the adjusted profit before tax of \u00a326.2m and adjusted earnings per share of 2.4 pence. There have been no other changes to the Group\u2019s APMs in the current year. Non-controlling interest presentation change After reconsidering the accounting for sale of the 25% non- controlling stake in Scottish Hydro Electric Transmission plc, which the Group disposed of in the year ending 31 March 2023, the comparative balance sheets and statements of changes in equity have been restated to increase retained earnings by \u00a3195.0m (with a corresponding decrease in non-controlling interests) representing the gain recognised in equity on that transaction. Comparatives at 1 April 2023, 31 March 2024 have been restated accordingly. This adjustment had no impact on net assets, the income statement, statement of cashflows or adjusted performance measures of the Group, at any reporting date. Changes to estimates On 31 March 2025, the Group\u2019s Thermal business reviewed the useful economic life of the Peterhead, Keadby and Medway CCGT assets. The review confirmed the technical capability of the assets to continue to operate until at least 2035. Noting also the recommendations of the UK Government\u2019s UK Clean Power 2030 Action Plan and the Group\u2019s ongoing success in the capacity markets it is expected that the assets will continue to generate economic benefit in this period. As a result, the useful economic lives of the assets have been extended to 2035. The change in useful economic life had no impact on the depreciation charge for the year ended 31 March 2025, but will reduce the depreciation charge for the year ending 31 March 2026 by \u00a314.2m. 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 229 to 237 . 2.1. New standards, amendments and interpretations effective or adopted by the Group During the year ended 31 March 2025, the Group adopted the amendments to: \u2013 IAS 1 \u201cPresentation of Financial Statements\u201d in relation to non-current liabilities with covenants \u2013 IFRS 16 \u201cLeases\u201d in relation to a lease on sale and leaseback \u2013 IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d in relation to supplier finance arrangements\u2019 Adoption of these 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 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d was issued in April 2024 and will be effective from 1 January 2027 (1 April 2027 for the Group), subject to UK endorsement. This standard will replace IAS 1 \u201cPresentation of Financial Statements.\u201d The new standard does not amend the principles of recognition and measurement and so will not impact the financial results of the Group. However, it will impact the presentation of the consolidated financial statements, in particular the Consolidated Income Statement. While the Group is continuing to assess the full impact of adoption of the standard, it is expected that the presentation of the Consolidated Income Statement will be amended to include the new subtotals prescribed in the standard. The share of profit recognised from equity accounted investments will be classified within investing activities, instead of its current classification within operating activities. It is expected that certain notes to the consolidated financial statements will also be amended to comply with aggregation and disaggregation principles. Amendments to IFRS 9 \u201cFinancial Instruments\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d in relation to the classification and measurement of financial instruments have been issued. An additional amendment has also been made to both standards in relation to contracts referencing nature-dependent electricity. These amendments will be effective from 1 January 2026 (1 April 2026 for the Group). While the impact of adoption is continuing to be assessed, it is not expected the amendments will have a material impact on the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-655": { "value": "Changes to presentation and prior year adjustments The prior year comparatives at 31 March 2024 have been restated as follows: Segments In accordance with the requirements of IFRS 8 \u201cOperating Segments\u201d the Group aligns its segmental disclosures with its internal reporting to the Group Executive Committee (the Chief Operating Decision Maker). The reporting of these operating segments is used to assess operating performance and to make decisions on how to allocate capital. During the year to 31 March 2025, the Group\u2019s Enterprise business was integrated into its SSE Business Energy, SSE Thermal and SSE Energy Markets operating segments. Consequently, the segmental results reported within these financial statements have been restated with effect from 1 April 2023. Details of the main activities reallocated from SSE Enterprise into the Group\u2019s other segments are provided note 5 . Comparative segmental information in note 5 has been restated to reflect the change to these segments. The impacts of the restatements are a decrease to the adjusted operating profit of SSE Business Energy (2024: \u00a340.6m), an increase to the adjusted operating profit of SSE Thermal (2024: \u00a316.4m) and a decrease in the adjusted operating profit of SSE Energy Markets (2024: \u00a31.4m) and a decrease to the adjusted EBITDA of SSE Business Energy (2024: \u00a336.5m), an increase to the adjusted EBITDA of SSE Thermal (2024: \u00a322.0m) and a decrease in the adjusted EBITDA of SSE Energy Markets (2024: \u00a31.4m). The reported operating profit by segment has been restated by the same amounts. Additionally, adjusted capital expenditure has been restated with an increase to SSE Business Energy (2024: \u00a340.9m), SSE Thermal (2024: \u00a39.6m) and SSE Energy Markets (2024: \u00a30.5m) and revenue has been restated with an increase to SSE Business Energy (2024: \u00a363.5m) and SSE Thermal (2024: \u00a328.4m). This restatement has had no impact on the consolidated adjusted performance measures of the Group at 31 March 2024. Additionally note 8.2 employee numbers and A6.2 concentrations of risk have been restated for March 2024 for this integration. Alternative Performance Measures (\u201cAPMs\u201d) \u2013 adjustment for net interest on net pension assets/liabilities During the year the Group simplified its adjusted profit metrics by removing the adjustment for interest on net pension assets/ liabilities valued under IAS 19 \u201cEmployee Benefits\u201d. This adjustment is no longer deemed necessary by management as the pension interest adjustment is less volatile and material to the Group than it was when first introduced as an APM adjustment. The impacts of the restatements for 31 March 2024 are an increase in the adjusted profit before tax of \u00a326.2m and adjusted earnings per share of 2.4 pence. There have been no other changes to the Group\u2019s APMs in the current year. Non-controlling interest presentation change After reconsidering the accounting for sale of the 25% non- controlling stake in Scottish Hydro Electric Transmission plc, which the Group disposed of in the year ending 31 March 2023, the comparative balance sheets and statements of changes in equity have been restated to increase retained earnings by \u00a3195.0m (with a corresponding decrease in non-controlling interests) representing the gain recognised in equity on that transaction. Comparatives at 1 April 2023, 31 March 2024 have been restated accordingly. This adjustment had no impact on net assets, the income statement, statement of cashflows or adjusted performance measures of the Group, at any reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-656": { "value": "Changes to estimates On 31 March 2025, the Group\u2019s Thermal business reviewed the useful economic life of the Peterhead, Keadby and Medway CCGT assets. The review confirmed the technical capability of the assets to continue to operate until at least 2035. Noting also the recommendations of the UK Government\u2019s UK Clean Power 2030 Action Plan and the Group\u2019s ongoing success in the capacity markets it is expected that the assets will continue to generate economic benefit in this period. As a result, the useful economic lives of the assets have been extended to 2035. The change in useful economic life had no impact on the depreciation charge for the year ended 31 March 2025, but will reduce the depreciation charge for the year ending 31 March 2026 by \u00a314.2m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-610": { "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 229 to 237 . 2.1. New standards, amendments and interpretations effective or adopted by the Group During the year ended 31 March 2025, the Group adopted the amendments to: \u2013 IAS 1 \u201cPresentation of Financial Statements\u201d in relation to non-current liabilities with covenants \u2013 IFRS 16 \u201cLeases\u201d in relation to a lease on sale and leaseback \u2013 IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d in relation to supplier finance arrangements\u2019 Adoption of these 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 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d was issued in April 2024 and will be effective from 1 January 2027 (1 April 2027 for the Group), subject to UK endorsement. This standard will replace IAS 1 \u201cPresentation of Financial Statements.\u201d The new standard does not amend the principles of recognition and measurement and so will not impact the financial results of the Group. However, it will impact the presentation of the consolidated financial statements, in particular the Consolidated Income Statement. While the Group is continuing to assess the full impact of adoption of the standard, it is expected that the presentation of the Consolidated Income Statement will be amended to include the new subtotals prescribed in the standard. The share of profit recognised from equity accounted investments will be classified within investing activities, instead of its current classification within operating activities. It is expected that certain notes to the consolidated financial statements will also be amended to comply with aggregation and disaggregation principles. Amendments to IFRS 9 \u201cFinancial Instruments\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d in relation to the classification and measurement of financial instruments have been issued. An additional amendment has also been made to both standards in relation to contracts referencing nature-dependent electricity. These amendments will be effective from 1 January 2026 (1 April 2026 for the Group). While the impact of adoption is continuing to be assessed, it is not expected the amendments will have a material impact on the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-657": { "value": "
2.1. New standards, amendments and interpretations
effective or adopted by the Group
During the year ended 31 March 2025, the Group adopted the
amendments to:
\u2013 IAS 1 \u201cPresentation of Financial Statements\u201d in relation to
non-current liabilities with covenants
\u2013 IFRS 16 \u201cLeases\u201d in relation to a lease on sale and leaseback
\u2013 IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial
Instruments: Disclosures\u201d in relation to supplier finance
arrangements\u2019
Adoption of these 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-658": { "value": "
2.2. New standards, amendments and interpretations
issued, but not yet adopted by the Group
IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d was
issued in April 2024 and will be effective from 1 January 2027
(1 April 2027 for the Group), subject to UK endorsement. This
standard will replace IAS 1 \u201cPresentation of Financial Statements.\u201d
The new standard does not amend the principles of recognition
and measurement and so will not impact the financial results
of the Group. However, it will impact the presentation of the
consolidated financial statements, in particular the Consolidated
Income Statement.
While the Group is continuing to assess the full impact of
adoption of the standard, it is expected that the presentation of
the Consolidated Income Statement will be amended to include
the new subtotals prescribed in the standard. The share of profit
recognised from equity accounted investments will be classified
within investing activities, instead of its current classification
within operating activities. It is expected that certain notes to
the consolidated financial statements will also be amended to
comply with aggregation and disaggregation principles.
Amendments to IFRS 9 \u201cFinancial Instruments\u201d and IFRS 7
\u201cFinancial Instruments: Disclosures\u201d in relation to the classification
and measurement of financial instruments have been issued.
An additional amendment has also been made to both standards
in relation to contracts referencing nature-dependent electricity.
These amendments will be effective from 1 January 2026 (1 April
2026 for the Group). While the impact of adoption is continuing to
be assessed, it is not expected the amendments will have a material
impact on the Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-611": { "value": "
3
Adjusted accounting measures
The Group applies the use of adjusted accounting measures or
alternative performance measures (\u201cAPMs\u201d) 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 \u201cadjusted operating profit\u201d, \u201cadjusted earnings per share\u201d,
\u201cadjusted EBITDA\u201d, \u201cadjusted investment and capital expenditure\u201d,
\u201cadjusted investment, capital and acquisition expenditure\u201d and
\u201cadjusted net debt and hybrid capital\u201d are not defined under IFRS
and are explained in more detail below. In addition, the section
\u201cAlternative Performance Measures\u201d at page 162 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 \u201cadjusted measures\u201d. 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 (\u201cadjusted operating profit\u201d). 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 expense on fair value uplifts, the share of operating profit attributable to non-controlling interests, adjustments to the 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 (seenote 3.2 below), depreciation expense on fair value uplifts, the share of profit before tax attributable to non-controlling interests, adjustments to the Gas Production decommissioning provision and taxation on profits from equity-accounted joint ventures and associates. The Group also uses adjusted earnings before interest, taxation, depreciation and amortisation (\u201cadjusted EBITDA\u201d) 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 Gas Production decommissioning provision, 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 \u201cNet Debt to EBITDA\u201d metric referred at page 24 , \u201cadjusted EBITDA\u201d 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 (\u201cEPS\u201d), which is based on basic earnings per share before exceptional items and certain re-measurements (see note 3.2 below), depreciation on fair value uplifts, adjustments to the Gas Production decommissioning provision 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 \u201cadjusted net debt and hybrid capital\u201d 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 deposits with a maturity of more than three months. The measure represents the capital owed to investors, lenders and equity holders other than the ordinary shareholders. As with \u201cadjusted earnings per share\u201d, 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 \u201cadjusted investment
and capital expenditure\u201d and an \u201cadjusted investment, capital and
acquisition expenditure\u201d 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 the
Group\u2019s direct funding of joint venture and associates\u2019 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. In addition,
the Group excludes 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 and disposed or impaired additions. The
\u201cadjusted investment, capital and acquisition expenditure\u201d 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 \u201cadjusted
earnings per share\u201d, 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 \u201cAlternative Performance Measures\u201d section at
pages 162 to 168
.
Where the Group have referred to an adjusted performance
measure in the financial statements the following sign is presented
to denote this
APM
.
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 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 (2024: \u00a340.0m) will be considered
exceptional, with the exception of any 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 further exception to this threshold is for gains
or losses on disposal, or divestment of early-stage 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 qualifying gain arises on a non-cash transaction, the gain
is still 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;
re-measurements 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 re-measurements.
3.3 Other additional disclosures
As permitted by IAS 1 \u201cPresentation of Financial Statements\u201d, 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-612": { "value": "
4
Accounting judgements and
estimation uncertainty
In the process of applying the Group\u2019s accounting policies,
management is 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 and material
financial judgement areas that are specifically considered by the
Audit Committee highlighted separately.
The Group has made no changes to its significant accounting
judgements and identified no new areas of estimation uncertainty
during the year. As there is no provision for uncertain tax positions
within the financial statements in the current or comparative years
(2024 and 2023: \u00a3nil) and noting the Group\u2019s current view on such
matters, this estimation uncertainty has been removed from the
disclosure of estimates that could result in a significant impact on
the financial statements.
4.1 Signi\ufb01cant \ufb01nancial 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. As well as its goodwill balances, the
specific assets under review in the year ended 31 March 2025 are
intangible development assets in Southern Europe and Japan;
and specific property, plant and equipment assets related to gas
storage at Aldbrough and Atwick and the Group\u2019s thermal power
station at Great Island in Ireland. 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 determining both the level of cash generating unit
(\u201cCGU\u201d) 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 relevant 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.
The Group\u2019s SSE Business Energy segment completed the
migration of customers to a new billing platform during the current
financial year. Following the completion of the migration, the billing
platform performance has stabilised and resulted in a lower level
of unbilled sales at 31 March 2025. The level of judgement applied
in determining the sales accrual has also lessened compared to
the position at March 2024. For the prior year end, the Group
recognised a provision against the sales accrual to reflect that
customer billing delays may result in a deterioration in collection
performance. No comparable risk provision was recognised at
31 March 2025 and it is expected that the level of judgement
applied will be reduced in future reporting periods as operational
performance continues to improve.
This unbilled estimation is subject to an internal corroboration
process which compares calculated unbilled volumes to a
theoretical \u201cperfect billing\u201d 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. 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 post report date billings and hence support to the
accrual recognised.
Given the requirement of management to apply judgement, the
estimated revenue accrual remains 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 Holdings
Limited (a subsidiary of Energy Transition Holdings Limited (\u201cETHL\u201d))
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 2025, the carrying value (net of
expected credit loss provision of \u00a31.8m (2024: \u00a31.6m)) is \u00a3193.5m
(2024: \u00a3170.1m) (see note 18).
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 ETHL, including the 31 December
2023 consolidated financial statements; and discussions with
ETHL 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 NZAP Plus plan to lead in the UK\u2019s transition to clean
power 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 eighth green bond was issued
by SSEN Transmission in August 2024 and ninth green bond was
issued by SSE plc in March 2025 (see
note 21
). The proceeds of
the eighth green bond were allocated to fund Transmission network
projects and the proceeds of the ninth green bond were allocated
to finance or refinance Renewables wind farm 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
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 to provide security of supply to a market
increasingly dependent upon renewable sources, which are
inherently intermittent. The UK Government recently published its
\u201cClean Power 2030 Action Plan\u201d which supports the Group\u2019s view
that unabated gas will continue to play a back-up role throughout
the transition to clean power, by ensuring the security of supply.
The Group assesses the useful economic life of its assets on an annual basis. The assessment performed at 31 March 2025 indicated that certain unabated CCGT assets at Peterhead, Keadby and Medway should have their useful economic life extended from 2030 to 2035 due to the combination of UK Government policy reiterating the importance of flexible generation from gas fired CCGTs in the transition to clean power; the Group\u2019s ongoing success in capacity market auctions; and the technical capability of these assets to operate to that date. The change in end of life assumption for these assets has been reflected in the annual impairment process. As a result, all the Group\u2019s unabated CCGT assets held at 31 March 2025 are forecast to operate beyond 2030. The process to determine the Group\u2019s material climate-related opportunities and risks in the period to 31 March 2025 reduced the perceived risk of mandated early closure for these assets. As a result, the \u201cAccelerated gas closure\u201d transition risk is no longer a material transition risk reported in the Group\u2019s TCFD disclosures (see pages 71 to 78 ). 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 2025 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 \u201cImpairment of Assets\u201d. 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 generating wind 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 2025 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 10% reduction in achievable volume would result in significant headroom on the carrying value of the UK and Ireland assets at 31 March 2025 (see note 15.1 ). Valuation 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 has extended the useful economic life of three of its unabated CCGT assets at 31 March 2025, which are now expected to operate to 2035 and delay the decommissioning of these assets. While the Group has modelled scenarios that estimate the impact of the closure date being brought forward by legislation,
the Group assessed that the perceived risk of legislation being
enacted by 2030 to mandate the closure of unabated assets has
decreased. 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 \u00a3201.6m
(2024: \u00a3219.7m). At 31 March 2025, the impact of discounting
of this retained provision is \u00a380.8m (2024: \u00a368.3m), 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 2025 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
As disclosed in note 1.2 above, the Group\u2019s Thermal business unit
reviewed the useful economic life of the Peterhead, Keadby and
Medway CCGT assets at 31 March 2025 and extended their useful
lives to 2035. The change in useful economic life has been applied
prospectively and had no impact on the results for the year ended
31 March 2025. The depreciation charge for the year ending
31 March 2026 will be reduced by \u00a314.2m.
As there is no provision for uncertain tax positions within the
financial statements in the current or comparative years (2024 and
2023: \u00a3nil) and noting the Group\u2019s current view on such matters,
this estimation uncertainty has been removed from the disclosure
of estimates that could result in a significant impact on the
financial statements.
There were no other changes to accounting judgements and
estimation uncertainties during the year.
4.3 Other areas of estimation uncertainty
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 current year to 31 March 2025. 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
.
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5
Segmental information
IFRS 8 requires operating segments to be identified based on the Group\u2019s internal reporting to its Chief Operating Decision Maker to assess
operating performance and to make decisions on how to allocate capital. The Group\u2019s Chief Operating Decision Maker has been identified
as the Group Executive Committee. The changes to the Group\u2019s segments in the year are explained in note 1.2 and are due to the integration
of the activities of SSE Enterprise into SSE\u2019s other segments. Comparative information has been re-presented to reflect the change to these
segments. The Group\u2019s \u201cCorporate unallocated\u201d segment is the Group\u2019s residual corporate central costs which are not allocated to individual
segments and includes the contribution from its Enerveo business and the Group\u2019s joint venture investment in Neos Networks Limited.
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 the 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 wind farms and run
Renewables of river and pumped storage hydro assets primarily in the UK and Ireland. This segment also includes the
development of wind assets in Japan and The Netherlands; solar assets in Poland; and the development
of wind, solar and battery opportunities in the UK and Southern Europe. 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.
Thermal
SSE Thermal
The generation of electricity from thermal plants including CCGTs in the UK and Ireland and the Group\u2019s
interests in multifuel assets in the UK. 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.
Following the change in segmental reporting noted at note 1.2, SSE Thermal also includes the Slough Heat
and Power assets which were previously reported within SSE Enterprise.
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 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.
Following the change in segmental reporting noted at note 1.2, SSE Business Energy activities also include
the provision of low carbon energy solutions to customers; behind-the-meter solar and battery solutions;
equity investment in the Source EV joint venture; private electric networks and heat and cooling network
activities which were previously reported within SSE Enterprise.
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 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.
Following the change in segmental reporting noted at note 1.2, SSE Energy Markets also includes the
Enhance route-to-market platform which was previously reported within SSE Enterprise.
As referred to in note 3, the internal measure of profit reported to the Board is \u201cadjusted profit before interest and tax\u201d or \u201cadjusted operating profit\u201d which is arrived at before exceptional items, the impact of financial instruments measured under IFRS 9, share of profits attributable to non-controlling interests, adjustments to the Gas Production decommissioning provision, 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 (\u201cEBITDA\u201d) by segment is provided on the following pages. Revenue and profit before taxation arise primarily from operations within the UK and Ireland. 5.1 Segmental information disclosure (i) Revenue by segment
(restated*)
Reported Inter-segment Segment Reported Inter-segment Segment
revenue
revenue
(i)
revenue revenue
revenue
(i)
revenue
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
807.0
\u2013
807.0
885.2
\u2013
885.2
SSEN Distribution
1,513.6
66.9
1,580.5
1,004.0
45.9
1,049.9
SSE Renewables
354.9
1,243.8
1,598.7
335.5
876.3
1,211.8
Thermal
SSE Thermal
633.0
1,251.3
1,884.3
599.4
3,143.0
3,742.4
Gas storage
17.6
3,305.4
3,323.0
11.2
2,948.4
2,959.6
Energy Customer Solutions
SSE Business Energy
2,692.4
76.3
2,768.7
3,246.7
53.0
3,299.7
SSE Airtricity
1,909.1
163.0
2,072.1
2,021.2
170.0
2,191.2
SSE Energy Markets:
Gross trading
16,542.4
6,074.6
22,617.0
15,074.3
7,951.4
23,025.7
Optimisation trades
(14,547.0)
36.8
(14,510.2)
(12,785.1)
(2,674.2)
(15,459.3)
SSE Energy Markets
1,995.4
6,111.4
8,106.8
2,289.2
5,277.2
7,566.4
Corporate unallocated
208.9
294.5
503.4
64.8
250.9
315.7
Total SSE Group
10,131.9
12,512.6
22,644.5
10,457.2
12,764.7
23,221.9
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal and Gas Storage 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 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 revenue Gas storage customers revenue Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
783.0
\u2013
\u2013
21.4
\u2013
2.6
\u2013
807.0
\u2013
807.0
SSEN Distribution
1,423.0
\u2013
\u2013
15.4
\u2013
21.7
\u2013
1,460.1
53.5
1,513.6
SSE Renewables
\u2013
97.1
\u2013
121.1
134.4
2.3
\u2013
354.9
\u2013
354.9
Thermal
SSE Thermal
21.1
583.3
2.8
5.6
\u2013
11.6
\u2013
624.4
8.6
633.0
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 7 . 6
1 7 . 6
\u2013
1 7 . 6
Energy Customer Solutions
SSE Business Energy
1.8
2,663.5
0.4
\u2013
\u2013
15.4
\u2013
2,681.1
11.3
2,692.4
SSE Airtricity
\u2013
1,887.1
\u2013
\u2013
\u2013
22.0
\u2013
1,909.1
\u2013
1,909.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
1,815.1
180.3
\u2013
1,995.4
\u2013
1,995.4
Corporate unallocated
\u2013
\u2013
\u2013
187.1
\u2013
21.8
\u2013
208.9
\u2013
208.9
Total SSE Group
2,228.9
5,231.0
3.2
350.6
1,949.5
277.7
17.6
10,058.5
73.4
10,131.9
(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 Physical Other with contract
networks services services services energy revenue Gas storage 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
12.3
\u2013
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
16.9
\u2013
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
3.4
\u2013
335.5
\u2013
335.5
Thermal
SSE Thermal
18.6
531.5
4.7
\u2013
\u2013
44.6
\u2013
599.4
\u2013
599.4
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,166.1
\u2013
\u2013
\u2013
74.8
\u2013
3,240.9
5.8
3,246.7
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
22.0
\u2013
2,021.2
\u2013
2,021.2
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
152.7
\u2013
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
\u2013
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
391.5
11.2
10,429.5
27.7
10,457.2
* The comparative disaggregation of revenue has been restated. See note 1.2.
Included within trade and other receivables (note 18) is \u00a3521.1m (2024: \u00a3663.7m) of unbilled energy income. Included within trade and
other payables (note 19 ) is \u00a3292.2m (2024: \u00a3253.6m) 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.
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:
2025 2024
\u00a3m \u00a3m
UK
8,490.3
8,797.6
Ireland
1,641.6
1,659.6
10,131.9
10,457.2
(ii) Operating profit/(loss) by segment
2025
Adjusted Before
operating profit Joint Venture/ Adjustments to exceptional Exceptional
reported to the Depreciation Associate share Gas Production items and items and
Board on fair value of interest decommissioning Non-controlling certain re- certain re-
APM uplifts and tax provision interests measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
322.5
\u2013
\u2013
\u2013
107.5
430.0
\u2013
430.0
SSEN Distribution
736.0
\u2013
\u2013
\u2013
\u2013
736.0
\u2013
736.0
SSE Renewables
1,038.8
(19.7)
(155.3)
\u2013
(0.8)
863.0
(245.4)
617.6
Thermal
SSE Thermal
248.5
(0.4)
(6.0)
\u2013
\u2013
242.1
(1.3)
240.8
Gas Storage
( 3 7 . 1 )
\u2013
\u2013
\u2013
\u2013
( 3 7 . 1 )
( 8 . 4 )
( 4 5 . 5 )
Energy Customer Solutions
SSE Business Energy
32.7
\u2013
(0.5)
\u2013
\u2013
32.2
\u2013
32.2
SSE Airtricity
159.4
\u2013
(0.4)
\u2013
\u2013
159.0
(2.0)
157.0
SSE Energy Markets
3 0 . 0
\u2013
\u2013
\u2013
\u2013
3 0 . 0
( 7 2 . 9 )
( 4 2 . 9 )
Corporate
Corporate unallocated
(89.4)
\u2013
\u2013
17.9
\u2013
(71.5)
(58.2)
(129.7)
Neos Networks
(22.2)
\u2013
(11.1)
\u2013
\u2013
(33.3)
\u2013
(33.3)
Total SSE Group
2,419.2
(20.1)
(173.3)
17.9
106.7
2,350.4
(388.2)
1,962.2
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, adjustments to the Gas Production
decommissioning provision, 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 Business Energy, SSE Airtricity and Corporate segments.
2024 (restated*)
Adjusted Before
operating profit Joint Venture/ Adjustments to exceptional Exceptional
reported to the Depreciation Associate share Gas Production items and items and
Board on fair value of interest decommissioning Non-controlling certain re- certain re-
APM uplifts 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
Thermal
SSE Thermal
752.5
\u2013
(13.1)
\u2013
\u2013
739.4
(78.6)
660.8
Gas Storage
8 2 . 8
\u2013
\u2013
\u2013
\u2013
8 2 . 8
( 1 2 5 . 0 )
( 4 2 . 2 )
Energy Customer Solutions
SSE Business Energy
55.2
\u2013
\u2013
\u2013
\u2013
55.2
\u2013
55.2
SSE Airtricity
95.0
\u2013
(0.5)
\u2013
\u2013
94.5
\u2013
94.5
SSE Energy Markets
37.5
\u2013
\u2013
\u2013
\u2013
37.5
551.1
588.6
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 comparative operating profit/(loss) 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 2024 2024
2025 2025 \u00a3m \u00a3m
\u00a3m \u00a3m (restated*) (restated*)
Continuing operations
SSEN Transmission
20.3
1,253.8
12.8
784.7
SSEN Distribution
35.8
743.9
20.3
636.8
SSE Renewables
291.3
545.8
355.1
433.8
Thermal
SSE Thermal
56.9
138.6
83.5
34.6
Gas Storage
\u2013
0 . 7
\u2013
0 . 8
Energy Customer Solutions
SSE Business Energy
28.9
33.5
69.4
22.4
SSE Airtricity
7.1
\u2013
14.1
0.7
SSE Energy Markets
585.1
\u2013
723.9
\u2013
Corporate unallocated
20.1
75.2
35.1
57.6
Total SSE Group
1,045.5
2,791.5
1,314.2
1,971.4
Increase in prepayments related to capital expenditure
\u2013
2 5 4 . 9
\u2013
2 1 5 . 1
Tarbert temporary generation additions
\u2013
5 5 . 7
\u2013
9 3 . 4
(Increase)/decrease in trade payables related to capital expenditure
\u2013
( 1 2 2 . 8 )
2.5
(84.6)
Customer or third party funded additions
\u2013
( 1 6 3 . 4 )
\u2013
(152.0)
Lease asset additions
\u2013
( 1 2 6 . 7 )
\u2013
(73.0)
Less non-cash items:
Allowances and certificates
(335.7)
\u2013
(346.6)
\u2013
Net cash outflow
709.8
2,689.2
970.1
1,970.3
* 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 prior year construction commenced on a temporary generation plant at the Group\u2019s Tarbert site for which the Group received reimbursements totalling \u00a355.7m (2024: \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 (2025: \u00a3268.0m; 2024: \u00a3427.9m). These purchases are presented in the cash flow statement within operating activities as 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.
Capital Adjusted
additions to Capital Investment and
Capital additions property, Investment Share of Capital
to intangible plant and relating to Joint Allowances Customer non- Expenditure
assets equipment Ventures and and funded Lease asset controlling 2025
2025 2025
Associates
(i)
certificates
(ii)
additions
(iii)
additions
(iv)
interests
(v)
APM
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
2 0 . 3
1 , 2 5 3 . 8
\u2013
\u2013
\u2013
( 2 . 8 )
( 3 1 7 . 8 )
9 5 3 . 5
SSEN Distribution
35.8
743.9
\u2013
\u2013
(143.3)
(0.6)
\u2013
635.8
SSE Renewables
291.3
545.8
227.8
\u2013
\u2013
(60.1)
(3.0)
1,001.8
Thermal
SSE Thermal
56.9
138.6
31.3
(27.3)
(16.2)
(0.2)
\u2013
183.1
Gas Storage
\u2013
0 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
0 . 7
Energy Customer Solutions
SSE Business Energy
28.9
33.5
15.1
\u2013
(3.9)
(0.5)
\u2013
73.1
SSE Airtricity
7 . 1
\u2013
\u2013
\u2013
\u2013
( 0 . 2 )
\u2013
6 . 9
SSE Energy Markets
585.1
\u2013
\u2013
(576.4)
\u2013
\u2013
\u2013
8.7
Corporate unallocated
20.1
75.2
13.8
\u2013
\u2013
(62.3)
\u2013
46.8
Total SSE Group
1,045.5
2,791.5
288.0
(603.7)
(163.4)
(126.7)
(320.8)
2,910.4
(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 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 or third party 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 Adjusted
additions to Capital Investment and
Capital additions property, Investment Share of Capital
to intangible plant and relating to Joint Allowances Customer non- Expenditure
assets equipment Ventures and and funded Lease asset controlling 2024
2024 2024
Associates
(i)
certificates
(ii)
additions
(iii)
additions
(iv)
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
\u2013
505.1
SSE Renewables
355.1
433.8
324.5
\u2013
\u2013
(16.3)
\u2013
1,097.1
Thermal
SSE Thermal
83.5
34.6
51.4
(59.7)
\u2013
(0.6)
\u2013
109.2
Gas Storage
\u2013
0 . 8
\u2013
\u2013
\u2013
\u2013
\u2013
0 . 8
Energy Customer Solutions
SSE Business Energy
69.4
22.4
\u2013
\u2013
\u2013
(7.2)
\u2013
84.6
S S E A i r t r i c i t y
1 4 . 1
0 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
1 4 . 8
SSE Energy Markets
723.9
\u2013
\u2013
(714.8)
\u2013
\u2013
\u2013
9.1
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
* 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 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 or third party 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.
(iv) Items included in operating profit/(loss) by segment
Depreciation/impairment on property,
plant and equipment
Amortisation/impairment of intangible assets
Before Exceptional Before Exceptional
exceptional charges/ exceptional charges/
charges (credits) Total charges (credits) Total
2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
142.8
\u2013
142.8
8.3
\u2013
8.3
SSEN Distribution
199.3
\u2013
199.3
14.9
\u2013
14.9
SSE Renewables
184.1
\u2013
184.1
18.6
249.5
268.1
Thermal
SSE Thermal
87.6
\u2013
87.6
2.0
\u2013
2.0
Gas Storage
0.8
\u2013
0.8
\u2013
\u2013
\u2013
Energy Customer Solutions
SSE Business Energy
2.9
\u2013
2.9
21.8
\u2013
21.8
SSE Airtricity
0.2
0.5
0.7
7.3
\u2013
7.3
SSE Energy Markets
\u2013
\u2013
\u2013
6.8
\u2013
6.8
Corporate unallocated
49.6
6.7
56.3
29.1
24.3
53.4
Total SSE Group
667.3
7.2
674.5
108.8
273.8
382.6
(restated*)
Depreciation/impairment on property,
plant and equipment
Amortisation/impairment of intangible assets
Before Exceptional Before Exceptional
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
154.9
\u2013
154.9
17.0
\u2013
17.0
Thermal
SSE Thermal
106.4
\u2013
106.4
3.4
\u2013
3.4
Gas Storage
1 2 . 4
1 3 4 . 1
1 4 6 . 5
\u2013
\u2013
\u2013
Energy Customer Solutions
SSE Business Energy
2.0
\u2013
2.0
11.5
\u2013
11.5
SSE Airtricity
0.1
\u2013
0.1
5.0
\u2013
5.0
SSE Energy Markets
\u2013
\u2013
\u2013
5.1
\u2013
5.1
Corporate unallocated
45.5
\u2013
45.5
36.7
\u2013
36.7
Total SSE Group
627.9
134.1
762.0
97.0
\u2013
97.0
* The comparatives have been restated. See note 1.2.
(v) Earnings before interest, taxation, depreciation and amortisation (\u201cEBITDA\u201d)
Depreciation/ Share of
Adjusted Impairment/ Joint Venture/ non-
operating profit amortisation Associate share controlling
reported to the before of depreciation interest
Board Depreciation exceptional and Release of depreciation Adjusted
(note 5.1(ii)) on fair value charges amortisation deferred and EBITDA
APM uplifts (note 5.1(iv)) (note 16.4) income (note 6) amortisation APM
2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
322.5
\u2013
151.1
\u2013
(2.3)
(37.8)
433.5
SSEN Distribution
736.0
\u2013
214.2
\u2013
(10.8)
\u2013
939.4
SSE Renewables
1,038.8
(19.7)
202.7
132.5
\u2013
\u2013
1,354.3
Thermal
SSE Thermal
248.5
(0.4)
89.6
42.9
\u2013
\u2013
380.6
Gas Storage
(37.1)
\u2013
0.8
\u2013
\u2013
\u2013
(36.3)
Energy Customer Solutions
SSE Business Energy
32.7
\u2013
24.7
1.3
(0.5)
\u2013
58.2
SSE Airtricity
1 5 9 . 4
\u2013
7 . 5
\u2013
\u2013
\u2013
1 6 6 . 9
SSE Energy Markets
3 0 . 0
\u2013
6 . 8
\u2013
\u2013
\u2013
3 6 . 8
Corporate
Corporate unallocated
(89.4)
\u2013
78.7
\u2013
(0.5)
\u2013
(11.2)
Neos Networks
(22.2)
\u2013
\u2013
49.3
\u2013
\u2013
27.1
Total SSE Group
2,419.2
(20.1)
776.1
226.0
(14.1)
(37.8)
3,349.3
Note that the Group\u2019s \u201cNet Debt to EBITDA\u201d metric is derived after removing the proportionate EBITDA from the following debt-financed
Beatrice, Seagreen and Dogger Bank A joint ventures. This adjustment is \u00a3153.3m (2024: \u00a3179.6m) resulting in EBITDA on continuing
operations for inclusion in the Debt to EBITDA metric of \u00a33,196.0m (2024: \u00a33,116.0m).
For 31 March 2025 the \u00a3776.1m (2024: \u00a3724.9m) combined depreciation, impairment and amortisation charges included non-exceptional
impairments net of reversals totalling \u00a320.7m (2024: \u00a333.0m).
(restated*)
Depreciation/
Adjusted Impairment/ Joint Venture/ Share of
operating profit amortisation Associate share non-controlling
reported to the before of depreciation interest
Board exceptional and Release of depreciation Adjusted
(note 5.1(ii)) Depreciation on charges amortisation deferred and EBITDA
APM fair value uplifts (note 5.1(iv)) (note 16.4) income (note 6) amortisation APM
2024 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
S S E N T r a n s m i s s i o n
4 1 9 . 3
\u2013
1 3 0 . 1
\u2013
( 2 . 0 )
( 3 2 . 5 )
5 1 4 . 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
Thermal
SSE Thermal
752.5
\u2013
109.6
40.6
\u2013
\u2013
902.7
Gas Storage
8 2 . 8
\u2013
1 2 . 4
\u2013
\u2013
\u2013
9 5 . 2
Energy Customer Solutions
SSE Business Energy
55.2
\u2013
13.7
\u2013
(0.5)
\u2013
68.4
S S E A i r t r i c i t y
9 5 . 0
\u2013
5 . 1
\u2013
\u2013
\u2013
1 0 0 . 1
SSE Energy Markets
37.5
\u2013
5.1
\u2013
\u2013
\u2013
42.6
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
* The comparative adjusted EBITDA by segment information has been restated. See note 1.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-659": { "value": "
5.1 Segmental information disclosure
(i) Revenue by segment
(restated*)
Reported Inter-segment Segment Reported Inter-segment Segment
revenue
revenue
(i)
revenue revenue
revenue
(i)
revenue
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
807.0
\u2013
807.0
885.2
\u2013
885.2
SSEN Distribution
1,513.6
66.9
1,580.5
1,004.0
45.9
1,049.9
SSE Renewables
354.9
1,243.8
1,598.7
335.5
876.3
1,211.8
Thermal
SSE Thermal
633.0
1,251.3
1,884.3
599.4
3,143.0
3,742.4
Gas storage
17.6
3,305.4
3,323.0
11.2
2,948.4
2,959.6
Energy Customer Solutions
SSE Business Energy
2,692.4
76.3
2,768.7
3,246.7
53.0
3,299.7
SSE Airtricity
1,909.1
163.0
2,072.1
2,021.2
170.0
2,191.2
SSE Energy Markets:
Gross trading
16,542.4
6,074.6
22,617.0
15,074.3
7,951.4
23,025.7
Optimisation trades
(14,547.0)
36.8
(14,510.2)
(12,785.1)
(2,674.2)
(15,459.3)
SSE Energy Markets
1,995.4
6,111.4
8,106.8
2,289.2
5,277.2
7,566.4
Corporate unallocated
208.9
294.5
503.4
64.8
250.9
315.7
Total SSE Group
10,131.9
12,512.6
22,644.5
10,457.2
12,764.7
23,221.9
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal and Gas Storage 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 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 revenue Gas storage customers revenue Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
783.0
\u2013
\u2013
21.4
\u2013
2.6
\u2013
807.0
\u2013
807.0
SSEN Distribution
1,423.0
\u2013
\u2013
15.4
\u2013
21.7
\u2013
1,460.1
53.5
1,513.6
SSE Renewables
\u2013
97.1
\u2013
121.1
134.4
2.3
\u2013
354.9
\u2013
354.9
Thermal
SSE Thermal
21.1
583.3
2.8
5.6
\u2013
11.6
\u2013
624.4
8.6
633.0
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 7 . 6
1 7 . 6
\u2013
1 7 . 6
Energy Customer Solutions
SSE Business Energy
1.8
2,663.5
0.4
\u2013
\u2013
15.4
\u2013
2,681.1
11.3
2,692.4
SSE Airtricity
\u2013
1,887.1
\u2013
\u2013
\u2013
22.0
\u2013
1,909.1
\u2013
1,909.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
1,815.1
180.3
\u2013
1,995.4
\u2013
1,995.4
Corporate unallocated
\u2013
\u2013
\u2013
187.1
\u2013
21.8
\u2013
208.9
\u2013
208.9
Total SSE Group
2,228.9
5,231.0
3.2
350.6
1,949.5
277.7
17.6
10,058.5
73.4
10,131.9
(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 Physical Other with contract
networks services services services energy revenue Gas storage 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
12.3
\u2013
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
16.9
\u2013
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
3.4
\u2013
335.5
\u2013
335.5
Thermal
SSE Thermal
18.6
531.5
4.7
\u2013
\u2013
44.6
\u2013
599.4
\u2013
599.4
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,166.1
\u2013
\u2013
\u2013
74.8
\u2013
3,240.9
5.8
3,246.7
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
22.0
\u2013
2,021.2
\u2013
2,021.2
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
152.7
\u2013
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
\u2013
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
391.5
11.2
10,429.5
27.7
10,457.2
* The comparative disaggregation of revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3521.1m (2024: \u00a3663.7m) of unbilled energy income. Included within trade and other payables (note 19 ) is \u00a3292.2m (2024: \u00a3253.6m) 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. 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:
2025 2024
\u00a3m \u00a3m
UK
8,490.3
8,797.6
Ireland
1,641.6
1,659.6
10,131.9
10,457.2
", "dimensions": { "concept": "ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-700": { "value": "(i) Revenue by segment
(restated*)
Reported Inter-segment Segment Reported Inter-segment Segment
revenue
revenue
(i)
revenue revenue
revenue
(i)
revenue
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
807.0
\u2013
807.0
885.2
\u2013
885.2
SSEN Distribution
1,513.6
66.9
1,580.5
1,004.0
45.9
1,049.9
SSE Renewables
354.9
1,243.8
1,598.7
335.5
876.3
1,211.8
Thermal
SSE Thermal
633.0
1,251.3
1,884.3
599.4
3,143.0
3,742.4
Gas storage
17.6
3,305.4
3,323.0
11.2
2,948.4
2,959.6
Energy Customer Solutions
SSE Business Energy
2,692.4
76.3
2,768.7
3,246.7
53.0
3,299.7
SSE Airtricity
1,909.1
163.0
2,072.1
2,021.2
170.0
2,191.2
SSE Energy Markets:
Gross trading
16,542.4
6,074.6
22,617.0
15,074.3
7,951.4
23,025.7
Optimisation trades
(14,547.0)
36.8
(14,510.2)
(12,785.1)
(2,674.2)
(15,459.3)
SSE Energy Markets
1,995.4
6,111.4
8,106.8
2,289.2
5,277.2
7,566.4
Corporate unallocated
208.9
294.5
503.4
64.8
250.9
315.7
Total SSE Group
10,131.9
12,512.6
22,644.5
10,457.2
12,764.7
23,221.9
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal and Gas Storage 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 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 revenue Gas storage customers revenue Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
783.0
\u2013
\u2013
21.4
\u2013
2.6
\u2013
807.0
\u2013
807.0
SSEN Distribution
1,423.0
\u2013
\u2013
15.4
\u2013
21.7
\u2013
1,460.1
53.5
1,513.6
SSE Renewables
\u2013
97.1
\u2013
121.1
134.4
2.3
\u2013
354.9
\u2013
354.9
Thermal
SSE Thermal
21.1
583.3
2.8
5.6
\u2013
11.6
\u2013
624.4
8.6
633.0
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 7 . 6
1 7 . 6
\u2013
1 7 . 6
Energy Customer Solutions
SSE Business Energy
1.8
2,663.5
0.4
\u2013
\u2013
15.4
\u2013
2,681.1
11.3
2,692.4
SSE Airtricity
\u2013
1,887.1
\u2013
\u2013
\u2013
22.0
\u2013
1,909.1
\u2013
1,909.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
1,815.1
180.3
\u2013
1,995.4
\u2013
1,995.4
Corporate unallocated
\u2013
\u2013
\u2013
187.1
\u2013
21.8
\u2013
208.9
\u2013
208.9
Total SSE Group
2,228.9
5,231.0
3.2
350.6
1,949.5
277.7
17.6
10,058.5
73.4
10,131.9
(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 Physical Other with contract
networks services services services energy revenue Gas storage 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
12.3
\u2013
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
16.9
\u2013
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
3.4
\u2013
335.5
\u2013
335.5
Thermal
SSE Thermal
18.6
531.5
4.7
\u2013
\u2013
44.6
\u2013
599.4
\u2013
599.4
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,166.1
\u2013
\u2013
\u2013
74.8
\u2013
3,240.9
5.8
3,246.7
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
22.0
\u2013
2,021.2
\u2013
2,021.2
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
152.7
\u2013
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
\u2013
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
391.5
11.2
10,429.5
27.7
10,457.2
* The comparative disaggregation of revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3521.1m (2024: \u00a3663.7m) of unbilled energy income. Included within trade and other payables (note 19 ) is \u00a3292.2m (2024: \u00a3253.6m) 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. 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:
2025 2024
\u00a3m \u00a3m
UK
8,490.3
8,797.6
Ireland
1,641.6
1,659.6
10,131.9
10,457.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-724": { "value": "(i) Revenue by segment
(restated*)
Reported Inter-segment Segment Reported Inter-segment Segment
revenue
revenue
(i)
revenue revenue
revenue
(i)
revenue
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
807.0
\u2013
807.0
885.2
\u2013
885.2
SSEN Distribution
1,513.6
66.9
1,580.5
1,004.0
45.9
1,049.9
SSE Renewables
354.9
1,243.8
1,598.7
335.5
876.3
1,211.8
Thermal
SSE Thermal
633.0
1,251.3
1,884.3
599.4
3,143.0
3,742.4
Gas storage
17.6
3,305.4
3,323.0
11.2
2,948.4
2,959.6
Energy Customer Solutions
SSE Business Energy
2,692.4
76.3
2,768.7
3,246.7
53.0
3,299.7
SSE Airtricity
1,909.1
163.0
2,072.1
2,021.2
170.0
2,191.2
SSE Energy Markets:
Gross trading
16,542.4
6,074.6
22,617.0
15,074.3
7,951.4
23,025.7
Optimisation trades
(14,547.0)
36.8
(14,510.2)
(12,785.1)
(2,674.2)
(15,459.3)
SSE Energy Markets
1,995.4
6,111.4
8,106.8
2,289.2
5,277.2
7,566.4
Corporate unallocated
208.9
294.5
503.4
64.8
250.9
315.7
Total SSE Group
10,131.9
12,512.6
22,644.5
10,457.2
12,764.7
23,221.9
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal and Gas Storage 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 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 revenue Gas storage customers revenue Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
783.0
\u2013
\u2013
21.4
\u2013
2.6
\u2013
807.0
\u2013
807.0
SSEN Distribution
1,423.0
\u2013
\u2013
15.4
\u2013
21.7
\u2013
1,460.1
53.5
1,513.6
SSE Renewables
\u2013
97.1
\u2013
121.1
134.4
2.3
\u2013
354.9
\u2013
354.9
Thermal
SSE Thermal
21.1
583.3
2.8
5.6
\u2013
11.6
\u2013
624.4
8.6
633.0
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 7 . 6
1 7 . 6
\u2013
1 7 . 6
Energy Customer Solutions
SSE Business Energy
1.8
2,663.5
0.4
\u2013
\u2013
15.4
\u2013
2,681.1
11.3
2,692.4
SSE Airtricity
\u2013
1,887.1
\u2013
\u2013
\u2013
22.0
\u2013
1,909.1
\u2013
1,909.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
1,815.1
180.3
\u2013
1,995.4
\u2013
1,995.4
Corporate unallocated
\u2013
\u2013
\u2013
187.1
\u2013
21.8
\u2013
208.9
\u2013
208.9
Total SSE Group
2,228.9
5,231.0
3.2
350.6
1,949.5
277.7
17.6
10,058.5
73.4
10,131.9
(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 Physical Other with contract
networks services services services energy revenue Gas storage 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
12.3
\u2013
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
16.9
\u2013
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
3.4
\u2013
335.5
\u2013
335.5
Thermal
SSE Thermal
18.6
531.5
4.7
\u2013
\u2013
44.6
\u2013
599.4
\u2013
599.4
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,166.1
\u2013
\u2013
\u2013
74.8
\u2013
3,240.9
5.8
3,246.7
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
22.0
\u2013
2,021.2
\u2013
2,021.2
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
152.7
\u2013
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
\u2013
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
391.5
11.2
10,429.5
27.7
10,457.2
* The comparative disaggregation of revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3521.1m (2024: \u00a3663.7m) of unbilled energy income. Included within trade and other payables (note 19 ) is \u00a3292.2m (2024: \u00a3253.6m) 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. 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:
2025 2024
\u00a3m \u00a3m
UK
8,490.3
8,797.6
Ireland
1,641.6
1,659.6
10,131.9
10,457.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-741": { "value": "(i) Revenue by segment
(restated*)
Reported Inter-segment Segment Reported Inter-segment Segment
revenue
revenue
(i)
revenue revenue
revenue
(i)
revenue
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
807.0
\u2013
807.0
885.2
\u2013
885.2
SSEN Distribution
1,513.6
66.9
1,580.5
1,004.0
45.9
1,049.9
SSE Renewables
354.9
1,243.8
1,598.7
335.5
876.3
1,211.8
Thermal
SSE Thermal
633.0
1,251.3
1,884.3
599.4
3,143.0
3,742.4
Gas storage
17.6
3,305.4
3,323.0
11.2
2,948.4
2,959.6
Energy Customer Solutions
SSE Business Energy
2,692.4
76.3
2,768.7
3,246.7
53.0
3,299.7
SSE Airtricity
1,909.1
163.0
2,072.1
2,021.2
170.0
2,191.2
SSE Energy Markets:
Gross trading
16,542.4
6,074.6
22,617.0
15,074.3
7,951.4
23,025.7
Optimisation trades
(14,547.0)
36.8
(14,510.2)
(12,785.1)
(2,674.2)
(15,459.3)
SSE Energy Markets
1,995.4
6,111.4
8,106.8
2,289.2
5,277.2
7,566.4
Corporate unallocated
208.9
294.5
503.4
64.8
250.9
315.7
Total SSE Group
10,131.9
12,512.6
22,644.5
10,457.2
12,764.7
23,221.9
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal and Gas Storage 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 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 revenue Gas storage customers revenue Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
SSEN Transmission
783.0
\u2013
\u2013
21.4
\u2013
2.6
\u2013
807.0
\u2013
807.0
SSEN Distribution
1,423.0
\u2013
\u2013
15.4
\u2013
21.7
\u2013
1,460.1
53.5
1,513.6
SSE Renewables
\u2013
97.1
\u2013
121.1
134.4
2.3
\u2013
354.9
\u2013
354.9
Thermal
SSE Thermal
21.1
583.3
2.8
5.6
\u2013
11.6
\u2013
624.4
8.6
633.0
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1 7 . 6
1 7 . 6
\u2013
1 7 . 6
Energy Customer Solutions
SSE Business Energy
1.8
2,663.5
0.4
\u2013
\u2013
15.4
\u2013
2,681.1
11.3
2,692.4
SSE Airtricity
\u2013
1,887.1
\u2013
\u2013
\u2013
22.0
\u2013
1,909.1
\u2013
1,909.1
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
1,815.1
180.3
\u2013
1,995.4
\u2013
1,995.4
Corporate unallocated
\u2013
\u2013
\u2013
187.1
\u2013
21.8
\u2013
208.9
\u2013
208.9
Total SSE Group
2,228.9
5,231.0
3.2
350.6
1,949.5
277.7
17.6
10,058.5
73.4
10,131.9
(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 Physical Other with contract
networks services services services energy revenue Gas storage 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
12.3
\u2013
885.2
\u2013
885.2
SSEN Distribution
951.2
\u2013
\u2013
14.0
\u2013
16.9
\u2013
982.1
21.9
1,004.0
SSE Renewables
\u2013
58.6
\u2013
104.0
169.5
3.4
\u2013
335.5
\u2013
335.5
Thermal
SSE Thermal
18.6
531.5
4.7
\u2013
\u2013
44.6
\u2013
599.4
\u2013
599.4
Gas storage
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
11.2
11.2
\u2013
11.2
Energy Customer Solutions
SSE Business Energy
\u2013
3,166.1
\u2013
\u2013
\u2013
74.8
\u2013
3,240.9
5.8
3,246.7
SSE Airtricity
\u2013
1,999.2
\u2013
\u2013
\u2013
22.0
\u2013
2,021.2
\u2013
2,021.2
SSE Energy Markets
\u2013
\u2013
\u2013
\u2013
2,136.5
152.7
\u2013
2,289.2
\u2013
2,289.2
Corporate unallocated
\u2013
\u2013
\u2013
\u2013
\u2013
64.8
\u2013
64.8
\u2013
64.8
Total SSE Group
1,823.9
5,755.4
4.7
136.8
2,306.0
391.5
11.2
10,429.5
27.7
10,457.2
* The comparative disaggregation of revenue has been restated. See note 1.2. Included within trade and other receivables (note 18) is \u00a3521.1m (2024: \u00a3663.7m) of unbilled energy income. Included within trade and other payables (note 19 ) is \u00a3292.2m (2024: \u00a3253.6m) 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. 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:
2025 2024
\u00a3m \u00a3m
UK
8,490.3
8,797.6
Ireland
1,641.6
1,659.6
10,131.9
10,457.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-749": { "value": "Revenue by geographical location on continuing operations is as follows:
2025 2024
\u00a3m \u00a3m
UK
8,490.3
8,797.6
Ireland
1,641.6
1,659.6
10,131.9
10,457.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-614": { "value": "6 Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the current year. (iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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. (iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash. Auditor\u2019s remuneration
2025 2024
\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
5.3
5.1
Audit related assurance services
0.3
0.3
Other services fees
0.3
0.2
5.9
5.6
Total remuneration paid to auditor
6.3
6.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.8m (2024: \u00a30.9m) related to the prior year audit. Assurance and other service fees incurred in the year were \u00a30.6m (2024: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem, comfort letters in connection with funding and debt issuance and ESG assurance. A description of the work of the Audit Committee is set out on pages 113 to 119 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-756": { "value": "6 Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the current year. (iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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. (iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash. Auditor\u2019s remuneration
2025 2024
\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
5.3
5.1
Audit related assurance services
0.3
0.3
Other services fees
0.3
0.2
5.9
5.6
Total remuneration paid to auditor
6.3
6.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.8m (2024: \u00a30.9m) related to the prior year audit. Assurance and other service fees incurred in the year were \u00a30.6m (2024: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem, comfort letters in connection with funding and debt issuance and ESG assurance. A description of the work of the Audit Committee is set out on pages 113 to 119 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-750": { "value": "6 Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the current year. (iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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. (iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash. Auditor\u2019s remuneration
2025 2024
\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
5.3
5.1
Audit related assurance services
0.3
0.3
Other services fees
0.3
0.2
5.9
5.6
Total remuneration paid to auditor
6.3
6.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.8m (2024: \u00a30.9m) related to the prior year audit. Assurance and other service fees incurred in the year were \u00a30.6m (2024: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem, comfort letters in connection with funding and debt issuance and ESG assurance. A description of the work of the Audit Committee is set out on pages 113 to 119 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-742": { "value": "6 Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the current year. (iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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. (iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash. Auditor\u2019s remuneration
2025 2024
\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
5.3
5.1
Audit related assurance services
0.3
0.3
Other services fees
0.3
0.2
5.9
5.6
Total remuneration paid to auditor
6.3
6.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.8m (2024: \u00a30.9m) related to the prior year audit. Assurance and other service fees incurred in the year were \u00a30.6m (2024: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem, comfort letters in connection with funding and debt issuance and ESG assurance. A description of the work of the Audit Committee is set out on pages 113 to 119 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-701": { "value": "6 Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the current year. (iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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. (iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash. Auditor\u2019s remuneration
2025 2024
\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
5.3
5.1
Audit related assurance services
0.3
0.3
Other services fees
0.3
0.2
5.9
5.6
Total remuneration paid to auditor
6.3
6.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.8m (2024: \u00a30.9m) related to the prior year audit. Assurance and other service fees incurred in the year were \u00a30.6m (2024: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem, comfort letters in connection with funding and debt issuance and ESG assurance. A description of the work of the Audit Committee is set out on pages 113 to 119 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-755": { "value": "
Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges.
(ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the
current year.
(iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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.
(iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from
investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-661": { "value": "Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14)
665.6
628.6
Net exceptional gains on acquisitions and disposals (note 7)
\u2013
(4.6)
Exceptional charges (continuing operations) (note 7)
309.7
270.9
Research costs
17.2
12.7
Lease charges
(ii)
14.3
11.2
Release of deferred income in relation to capital grants and historic customer contributions
(14.1)
(13.0)
Government grant income
(iii)
(59.3)
(107.7)
Gain on disposals (non-exceptional)
(iv)
(47.9)
(9.0)
(i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of twelve 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 \u00a39.8m (2024: \u00a36.2m) were charged in the current year. (iii) During the year the Group received \u00a359.3m (2024: \u00a3107.7m) 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. (iv) The Group recognised a gain of \u00a347.9m in relation to the sale of land at Ferrybridge \u00a338.8m, the sale of the gas metering business \u00a37.4m and \u00a31.7m (2024: \u00a39.0m) from investments in associates during the current financial year of which \u00a31.7m (2024: \u00a314.9m) was received in cash.
14
Property, plant and equipment
Renewable
Thermal power power Distribution Transmission
generation generation network network Land and Assets under
assets
(i)
assets
(i)
assets assets buildings construction Other assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
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
A d j u s t m e n t t o d e c o m m i s s i o n i n g a s s e t
( 5 . 5 )
1 . 7
\u2013
\u2013
\u2013
\u2013
( 2 . 4 )
( 6 . 2 )
Transfer from intangible assets
(note\ue00413)
(ii)
\u2013
\u2013
\u2013
\u2013
\u2013
4 9 . 0
\u2013
4 9 . 0
Transfer from assets under
construction
2.9
44.7
489.9
773.9
5.2
(1,352.8)
36.2
\u2013
T r a n s f e r b e t w e e n c a t e g o r i e s
( 1 9 . 1 )
\u2013
\u2013
\u2013
\u2013
\u2013
1 9 . 1
\u2013
Disposals
\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
Additions
33.9
20.5
103.3
1.7
77.2
2,503.1
51.8
2,791.5
Adjustment to decommissioning
asset
(12.8)
(2.5)
\u2013
\u2013
\u2013
\u2013
( 3 . 6 )
( 1 8 . 9 )
Transfer from intangible assets
(note 13)
(ii)
\u2013
\u2013
\u2013
\u2013
\u2013
1 7 0 . 0
( 3 . 1 )
1 6 6 . 9
Transfer from assets under
construction
(15.8)
103.2
579.9
1,243.7
16.6
(1,991.3)
63.7
\u2013
Disposals
(iv)
(0.1)
\u2013
(2.0)
\u2013
(10.6)
(17.7)
(10.4)
(40.8)
Exchange rate adjustments
(10.5)
(18.4)
\u2013
\u2013
(1.6)
(6.3)
(0.3)
(37.1)
At 31 March 2025
3,628.6
4,775.9
11,245.1
7,662.4
710.7
1,921.7
1,526.4
31,470.8
Depreciation:
At 31 March 2023
(2,497.7)
(2,095.3)
(4,537.7)
(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)
T r a n s f e r b e t w e e n c a t e g o r i e s
1 . 2
\u2013
\u2013
\u2013
\u2013
\u2013
( 1 . 2 )
\u2013
Exceptional impairment charges
(iii)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
( 1 3 4 . 1 )
( 1 3 4 . 1 )
Non-exceptional impairment
reversals/(charges)
\u2013
4.8
\u2013
\u2013
(1.1)
\u2013
(3.0)
0.7
T r a n s f e r s t o i n t a n g i b l e a s s e t s
\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)
Charge for the year
(85.0)
(175.6)
(188.3)
(135.3)
(18.0)
\u2013
(63.4)
(665.6)
T r a n s f e r b e t w e e n c a t e g o r i e s
\u2013
\u2013
\u2013
\u2013
( 0 . 2 )
\u2013
0 . 2
\u2013
Exceptional impairment charges
(iii)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
( 7 . 2 )
( 7 . 2 )
N o n - e x c e p t i o n a l i m p a i r m e n t c h a r g e s
\u2013
\u2013
\u2013
\u2013
( 0 . 1 )
( 0 . 4 )
( 1 . 2 )
( 1 . 7 )
Disposals
(iv)
\u2013
\u2013
0.2
\u2013
0.5
\u2013
9.0
9.7
Exchange rate adjustments
3.9
10.6
0.1
\u2013
(0.2)
\u2013
1.4
15.8
At 31 March 2025
(2,673.0)
(2,394.4)
(4,892.8)
(1,120.8)
(271.9)
(11.3)
(1,282.5)
(12,646.7)
Net book value
At 31 March 2025
955.6
2,381.5
6,352.3
6,541.6
438.8
1,910.4
243.9
18,824.1
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 1 April 2023
1,173.8
2,557.4
5,460.0
4,772.6
354.3
759.3
318.5
15,395.9
(i) Thermal and Renewable power generation assets includes plant and machinery and related land and buildings and decommissioning costs with a net book value of \u00a3137.3m and
\u00a358.7m (2024: \u00a3119.0m and \u00a368.1m) respectively. Additionally, Other assets includes \u00a349.5m in relation to decommissioning costs for Gas Storage assets (2024: \u00a355.3m).
(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 the reclassification of certain software assets to intangible assets.
(iii) Exceptional impairment charges of \u00a37.2m relate primarily to the Group\u2019s restructuring of SSE Enterprise (see note 7) (2024: exceptional impairment charge of \u00a3134.1m (relating to
the Group\u2019s gas storage operations at Aldbrough and Atwick)).
(iv) Disposals in the current year primarily relate to the derecognition of assets associated with the formation of the 50:50 Source EV joint venture with TotalEnergies Marketing UK
Limited see note 16.
Included within property, plant and equipment are the following right of use assets for leased assets:
Thermal power
generation Land and Distribution
assets buildings network assets Other assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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 )
( 1 0 . 6 )
( 1 9 . 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
Additions
\u2013
76.8
\u2013
49.9
126.7
Disposals
\u2013
( 1 1 . 6 )
\u2013
( 9 . 2 )
( 2 0 . 8 )
Exchange rate adjustments
\u2013
(0.8)
\u2013
(0.5)
(1.3)
At 31 March 2025
369.6
346.8
5.5
186.1
908.0
Depreciation
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)
Charge for the year
(18.4)
(16.1)
\u2013
(31.2)
(65.7)
Disposals
\u2013
0 . 8
\u2013
7 . 1
7 . 9
At 31 March 2025
(282.4)
(69.3)
(5.5)
(81.8)
(439.0)
Net book value
At 31 March 2025
87.2
277.5
\u2013
104.3
469.0
At 31 March 2024
105.6
228.4
\u2013
88.2
422.2
At 1 April 2023
117.5
204.3
\u2013
72.0
393.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-660": { "value": "
Auditor\u2019s remuneration
2025 2024
\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
5.3
5.1
Audit related assurance services
0.3
0.3
Other services fees
0.3
0.2
5.9
5.6
Total remuneration paid to auditor
6.3
6.0
Audit fees incurred in the current year include scope changes for non-recurring items and overruns of \u00a30.8m (2024: \u00a30.9m) related to
the prior year audit. Assurance and other service fees incurred in the year were \u00a30.6m (2024: \u00a30.5m). Audit related assurance services
include fees incurred in relation to regulatory accounts and returns required by Ofgem, comfort letters in connection with funding and
debt issuance and ESG assurance. A description of the work of the Audit Committee is set out on pages 113 to 119
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-615": { "value": "Exceptional items and certain re-measurements
2025 2024
\u00a3m \u00a3m
Continuing operations
Exceptional items (note 7.1)
Asset impairments and related charges
(293.6)
(270.9)
Provisions for restructuring and other liabilities
(16.1)
\u2013
Net gains on acquisitions/disposals of businesses and other assets
0.3
4.9
Total exceptional items
(309.4)
(266.0)
Certain re-measurements
Movement on operating derivatives (note 24)
(49.0)
452.2
Movement in fair value of commodity stocks
(8.4)
9.1
Movement on financing derivatives (note 24)
12.8
6.1
Share of movement on derivatives in jointly controlled entities (net of tax)
(21.1)
46.1
Total certain re-measurements
(65.7)
513.5
Exceptional items and certain re-measurements on continuing operations before taxation
(375.1)
247.5
Taxation
Taxation on other exceptional items
29.7
23.3
Taxation on certain re-measurements
4.0
(115.0)
Total taxation
33.7
(91.7)
Total exceptional items and certain re-measurements on continuing operations after taxation
(341.4)
155.8
Exceptional items and certain re-measurements are disclosed across the following categories within the income statement:
2025 2024
\u00a3m \u00a3m
Continuing operations
Cost of sales:
Movement on operating derivatives (note 24)
(49.0)
452.2
Movement in fair value of commodity stocks
(8.4)
9.1
(57.4)
461.3
Operating costs:
Asset impairments and reversals
(293.6)
(270.9)
Exceptional restructuring provisions and charges
(16.1)
\u2013
(309.7)
(270.9)
Operating income:
Net gains on acquisition/disposals of businesses and other assets
\u2013
4.6
\u2013
4.6
Joint ventures and associates:
Share of movement on derivatives in jointly controlled entities (net of tax)
(21.1)
46.1
(21.1)
46.1
Operating (loss)/profit
(388.2)
241.1
Finance income
Movement on financing derivatives (note 24)
12.8
6.1
Interest income on deferred consideration receipt
0.3
0.3
13.1
6.4
Profit before tax on continuing operations
(375.1)
247.5
7.1 Exceptional items
Exceptional items in the year ended 31 March 2025
In the year to 31 March 2025, the Group recognised a net pre-tax exceptional charge of \u00a3309.4m (2024: \u00a3266.0m), which is primarily
due to an exceptional pre-tax impairment charge of \u00a3249.5m relating to goodwill and intangible assets in the Group\u2019s Southern Europe
Renewables development platform, exceptional Group restructuring costs of \u00a346.7m, exceptional costs related to Enerveo Limited
of \u00a313.5m and a final exceptional credit of \u00a30.3m relating to the part disposal of Slough Multifuel in the year ended 31 March 2021.
The net exceptional (charges)/credits recognised can be summarised as follows:
Intangible assets Intangible Property, plant
\u2013 goodwill assets and equipment Provisions Other assets/ Net (charges)
(note 13) (note 13) (note 14) (note 20) (liabilities) and credits
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Southern Europe impairment (i)
(174.7)
(74.8)
\u2013
\u2013
\u2013
(249.5)
Restructuring costs (ii)
(20.5)
(3.8)
(7.2)
(6.5)
(8.7)
(46.7)
E n e r v e o ( i i i )
\u2013
\u2013
\u2013
\u2013
( 1 3 . 5 )
(13.5)
O t h e r c r e d i t s ( i v )
\u2013
\u2013
\u2013
\u2013
0 . 3
0.3
Total exceptional items
(195.2)
(78.6)
(7.2)
(6.5)
(21.9)
(309.4)
i) Southern Europe goodwill and development assets \u2013 impairment charge
The Group has recognised a pre-tax impairment charge of \u00a3249.5m against the carrying value of its Southern Europe goodwill and
intangible assets, offset by the release of a deferred tax liability of \u00a323.2m. See note 15.1 for further details of the pre-tax impairment
and note 10.3 for the release of the deferred tax liability.
ii) Restructuring costs
In the second half of the financial year the Group announced a Group Operating Model and Efficiency Review, which is expected to
conclude in the first half of the 2026 financial year. During the current year, costs totalling \u00a346.7m have been recognised, including the
impairment of \u00a319.8m of goodwill recognised on acquisition of The Energy Solutions Group Limited (see note 15), the impairment of
\u00a311.1m of stranded IT assets and \u00a313.8m of redundancy costs.
iii) Enerveo
On 3 October 2024, SSE entered into an agreement with HUK 144 Limited to dispose of the Infrastructure Solutions (\u201cIS\u201d) component of
Enerveo for consideration of \u00a31 less costs. At 30 September 2024, the Group assessed that the business met the criteria to be classified
as held for sale. During the second half of the financial year, the transaction to dispose of the business failed to complete, resulting in
the business no longer being classified as held for sale at 31 March 2025. The Group has recognised an exceptional charge of \u00a313.5m,
comprising an impairment of \u00a312.5m to write-down the value of the assets to their recoverable value, and costs of \u00a31.0m related to the
transaction with HUK 144 Limited. The current year charges have been treated as exceptional to align the treatment with previously
recognised exceptional charges associated with the Enerveo business.
iv) Other credits
At 31 March 2025, the Group recognised a final exceptional credit of \u00a30.3m (2024: \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. The deferred consideration
of \u00a37.0m was paid on commissioning of the plant.
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, which was primarily due to an exceptional
impairment charge related 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.
i) Triton Power 50% joint venture \u2013 investment impairment charge
At 31 March 2024 the Group 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 (see note 15.2).
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 investment impairment charge
At 31 March 2024, the Group 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 were 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 from Aurelius Antelope Limited (\u201cAurelius\u201d) for cash
consideration of \u00a31.0m. Completion of the transaction resulted in an exceptional credit of \u00a34.6m being recognised on acquisition during
the year ended 31 March 2024.
Taxation
The Group has separately recognised the tax effect of the exceptional items summarised above.
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
\u201cown use\u201d 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 \u201ccertain re-measurements\u201d.
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
\u201ccertain re-measurements\u201d.
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
\u201ccertain re-measurements\u201d, as the Group does not believe this mark-to-market movement is relevant to the underlying performance of its
businesses.
At 31 March 2025, changes in global commodity markets and in SSE\u2019s contractual positions have resulted in a net mark-to-market re-
measurement on commodity contracts designated as financial instruments, contracts for difference contracts and trading inventory of
\u00a357.4m (loss) (2024: \u00a3461.3m (gain)). The net IFRS 9 position on operating derivatives at 31 March 2025 is a liability of \u00a33.9m (2024:
\u00a351.4m asset).
The mark-to-market loss in the year has resulted in a deferred tax credit of \u00a39.3m (2024: \u00a3115.0m charge), which has been reported
separately as part of certain re-measurements. In addition, the Group has recognised gains of \u00a312.8m (2024: \u00a36.1m gain) on the re-
measurement of certain interest rate and foreign exchange contracts through the income statement, gains on the re-measurement of
cash flow hedge accounted contracts of \u00a348.1m (2024: \u00a36.5m gain) in other comprehensive income and a loss on the equity share of the
re-measurement of cash flow hedge accounted contracts in joint ventures of \u00a316.7m (2024: \u00a340.9m loss).
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-616": { "value": "
8
Directors and employees
8.1 Staff costs
2025 2024
\u00a3m \u00a3m
Staff costs:
Wages and salaries
799.6
722.5
Social security costs
92.4
84.8
Share-based remuneration
24.5
22.0
Pension costs (note 23)
118.5
109.1
1,035.0
938.4
Less: capitalised as property, plant and equipment or intangible assets
(299.1)
(238.0)
735.9
700.4
8.2 Employee numbers
2025 2024
Number Number
Numbers employed at 31 March
(i)
15,824
14,980
15,824
14,980
(i) The number of employees at 31 March 2025 includes 944 employees of Enerveo (2024: 1,089).
The average number of people employed by the Group (including Executive Directors) during the year was:
2025 2024
Number Number
(restated*)
SSEN Transmission
2,082
1,568
SSEN Distribution
4,818
4,463
SSE Renewables
2,142
1,933
Thermal
SSE Thermal
718
634
Gas Storage
97
92
Energy Customer Solutions
SSE Business Energy
1,997
1,876
SSE Airtricity
981
953
SSE Energy Markets
349
317
Corporate Services
(i)
2,443
1,422
Total SSE Group
15,627
13,258
(i) The increase in Corporate Services includes an average of 920 employees of Enerveo, following the Group\u2019s purchase of the business on 22 March 2024 (see note 12.1). * The comparative has been restated to reallocate 974 average employees from SSE Enterprise to SSE Business Energy (926) and SSE Thermal (48). 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.
2025
2024
Executive Executive
committee Executive committee Executive
members directors Total members directors Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Salaries and short-term employee benefits
5.1
5.4
10.5
4.7
4.7
9.4
Social security costs
1.0
1.0
2.0
1.0
0.9
1.9
Post-employment benefits
0.6
0.3
0.9
1.0
0.2
1.2
Share-based benefits
2.7
3.4
6.1
1.8
5.9
7.7
9.4
10.1
19.5
8.5
11.7
20.2
Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated Persons Discharging Management Responsibilities (\u201cPDMRs\u201d) in line with the market abuse regulation definition. The Group has three (2024: three) Executive Directors. Executive committee members included in the table above at 31 March 2025 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 \u00a31.4m during the current year (2024: \u00a31.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-662": { "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.
2025
2024
Executive Executive
committee Executive committee Executive
members directors Total members directors Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Salaries and short-term employee benefits
5.1
5.4
10.5
4.7
4.7
9.4
Social security costs
1.0
1.0
2.0
1.0
0.9
1.9
Post-employment benefits
0.6
0.3
0.9
1.0
0.2
1.2
Share-based benefits
2.7
3.4
6.1
1.8
5.9
7.7
9.4
10.1
19.5
8.5
11.7
20.2
Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated Persons
Discharging Management Responsibilities (\u201cPDMRs\u201d) in line with the market abuse regulation definition. The Group has three (2024: three)
Executive Directors. Executive committee members included in the table above at 31 March 2025 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 \u00a31.4m during the current year (2024: \u00a31.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-617": { "value": "
9
Finance income and costs
Recognised in income statement
2025
2024
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain certain certain certain
re- re- re- re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
24.8
\u2013
24.8
60.3
\u2013
60.3
Interest on pension scheme assets
(i)
20.7
\u2013
20.7
26.2
\u2013
26.2
Other interest receivable:
Joint ventures and associates
118.8
\u2013
118.8
78.4
\u2013
78.4
Other receivable
30.5
0.3
30.8
33.9
0.3
34.2
149.3
0.3
149.6
112.3
0.3
112.6
Total finance income
194.8
0.3
195.1
198.8
0.3
199.1
Finance costs:
Bank loans and overdrafts
(61.1)
\u2013
(61.1)
(77.4)
\u2013
(77.4)
Other loans and charges
(309.9)
\u2013
(309.9)
(274.3)
\u2013
(274.3)
Notional interest arising on discounted provisions
(27.2)
\u2013
(27.2)
(25.2)
\u2013
(25.2)
Foreign exchange translation of monetary assets
and liabilities
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Lease charges
(26.9)
\u2013
(26.9)
(25.8)
\u2013
(25.8)
Less: interest capitalised
(ii)
106.1
\u2013
106.1
84.4
\u2013
84.4
Total finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss
\u2013
12.8
12.8
\u2013
6 . 1
6 . 1
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
Presented as:
Finance income
194.8
13.1
207.9
198.8
6.4
205.2
Finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
(i) The interest income on net pension assets for the year ended 31 March 2025 of \u00a320.7m (2024: \u00a326.2m) 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 4.12% (2024: 4.20%).
Adjusted net finance costs are arrived at after the following adjustments:
2025 2024
\u00a3m \u00a3m
(restated*)
Net finance costs
(111.3)
(113.1)
(add)/less:
Share of interest from joint ventures and associates
(164.3)
(110.7)
Movement on financing derivatives (note 24)
(12.8)
(6.1)
Exceptional item
(0.3)
(0.3)
Share of net finance cost attributable to non-controlling interests
7.7
4.7
Adjusted net finance costs
APM
(281.0)
(225.5)
Notional interest arising on discounted provisions
27.2
25.2
Lease charges
26.9
25.8
Hybrid coupon payment (note 22.5(iii))
(73.7)
(73.1)
Adjusted net finance costs for interest cover calculations
APM
(300.6)
(247.6)
Recognised in other comprehensive income
2025 2024
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
48.1
6.5
Share of joint venture and associate loss on effective portion of cash flow hedges (before tax)
(22.3)
(54.5)
Total recognised in other comprehensive income
25.8
(48.0)
* The comparatives have been restated to take account of the removal of the adjustment to exclude net pension scheme interest costs from the Group\u2019s APM.
See note 1.2 for more detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-663": { "value": "9 Finance income and costs Recognised in income statement
2025
2024
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain certain certain certain
re- re- re- re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
24.8
\u2013
24.8
60.3
\u2013
60.3
Interest on pension scheme assets
(i)
20.7
\u2013
20.7
26.2
\u2013
26.2
Other interest receivable:
Joint ventures and associates
118.8
\u2013
118.8
78.4
\u2013
78.4
Other receivable
30.5
0.3
30.8
33.9
0.3
34.2
149.3
0.3
149.6
112.3
0.3
112.6
Total finance income
194.8
0.3
195.1
198.8
0.3
199.1
Finance costs:
Bank loans and overdrafts
(61.1)
\u2013
(61.1)
(77.4)
\u2013
(77.4)
Other loans and charges
(309.9)
\u2013
(309.9)
(274.3)
\u2013
(274.3)
Notional interest arising on discounted provisions
(27.2)
\u2013
(27.2)
(25.2)
\u2013
(25.2)
Foreign exchange translation of monetary assets
and liabilities
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Lease charges
(26.9)
\u2013
(26.9)
(25.8)
\u2013
(25.8)
Less: interest capitalised
(ii)
106.1
\u2013
106.1
84.4
\u2013
84.4
Total finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss
\u2013
12.8
12.8
\u2013
6 . 1
6 . 1
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
Presented as:
Finance income
194.8
13.1
207.9
198.8
6.4
205.2
Finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
(i) The interest income on net pension assets for the year ended 31 March 2025 of \u00a320.7m (2024: \u00a326.2m) 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 4.12% (2024: 4.20%). Adjusted net finance costs are arrived at after the following adjustments:
2025 2024
\u00a3m \u00a3m
(restated*)
Net finance costs
(111.3)
(113.1)
(add)/less:
Share of interest from joint ventures and associates
(164.3)
(110.7)
Movement on financing derivatives (note 24)
(12.8)
(6.1)
Exceptional item
(0.3)
(0.3)
Share of net finance cost attributable to non-controlling interests
7.7
4.7
Adjusted net finance costs
APM
(281.0)
(225.5)
Notional interest arising on discounted provisions
27.2
25.2
Lease charges
26.9
25.8
Hybrid coupon payment (note 22.5(iii))
(73.7)
(73.1)
Adjusted net finance costs for interest cover calculations
APM
(300.6)
(247.6)
Recognised in other comprehensive income
2025 2024
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
48.1
6.5
Share of joint venture and associate loss on effective portion of cash flow hedges (before tax)
(22.3)
(54.5)
Total recognised in other comprehensive income
25.8
(48.0)
* The comparatives have been restated to take account of the removal of the adjustment to exclude net pension scheme interest costs from the Group\u2019s APM. See note 1.2 for more detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-702": { "value": "9 Finance income and costs Recognised in income statement
2025
2024
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain certain certain certain
re- re- re- re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
24.8
\u2013
24.8
60.3
\u2013
60.3
Interest on pension scheme assets
(i)
20.7
\u2013
20.7
26.2
\u2013
26.2
Other interest receivable:
Joint ventures and associates
118.8
\u2013
118.8
78.4
\u2013
78.4
Other receivable
30.5
0.3
30.8
33.9
0.3
34.2
149.3
0.3
149.6
112.3
0.3
112.6
Total finance income
194.8
0.3
195.1
198.8
0.3
199.1
Finance costs:
Bank loans and overdrafts
(61.1)
\u2013
(61.1)
(77.4)
\u2013
(77.4)
Other loans and charges
(309.9)
\u2013
(309.9)
(274.3)
\u2013
(274.3)
Notional interest arising on discounted provisions
(27.2)
\u2013
(27.2)
(25.2)
\u2013
(25.2)
Foreign exchange translation of monetary assets
and liabilities
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Lease charges
(26.9)
\u2013
(26.9)
(25.8)
\u2013
(25.8)
Less: interest capitalised
(ii)
106.1
\u2013
106.1
84.4
\u2013
84.4
Total finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss
\u2013
12.8
12.8
\u2013
6 . 1
6 . 1
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
Presented as:
Finance income
194.8
13.1
207.9
198.8
6.4
205.2
Finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
(i) The interest income on net pension assets for the year ended 31 March 2025 of \u00a320.7m (2024: \u00a326.2m) 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 4.12% (2024: 4.20%). Adjusted net finance costs are arrived at after the following adjustments:
2025 2024
\u00a3m \u00a3m
(restated*)
Net finance costs
(111.3)
(113.1)
(add)/less:
Share of interest from joint ventures and associates
(164.3)
(110.7)
Movement on financing derivatives (note 24)
(12.8)
(6.1)
Exceptional item
(0.3)
(0.3)
Share of net finance cost attributable to non-controlling interests
7.7
4.7
Adjusted net finance costs
APM
(281.0)
(225.5)
Notional interest arising on discounted provisions
27.2
25.2
Lease charges
26.9
25.8
Hybrid coupon payment (note 22.5(iii))
(73.7)
(73.1)
Adjusted net finance costs for interest cover calculations
APM
(300.6)
(247.6)
Recognised in other comprehensive income
2025 2024
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
48.1
6.5
Share of joint venture and associate loss on effective portion of cash flow hedges (before tax)
(22.3)
(54.5)
Total recognised in other comprehensive income
25.8
(48.0)
* The comparatives have been restated to take account of the removal of the adjustment to exclude net pension scheme interest costs from the Group\u2019s APM. See note 1.2 for more detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-725": { "value": "9 Finance income and costs Recognised in income statement
2025
2024
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain certain certain certain
re- re- re- re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
24.8
\u2013
24.8
60.3
\u2013
60.3
Interest on pension scheme assets
(i)
20.7
\u2013
20.7
26.2
\u2013
26.2
Other interest receivable:
Joint ventures and associates
118.8
\u2013
118.8
78.4
\u2013
78.4
Other receivable
30.5
0.3
30.8
33.9
0.3
34.2
149.3
0.3
149.6
112.3
0.3
112.6
Total finance income
194.8
0.3
195.1
198.8
0.3
199.1
Finance costs:
Bank loans and overdrafts
(61.1)
\u2013
(61.1)
(77.4)
\u2013
(77.4)
Other loans and charges
(309.9)
\u2013
(309.9)
(274.3)
\u2013
(274.3)
Notional interest arising on discounted provisions
(27.2)
\u2013
(27.2)
(25.2)
\u2013
(25.2)
Foreign exchange translation of monetary assets
and liabilities
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Lease charges
(26.9)
\u2013
(26.9)
(25.8)
\u2013
(25.8)
Less: interest capitalised
(ii)
106.1
\u2013
106.1
84.4
\u2013
84.4
Total finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss
\u2013
12.8
12.8
\u2013
6 . 1
6 . 1
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
Presented as:
Finance income
194.8
13.1
207.9
198.8
6.4
205.2
Finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
(i) The interest income on net pension assets for the year ended 31 March 2025 of \u00a320.7m (2024: \u00a326.2m) 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 4.12% (2024: 4.20%). Adjusted net finance costs are arrived at after the following adjustments:
2025 2024
\u00a3m \u00a3m
(restated*)
Net finance costs
(111.3)
(113.1)
(add)/less:
Share of interest from joint ventures and associates
(164.3)
(110.7)
Movement on financing derivatives (note 24)
(12.8)
(6.1)
Exceptional item
(0.3)
(0.3)
Share of net finance cost attributable to non-controlling interests
7.7
4.7
Adjusted net finance costs
APM
(281.0)
(225.5)
Notional interest arising on discounted provisions
27.2
25.2
Lease charges
26.9
25.8
Hybrid coupon payment (note 22.5(iii))
(73.7)
(73.1)
Adjusted net finance costs for interest cover calculations
APM
(300.6)
(247.6)
Recognised in other comprehensive income
2025 2024
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
48.1
6.5
Share of joint venture and associate loss on effective portion of cash flow hedges (before tax)
(22.3)
(54.5)
Total recognised in other comprehensive income
25.8
(48.0)
* The comparatives have been restated to take account of the removal of the adjustment to exclude net pension scheme interest costs from the Group\u2019s APM. See note 1.2 for more detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-743": { "value": "9 Finance income and costs Recognised in income statement
2025
2024
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain certain certain certain
re- re- re- re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
24.8
\u2013
24.8
60.3
\u2013
60.3
Interest on pension scheme assets
(i)
20.7
\u2013
20.7
26.2
\u2013
26.2
Other interest receivable:
Joint ventures and associates
118.8
\u2013
118.8
78.4
\u2013
78.4
Other receivable
30.5
0.3
30.8
33.9
0.3
34.2
149.3
0.3
149.6
112.3
0.3
112.6
Total finance income
194.8
0.3
195.1
198.8
0.3
199.1
Finance costs:
Bank loans and overdrafts
(61.1)
\u2013
(61.1)
(77.4)
\u2013
(77.4)
Other loans and charges
(309.9)
\u2013
(309.9)
(274.3)
\u2013
(274.3)
Notional interest arising on discounted provisions
(27.2)
\u2013
(27.2)
(25.2)
\u2013
(25.2)
Foreign exchange translation of monetary assets
and liabilities
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Lease charges
(26.9)
\u2013
(26.9)
(25.8)
\u2013
(25.8)
Less: interest capitalised
(ii)
106.1
\u2013
106.1
84.4
\u2013
84.4
Total finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss
\u2013
12.8
12.8
\u2013
6 . 1
6 . 1
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
Presented as:
Finance income
194.8
13.1
207.9
198.8
6.4
205.2
Finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
(i) The interest income on net pension assets for the year ended 31 March 2025 of \u00a320.7m (2024: \u00a326.2m) 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 4.12% (2024: 4.20%). Adjusted net finance costs are arrived at after the following adjustments:
2025 2024
\u00a3m \u00a3m
(restated*)
Net finance costs
(111.3)
(113.1)
(add)/less:
Share of interest from joint ventures and associates
(164.3)
(110.7)
Movement on financing derivatives (note 24)
(12.8)
(6.1)
Exceptional item
(0.3)
(0.3)
Share of net finance cost attributable to non-controlling interests
7.7
4.7
Adjusted net finance costs
APM
(281.0)
(225.5)
Notional interest arising on discounted provisions
27.2
25.2
Lease charges
26.9
25.8
Hybrid coupon payment (note 22.5(iii))
(73.7)
(73.1)
Adjusted net finance costs for interest cover calculations
APM
(300.6)
(247.6)
Recognised in other comprehensive income
2025 2024
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
48.1
6.5
Share of joint venture and associate loss on effective portion of cash flow hedges (before tax)
(22.3)
(54.5)
Total recognised in other comprehensive income
25.8
(48.0)
* The comparatives have been restated to take account of the removal of the adjustment to exclude net pension scheme interest costs from the Group\u2019s APM. See note 1.2 for more detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-751": { "value": "9 Finance income and costs Recognised in income statement
2025
2024
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
certain certain certain certain
re- re- re- re-
measurements measurements Total measurements measurements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Finance income:
Interest income from short term deposits
24.8
\u2013
24.8
60.3
\u2013
60.3
Interest on pension scheme assets
(i)
20.7
\u2013
20.7
26.2
\u2013
26.2
Other interest receivable:
Joint ventures and associates
118.8
\u2013
118.8
78.4
\u2013
78.4
Other receivable
30.5
0.3
30.8
33.9
0.3
34.2
149.3
0.3
149.6
112.3
0.3
112.6
Total finance income
194.8
0.3
195.1
198.8
0.3
199.1
Finance costs:
Bank loans and overdrafts
(61.1)
\u2013
(61.1)
(77.4)
\u2013
(77.4)
Other loans and charges
(309.9)
\u2013
(309.9)
(274.3)
\u2013
(274.3)
Notional interest arising on discounted provisions
(27.2)
\u2013
(27.2)
(25.2)
\u2013
(25.2)
Foreign exchange translation of monetary assets
and liabilities
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Lease charges
(26.9)
\u2013
(26.9)
(25.8)
\u2013
(25.8)
Less: interest capitalised
(ii)
106.1
\u2013
106.1
84.4
\u2013
84.4
Total finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss
\u2013
12.8
12.8
\u2013
6 . 1
6 . 1
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
Presented as:
Finance income
194.8
13.1
207.9
198.8
6.4
205.2
Finance costs
(319.2)
\u2013
(319.2)
(318.3)
\u2013
(318.3)
Net finance costs
(124.4)
13.1
(111.3)
(119.5)
6.4
(113.1)
(i) The interest income on net pension assets for the year ended 31 March 2025 of \u00a320.7m (2024: \u00a326.2m) 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 4.12% (2024: 4.20%). Adjusted net finance costs are arrived at after the following adjustments:
2025 2024
\u00a3m \u00a3m
(restated*)
Net finance costs
(111.3)
(113.1)
(add)/less:
Share of interest from joint ventures and associates
(164.3)
(110.7)
Movement on financing derivatives (note 24)
(12.8)
(6.1)
Exceptional item
(0.3)
(0.3)
Share of net finance cost attributable to non-controlling interests
7.7
4.7
Adjusted net finance costs
APM
(281.0)
(225.5)
Notional interest arising on discounted provisions
27.2
25.2
Lease charges
26.9
25.8
Hybrid coupon payment (note 22.5(iii))
(73.7)
(73.1)
Adjusted net finance costs for interest cover calculations
APM
(300.6)
(247.6)
Recognised in other comprehensive income
2025 2024
\u00a3m \u00a3m
Gain on effective portion of cash flow hedges (before tax)
48.1
6.5
Share of joint venture and associate loss on effective portion of cash flow hedges (before tax)
(22.3)
(54.5)
Total recognised in other comprehensive income
25.8
(48.0)
* The comparatives have been restated to take account of the removal of the adjustment to exclude net pension scheme interest costs from the Group\u2019s APM. See note 1.2 for more detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-618": { "value": "
10
Taxation
10.1 Analysis of charge recognised in the income statement
2025
2024
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
247.3
(5.3)
242.0
366.1
(36.5)
329.6
Adjustments in respect of previous years
(8.3)
\u2013
(8.3)
(25.6)
31.8
6.2
Total current tax
239.0
(5.3)
233.7
340.5
(4.7)
335.8
Deferred tax
Current year
293.6
(28.4)
265.2
155.3
128.2
283.5
Adjustments in respect of previous years
19.1
\u2013
19.1
23.2
(31.8)
(8.6)
Total deferred tax
312.7
(28.4)
284.3
178.5
96.4
274.9
Total taxation charge/(credit)
551.7
(33.7)
518.0
519.0
91.7
610.7
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
2025 (2024: 25%). 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 2025.
Finance Act (No.2) 2023 introduced legislation in respect of Multinational Top-up Tax in line with OECD BEPS pillar 2 principles, which
came into force in the current year. Similar draft legislation has been introduced in the Republic of Ireland and other EU jurisdictions.
The Group has carried out a group wide tax rate review, in line with the BEPS pillar 2 legislation and guidance, and has found there is no
impact as tax rates in the countries in which the Group operates exceed 15%. 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
\u201cInternational Tax Reform \u2013 Pillar Two Model Rules\u201d, which were issued in May 2023.
The \u201cadjusted current tax charge\u201d and the \u201cadjusted effective rate of tax\u201d, which are presented in order to best represent underlying
performance by making similar adjustments to the \u201cadjusted profit before tax\u201d measure, are arrived at after the following adjustments:
2025 2025 2024 2024
\u00a3m % \u00a3m %
(restated
*
)
Continuing operations
Group tax charge and effective rate
518.0
29.4
610.7
25.6
Add: reported deferred tax charge and effective rate
(284.3)
(16.1)
(274.9)
(11.5)
Reported current tax charge and effective rate
233.7
13.3
335.8
14.1
Effect of adjusting items
(2.4)
1.2
Reported current tax charge and effective rate on adjusted basis
233.7
10.9
335.8
15.3
add:
Share of current tax from joint ventures and associates
45.1
2.2
38.5
1.8
less:
Current tax credit on exceptional items
5.3
0.2
4.7
0.2
Share of current tax attributable to non-controlling interests
12.3
0.6
(8.0)
(0.4)
Adjusted current tax charge and effective rate
APM
296.4
13.9
371.0
16.9
* The comparative adjusted effective rate of tax has been restated. See note 1.2.
Tax charge/(credit) recognised in other comprehensive income:
2025 2024
\u00a3m \u00a3m
Relating to:
Pension scheme actuarial movements
13.2
(38.8)
Cash flow and net investment hedge movements
11.3
0.3
24.5
(38.5)
All tax recognised through other comprehensive income is deferred tax.
See further Taxation disclosures at A2
10.2 Current tax assets and liabilities
2025 2024
\u00a3m \u00a3m
Corporation tax assets
(29.7)
(25.8)
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 Retirement
capital gains/(losses) benefit Decommissioning
allowances on derivatives obligations liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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)
C h a r g e t o e q u i t y
\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
Charge/(credit) to income statement
306.0
(5.0)
8.0
3.7
(28.4)
284.3
Transfer of deferred tax on derivatives
\u2013
(18.3)
\u2013
\u2013
18.3
\u2013
Decommissioning asset and liability presentation
under IAS 12
\u2013
\u2013
\u2013
(17.2)
17.2
\u2013
Charge to other comprehensive income
\u2013
11.3
13.2
\u2013
\u2013
24.5
Charge to equity
\u2013
\u2013
\u2013
\u2013
2.2
2.2
Exchange adjustment
(3.3)
\u2013
\u2013
\u2013
\u2013
(3.3)
At 31 March 2025
1,782.0
21.5
126.6
(93.0)
7.4
1,844.5
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:
2025 2024
\u00a3m \u00a3m
Deferred tax liabilities
2,000.9
1,692.3
Deferred tax assets
(156.4)
(155.5)
Net deferred tax liabilities
1,844.5
1,536.8
In total there are \u00a320.6m (2024: \u00a39.3m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a32.9m
(2024: \u00a35.6m) on trading losses of \u00a323.7m (2024: \u00a344.5m) in the Republic of Ireland. The Group has not recognised deferred tax assets
of \u00a317.7m (2024: \u00a33.5m) in respect of losses of \u00a374.6m (2024: \u00a314.4m) 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 2025 were \u00a3971.1m (2024: \u00a3827.8m).
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
2025 2025 2024 2024
\u00a3m % \u00a3m %
Group profit before tax
1,850.9
2,495.1
Less: share of results of associates and jointly controlled entities
(89.9)
(114.1)
Profit before tax
1,761.0
2,381.0
Tax on profit on ordinary activities at standard UK corporation
tax rate of 25% (2024: 25%)
440.3
25.0
595.3
25.0
Tax effect of:
Capital allowances less than depreciation
(216.8)
(12.3)
(55.7)
(2.3)
Impairment of investments
65.1
3.7
\u2013
\u2013
Movement in restructuring and settlement provisions
(4.4)
(0.2)
(0.6)
\u2013
Non-taxable gain on sale of assets
\u2013
\u2013
(4.5)
(0.2)
Fair value movements on derivatives
7.3
0.4
(123.3)
(5.2)
Pension movements
(8.0)
(0.5)
(8.9)
(0.4)
Relief for capitalised interest and revenue costs
(37.9)
(2.2)
(38.0)
(1.6)
Hybrid equity coupon payments
(18.4)
(1.0)
(18.3)
(0.8)
Expenses not deductible for tax purposes
15.2
0.9
54.9
2.3
Utilisation of tax losses brought forward
(1.2)
(0.1)
(3.7)
(0.2)
Impact of foreign tax rates
(15.3)
(0.9)
(36.8)
(1.5)
Electricity Generator Levy not deductible for tax purposes
19.8
1.1
1.0
\u2013
Adjustments to tax charge in respect of previous years
(8.3)
(0.5)
(25.6)
(1.0)
Other items
(3.7)
(0.1)
\u2013
\u2013
Reported current tax charge and effective rate
233.7
13.3
335.8
14.1
Depreciation in excess of capital allowances
217.8
12.4
74.5
3.1
Movement in provisions
4.4
0.2
0.6
\u2013
Fair value movements on derivatives
(7.3)
(0.4)
123.3
5.2
Pension movements
8.0
0.5
8.9
0.4
Relief for capitalised interest and revenue costs
37.9
2.2
38.0
1.6
Impact of foreign tax rates
3.5
0.1
1.8
0.1
Adjustments to tax charge in respect of previous years
19.1
1.1
23.2
0.9
Unwind of tax on financial guarantee liabilities
1.1
\u2013
\u2013
\u2013
Tax losses utilised
\u2013
\u2013
5.1
0.2
Other items
(0.2)
\u2013
(0.5)
\u2013
Reported deferred tax charge and effective rate
284.3
16.1
274.9
11.5
Group tax charge and effective rate
518.0
29.4
610.7
25.6
As noted at note 3 to the accounts, the Group\u2019s results are reported on an \u201cadjusted\u201d basis in order to allow focus on underlying business performance. The adjusted profit before tax is the measure utilised in calculation of the Group\u2019s \u201cadjusted effective rate of tax\u201d. The adjusted current tax charge can be reconciled to the adjusted profit before tax as follows:
2024 2024
2025 2025 \u00a3m %
\u00a3m %
(restated
*
)
(restated
*
)
Adjusted profit before tax
2,138.2
2,200.9
Tax on profit on ordinary activities at standard UK corporation tax rate
534.6
25.0
550.2
25.0
Tax effect of:
Capital allowances in excess of depreciation
(224.7)
(10.5)
(107.5)
(4.9)
Non-taxable gain on sale of assets
7.6
0.4
(4.7)
(0.2)
Non qualifying depreciation
25.2
1.2
12.5
0.6
Adjustment for profit on internal trading
4.3
0.2
2.5
0.1
Movement in restructuring and settlement provisions
(2.9)
(0.1)
0.8
\u2013
Pension movements
(8.0)
(0.4)
(8.9)
(0.4)
Relief for capitalised interest and revenue costs
(21.9)
(1.0)
(23.2)
(1.1)
Hybrid equity coupon payments
(18.4)
(0.9)
(18.3)
(0.8)
Expenses not deductible for tax purposes
8.4
0.4
23.6
1.1
Fair value movements on derivatives
9.9
0.5
\u2013
\u2013
Permanent benefit of super-deduction capital allowances
\u2013
\u2013
1.4
0.1
Electricity Generator Levy not deductible for tax purposes
19.8
0.9
\u2013
\u2013
Discount on losses on Scottish Hydro Electric Transmission plc
(4.3)
(0.2)
\u2013
\u2013
Share-based payments
(2.6)
(0.1)
\u2013
\u2013
Losses carried back to earlier years
\u2013
\u2013
7.2
0.3
Adjustments to tax charge in respect of previous years
(10.7)
(0.5)
(25.6)
(1.2)
Impact of foreign tax rates
(20.6)
(1.0)
(37.9)
(1.7)
Other
0.7
\u2013
(1.1)
\u2013
Adjusted current tax charge and effective rate
APM
296.4
13.9
371.0
16.9
* The comparative adjusted effective rate of tax been restated. See note 1.2. The 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 2025 (2024: 25%). 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 InformationA1 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 atnote 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-664": { "value": "10.1 Analysis of charge recognised in the income statement
2025
2024
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
247.3
(5.3)
242.0
366.1
(36.5)
329.6
Adjustments in respect of previous years
(8.3)
\u2013
(8.3)
(25.6)
31.8
6.2
Total current tax
239.0
(5.3)
233.7
340.5
(4.7)
335.8
Deferred tax
Current year
293.6
(28.4)
265.2
155.3
128.2
283.5
Adjustments in respect of previous years
19.1
\u2013
19.1
23.2
(31.8)
(8.6)
Total deferred tax
312.7
(28.4)
284.3
178.5
96.4
274.9
Total taxation charge/(credit)
551.7
(33.7)
518.0
519.0
91.7
610.7
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 2025 (2024: 25%). 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 2025. Finance Act (No.2) 2023 introduced legislation in respect of Multinational Top-up Tax in line with OECD BEPS pillar 2 principles, which came into force in the current year. Similar draft legislation has been introduced in the Republic of Ireland and other EU jurisdictions. The Group has carried out a group wide tax rate review, in line with the BEPS pillar 2 legislation and guidance, and has found there is no impact as tax rates in the countries in which the Group operates exceed 15%. 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 \u201cInternational Tax Reform \u2013 Pillar Two Model Rules\u201d, which were issued in May 2023. The \u201cadjusted current tax charge\u201d and the \u201cadjusted effective rate of tax\u201d, which are presented in order to best represent underlying performance by making similar adjustments to the \u201cadjusted profit before tax\u201d measure, are arrived at after the following adjustments:
2025 2025 2024 2024
\u00a3m % \u00a3m %
(restated
*
)
Continuing operations
Group tax charge and effective rate
518.0
29.4
610.7
25.6
Add: reported deferred tax charge and effective rate
(284.3)
(16.1)
(274.9)
(11.5)
Reported current tax charge and effective rate
233.7
13.3
335.8
14.1
Effect of adjusting items
(2.4)
1.2
Reported current tax charge and effective rate on adjusted basis
233.7
10.9
335.8
15.3
add:
Share of current tax from joint ventures and associates
45.1
2.2
38.5
1.8
less:
Current tax credit on exceptional items
5.3
0.2
4.7
0.2
Share of current tax attributable to non-controlling interests
12.3
0.6
(8.0)
(0.4)
Adjusted current tax charge and effective rate
APM
296.4
13.9
371.0
16.9
* The comparative adjusted effective rate of tax has been restated. See note 1.2. Tax charge/(credit) recognised in other comprehensive income:
2025 2024
\u00a3m \u00a3m
Relating to:
Pension scheme actuarial movements
13.2
(38.8)
Cash flow and net investment hedge movements
11.3
0.3
24.5
(38.5)
All tax recognised through other comprehensive income is deferred tax. See further Taxation disclosures at A2 10.2 Current tax assets and liabilities
2025 2024
\u00a3m \u00a3m
Corporation tax assets
(29.7)
(25.8)
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 Retirement
capital gains/(losses) benefit Decommissioning
allowances on derivatives obligations liabilities Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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)
C h a r g e t o e q u i t y
\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
Charge/(credit) to income statement
306.0
(5.0)
8.0
3.7
(28.4)
284.3
Transfer of deferred tax on derivatives
\u2013
(18.3)
\u2013
\u2013
18.3
\u2013
Decommissioning asset and liability presentation
under IAS 12
\u2013
\u2013
\u2013
(17.2)
17.2
\u2013
Charge to other comprehensive income
\u2013
11.3
13.2
\u2013
\u2013
24.5
Charge to equity
\u2013
\u2013
\u2013
\u2013
2.2
2.2
Exchange adjustment
(3.3)
\u2013
\u2013
\u2013
\u2013
(3.3)
At 31 March 2025
1,782.0
21.5
126.6
(93.0)
7.4
1,844.5
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:
2025 2024
\u00a3m \u00a3m
Deferred tax liabilities
2,000.9
1,692.3
Deferred tax assets
(156.4)
(155.5)
Net deferred tax liabilities
1,844.5
1,536.8
In total there are \u00a320.6m (2024: \u00a39.3m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a32.9m (2024: \u00a35.6m) on trading losses of \u00a323.7m (2024: \u00a344.5m) in the Republic of Ireland. The Group has not recognised deferred tax assets of \u00a317.7m (2024: \u00a33.5m) in respect of losses of \u00a374.6m (2024: \u00a314.4m) 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 2025 were \u00a3971.1m (2024: \u00a3827.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-703": { "value": "10.2 Current tax assets and liabilities
2025 2024
\u00a3m \u00a3m
Corporation tax assets
(29.7)
(25.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-665": { "value": "
11
Dividends and earnings per share
11.1 Ordinary dividends
Settled via Pence per Settled via
2025
Total
scrip ordinary
2024
Total
scrip Pence per
\u00a3m \u00a3m share \u00a3m \u00a3m ordinary share
Interim \u2013 year ended 31 March 2025
233.7
43.4
21. 2
\u2013
\u2013
\u2013
Final \u2013 year ended 31 March 2024
437.3
225.5
40.0
\u2013
\u2013
\u2013
Interim \u2013 year ended 31 March 2024
\u2013
\u2013
\u2013
218.3
8.8
20.0
Final \u2013 year ended 31 March 2023
\u2013
\u2013
\u2013
738.1
29.8
67.7
671.0
268.9
956.4
38.6
The final dividend of 40.0p per ordinary share declared in respect of the financial year ended 31 March 2024 (2023: 67.7p) was approved
at the Annual General Meeting on 18 July 2024 and was paid to shareholders on 19 September 2024. 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 2027, 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 2024 was 35.7% (March 2023: 18.0%
\u2013 no scrip buyback) and therefore under the share buyback programme 3.8m of shares were repurchased during the year ended 31 March
2025 for total consideration of \u00a371.7m (including stamp duty and commission).
An interim dividend of 21.2p per ordinary share (2024: 20.0p) was declared and paid on 27 February 2025 to those shareholders on the
SSE plc share register on 3 January 2025. 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 43.0p per ordinary share based on the number of issued ordinary shares at 31 March 2025 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 2025, this would equate to a final dividend of \u00a3477 .8m.
11.2 Basic and adjusted earnings per share
The calculation of basic earnings per ordinary share at 31 March 2025 is based on the net profit attributable to ordinary shareholders and a
weighted average number of ordinary shares outstanding during the year ended 31 March 2025.
Adjusted earnings per share has been calculated by excluding the charge for deferred tax, retained Gas Production decommissioning costs,
the depreciation charged on fair value uplifts, the share of profit attributable to non-controlling interests and the impact of exceptional
items and certain re-measurements (note 7).
2025
2025
2024
2024
Earnings Earnings per
Earnings per share Earnings share
\u00a3m pence \u00a3m pence
(restated*) (restated*)
Continuing operations
Basic earnings attributable to ordinary shareholders on continuing operations
used to calculate adjusted EPS
1,189.4
108.2
1,710.5
156.7
Exceptional items and certain re-measurements (note 7)
341.4
31.1
(155.8)
(14.3)
Basic excluding exceptional items and certain re-measurements
1,530.8
139.3
1,554.7
142.4
Adjusted for:
Decommissioning Gas Production
(17.9)
(1.6)
9.9
0.9
Depreciation charge on fair value uplifts
20.1
1.8
19.0
1.7
Deferred tax
312.7
28.4
178.5
16.3
Deferred tax from share of joint ventures and associates
(36.1)
(3.2)
20.3
1.9
Deferred tax on non-controlling interest
(41.5)
(3.8)
(25.6)
(2.3)
Adjusted
APM
1,768.1
160.9
1,756.8
160.9
Reported earnings per share
2025
2025
2024
2024
Earnings Earnings per
Earnings per share Earnings share
\u00a3m pence \u00a3m pence
Basic
1,189.4
108.2
1,710.5
156.7
Dilutive effect of outstanding share options
\u2013
( 0 . 1 )
\u2013
( 0 . 2 )
Diluted
1,189.4
108.1
1,710.5
156.5
The weighted average number of shares used in each calculation is as follows:
31 March 31 March
2025 2024
Number of Number of
shares shares
(millions) (millions)
For basic and adjusted earnings per share
1,099.2
1,091.8
Effect of exercise of share options
1.1
1.5
For diluted earnings per share
1,100.3
1,093.3
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.
2025 2025 2024 2024
Earnings per Dividend per 2025 Earnings per Dividend per 2024
share share Dividend cover share share Dividend cover
(pence) (pence) (times) (pence) (pence) (times)
Reported earnings per share (continuing operations)
108.2
64.2
1.69
156.7
60.0
2.61
Adjusted earnings per share (continuing
operations)
APM
(restated*)
160.9
64.2
2.51
160.9
60.0
2.68
* The comparative adjusted earnings per share and dividend cover (times) have been restated. See note 1.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-619": { "value": "11 Dividends and earnings per share 11.1 Ordinary dividends
Settled via Pence per Settled via
2025
Total
scrip ordinary
2024
Total
scrip Pence per
\u00a3m \u00a3m share \u00a3m \u00a3m ordinary share
Interim \u2013 year ended 31 March 2025
233.7
43.4
21. 2
\u2013
\u2013
\u2013
Final \u2013 year ended 31 March 2024
437.3
225.5
40.0
\u2013
\u2013
\u2013
Interim \u2013 year ended 31 March 2024
\u2013
\u2013
\u2013
218.3
8.8
20.0
Final \u2013 year ended 31 March 2023
\u2013
\u2013
\u2013
738.1
29.8
67.7
671.0
268.9
956.4
38.6
The final dividend of 40.0p per ordinary share declared in respect of the financial year ended 31 March 2024 (2023: 67.7p) was approved at the Annual General Meeting on 18 July 2024 and was paid to shareholders on 19 September 2024. 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 2027, 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 2024 was 35.7% (March 2023: 18.0% \u2013 no scrip buyback) and therefore under the share buyback programme 3.8m of shares were repurchased during the year ended 31 March 2025 for total consideration of \u00a371.7m (including stamp duty and commission). An interim dividend of 21.2p per ordinary share (2024: 20.0p) was declared and paid on 27 February 2025 to those shareholders on the SSE plc share register on 3 January 2025. 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 43.0p per ordinary share based on the number of issued ordinary shares at 31 March 2025 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 2025, this would equate to a final dividend of \u00a3477 .8m. 11.2 Basic and adjusted earnings per share The calculation of basic earnings per ordinary share at 31 March 2025 is based on the net profit attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding during the year ended 31 March 2025. Adjusted earnings per share has been calculated by excluding the charge for deferred tax, retained Gas Production decommissioning costs, the depreciation charged on fair value uplifts, the share of profit attributable to non-controlling interests and the impact of exceptional items and certain re-measurements (note 7).
2025
2025
2024
2024
Earnings Earnings per
Earnings per share Earnings share
\u00a3m pence \u00a3m pence
(restated*) (restated*)
Continuing operations
Basic earnings attributable to ordinary shareholders on continuing operations
used to calculate adjusted EPS
1,189.4
108.2
1,710.5
156.7
Exceptional items and certain re-measurements (note 7)
341.4
31.1
(155.8)
(14.3)
Basic excluding exceptional items and certain re-measurements
1,530.8
139.3
1,554.7
142.4
Adjusted for:
Decommissioning Gas Production
(17.9)
(1.6)
9.9
0.9
Depreciation charge on fair value uplifts
20.1
1.8
19.0
1.7
Deferred tax
312.7
28.4
178.5
16.3
Deferred tax from share of joint ventures and associates
(36.1)
(3.2)
20.3
1.9
Deferred tax on non-controlling interest
(41.5)
(3.8)
(25.6)
(2.3)
Adjusted
APM
1,768.1
160.9
1,756.8
160.9
Reported earnings per share
2025
2025
2024
2024
Earnings Earnings per
Earnings per share Earnings share
\u00a3m pence \u00a3m pence
Basic
1,189.4
108.2
1,710.5
156.7
Dilutive effect of outstanding share options
\u2013
( 0 . 1 )
\u2013
( 0 . 2 )
Diluted
1,189.4
108.1
1,710.5
156.5
The weighted average number of shares used in each calculation is as follows:
31 March 31 March
2025 2024
Number of Number of
shares shares
(millions) (millions)
For basic and adjusted earnings per share
1,099.2
1,091.8
Effect of exercise of share options
1.1
1.5
For diluted earnings per share
1,100.3
1,093.3
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.
2025 2025 2024 2024
Earnings per Dividend per 2025 Earnings per Dividend per 2024
share share Dividend cover share share Dividend cover
(pence) (pence) (times) (pence) (pence) (times)
Reported earnings per share (continuing operations)
108.2
64.2
1.69
156.7
60.0
2.61
Adjusted earnings per share (continuing
operations)
APM
(restated*)
160.9
64.2
2.51
160.9
60.0
2.68
* The comparative adjusted earnings per share and dividend cover (times) have been restated. See note 1.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-705": { "value": "0.212", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-704": { "value": "477800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-620": { "value": "
12
Acquisitions and disposals
12.1 Acquisitions
Current year acquisitions
There have been no significant acquisitions in the current year.
Other asset acquisitions
During the year ended 31 March 2025, the Group made other smaller asset acquisitions (of special purpose vehicles as opposed to
businesses) for cash consideration of \u00a317.1m.
Prior year acquisition
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. The reacquisition of Enerveo resulted in a net gain of \u00a34.6m, which was recognised as an exceptional item.
12.2 Disposals
(i) Significant disposals
Current and prior year disposals
There have been no significant disposals in the current and prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-621": { "value": "
13
Intangible assets
Software
and other
Allowances and Development intangible
Goodwill certificates assets assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2023
1,150.5
682.4
681.6
1,199.5
3,714.0
Additions
\u2013
7 7 4 . 5
3 6 9 . 7
1 7 0 . 0
1 , 3 1 4 . 2
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(50.7)
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
1,370.1
4,473.5
Additions
\u2013
603.7
307.1
134.7
1,045.5
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(170.0)
3.1
(166.9)
Disposals/utilised
(iii)
(0.5)
(965.6)
(22.1)
(25.6)
(1,013.8)
Exchange adjustments
(13.9)
(0.1)
(8.8)
2.2
(20.6)
At 31 March 2025
1,116.2
620.2
1,096.8
1,484.5
4,317.7
Aggregate amortisation and impairment:
At 31 March 2023
(192.9)
(227.5)
(157.5)
(720.9)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
(i)
\u2013
\u2013
(15.4)
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227.5)
(171.4)
(802.4)
(1,394.2)
Charge for the year
\u2013
\u2013
\u2013
(89.8)
(89.8)
Disposals/utilised
(iii)
\u2013
\u2013
\u2013
21.3
21.3
Exceptional impairment charge
(ii)
(195.2)
\u2013
(74.8)
(3.8)
(273.8)
Non-exceptional impairment charge
(i)
\u2013
\u2013
(10.9)
(8.1)
(19.0)
Exchange adjustments
(0.4)
\u2013
(0.3)
1.7
1.0
At 31 March 2025
(388.5)
(227.5)
(257.4)
(881.1)
(1,754.5)
Carrying amount:
At 31 March 2025
727.7
392.7
839.4
603.4
2,563.2
At 31 March 2024
937.7
754.7
819.2
567.7
3,079.3
At 1 April 2023
957.6
454.9
524.1
478.6
2,415.2
(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.
(ii) The exceptional impairment charge recognised during the current year primarily relates to the impairment of Southern Europe goodwill (\u00a3174.7m) and development assets
(\u00a374.8m), and goodwill relating to The Energy Solutions Group Limited (\u00a319.8m). Further commentary of the impairment charge is included in note 15.
(iii) Other intangible asset disposals in the current year primarily relate to the derecognition of Electric Vehicle charging hub development assets on the formation of the 50:50 Source
EV joint venture with TotalEnergies Marketing UK Limited (see note 16).
Intangible assets have been analysed as current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
392.7
754.7
Non-current
2,170.5
2,324.6
2,563.2
3,079.3
(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:
2025 2024
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland wind farms
SSE Renewables
287.0
288.8
SSE Pacifico
1
SSE Renewables
187.3
191.5
SSE Southern Europe
2
SSE Renewables
233.3
416.8
Energy Solutions
3
SSE Business Energy
11.9
32.4
Ireland Supply
4
SSE Airtricity
8.2
8.2
727.7
937.7
1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in the Group\u2019s Japanese offshore wind development platform. 2 The SSE Southern Europe CGU relates to the acquisition on 1 September 2022 of the Group\u2019s renewable platform in Spain, France, Greece and Italy. The Group has assessed that the four CGUs support the carrying value of the goodwill, which has been impaired by \u00a3174.7m (2024: \u00a3nil) in the current year (note 15). 3 Energy Solutions is the remaining goodwill that arose on the acquisition of The Energy Solutions Group Limited of \u00a311.9m (2024: \u00a331.7m), which was impaired by \u00a319.8m in the current year (see note 15.1). An impairment of \u00a30.7m was recognised in relation to SSE Airtricity Energy Services (NI) Limited, following the announcement to close the business. 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 (\u201cROCs\u201d). 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 wind farms 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. During the year the Group has recognised exceptional impairment charges of \u00a374.8m in relation to development assets in SSE Southern Europe (note 15) and \u00a310.9m of non-exceptional impairment charges relating to projects that are not expected to reach the construction phase. (iv) 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 (\u201cSaaS\u201d) and Platform as a Service (\u201cPaaS\u201d) 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-726": { "value": "13 Intangible assets
Software
and other
Allowances and Development intangible
Goodwill certificates assets assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2023
1,150.5
682.4
681.6
1,199.5
3,714.0
Additions
\u2013
7 7 4 . 5
3 6 9 . 7
1 7 0 . 0
1 , 3 1 4 . 2
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(50.7)
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
1,370.1
4,473.5
Additions
\u2013
603.7
307.1
134.7
1,045.5
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(170.0)
3.1
(166.9)
Disposals/utilised
(iii)
(0.5)
(965.6)
(22.1)
(25.6)
(1,013.8)
Exchange adjustments
(13.9)
(0.1)
(8.8)
2.2
(20.6)
At 31 March 2025
1,116.2
620.2
1,096.8
1,484.5
4,317.7
Aggregate amortisation and impairment:
At 31 March 2023
(192.9)
(227.5)
(157.5)
(720.9)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
(i)
\u2013
\u2013
(15.4)
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227.5)
(171.4)
(802.4)
(1,394.2)
Charge for the year
\u2013
\u2013
\u2013
(89.8)
(89.8)
Disposals/utilised
(iii)
\u2013
\u2013
\u2013
21.3
21.3
Exceptional impairment charge
(ii)
(195.2)
\u2013
(74.8)
(3.8)
(273.8)
Non-exceptional impairment charge
(i)
\u2013
\u2013
(10.9)
(8.1)
(19.0)
Exchange adjustments
(0.4)
\u2013
(0.3)
1.7
1.0
At 31 March 2025
(388.5)
(227.5)
(257.4)
(881.1)
(1,754.5)
Carrying amount:
At 31 March 2025
727.7
392.7
839.4
603.4
2,563.2
At 31 March 2024
937.7
754.7
819.2
567.7
3,079.3
At 1 April 2023
957.6
454.9
524.1
478.6
2,415.2
(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. (ii) The exceptional impairment charge recognised during the current year primarily relates to the impairment of Southern Europe goodwill (\u00a3174.7m) and development assets (\u00a374.8m), and goodwill relating to The Energy Solutions Group Limited (\u00a319.8m). Further commentary of the impairment charge is included in note 15. (iii) Other intangible asset disposals in the current year primarily relate to the derecognition of Electric Vehicle charging hub development assets on the formation of the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited (see note 16). Intangible assets have been analysed as current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
392.7
754.7
Non-current
2,170.5
2,324.6
2,563.2
3,079.3
(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:
2025 2024
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland wind farms
SSE Renewables
287.0
288.8
SSE Pacifico
1
SSE Renewables
187.3
191.5
SSE Southern Europe
2
SSE Renewables
233.3
416.8
Energy Solutions
3
SSE Business Energy
11.9
32.4
Ireland Supply
4
SSE Airtricity
8.2
8.2
727.7
937.7
1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in the Group\u2019s Japanese offshore wind development platform. 2 The SSE Southern Europe CGU relates to the acquisition on 1 September 2022 of the Group\u2019s renewable platform in Spain, France, Greece and Italy. The Group has assessed that the four CGUs support the carrying value of the goodwill, which has been impaired by \u00a3174.7m (2024: \u00a3nil) in the current year (note 15). 3 Energy Solutions is the remaining goodwill that arose on the acquisition of The Energy Solutions Group Limited of \u00a311.9m (2024: \u00a331.7m), which was impaired by \u00a319.8m in the current year (see note 15.1). An impairment of \u00a30.7m was recognised in relation to SSE Airtricity Energy Services (NI) Limited, following the announcement to close the business. 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 (\u201cROCs\u201d). 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 wind farms 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. During the year the Group has recognised exceptional impairment charges of \u00a374.8m in relation to development assets in SSE Southern Europe (note 15) and \u00a310.9m of non-exceptional impairment charges relating to projects that are not expected to reach the construction phase. (iv) 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 (\u201cSaaS\u201d) and Platform as a Service (\u201cPaaS\u201d) 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-706": { "value": "13 Intangible assets
Software
and other
Allowances and Development intangible
Goodwill certificates assets assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2023
1,150.5
682.4
681.6
1,199.5
3,714.0
Additions
\u2013
7 7 4 . 5
3 6 9 . 7
1 7 0 . 0
1 , 3 1 4 . 2
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(50.7)
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
1,370.1
4,473.5
Additions
\u2013
603.7
307.1
134.7
1,045.5
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(170.0)
3.1
(166.9)
Disposals/utilised
(iii)
(0.5)
(965.6)
(22.1)
(25.6)
(1,013.8)
Exchange adjustments
(13.9)
(0.1)
(8.8)
2.2
(20.6)
At 31 March 2025
1,116.2
620.2
1,096.8
1,484.5
4,317.7
Aggregate amortisation and impairment:
At 31 March 2023
(192.9)
(227.5)
(157.5)
(720.9)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
(i)
\u2013
\u2013
(15.4)
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227.5)
(171.4)
(802.4)
(1,394.2)
Charge for the year
\u2013
\u2013
\u2013
(89.8)
(89.8)
Disposals/utilised
(iii)
\u2013
\u2013
\u2013
21.3
21.3
Exceptional impairment charge
(ii)
(195.2)
\u2013
(74.8)
(3.8)
(273.8)
Non-exceptional impairment charge
(i)
\u2013
\u2013
(10.9)
(8.1)
(19.0)
Exchange adjustments
(0.4)
\u2013
(0.3)
1.7
1.0
At 31 March 2025
(388.5)
(227.5)
(257.4)
(881.1)
(1,754.5)
Carrying amount:
At 31 March 2025
727.7
392.7
839.4
603.4
2,563.2
At 31 March 2024
937.7
754.7
819.2
567.7
3,079.3
At 1 April 2023
957.6
454.9
524.1
478.6
2,415.2
(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. (ii) The exceptional impairment charge recognised during the current year primarily relates to the impairment of Southern Europe goodwill (\u00a3174.7m) and development assets (\u00a374.8m), and goodwill relating to The Energy Solutions Group Limited (\u00a319.8m). Further commentary of the impairment charge is included in note 15. (iii) Other intangible asset disposals in the current year primarily relate to the derecognition of Electric Vehicle charging hub development assets on the formation of the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited (see note 16). Intangible assets have been analysed as current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
392.7
754.7
Non-current
2,170.5
2,324.6
2,563.2
3,079.3
(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:
2025 2024
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland wind farms
SSE Renewables
287.0
288.8
SSE Pacifico
1
SSE Renewables
187.3
191.5
SSE Southern Europe
2
SSE Renewables
233.3
416.8
Energy Solutions
3
SSE Business Energy
11.9
32.4
Ireland Supply
4
SSE Airtricity
8.2
8.2
727.7
937.7
1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in the Group\u2019s Japanese offshore wind development platform.
2 The SSE Southern Europe CGU relates to the acquisition on 1 September 2022 of the Group\u2019s renewable platform in Spain, France, Greece and Italy. The Group has assessed that
the four CGUs support the carrying value of the goodwill, which has been impaired by \u00a3174.7m (2024: \u00a3nil) in the current year (note 15).
3 Energy Solutions is the remaining goodwill that arose on the acquisition of The Energy Solutions Group Limited of \u00a311.9m (2024: \u00a331.7m), which was impaired by \u00a319.8m in the
current year (see note 15.1). An impairment of \u00a30.7m was recognised in relation to SSE Airtricity Energy Services (NI) Limited, following the announcement to close the business.
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 (\u201cROCs\u201d). 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 wind farms 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. During the year the Group has recognised exceptional impairment charges of \u00a374.8m in relation to development assets
in SSE Southern Europe (note 15) and \u00a310.9m of non-exceptional impairment charges relating to projects that are not expected to reach
the construction phase.
(iv) 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 (\u201cSaaS\u201d) and Platform as a Service (\u201cPaaS\u201d) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-666": { "value": "13 Intangible assets
Software
and other
Allowances and Development intangible
Goodwill certificates assets assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 31 March 2023
1,150.5
682.4
681.6
1,199.5
3,714.0
Additions
\u2013
7 7 4 . 5
3 6 9 . 7
1 7 0 . 0
1 , 3 1 4 . 2
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(50.7)
1.7
(49.0)
Disposals/utilised
\u2013
(474.3)
(3.9)
(1.1)
(479.3)
Exchange adjustments
(19.9)
(0.4)
(6.1)
\u2013
(26.4)
At 31 March 2024
1,130.6
982.2
990.6
1,370.1
4,473.5
Additions
\u2013
603.7
307.1
134.7
1,045.5
Transfer (to)/from property plant and equipment (note 14)
\u2013
\u2013
(170.0)
3.1
(166.9)
Disposals/utilised
(iii)
(0.5)
(965.6)
(22.1)
(25.6)
(1,013.8)
Exchange adjustments
(13.9)
(0.1)
(8.8)
2.2
(20.6)
At 31 March 2025
1,116.2
620.2
1,096.8
1,484.5
4,317.7
Aggregate amortisation and impairment:
At 31 March 2023
(192.9)
(227.5)
(157.5)
(720.9)
(1,298.8)
Charge for the year
\u2013
\u2013
\u2013
(63.3)
(63.3)
Transfer to property plant and equipment (note 14)
\u2013
\u2013
1.5
\u2013
1.5
Disposals/utilised
\u2013
\u2013
\u2013
0.1
0.1
Non-exceptional impairment charge
(i)
\u2013
\u2013
(15.4)
(18.3)
(33.7)
At 31 March 2024
(192.9)
(227.5)
(171.4)
(802.4)
(1,394.2)
Charge for the year
\u2013
\u2013
\u2013
(89.8)
(89.8)
Disposals/utilised
(iii)
\u2013
\u2013
\u2013
21.3
21.3
Exceptional impairment charge
(ii)
(195.2)
\u2013
(74.8)
(3.8)
(273.8)
Non-exceptional impairment charge
(i)
\u2013
\u2013
(10.9)
(8.1)
(19.0)
Exchange adjustments
(0.4)
\u2013
(0.3)
1.7
1.0
At 31 March 2025
(388.5)
(227.5)
(257.4)
(881.1)
(1,754.5)
Carrying amount:
At 31 March 2025
727.7
392.7
839.4
603.4
2,563.2
At 31 March 2024
937.7
754.7
819.2
567.7
3,079.3
At 1 April 2023
957.6
454.9
524.1
478.6
2,415.2
(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. (ii) The exceptional impairment charge recognised during the current year primarily relates to the impairment of Southern Europe goodwill (\u00a3174.7m) and development assets (\u00a374.8m), and goodwill relating to The Energy Solutions Group Limited (\u00a319.8m). Further commentary of the impairment charge is included in note 15. (iii) Other intangible asset disposals in the current year primarily relate to the derecognition of Electric Vehicle charging hub development assets on the formation of the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited (see note 16). Intangible assets have been analysed as current and non-current as follows:
2025 2024
\u00a3m \u00a3m
Current
392.7
754.7
Non-current
2,170.5
2,324.6
2,563.2
3,079.3
(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:
2025 2024
CGU group
Operating Segment
\u00a3m \u00a3m
Great Britain and Ireland wind farms
SSE Renewables
287.0
288.8
SSE Pacifico
1
SSE Renewables
187.3
191.5
SSE Southern Europe
2
SSE Renewables
233.3
416.8
Energy Solutions
3
SSE Business Energy
11.9
32.4
Ireland Supply
4
SSE Airtricity
8.2
8.2
727.7
937.7
1 Relates to the acquisition on 29 October 2021 of an 80% equity interest in the Group\u2019s Japanese offshore wind development platform. 2 The SSE Southern Europe CGU relates to the acquisition on 1 September 2022 of the Group\u2019s renewable platform in Spain, France, Greece and Italy. The Group has assessed that the four CGUs support the carrying value of the goodwill, which has been impaired by \u00a3174.7m (2024: \u00a3nil) in the current year (note 15). 3 Energy Solutions is the remaining goodwill that arose on the acquisition of The Energy Solutions Group Limited of \u00a311.9m (2024: \u00a331.7m), which was impaired by \u00a319.8m in the current year (see note 15.1). An impairment of \u00a30.7m was recognised in relation to SSE Airtricity Energy Services (NI) Limited, following the announcement to close the business. 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 (\u201cROCs\u201d). 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 wind farms 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. During the year the Group has recognised exceptional impairment charges of \u00a374.8m in relation to development assets in SSE Southern Europe (note 15) and \u00a310.9m of non-exceptional impairment charges relating to projects that are not expected to reach the construction phase. (iv) 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 (\u201cSaaS\u201d) and Platform as a Service (\u201cPaaS\u201d) 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-752": { "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 wind farms 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. During the year the Group has recognised exceptional impairment charges of \u00a374.8m in relation to development assets in SSE Southern Europe (note 15) and \u00a310.9m of non-exceptional impairment charges relating to projects that are not expected to reach the construction phase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-622": { "value": "14 Property, plant and equipment Renewable Thermal power power Distribution Transmission generation generation network network Land and Assets under assets(i) assets(i) assets assets buildings construction Other assets Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost: 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 A d j u s t m e n t t o d e c o m m i s s i o n i n g a s s e t ( 5 . 5 ) 1 . 7 \u2013 \u2013 \u2013 \u2013 ( 2 . 4 ) ( 6 . 2 ) Transfer from intangible assets (note\ue00413)(ii) \u2013 \u2013 \u2013 \u2013 \u2013 4 9 . 0 \u2013 4 9 . 0 Transfer from assets under construction 2.9 44.7 489.9 773.9 5.2 (1,352.8) 36.2 \u2013 b e t w e e n c a t e g o r i e s ( 1 9 . 1 ) \u2013 \u2013 \u2013 \u2013 \u2013 1 9 . 1 \u2013 Disposals \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 Additions 33.9 20.5 103.3 1.7 77.2 2,503.1 51.8 2,791.5 Adjustment to decommissioning asset (12.8) (2.5) \u2013 \u2013 \u2013 \u2013 ( 3 . 6 ) ( 1 8 . 9 ) Transfer from intangible assets (note 13)(ii) \u2013 \u2013 \u2013 \u2013 \u2013 1 7 0 . 0 ( 3 . 1 ) 1 6 6 . 9 Transfer from assets under construction (15.8) 103.2 579.9 1,243.7 16.6 (1,991.3) 63.7 \u2013 Disposals(iv) (0.1) \u2013 (2.0) \u2013 (10.6) (17.7) (10.4) (40.8) Exchange rate adjustments (10.5) (18.4) \u2013 \u2013 (1.6) (6.3) (0.3) (37.1) At 31 March 2025 3,628.6 4,775.9 11,245.1 7,662.4 710.7 1,921.7 1,526.4 31,470.8 Depreciation: At 31 March 2023 (2,497.7) (2,095.3) (4,537.7) (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) b e t w e e n c a t e g o r i e s 1 . 2 \u2013 \u2013 \u2013 \u2013 \u2013 ( 1 . 2 ) \u2013 Exceptional impairment charges(iii) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 ( 1 3 4 . 1 ) ( 1 3 4 . 1 ) Non-exceptional impairment reversals/(charges) \u2013 4.8 \u2013 \u2013 (1.1) \u2013 (3.0) 0.7 t o i n t a n g i b l e a s s e t s \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) Charge for the year (85.0) (175.6) (188.3) (135.3) (18.0) \u2013 (63.4) (665.6) b e t w e e n c a t e g o r i e s \u2013 \u2013 \u2013 \u2013 ( 0 . 2 ) \u2013 0 . 2 \u2013 Exceptional impairment charges(iii) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 ( 7 . 2 ) ( 7 . 2 ) N o n - e x c e p t i o n a l i m p a i r m e n t c h a r g e s \u2013 \u2013 \u2013 \u2013 ( 0 . 1 ) ( 0 . 4 ) ( 1 . 2 ) ( 1 . 7 ) Disposals(iv) \u2013 \u2013 0.2 \u2013 0.5 \u2013 9.0 9.7 Exchange rate adjustments 3.9 10.6 0.1 \u2013 (0.2) \u2013 1.4 15.8 At 31 March 2025 (2,673.0) (2,394.4) (4,892.8) (1,120.8) (271.9) (11.3) (1,282.5) (12,646.7) Net book value At 31 March 2025 955.6 2,381.5 6,352.3 6,541.6 438.8 1,910.4 243.9 18,824.1 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 1 April 2023 1,173.8 2,557.4 5,460.0 4,772.6 354.3 759.3 318.5 15,395.9 (i) Thermal and Renewable power generation assets includes plant and machinery and related land and buildings and decommissioning costs with a net book value of \u00a3137.3m and \u00a358.7m (2024: \u00a3119.0m and \u00a368.1m) respectively. Additionally, Other assets includes \u00a349.5m in relation to decommissioning costs for Gas Storage assets (2024: \u00a355.3m). (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 the reclassification of certain software assets to intangible assets. (iii) Exceptional impairment charges of \u00a37.2m relate primarily to the Group\u2019s restructuring of SSE Enterprise (see note 7) (2024: exceptional impairment charge of \u00a3134.1m (relating to the Group\u2019s gas storage operations at Aldbrough and Atwick)). (iv) Disposals in the current year primarily relate to the derecognition of assets associated with the formation of the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited see note 16.
Included within property, plant and equipment are the following right of use assets for leased assets:
Thermal power
generation Land and Distribution
assets buildings network assets Other assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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 )
( 1 0 . 6 )
( 1 9 . 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
Additions
\u2013
76.8
\u2013
49.9
126.7
Disposals
\u2013
( 1 1 . 6 )
\u2013
( 9 . 2 )
( 2 0 . 8 )
Exchange rate adjustments
\u2013
(0.8)
\u2013
(0.5)
(1.3)
At 31 March 2025
369.6
346.8
5.5
186.1
908.0
Depreciation
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)
Charge for the year
(18.4)
(16.1)
\u2013
(31.2)
(65.7)
Disposals
\u2013
0 . 8
\u2013
7 . 1
7 . 9
At 31 March 2025
(282.4)
(69.3)
(5.5)
(81.8)
(439.0)
Net book value
At 31 March 2025
87.2
277.5
\u2013
104.3
469.0
At 31 March 2024
105.6
228.4
\u2013
88.2
422.2
At 1 April 2023
117.5
204.3
\u2013
72.0
393.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-623": { "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 triggers of impairment (or impairment reversal).
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 value in use (\u2018VIU\u2019) or fair value less costs to sell (\u2018FVLCS\u2019)
calculations are compared to the carrying amount of each asset or cash generating unit (\u2018CGU\u2019) to determine whether an impairment
charge requires to be recognised. The reviews carried out for the 2025 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 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, a legacy goodwill balance within the SSE Business Energy segment is also
subject to annual impairment review. The recoverable amounts of the CGUs supporting the goodwill balances are determined by reference
to either VIU or FVLCS calculations as noted below. 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. The FVLCS 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.
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 Due to the early stage of development of many The recoverable value of the Southern Europe
portfolio assets of the projects in the Southern Europe portfolio, wind farm CGU has been calculated at \u00a3351.2m
a FVLCS assessment is used to test the carrying (2024: \u00a3572.8m), which is less than the carrying
value of \u00a3408.8m of goodwill (2024: \u00a3416.8m) value of the goodwill and intangible development
and \u00a3192.7m of tangible generation and assets. This has resulted in a pre-tax exceptional
intangible development assets (2024: \u00a3120.5m). impairment of \u00a3249.5m (2024: \u00a3nil).
The FVLCS assessment is based on the Sensitivity analysis
discounted post-tax cash flows, which are
presented on a similar basis to the acquisition The principal assumptions impacting the valuation
model updated to reflect changes to specific model of the Southern Europe wind farm CGU are
project circumstances and wider market generation volume; development probability of
developments. success; discount rate; and power price.
During the second half of the financial year, the While cash flow projections are subject to inherent
Group has experienced challenges in obtaining uncertainty, a 10% reduction in greenfield
the required environmental permits across generation volume would result in further
several pipeline projects in Spain. This led to impairment of \u00a379.6m (2024: headroom of \u00a33.4m),
specific impairments of intangible assets across while a 5% increase in forecast greenfield
a small number of projects. These specific generation volume would reduce the impairment
project impairments, coupled with the charge by \u00a340.2m.
challenging market landscape are determined to A 10% decrease in the probability of success
be an indicator of impairment on the Southern attributed to the development projects would
Europe CGU. The FVLCS assessment is therefore result in a further impairment of \u00a3115.8m (2024:
based on a lower expected build out capacity impairment of \u00a32.6m), while a 5% increase in
than previous estimates. project probabilities would reduce the impairment
The Southern Europe CGU model includes by \u00a351.4m.
cashflows for early-stage development assets, An increase of 0.5% in the respective post-tax
being 51 individual wind farm and co-located nominal discount rates (Spain: 7.3% France: 7.1%,
solar projects across Spain, France, Italy and Italy: 7.8% and Greece: 7.9%) results in a further
Greece that have been assigned a probability impairment of \u00a388.0m (2024: impairment of
of success. While there are other projects in \u00a3100.0m), while a 0.3% decrease in the respective
the portfolio, these have not been assigned a post-tax nominal discount rates reduces the
probability of success and have been excluded impairment charge by \u00a360.0m.
from the valuation. The Group has assessed that many of the projects
Cashflows for the CGU are based on the in Spain, Italy and France will obtain a revenue
expected average annual generation output support contract. If this assumption were changed
for each project, valued using forward power and the projects were developed on a merchant
price projections. These factors are subject to basis, the price assumptions applied in the model
management review on an annual basis. The would increase, although would likely be offset
prices applied to projected outputs are based by a compensatory increase in the discount rate.
on observable market information during the If the projects are developed on a merchant
period, or management projections for available basis and power prices decreased by 5%, the
contracts in the PPA market. Assumptions impairment charge would increase by \u00a3132.7m,
have also been made on the Spanish, French, whereas a 5% increase in power prices on the
Italian and Greek governments\u2019 support for the same basis would reduce the impairment charge
development of wind projects and expected by \u00a3150.8m.
governmental support under CFD subsidies.
Cash outflows are based on planned and
expected maintenance profiles and other
capital or replacement costs.
The cash flow projections are based on European
power prices between \u20ac35 \u2013 \u20ac173 per MWh
(2024: \u20ac38 \u2013 \u20ac141 per MWh) and have been
discounted applying a post-tax nominal discount
rate between 7.1% and 8.0% (2024: pre-tax real
discount rate between 6.2% and 6.7%) based on
technology and market risks.
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 A FVLCS assessment (2024: VIU method) was While the assessed recoverable value of \u00a3250.6m
portfolio assets used to test the carrying value of \u00a3187.3m of (2024: \u00a3290.0m) exceeds the carrying value at
goodwill (2024: \u00a3191.5m) and \u00a339.7m of 31 March 2025, the early stage of the development
intangible development assets (2024: \u00a326.9m) portfolio means that the model is sensitive to
relating to SSE Pacifico. The projects in SSE changes in key assumptions. The Group\u2019s base
Pacifico remain early stage, therefore the case model, reflecting the Group\u2019s best estimate
assessment was based on the discounted of observable inputs to the model, indicates
post-tax cash flows prepared on comparable headroom on the carrying value of the asset of
basis to the acquisition model, updated to reflect \u00a323.6m. Therefore, no impairment has been
changes to specific project circumstances and recognised at 31 March 2025.
wider market developments since acquisition. Sensitivity analysis
Cash inflows for the CGU model are based on As noted above, the FVLCS model is sensitive to
the Group\u2019s latest projections for expected changes in key input assumptions. The principal
average annual generation output based on assumptions impacting the valuation model of
technical assessment and are valued based on the SSE Pacifico CGU are fixed-contract price;
the Group\u2019s internal projections of fixed price generation volumes; debt to equity funding ratio;
contract prices. The projections are dependent and discount rate.
on the Japanese government\u2019s continued
support for the development of offshore A 5% decrease in fixed-contract price revenue
wind projects. results in an impairment of \u00a3122.9m, while a 1%
reduction to the generation capacity factor results
Cash outflows are based on forecast asset costs, in an impairment of \u00a364.9m.
planned and expected maintenance profiles
and other capital or replacement costs. A one-year delay to the project schedule for all
projects results in an impairment of \u00a341.3m, while
For the purposes of the impairment test, the a 0.5% increase to financing costs results in an
valuation model includes cashflows for three impairment of \u00a368.0m.
early-stage offshore wind projects (2024: three)
out of a total of 11 acquired by the Group. A decrease from 80% to 70% in the debt-to-equity
funding ratio results in an impairment of \u00a356.9m,
The cash flow projections are based on Japanese while a 0.5% increase to the discount rate
power prices, per foundation type, between assumption decreases the headroom to \u00a34.4m.
\u00a521.3- \u00a532.0 per kWh (2024: \u00a520 \u2013 \u00a530 per kWh)
and have been discounted applying a post-tax Due to the low level of headroom and the
nominal discount rate of 10.5% (2024: pre-tax sensitivity of the model to changes in key
real discount rate of 9.7%) based on technology assumption, breakeven assumption changes
and market risks. have been calculated, which would reduce the
headroom to nil.
A decrease in the fixed price assumption of 0.8%; a
decrease in assumed generation volumes of 0.3%;
a 0.1% increase to interest rate; a 6.1% decrease in
the ratio to 73.9%; a 0.6% increase to the discount
rate would each result in the headroom being
reduced to nil.
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 A VIU assessment is used to test the carrying The recoverable amount of the GB and Ireland
wind farm CGUs portfolio assets value of \u00a3287.0m (2024: \u00a3288.8m) of goodwill CGUs at 31 March 2025 is significantly in excess of
related to the Group\u2019s GB and Ireland wind the carrying value of the goodwill and tangible and
farm CGUs. The assessment is based on the intangible assets attributed to the CGUs, therefore
discounted pre-tax cash flows expected to be no impairment has been recognised.
generated by the specific wind farm assets Sensitivity analysis
included in the CGU across the remaining useful
lives of those assets. The principal assumptions impacting the valuation
model of the GB and Ireland CGU are discount
The GB and Ireland CGU includes cashflows for rate, generation volume and electricity price.
operational assets only, being over 50 individual
wind farms across Great Britain and Ireland, While cash flow projections are subject to inherent
given the risk and uncertainty associated with uncertainty, a 10% power price decrease and a 10%
projects in the development stage. Significant decrease in projected generation volumes were
developments at Aberarder, Yellow River, Strathy modelled, both of which indicated significant
South and Berwick Bank are currently under headroom on the carrying value of the assets.
development or construction and continue to A 0.5% increase in the pre-tax real discount rate to
be excluded from the analysis. 8.0% for GB and 5.8% for Ireland, also indicated
Cash inflows for the CGUs are based on the significant headroom on the carrying value of
expected average annual generation output the assets.
based on technical assessment and past Climate-related sensitivity analysis
experience, valued based on forward power
prices. These factors are subject to management A significant increase in renewable generation
review on an annual basis. The prices applied to capacity in the Group\u2019s core markets could result
projected outputs are based either on observable in an oversupply of renewable electricity at a point
market information during that period, which is in the future, which would lead to a consequential
deemed to be 3 years, or on internal estimations decrease in the power price achievable for the
beyond the observable market period (a Level 3 Group\u2019s GB and Ireland wind generation assets.
basis as defined by IFRS 13 \u201cFair Value A downside power price sensitivity, which may
Measurement\u201d). The projections are also arise in a market with significant new build wind
dependent on the UK and Irish governments\u2019 was modelled. This scenario indicated that, despite
continuing support for existing qualifying wind a modelled 10% reduction in forecast wind power
assets through CFD subsidies and ROCs or REFIT. price, there remained significant headroom on the
Cash outflows are based on planned and carrying value in the Group\u2019s GB and Ireland wind
expected maintenance profiles and other capital generation assets.
or replacement costs. Climate change models predict sustained higher
The cash flow projections are based on UK and temperatures that deliver greater extremes in
Irish power prices between \u00a352 \u2013 \u00a398 per MWh weather patterns, including variability in wind and
(2024: \u00a363 \u2013 \u00a3117 per MWh) and have been rainfall patterns which may reduce volumes
discounted applying a pre-tax real discount rate achievable for the Group\u2019s GB and Ireland wind
between 7.5% for GB and 5.3% for Ireland (2024: generation assets (although noting that a reduction
between 7.2% for GB and 5.2% for Ireland) based in volume would likely lead to capacity constraints
on technology and market risks. and hence higher prices). A 10% reduction in
forecast generation volumes indicated significant
headroom on the carrying value of the assets of
the CGUs.
Energy
5 years
Modelling methodology and assumptions
Conclusion
Customer The Group has capitalised goodwill of \u00a331.7m At 31 March 2025, the recoverable amount of the
Solutions (2024: \u00a331.7m) in relation to the acquisition of Energy Solutions Group on a value in use basis has
the Energy Solutions Group in 2016. The been assessed as \u00a311.9m, resulting in an
business designs, installs and optimises building impairment of \u00a319.8m.
management technologies which deliver efficient Cash flow sensitivity has been considered within
operating environments for its customers. During the impairment calculation, which was a probability
the year, the business was in the scope of the weighted selection of outcomes. The possible
Group\u2019s Operating Model and Efficiency Review, outcomes ranged from an impairment of the full
and has moved into the Energy Customer goodwill balance, to headroom of \u00a310.5m.
Solutions segment of the Group.
The VIU was determined through an expected
cash flows analysis, derived from new
management forecasts for the business, applying
a pre-tax real discount rate of 8.6% (2024: 8.0%).
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, FVLCS 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 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. FVLCS 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.
Assets identified for review
The specific assets and investments identified for impairment reviews in the prior year (being the GB CCGTs; Great Island CCGT; Gas
Storage facilities at Aldbrough and Atwick; 50% joint venture investment in Triton Power; and 50% joint venture investment in Neos Networks)
all remained subject to impairment testing at 31 March 2025. All assets continued to display indicators of impairment with the exception
of the GB CCGTs. At March 2023 all historic impairments related to the GB CCGTs had been reversed and at 31 March 2024 there was
significant headroom on all GB assets. In the current year there were no further indicators of impairment, therefore no detailed impairment
test was performed for the GB CCGTs. No new assets were identified as displaying indicators of impairment or impairment reversal.
Cash flow period
Assets
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 2025 indicated no impairment.
flows expected to be generated by the plant The carrying value of the Great Island asset
based on management\u2019s view of the plant\u2019s at 31 March 2025 is \u00a3239.2m (2024: \u00a3251.6m)
operating prospects. Cash flows are subject to a against an assessed recoverable value of \u00a3265.0m
pre-tax real discount rate of 9.9% (2024: 11.2%) (2024: \u00a3320.2m).
reflecting the specific risks in the Irish market. Sensitivity analysis
Management assessed that the decrease in Irish A 1% increase in the discount rate would result in
spark spreads observed during the year was a a reduction of headroom to \u00a313.3m.
trigger for a formal impairment review. A 20% decrease in gross margin would result in an
impairment of \u00a341.5m.
A \u20ac10/KW decrease in projected non-contracted
capacity market prices would result in a reduction
of headroom to \u00a313.1m.
The \u201cAccelerated gas closure\u201d climate-related
transition risk has been removed in the year to
31 March 2025, as it was assessed as no longer
material to the Group (see the Climate-related
financial disclosures statement).
Cash flow period
Assets
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 no impairment or reversal (2024: \u00a385.7m
discounted cash flows expected to be generated impairment) to Aldbrough and no impairment or
by the storage facilities based on management\u2019s reversal to Atwick (2024: \u00a348.4m impairment).
view of the assets\u2019 operating prospects. Cash Following the impairment assessment at 31 March
flows are subject to a pre-tax real discount rate of
2025,
the carrying value of Aldbrough is \u00a33.6m
15.0% (2024: 11.7%) for Atwick and 9.5% (2024: (2024: \u00a33.0m) and the carrying value of Atwick
10.4%) for Aldbrough reflecting risks specific to is \u00a35.8m (2024: \u00a36.3m). Both carrying values
the assets. represent the net book value of the storage assets
The key assumptions applied in the valuation of and exclude the carrying value of cushion
the assets are gas price volatility and the mean gas volumes.
reversion rate (\u201cMRR\u201d). The gas price volatility Sensitivity analysis \u2013 Atwick
assumption reflects management\u2019s view of price
fluctuations between periods where the Group A sensitivity performed with a high volatility
can purchase gas at a low price, store it and sell assumption would reverse the previously
during periods of peak prices. MRR represents recognised impairment at the Atwick facility by
the time taken for the market to return to \u00a333.7m, while a low volatility assumption would
average after a period of increase or decline. result in a full impairment.
Management assessed that the decrease in gas An increase to the MRR assumption rate by 1.0
prices observed during the year was a trigger would reverse the previous impairment by \u00a318.1m.
for a formal impairment review.
Sensitivity analysis \u2013 Aldbrough
A sensitivity performed with a 10% increase to the
gas price assumption would reverse the previously
recognised impairment by \u00a311.5m.
A sensitivity performed with a high volatility
assumption would reverse the previously
recognised impairment of \u00a345.8m.
An increase to the MRR assumption rate by
1.0 would reverse the previously recognised
impairment by \u00a331.1m.
Cash flow period
Assets
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Equity Period to end Modelling methodology and assumptions Conclusion
investment in of life The Group has valued its 50% equity investment The recoverable amount of the Group\u2019s equity
Triton Power Triton Power Holdings Limited (\u201cTriton\u201d) based investment in Triton is \u00a3137.3m which is \u00a30.5m
Holdings Limited on projected cashflows that will be derived lower than the carrying value. As the difference
from the investment on a VIU basis. is low and has been assessed as part of a range
The VIU assessment of the Triton power of positive and negative reasonably possible
stations (Saltend, Indian Queens and Deeside) outcomes, no adjustment has been recognised
is used to test the carrying value of the equity at 31 March 2025 (2024: impairment of \u00a363.2m).
investment of \u00a3137.8m (2024: \u00a3152.5m). The The Group acquired its investment in Triton on
assessments were based on pre-tax discounted 1 September 2022 during a period of significant
cash flows expected to be generated by each volatility in the UK power market. On acquisition
power station, based on management\u2019s view of the Group recorded an exceptional gain on
operating prospects and operational flexibility acquisition due to movements in short term
within the GB wholesale market, including gas and power prices between the purchase
capacity market clearing prices. Cash flows are agreement and completion dates. While the
subject to a pre-tax real discount rate of 12.7% investment is an equity accounted joint venture,
(blended) (2024: 13.2% (blended)). the investment has been impaired in previous
The fall in future observable market prices and periods and is sensitive to market movements.
loss recognised in the current financial year Sensitivity analysis
have been identified as indicators of impairment The principal assumptions impacting the valuation
and a full review has been completed. model of Triton are discount rate; gross margin;
and non-contracted capacity market price.
A 1% increase in the discount rate would result
in an impairment of \u00a35.2m, while a 1% decrease
would reverse the previously charged impairment
by \u00a311.1m.
A 20% increase in gross margin would result in
an impairment reversal of \u00a324.6m, while a 20%
decrease in gross margin result in an impairment
of \u00a321.2m.
A \u00a310/KW increase in non-contracted capacity
market price would result in a \u00a316.5m reversal of
previously recognised impairments and a \u00a310/KW
decrease in the assumption would create an
impairment charge of \u00a311.4m.
The \u201cAccelerated gas closure\u201d climate-related
transition risk has been removed in the year to
31 March 2025, as it was assessed as no longer
material to the Group (see the Climate-related
financial disclosures statement).
Cash flow period
Assets
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Investment in
5 years
Modelling methodology and assumptions
Conclusion
Neos Networks The Group has valued its investment in Neos The recoverable amount of the Group\u2019s investment
Limited Networks Limited (\u201cNNL\u201d) based on projected in Neos Networks is \u00a389.3m, which is \u00a34.5m
future cashflows that are expected to arise higher than the carrying value. As the difference is
from the business under a value in use (\u2018VIU\u2019) low and has been assessed as part of a range of
methodology. The VIU assessment is used to positive and negative reasonably possible outcomes,
test the carrying value of the equity investment no adjustment has been recognised at 31 March
and shareholder loan balances due from Neos
2025
(2024: impairment of \u00a373.6m).
Networks Limited totalling \u00a384.8m at 31 March Sensitivity analysis
2025.
The assessment was based on pre-tax
discounted cash flows based on management\u2019s Sensitivity analysis was performed in relation to
view of operating prospects. management\u2019s projected EBITDA in the modelled
period, the terminal growth rate assumption, and
Cash flows are subject to a pre-tax real discount the discount rate assumption.
rate of 8.2%. A 2.5% increase in the EBITDA assumption would
The recent performance of the business that result in an impairment reversal of \u00a349.2m, whereas
resulted in impairments to the investment in a 2.5% decrease in the EBITDA assumption would
each of the three prior financial years was result in an impairment of \u00a340.3m.
identified as an indicator of impairment,
resulting in a full assessment. A 0.5% increase in the terminal growth rate
assumption would result in an impairment reversal
of \u00a314.1m, whereas a 0.5% decrease in the terminal
growth rate assumption would result in an
impairment of \u00a33.8m.
A 0.5% decrease in the discount rate assumption
would result in an impairment reversal of \u00a316.3m,
whereas a 0.5% increase in the discount rate
assumption would result in an impairment of \u00a35.5m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-727": { "value": "15.1 Goodwill impairment reviews \u2013 CGUs testing The Group 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, a legacy goodwill balance within the SSE Business Energy segment is also subject to annual impairment review. The recoverable amounts of the CGUs supporting the goodwill balances are determined by reference to either VIU or FVLCS calculations as noted below. 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. The FVLCS 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.
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 Due to the early stage of development of many The recoverable value of the Southern Europe
portfolio assets of the projects in the Southern Europe portfolio, wind farm CGU has been calculated at \u00a3351.2m
a FVLCS assessment is used to test the carrying (2024: \u00a3572.8m), which is less than the carrying
value of \u00a3408.8m of goodwill (2024: \u00a3416.8m) value of the goodwill and intangible development
and \u00a3192.7m of tangible generation and assets. This has resulted in a pre-tax exceptional
intangible development assets (2024: \u00a3120.5m). impairment of \u00a3249.5m (2024: \u00a3nil).
The FVLCS assessment is based on the Sensitivity analysis
discounted post-tax cash flows, which are
presented on a similar basis to the acquisition The principal assumptions impacting the valuation
model updated to reflect changes to specific model of the Southern Europe wind farm CGU are
project circumstances and wider market generation volume; development probability of
developments. success; discount rate; and power price.
During the second half of the financial year, the While cash flow projections are subject to inherent
Group has experienced challenges in obtaining uncertainty, a 10% reduction in greenfield
the required environmental permits across generation volume would result in further
several pipeline projects in Spain. This led to impairment of \u00a379.6m (2024: headroom of \u00a33.4m),
specific impairments of intangible assets across while a 5% increase in forecast greenfield
a small number of projects. These specific generation volume would reduce the impairment
project impairments, coupled with the charge by \u00a340.2m.
challenging market landscape are determined to A 10% decrease in the probability of success
be an indicator of impairment on the Southern attributed to the development projects would
Europe CGU. The FVLCS assessment is therefore result in a further impairment of \u00a3115.8m (2024:
based on a lower expected build out capacity impairment of \u00a32.6m), while a 5% increase in
than previous estimates. project probabilities would reduce the impairment
The Southern Europe CGU model includes by \u00a351.4m.
cashflows for early-stage development assets, An increase of 0.5% in the respective post-tax
being 51 individual wind farm and co-located nominal discount rates (Spain: 7.3% France: 7.1%,
solar projects across Spain, France, Italy and Italy: 7.8% and Greece: 7.9%) results in a further
Greece that have been assigned a probability impairment of \u00a388.0m (2024: impairment of
of success. While there are other projects in \u00a3100.0m), while a 0.3% decrease in the respective
the portfolio, these have not been assigned a post-tax nominal discount rates reduces the
probability of success and have been excluded impairment charge by \u00a360.0m.
from the valuation. The Group has assessed that many of the projects
Cashflows for the CGU are based on the in Spain, Italy and France will obtain a revenue
expected average annual generation output support contract. If this assumption were changed
for each project, valued using forward power and the projects were developed on a merchant
price projections. These factors are subject to basis, the price assumptions applied in the model
management review on an annual basis. The would increase, although would likely be offset
prices applied to projected outputs are based by a compensatory increase in the discount rate.
on observable market information during the If the projects are developed on a merchant
period, or management projections for available basis and power prices decreased by 5%, the
contracts in the PPA market. Assumptions impairment charge would increase by \u00a3132.7m,
have also been made on the Spanish, French, whereas a 5% increase in power prices on the
Italian and Greek governments\u2019 support for the same basis would reduce the impairment charge
development of wind projects and expected by \u00a3150.8m.
governmental support under CFD subsidies.
Cash outflows are based on planned and
expected maintenance profiles and other
capital or replacement costs.
The cash flow projections are based on European
power prices between \u20ac35 \u2013 \u20ac173 per MWh
(2024: \u20ac38 \u2013 \u20ac141 per MWh) and have been
discounted applying a post-tax nominal discount
rate between 7.1% and 8.0% (2024: pre-tax real
discount rate between 6.2% and 6.7%) based on
technology and market risks.
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 A FVLCS assessment (2024: VIU method) was While the assessed recoverable value of \u00a3250.6m
portfolio assets used to test the carrying value of \u00a3187.3m of (2024: \u00a3290.0m) exceeds the carrying value at
goodwill (2024: \u00a3191.5m) and \u00a339.7m of 31 March 2025, the early stage of the development
intangible development assets (2024: \u00a326.9m) portfolio means that the model is sensitive to
relating to SSE Pacifico. The projects in SSE changes in key assumptions. The Group\u2019s base
Pacifico remain early stage, therefore the case model, reflecting the Group\u2019s best estimate
assessment was based on the discounted of observable inputs to the model, indicates
post-tax cash flows prepared on comparable headroom on the carrying value of the asset of
basis to the acquisition model, updated to reflect \u00a323.6m. Therefore, no impairment has been
changes to specific project circumstances and recognised at 31 March 2025.
wider market developments since acquisition. Sensitivity analysis
Cash inflows for the CGU model are based on As noted above, the FVLCS model is sensitive to
the Group\u2019s latest projections for expected changes in key input assumptions. The principal
average annual generation output based on assumptions impacting the valuation model of
technical assessment and are valued based on the SSE Pacifico CGU are fixed-contract price;
the Group\u2019s internal projections of fixed price generation volumes; debt to equity funding ratio;
contract prices. The projections are dependent and discount rate.
on the Japanese government\u2019s continued
support for the development of offshore A 5% decrease in fixed-contract price revenue
wind projects. results in an impairment of \u00a3122.9m, while a 1%
reduction to the generation capacity factor results
Cash outflows are based on forecast asset costs, in an impairment of \u00a364.9m.
planned and expected maintenance profiles
and other capital or replacement costs. A one-year delay to the project schedule for all
projects results in an impairment of \u00a341.3m, while
For the purposes of the impairment test, the a 0.5% increase to financing costs results in an
valuation model includes cashflows for three impairment of \u00a368.0m.
early-stage offshore wind projects (2024: three)
out of a total of 11 acquired by the Group. A decrease from 80% to 70% in the debt-to-equity
funding ratio results in an impairment of \u00a356.9m,
The cash flow projections are based on Japanese while a 0.5% increase to the discount rate
power prices, per foundation type, between assumption decreases the headroom to \u00a34.4m.
\u00a521.3- \u00a532.0 per kWh (2024: \u00a520 \u2013 \u00a530 per kWh)
and have been discounted applying a post-tax Due to the low level of headroom and the
nominal discount rate of 10.5% (2024: pre-tax sensitivity of the model to changes in key
real discount rate of 9.7%) based on technology assumption, breakeven assumption changes
and market risks. have been calculated, which would reduce the
headroom to nil.
A decrease in the fixed price assumption of 0.8%; a
decrease in assumed generation volumes of 0.3%;
a 0.1% increase to interest rate; a 6.1% decrease in
the ratio to 73.9%; a 0.6% increase to the discount
rate would each result in the headroom being
reduced to nil.
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 A VIU assessment is used to test the carrying The recoverable amount of the GB and Ireland
wind farm CGUs portfolio assets value of \u00a3287.0m (2024: \u00a3288.8m) of goodwill CGUs at 31 March 2025 is significantly in excess of
related to the Group\u2019s GB and Ireland wind the carrying value of the goodwill and tangible and
farm CGUs. The assessment is based on the intangible assets attributed to the CGUs, therefore
discounted pre-tax cash flows expected to be no impairment has been recognised.
generated by the specific wind farm assets Sensitivity analysis
included in the CGU across the remaining useful
lives of those assets. The principal assumptions impacting the valuation
model of the GB and Ireland CGU are discount
The GB and Ireland CGU includes cashflows for rate, generation volume and electricity price.
operational assets only, being over 50 individual
wind farms across Great Britain and Ireland, While cash flow projections are subject to inherent
given the risk and uncertainty associated with uncertainty, a 10% power price decrease and a 10%
projects in the development stage. Significant decrease in projected generation volumes were
developments at Aberarder, Yellow River, Strathy modelled, both of which indicated significant
South and Berwick Bank are currently under headroom on the carrying value of the assets.
development or construction and continue to A 0.5% increase in the pre-tax real discount rate to
be excluded from the analysis. 8.0% for GB and 5.8% for Ireland, also indicated
Cash inflows for the CGUs are based on the significant headroom on the carrying value of
expected average annual generation output the assets.
based on technical assessment and past Climate-related sensitivity analysis
experience, valued based on forward power
prices. These factors are subject to management A significant increase in renewable generation
review on an annual basis. The prices applied to capacity in the Group\u2019s core markets could result
projected outputs are based either on observable in an oversupply of renewable electricity at a point
market information during that period, which is in the future, which would lead to a consequential
deemed to be 3 years, or on internal estimations decrease in the power price achievable for the
beyond the observable market period (a Level 3 Group\u2019s GB and Ireland wind generation assets.
basis as defined by IFRS 13 \u201cFair Value A downside power price sensitivity, which may
Measurement\u201d). The projections are also arise in a market with significant new build wind
dependent on the UK and Irish governments\u2019 was modelled. This scenario indicated that, despite
continuing support for existing qualifying wind a modelled 10% reduction in forecast wind power
assets through CFD subsidies and ROCs or REFIT. price, there remained significant headroom on the
Cash outflows are based on planned and carrying value in the Group\u2019s GB and Ireland wind
expected maintenance profiles and other capital generation assets.
or replacement costs. Climate change models predict sustained higher
The cash flow projections are based on UK and temperatures that deliver greater extremes in
Irish power prices between \u00a352 \u2013 \u00a398 per MWh weather patterns, including variability in wind and
(2024: \u00a363 \u2013 \u00a3117 per MWh) and have been rainfall patterns which may reduce volumes
discounted applying a pre-tax real discount rate achievable for the Group\u2019s GB and Ireland wind
between 7.5% for GB and 5.3% for Ireland (2024: generation assets (although noting that a reduction
between 7.2% for GB and 5.2% for Ireland) based in volume would likely lead to capacity constraints
on technology and market risks. and hence higher prices). A 10% reduction in
forecast generation volumes indicated significant
headroom on the carrying value of the assets of
the CGUs.
Energy
5 years
Modelling methodology and assumptions
Conclusion
Customer The Group has capitalised goodwill of \u00a331.7m At 31 March 2025, the recoverable amount of the
Solutions (2024: \u00a331.7m) in relation to the acquisition of Energy Solutions Group on a value in use basis has
the Energy Solutions Group in 2016. The been assessed as \u00a311.9m, resulting in an
business designs, installs and optimises building impairment of \u00a319.8m.
management technologies which deliver efficient Cash flow sensitivity has been considered within
operating environments for its customers. During the impairment calculation, which was a probability
the year, the business was in the scope of the weighted selection of outcomes. The possible
Group\u2019s Operating Model and Efficiency Review, outcomes ranged from an impairment of the full
and has moved into the Energy Customer goodwill balance, to headroom of \u00a310.5m.
Solutions segment of the Group.
The VIU was determined through an expected
cash flows analysis, derived from new
management forecasts for the business, applying
a pre-tax real discount rate of 8.6% (2024: 8.0%).
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, FVLCS 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 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. FVLCS 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. Assets identified for review The specific assets and investments identified for impairment reviews in the prior year (being the GB CCGTs; Great Island CCGT; Gas Storage facilities at Aldbrough and Atwick; 50% joint venture investment in Triton Power; and 50% joint venture investment in Neos Networks) all remained subject to impairment testing at 31 March 2025. All assets continued to display indicators of impairment with the exception of the GB CCGTs. At March 2023 all historic impairments related to the GB CCGTs had been reversed and at 31 March 2024 there was significant headroom on all GB assets. In the current year there were no further indicators of impairment, therefore no detailed impairment test was performed for the GB CCGTs. No new assets were identified as displaying indicators of impairment or impairment reversal.
Cash flow period
Assets
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 2025 indicated no impairment.
flows expected to be generated by the plant The carrying value of the Great Island asset
based on management\u2019s view of the plant\u2019s at 31 March 2025 is \u00a3239.2m (2024: \u00a3251.6m)
operating prospects. Cash flows are subject to a against an assessed recoverable value of \u00a3265.0m
pre-tax real discount rate of 9.9% (2024: 11.2%) (2024: \u00a3320.2m).
reflecting the specific risks in the Irish market. Sensitivity analysis
Management assessed that the decrease in Irish A 1% increase in the discount rate would result in
spark spreads observed during the year was a a reduction of headroom to \u00a313.3m.
trigger for a formal impairment review. A 20% decrease in gross margin would result in an
impairment of \u00a341.5m.
A \u20ac10/KW decrease in projected non-contracted
capacity market prices would result in a reduction
of headroom to \u00a313.1m.
The \u201cAccelerated gas closure\u201d climate-related
transition risk has been removed in the year to
31 March 2025, as it was assessed as no longer
material to the Group (see the Climate-related
financial disclosures statement).
Cash flow period
Assets
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 no impairment or reversal (2024: \u00a385.7m
discounted cash flows expected to be generated impairment) to Aldbrough and no impairment or
by the storage facilities based on management\u2019s reversal to Atwick (2024: \u00a348.4m impairment).
view of the assets\u2019 operating prospects. Cash Following the impairment assessment at 31 March
flows are subject to a pre-tax real discount rate of
2025,
the carrying value of Aldbrough is \u00a33.6m
15.0% (2024: 11.7%) for Atwick and 9.5% (2024: (2024: \u00a33.0m) and the carrying value of Atwick
10.4%) for Aldbrough reflecting risks specific to is \u00a35.8m (2024: \u00a36.3m). Both carrying values
the assets. represent the net book value of the storage assets
The key assumptions applied in the valuation of and exclude the carrying value of cushion
the assets are gas price volatility and the mean gas volumes.
reversion rate (\u201cMRR\u201d). The gas price volatility Sensitivity analysis \u2013 Atwick
assumption reflects management\u2019s view of price
fluctuations between periods where the Group A sensitivity performed with a high volatility
can purchase gas at a low price, store it and sell assumption would reverse the previously
during periods of peak prices. MRR represents recognised impairment at the Atwick facility by
the time taken for the market to return to \u00a333.7m, while a low volatility assumption would
average after a period of increase or decline. result in a full impairment.
Management assessed that the decrease in gas An increase to the MRR assumption rate by 1.0
prices observed during the year was a trigger would reverse the previous impairment by \u00a318.1m.
for a formal impairment review.
Sensitivity analysis \u2013 Aldbrough
A sensitivity performed with a 10% increase to the
gas price assumption would reverse the previously
recognised impairment by \u00a311.5m.
A sensitivity performed with a high volatility
assumption would reverse the previously
recognised impairment of \u00a345.8m.
An increase to the MRR assumption rate by
1.0 would reverse the previously recognised
impairment by \u00a331.1m.
Cash flow period
Assets
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Equity Period to end Modelling methodology and assumptions Conclusion
investment in of life The Group has valued its 50% equity investment The recoverable amount of the Group\u2019s equity
Triton Power Triton Power Holdings Limited (\u201cTriton\u201d) based investment in Triton is \u00a3137.3m which is \u00a30.5m
Holdings Limited on projected cashflows that will be derived lower than the carrying value. As the difference
from the investment on a VIU basis. is low and has been assessed as part of a range
The VIU assessment of the Triton power of positive and negative reasonably possible
stations (Saltend, Indian Queens and Deeside) outcomes, no adjustment has been recognised
is used to test the carrying value of the equity at 31 March 2025 (2024: impairment of \u00a363.2m).
investment of \u00a3137.8m (2024: \u00a3152.5m). The The Group acquired its investment in Triton on
assessments were based on pre-tax discounted 1 September 2022 during a period of significant
cash flows expected to be generated by each volatility in the UK power market. On acquisition
power station, based on management\u2019s view of the Group recorded an exceptional gain on
operating prospects and operational flexibility acquisition due to movements in short term
within the GB wholesale market, including gas and power prices between the purchase
capacity market clearing prices. Cash flows are agreement and completion dates. While the
subject to a pre-tax real discount rate of 12.7% investment is an equity accounted joint venture,
(blended) (2024: 13.2% (blended)). the investment has been impaired in previous
The fall in future observable market prices and periods and is sensitive to market movements.
loss recognised in the current financial year Sensitivity analysis
have been identified as indicators of impairment The principal assumptions impacting the valuation
and a full review has been completed. model of Triton are discount rate; gross margin;
and non-contracted capacity market price.
A 1% increase in the discount rate would result
in an impairment of \u00a35.2m, while a 1% decrease
would reverse the previously charged impairment
by \u00a311.1m.
A 20% increase in gross margin would result in
an impairment reversal of \u00a324.6m, while a 20%
decrease in gross margin result in an impairment
of \u00a321.2m.
A \u00a310/KW increase in non-contracted capacity
market price would result in a \u00a316.5m reversal of
previously recognised impairments and a \u00a310/KW
decrease in the assumption would create an
impairment charge of \u00a311.4m.
The \u201cAccelerated gas closure\u201d climate-related
transition risk has been removed in the year to
31 March 2025, as it was assessed as no longer
material to the Group (see the Climate-related
financial disclosures statement).
Cash flow period
Assets
assumption
Operating and other valuation assumptions
Commentary and impairment conclusions
Investment in
5 years
Modelling methodology and assumptions
Conclusion
Neos Networks The Group has valued its investment in Neos The recoverable amount of the Group\u2019s investment
Limited Networks Limited (\u201cNNL\u201d) based on projected in Neos Networks is \u00a389.3m, which is \u00a34.5m
future cashflows that are expected to arise higher than the carrying value. As the difference is
from the business under a value in use (\u2018VIU\u2019) low and has been assessed as part of a range of
methodology. The VIU assessment is used to positive and negative reasonably possible outcomes,
test the carrying value of the equity investment no adjustment has been recognised at 31 March
and shareholder loan balances due from Neos
2025
(2024: impairment of \u00a373.6m).
Networks Limited totalling \u00a384.8m at 31 March Sensitivity analysis
2025.
The assessment was based on pre-tax
discounted cash flows based on management\u2019s Sensitivity analysis was performed in relation to
view of operating prospects. management\u2019s projected EBITDA in the modelled
period, the terminal growth rate assumption, and
Cash flows are subject to a pre-tax real discount the discount rate assumption.
rate of 8.2%. A 2.5% increase in the EBITDA assumption would
The recent performance of the business that result in an impairment reversal of \u00a349.2m, whereas
resulted in impairments to the investment in a 2.5% decrease in the EBITDA assumption would
each of the three prior financial years was result in an impairment of \u00a340.3m.
identified as an indicator of impairment,
resulting in a full assessment. A 0.5% increase in the terminal growth rate
assumption would result in an impairment reversal
of \u00a314.1m, whereas a 0.5% decrease in the terminal
growth rate assumption would result in an
impairment of \u00a33.8m.
A 0.5% decrease in the discount rate assumption
would result in an impairment reversal of \u00a316.3m,
whereas a 0.5% increase in the discount rate
assumption would result in an impairment of \u00a35.5m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-667": { "value": "
16
Investments
16.1 Joint Ventures and associates
2025
2024
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
Additions
153.4
280.0
433.4
280.6
244.7
525.3
Repayment of shareholder loans
\u2013
( 1 2 1 . 7 )
( 1 2 1 . 7 )
\u2013
(14.6)
(14.6)
Dividends received
(200.6)
\u2013
(200.6)
(223.7)
\u2013
(223.7)
Share of profit after tax
(i)
\u2013 continuing operations
91.6
\u2013
91.6
115.9
\u2013
115.9
Share of other comprehensive income
(0.9)
\u2013
(0.9)
(40.9)
\u2013
(40.9)
Disposals
\u2013
\u2013
\u2013
(3.0)
\u2013
(3.0)
Transfer \u2013 equity to loans
\u2013
\u2013
\u2013
(54.4)
54.4
\u2013
Transfers \u2013 other investments
(4.6)
\u2013
(4.6)
24.1
\u2013
24.1
Impairments
(ii)
\u2013
\u2013
\u2013
(90.8)
(46.0)
(136.8)
Investment decrease in respect of financial
guarantees
(iii)
(12.1)
\u2013
(12.1)
(18.9)
\u2013
(18.9)
Exchange rate adjustments
(2.7)
(0.9)
(3.6)
(1.4)
(1.0)
(2.4)
At 31 March
1,987.3
1,510.3
3,497.6
1,963.2
1,352.9
3,316.1
(i) Of the \u00a391.6m (2024: \u00a3115.9m) share of profits from continuing operations, only \u00a389.9m (2024: \u00a3114.1m) is recognised through the income statement. The \u00a31.7m (2024: \u00a31.8m)
difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation.
(ii) Impairments in the year ended 31 March 2024 of \u00a3136.8m included charges of \u00a363.2m in relation to the Group\u2019s Triton joint venture, and \u00a373.6m in relation to the Group\u2019s
investment in Neos Networks, which were treated as exceptional, see note 7.
(iii) The investment decrease in respect of financial guarantees relates to \u00a312.5m (2024: \u00a322.2m) of unwind and expiry of guarantee contracts, less \u00a30.4m (2024: \u00a33.3m) 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 and disposals in the year
On 10 September 2024 the Group sold a 50% equity share in SSE DE EV Hold Co Limited to form the 50:50 Source EV joint venture with
TotalEnergies Marketing UK Limited for cash consideration of \u00a316.5m. Following the completion of the transaction, both shareholders
provided the joint venture with \u00a35.1m of shareholder loans and \u00a310.0m of equity funding.
During the year the Group provided equity and loans to its existing joint venture investments of \u00a3129.4m and \u00a3274.9m respectively,
primarily in relation to Seagreen Holdco 1 Energy Limited and Doggerbank Offshore Wind Farm Project 1 Projco Limited.
There were no significant disposals in the current year.
16.3 Acquisitions and disposals of equity in the previous year
Additions in the previous 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 of equity in the previous year
The Group received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to the disposal of investments
in associates.
16.4 Principal joint ventures and associates
Under IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d, 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
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
433.3
423.5
84.1
940.9
1,003.6
Other income
109.7
\u2013
\u2013
109.7
88.1
Depreciation and amortisation
(132.5)
(42.9)
(50.6)
(226.0)
(208.8)
Other operating costs
(125.2)
(351.4)
(63.7)
(540.3)
(645.4)
Operating profit
285.3
29.2
(30.2)
284.3
237.5
Interest expense
(147.4)
(5.3)
(11.6)
(164.3)
(110.7)
Changes in fair value of derivatives
(26.4)
(1.7)
\u2013
(28.1)
61.4
Corporation tax
(1.0)
(0.7)
(0.3)
(2.0)
(74.1)
Share of post taxation results
110.5
21.5
(42.1)
89.9
114.1
Recognised in other comprehensive income
Cashflow hedges
(22.8)
0.3
0.2
(22.3)
(54.5)
Taxation
5.7
\u2013
(0.1)
5.6
13.6
Other
\u2013
\u2013
15.8
15.8
\u2013
Total comprehensive income
93.4
21.8
(26.2)
89.0
73.2
Share of joint ventures and associates\u2019 assets and liabilities
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
6,468.5
441.9
353.5
7,263.9
6,909.7
Current assets
155.8
122.3
19.8
297.9
330.2
Cash and cash equivalents
253.4
53.6
22.2
329.2
373.0
Current liabilities
(242.7)
(73.5)
(73.0)
(389.2)
(496.0)
Non-current liabilities
(5,550.9)
(229.6)
(227.0)
(6,007.5)
(5,725.3)
1,084.1
314.7
95.5
1,494.3
1,391.6
Other adjustments
485.3
13.5
(5.8)
493.0
571.6
Share of net assets of joint ventures and associates
1,569.4
328.2
89.7
1,987.3
1,963.2
Shareholder loans
1,230.3
191.4
88.6
1,510.3
1,352.9
Interest in joint venture and associate
2,799.7
519.6
178.3
3,497.6
3,316.1
(i) Other comprises the investments the Group holds in Neos Networks Limited, Source EV Limited, Corran Environmental LP and Marron Activ8 Energies Limited.
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.
Country of Class of shares Proportion of Group Interest
Principal activity incorporation held shares held (%)
(%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Wind farm
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 wind farm.
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
2025 2024
\u00a3m \u00a3m
At 1 April
3.2
27.4
Additions in year
1.9
\u2013
Disposals in year
(0.1)
(0.4)
Transfers from/(to) investments in joint ventures and associates
4.6
(24.1)
Fair value adjustment through other comprehensive income
(0.8)
0.3
At 31 March
8.8
3.2
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
AtlasConnect Limited
A
50.0
H2Northeast Limited
H
50.0
Baglan Pipeline Limited
K
50.0
Indian Queens Power Limited
AF
50.0
Beatrice Offshore Windfarm Holdco Limited
A
40.0
Marchwood Power Limited
N
50.0
Beatrice Offshore Windfarm Limited
A
40.0
Neos Networks Limited
A
50.0
Clyde Windfarm (Scotland) Limited **
A
50.1
NNXYZ Limited
B
50.0
DB Operational Base Limited
J
40.0
North Falls Offshore Wind Farm Holdco Limited AG
50.0
Deeside Power (UK) Limited
AF
50.0
North Falls Offshore Wind Farm Limited
AG
50.0
Deeside Power Operations Limited
AF
50.0
Ossian Offshore Wind Farm Holdings Limited
A
40.0
Digital Reach Partners Limited
A
50.0
Ossian Offshore Wind Farm Limited
A
40.0
Doggerbank Offshore Wind Farm Project 1
B
40.0
Pride (SERP) Limited
AI
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 1
B
40.0
Saltend Cogeneration Company Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
Saltend Operations Company Limited
AF
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
SCCL Holdings Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seabank Power Limited
O
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seagreen 1A (Holdco) Limited
B
49.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3 And
4 Holdco Limited
B
50.0
Seagreen 1A Limited
B
49.0
Doggerbank Offshore Wind Farm Project 3 And
4 Leaseco Limited
B
50.0
Seagreen Alpha Wind Energy Limited
B
49.0
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Bravo Wind Energy Limited
B
49.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Holdco 1 Limited
B
49.0
Projco Limited
Dunmaglass Wind Farm Limited
A
50.1
Seagreen Wind Energy Limited
B
49.0
Eastern Green Link 2 Limited ***
B
50.0
Source EV Limited (formerly SSE DE EV
AK
50.0
Holdco Limited)
Fearna PSH Limited
B
50.0
Source EV UK Limited (formerly SSE EV
AK
50.0
Operational Assets Limited)
Greater Gabbard Offshore Winds Limited ***
B
50.0
SSE Slough Multifuel Holdco Limited
B
50.0
Green H2 Developments Hold Co Limited
B
50.0
SSE Slough Multifuel Limited
B
50.0
Green H2 Developments Project Co Limited
B
50.0
Stronelairg Wind Farm Limited
A
50.1
H2NE Parentco Limited
H
50.0
Ireland
Allbrite Heatpump Specialists Limited
R
25.0
Green Way Energy Limited
M
50.0
Bellair Wind Farm Designated Activity Company I
50.0
Kerry Power Limited
M
49.0
Cloosh Valley Wind Farm Designated Activity
L
25.0
Kilberry Wind Farm Designated Activity
I
50.0
Company Company
Cloosh Valley Wind Farm Holdings Designated
L
25.0
Lemanaghan Wind Farm Designated Activity
I
50.0
Activity Company Company
Coolnagun Wind Farm Designated Activity
I
50.0
Lenalea Wind Farm Designated Activity
C
50.0
Company Company
Cornafulla Wind Farm Designated Activity
I
50.0
Littleton Wind Farm Designated Activity
I
50.0
Company Company
Derryfadda Wind Farm Designated Activity
I
50.0
Marron Activ8 Energies Limited
R
50.0
Company
Everwind Limited
S
49.0
Midas Energy Limited
M
49.0
Garryhinch Wind Farm Designated Activity
I
50.0
Source EV Ireland Limited (formerly SSE EV
C
50.0
Company Ireland Operational Assets Limited)
Green Energy Company Limited
M
47.5
A3.1.2 Joint arrangements (incorporated)
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
Jersey
Triton Power Holdings Limited
AH
50.0
Triton Power Limited
AH
50.0
Triton Power Intermediate Holdings Limited
AH
50.0
Netherlands
Lely Alpha Offshore Wind General Partner B.V.
AA
50.0
Lely Alpha Offshore Wind Projco C.V.
AA
50.0
Spain
ICE Santa Engracia, S.L.U.
V
44.6
** 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:
Class of Proportion of
Company shares held
shares held %
Group Interest %
Year end date
Consolidation basis
United Kingdom
Seabank Power Limited
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Holdco Limited
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Ordinary
50.1
50.1
31 March
Equity
Seagreen Holdco 1 Limited
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Holdco Limited
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Neos Networks Limited
Ordinary
50.0
50.0
31 March
Equity
Doggerbank Offshore Wind Farm Project 1 Holdco
Ordinary
40.0
40.0
31 March
Equity
Limited
Jersey
Triton Power Holdings Limited
Ordinary
50.0
50.0
31 December
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
288.1
96.3
60.0
194.6
354.0
171.1
37.7
106.6
402.6
128.9
14.8
83.2
1,937.9
Other income
\u2013
\u2013
\u2013
\u2013
2 3 . 2
2 4 5 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
269.0
Depreciation and
amortisation
(7.0)
(35.0)
(8.4)
(29.2)
(98.6)
(88.0)
(8.0)
(13.7)
(34.5)
(98.6)
(2.2)
(36.1)
(459.3)
Other operating
costs
(241.9)
(19.5)
(21.0)
(41.4)
(89.6)
(94.8)
(8.1)
(20.4)
(420.3)
(74.7)
(6.8)
(59.4)
(1,097.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
(53.8)
\u2013
\u2013
\u2013
(3.4)
\u2013
\u2013
\u2013
(57.2)
Operating profit
39.2
41.8
30.6
124.0
135.2
234.0
21.6
72.5
(55.6)
(44.4)
5.8
(12.2)
592.5
Interest expense
1.4
(1.6)
(15.2)
(18.5)
(209.3)
(59.3)
(6.2)
(11.9)
5.1
(22.3)
(1.5)
(8.7)
(348.0)
Profit before tax
40.6
40.2
15.4
105.5
(74.1)
174.7
15.4
60.6
(50.5)
(66.7)
4.3
(20.9)
244.5
Corporation tax
(11.1)
(9.2)
3.8
(26.9)
63.5
(22.7)
(3.4)
(14.8)
14.9
\u2013
(1.1)
(0.7)
(7.7)
Profit after tax
29.5
31.0
19.2
78.6
(10.6)
152.0
12.0
45.8
(35.6)
(66.7)
3.2
(21.6)
236.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.6
\u2013
(3.3)
(12.8)
\u2013
\u2013
\u2013
\u2013
(49.8)
9.7
(55.6)
Taxation
\u2013
\u2013
\u2013
\u2013
0 . 8
3 . 3
\u2013
\u2013
\u2013
\u2013
1 2 . 5
(2.6)
14.0
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.8
15.8
\u2013
\u2013
0 . 6
\u2013
( 2 . 5 )
( 9 . 5 )
\u2013
\u2013
\u2013
\u2013
( 3 7 . 3 )
22.9
(25.8)
Total
comprehensive
income/(loss)
29.5
31.0
19.8
78.6
(13.1)
142.5
12.0
45.8
(35.6)
(66.7)
(34.1)
1.3
211.0
SSE share of
profit (based on
% equity)
14.8
15.5
9.6
39.4
(5.2)
60.8
6.0
22.9
(17.8)
(33.4)
1.3
(24.0)
89.9
Dividends paid to
shareholders
47.0
44.2
\u2013
102.0
38.9
119.3
12.4
55.0
\u2013
\u2013
\u2013
11.1
429.9
Non-current
assets
82.8
114.1
471.4
510.1
3,027.6
1,750.4
165.2
304.7
184.1
493.9
3,670.4
5,966.4
16,741.1
Current assets
56.7
8.5
14.9
86.8
47.2
62.7
16.7
49.8
164.1
26.3
21.6
68.4
623.7
Cash and cash
equivalents
51.8
20.7
21.9
45.1
95.3
104.0
18.4
27.7
5.1
23.1
60.6
255.7
729.4
Current liabilities
(44.9)
(18.2)
(11.1)
(42.8)
(13.0)
(199.7)
(7.3)
(25.5)
(68.7)
(121.2)
(86.7)
(227.5)
(866.6)
Non-current
liabilities
(26.3)
(29.5)
(370.6)
(431.7)
(2,424.9)
(1,619.6)
(144.8)
(262.5)
(12.3)
(373.0)
(3,042.7)
(5,276.7)
(14,014.6)
Net assets
120.1
95.6
126.5
167.5
732.2
97.8
48.2
94.2
272.3
49.1
623.2
786.3
3,213.0
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
Group\u2019s share of
ownership
interest
60.1
47.8
63.3
83.9
358.8
39.1
24.1
47.2
136.2
24.6
249.3
359.9
1,494.3
Other
adjustments
(20.4)
(0.3)
31.7
39.9
100.3
(1.1)
65.5
202.9
1.6
(23.3)
2.4
93.8
493.0
Carrying value of
Group\u2019s equity
interest
39.7
47.5
95.0
123.8
459.1
38.0
89.6
250.1
137.8
1.3
251.7
453.7
1,987.3
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2024 2024 2025 2024 2024 2025 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
\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
D e r i v a t i v e s
\u2013
\u2013
\u2013
\u2013
1 6 7 . 4
\u2013
\u2013
\u2013
( 4 1 . 2 )
\u2013
\u2013
\u2013
1 2 6 . 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
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
Total
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)
(3,005.8)
(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) 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 \u00a3118.8m (2024: \u00a3119.2m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a390.6m (2024: \u00a387.3m) and Ossian Offshore Wind Farm Limited
\u00a360.8m (2024: \u00a355.3m).
In addition to the above at 31 March 2025, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a3nil (2024: \u00a312.2m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2024: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2024: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2024: \u00a388.7m); Neos Networks Limited \u00a383.5m (2024: \u00a357.7m); Seagreen Wind Energy Limited \u00a3646.0m (2024: \u00a3686.4m); SSE Slough Multifuel Limited \u00a3181.3m (2024: \u00a3157.8m) and Doggerbank A Offshore Windfarm Limited \u00a3188.3m (2024: \u00a387.7m). This represents 92% (2024: 93%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-744": { "value": "16 Investments 16.1 Joint Ventures and associates
2025
2024
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
Additions
153.4
280.0
433.4
280.6
244.7
525.3
Repayment of shareholder loans
\u2013
( 1 2 1 . 7 )
( 1 2 1 . 7 )
\u2013
(14.6)
(14.6)
Dividends received
(200.6)
\u2013
(200.6)
(223.7)
\u2013
(223.7)
Share of profit after tax
(i)
\u2013 continuing operations
91.6
\u2013
91.6
115.9
\u2013
115.9
Share of other comprehensive income
(0.9)
\u2013
(0.9)
(40.9)
\u2013
(40.9)
Disposals
\u2013
\u2013
\u2013
(3.0)
\u2013
(3.0)
Transfer \u2013 equity to loans
\u2013
\u2013
\u2013
(54.4)
54.4
\u2013
Transfers \u2013 other investments
(4.6)
\u2013
(4.6)
24.1
\u2013
24.1
Impairments
(ii)
\u2013
\u2013
\u2013
(90.8)
(46.0)
(136.8)
Investment decrease in respect of financial
guarantees
(iii)
(12.1)
\u2013
(12.1)
(18.9)
\u2013
(18.9)
Exchange rate adjustments
(2.7)
(0.9)
(3.6)
(1.4)
(1.0)
(2.4)
At 31 March
1,987.3
1,510.3
3,497.6
1,963.2
1,352.9
3,316.1
(i) Of the \u00a391.6m (2024: \u00a3115.9m) share of profits from continuing operations, only \u00a389.9m (2024: \u00a3114.1m) is recognised through the income statement. The \u00a31.7m (2024: \u00a31.8m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments in the year ended 31 March 2024 of \u00a3136.8m included charges of \u00a363.2m in relation to the Group\u2019s Triton joint venture, and \u00a373.6m in relation to the Group\u2019s investment in Neos Networks, which were treated as exceptional, see note 7. (iii) The investment decrease in respect of financial guarantees relates to \u00a312.5m (2024: \u00a322.2m) of unwind and expiry of guarantee contracts, less \u00a30.4m (2024: \u00a33.3m) 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 and disposals in the year On 10 September 2024 the Group sold a 50% equity share in SSE DE EV Hold Co Limited to form the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited for cash consideration of \u00a316.5m. Following the completion of the transaction, both shareholders provided the joint venture with \u00a35.1m of shareholder loans and \u00a310.0m of equity funding. During the year the Group provided equity and loans to its existing joint venture investments of \u00a3129.4m and \u00a3274.9m respectively, primarily in relation to Seagreen Holdco 1 Energy Limited and Doggerbank Offshore Wind Farm Project 1 Projco Limited. There were no significant disposals in the current year. 16.3 Acquisitions and disposals of equity in the previous year Additions in the previous 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 of equity in the previous year The Group received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to the disposal of investments in associates. 16.4 Principal joint ventures and associates Under IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d, 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
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
433.3
423.5
84.1
940.9
1,003.6
Other income
109.7
\u2013
\u2013
109.7
88.1
Depreciation and amortisation
(132.5)
(42.9)
(50.6)
(226.0)
(208.8)
Other operating costs
(125.2)
(351.4)
(63.7)
(540.3)
(645.4)
Operating profit
285.3
29.2
(30.2)
284.3
237.5
Interest expense
(147.4)
(5.3)
(11.6)
(164.3)
(110.7)
Changes in fair value of derivatives
(26.4)
(1.7)
\u2013
(28.1)
61.4
Corporation tax
(1.0)
(0.7)
(0.3)
(2.0)
(74.1)
Share of post taxation results
110.5
21.5
(42.1)
89.9
114.1
Recognised in other comprehensive income
Cashflow hedges
(22.8)
0.3
0.2
(22.3)
(54.5)
Taxation
5.7
\u2013
(0.1)
5.6
13.6
Other
\u2013
\u2013
15.8
15.8
\u2013
Total comprehensive income
93.4
21.8
(26.2)
89.0
73.2
Share of joint ventures and associates\u2019 assets and liabilities
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
6,468.5
441.9
353.5
7,263.9
6,909.7
Current assets
155.8
122.3
19.8
297.9
330.2
Cash and cash equivalents
253.4
53.6
22.2
329.2
373.0
Current liabilities
(242.7)
(73.5)
(73.0)
(389.2)
(496.0)
Non-current liabilities
(5,550.9)
(229.6)
(227.0)
(6,007.5)
(5,725.3)
1,084.1
314.7
95.5
1,494.3
1,391.6
Other adjustments
485.3
13.5
(5.8)
493.0
571.6
Share of net assets of joint ventures and associates
1,569.4
328.2
89.7
1,987.3
1,963.2
Shareholder loans
1,230.3
191.4
88.6
1,510.3
1,352.9
Interest in joint venture and associate
2,799.7
519.6
178.3
3,497.6
3,316.1
(i) Other comprises the investments the Group holds in Neos Networks Limited, Source EV Limited, Corran Environmental LP and Marron Activ8 Energies Limited. 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.
Country of Class of shares Proportion of Group Interest
Principal activity incorporation held shares held (%)
(%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Wind farm
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 wind farm. 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
2025 2024
\u00a3m \u00a3m
At 1 April
3.2
27.4
Additions in year
1.9
\u2013
Disposals in year
(0.1)
(0.4)
Transfers from/(to) investments in joint ventures and associates
4.6
(24.1)
Fair value adjustment through other comprehensive income
(0.8)
0.3
At 31 March
8.8
3.2
A3 Related undertakings A3.1.1 Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2025
address Holding
Company (Key) %
United Kingdom
Aberarder Wind Farm (Scotland) Limited
A
100.0
Aberarder Wind Farm LLP
B
100.0
Abernedd Power Company Limited
B
100.0
Aegletes III Holdco Limited
B
100.0
Aldbrough Pathfinder Limited
B
100.0
Berwick Bank A Limited
B
100.0
Berwick Bank B Limited
B
100.0
Berwick Bank C Limited
B
100.0
Berwick Bank Holdings A Limited
B
100.0
Berwick Bank Holdings B Limited
B
100.0
Berwick Bank Holdings C Limited
B
100.0
Berwick Bank Wind Farm Limited
A
100.0
Bhlaraidh Extension Wind Farm Limited
A
100.0
Bhlaraidh Wind Farm Limited
A
100.0
Building Automation Solutions Limited
D
100.0
By-Pass Farm Solar Limited
B
100.0
Coire Glas Hydro Pumped Storage Limited
A
100.0
Eastern Green Link 3 Limited
B
75.0
Enerveo Limited
T
100.0
Ferrybridge Hydrogen Limited
B
100.0
Fibre Fuel Limited
B
100.0
Fibre Power (Slough) Limited
B
100.0
Griffin Wind Farm Limited
A
100.0
Hydro Electric Pension Scheme Trustees
A
100.0
Limited
Keadby Developments Limited
E
100.0
Keadby Generation Limited
E
100.0
Keadby Next Generation Limited (formerly
B
100.0
Keadby Hydrogen Power North Limited)
Keadby Wind Farm Limited
B
100.0
LG-B-300 Limited
A
100.0
Littleton Pastures Solar Limited
B
100.0
Medway Power Limited
B
100.0
Optimal Power Networks Limited
B
100.0
Power from Waste Limited
B
100.0
Scottish and Southern Energy Power
A
100.0
Distribution Limited
Scottish Hydro Electric Power Distribution plc
A
100.0
Scottish Hydro Electric Transmission plc
A
75.0
Slough Domestic Electricity Limited
B
100.0
Slough Electricity Contracts Limited
B
100.0
Slough Energy Supplies Limited
B
100.0
Slough Heat & Power Limited
B
100.0
Slough Utility Services Limited
B
100.0
Southern Electric Power Distribution plc
B
100.0
SSE Airtricity Energy Services (NI) Limited
Q
100.0
SSE Airtricity Energy Supply (NI) Limited
F
100.0
SSE Airtricity Gas Supply (NI) Limited
F
100.0
SSE Battery Monk Fryston Limited
B
100.0
SSE Battery Salisbury Limited
B
100.0
Registered 2025
address Holding
Company (Key) %
SSE Beatrice Offshore Windfarm Holdings
A
100.0
Limited
SSE BTM HoldCo Limited
B
100.0
SSE BTM Operational Assets Limited
B
100.0
SSE Contracting Group Limited
B
100.0
SSE Cottered Solar Limited
B
100.0
SSE Daines BESS Limited
B
100.0
SSE DE Solar Holdco Limited
B
100.0
SSE Derrymeen BESS Limited (formerly Heron
F
100.0
Storage No. 1 Limited)
SSE Digital Services Limited
B
100.0
SSE Eggborough Limited
B
100.0
SSE Energy Markets Limited
B
100.0
SSE Energy Supply Limited
B
100.0
SSE Enterprise Limited
B
100.0
SSE Ewerby Solar Holdco Limited
B
100.0
SSE Ewerby Solar Limited
B
100.0
SSE Fancott BESS Limited
B
100.0
SSE Ferrybridge Battery Limited
B
100.0
SSE Fiddlers Ferry Battery Limited
B
100.0
SSE Foxholes Solar Limited
B
100.0
SSE Generation Limited
B
100.0
SSE Group Limited
A
100.0
SSE Heat Networks (Battersea) Limited
B
100.0
SSE Heat Networks Limited
A
100.0
SSE Hornsea Limited
B
100.0
SSE HV Electricity Assets Limited (formerly
B
100.0
SSE EV M7 Limited)
SSE Hydrogen Holdings Limited
B
100.0
SSE Hydrogen Developments Limited
B
100.0
SSE IAMP Microgrid Limited
B
100.0
SSE Imperial Park PN Limited
B
100.0
SSE Knapthorpe Solar Limited
B
100.0
SSE Low Carbon Developments Limited
B
100.0
SSE Low Carbon Holdings Limited
B
100.0
SSE Maple Limited
B
100.0
SSE Medway Operations Limited
B
100.0
SSE Micro Renewables Limited
A
100.0
SSE Multifuel Generation Holdings Limited
B
100.0
SSE Muskham Solar Limited
B
100.0
SSE Newchurch Solar Limited
B
100.0
SSE OWS Glasgow Limited
A
100.0
SSE Private Networks Holdco Limited
B
100.0
SSE Production Services Limited
B
100.0
SSE Renewables Holdings (UK) Limited
F
100.0
SSE Renewables International Holdings Limited
A
100.0
SSE Renewables Limited
A
100.0
SSE Renewables Offshore Windfarm Holdings
A
100.0
Limited
SSE Renewables Onshore Windfarm Holdings
F
100.0
Limited
Registered 2025
address Holding
Company (Key) %
Ganderoy Limited
C
100.0
Gartnaneane Limited
C
100.0*
Glenora Wind Farm Designated Activity
C
100.0
Company
Green Wind Energy (Wexford) Limited
C
100.0
Leanamore Wind Farm Limited
C
100.0
Limerick West Windfarm Limited
C
100.0
March Winds Limited
C
100.0
Meentycat Limited
C
100.0
Milane Holdings Limited
C
100.0
Mullananalt Wind Farm (ROI) Limited
C
100.0
Platin Power Limited
C
100.0
Richfield Windfarm (ROI) Limited
C
100.0
Sheskin South Renewables Power Designated
C
100.0
Activity Company
SSE Airtricity Distributed Energy Limited
C
100.0
SSE Airtricity Energy Services Limited
C
100.0
SSE Airtricity Limited
C
100.0
SSE Cumars\u00e1id Teoranta
C
100.0
SSE Generation Ireland Limited
C
100.0
SSE Renewables (Ireland) Limited
C
100.0
SSE Renewables Generation Ireland Limited
C
100.0
SSE Renewables Holdings (Europe) Limited
C
100.0
SSE Renewables Holdings Limited
C
100.0
SSE Renewables Off Shore Limited
C
100.0
SSE Renewables Wind (Ireland) Holdings
C
100.0
Limited
SSE Renewables Wind Farms (Ireland) Limited
C
100.0
Sure Partners Limited
C
100.0
SSE Renewables Tinnycross Battery Storage
C
100.0
Limited (formerly Thornsberry Battery
Storage Limited)
Tournafulla Windfarm (ROI) Limited
C
100.0
France
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Belle Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
AE
100.0
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
AE
100.0
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
la Voie Pou\u00e7oise
Registered 2025
address Holding
Company (Key) %
United Kingdom continued
SSE Renewables Poland Holdings Limited
A
100.0
SSE Renewables Services (UK) Limited
F
100.0
SSE Renewables Solar & Battery Holdings
B
100.0
Limited
SSE Renewables UK Limited
F
100.0
SSE Renewables Wind Farms (UK) Limited
A
100.0
SSE Retail Limited
A
100.0
SSE Seabank Investments Limited
B
100.0
SSE Seabank Land Investments Limited
B
100.0
SSE Services plc
B
100.0
SSE Southern Group Trustee Limited
B
100.0
SSE Staythorpe Battery Limited
B
100.0
SSE Staythorpe Power Limited
B
100.0
SSE Staythorpe SGT Limited
B
100.0
SSE Staythorpe Solar Limited
B
100.0
SSE Southery Solar Limited
B
100.0
SSE Stock Limited
A
100.0
SSE Thermal Energy Holdings Limited
B
100.0
SSE Thermal Energy Operations Limited
B
100.0
SSE Thermal Generation (Scotland) Limited
A
100.0
SSE Thermal Generation Holdings Limited
B
100.0
SSE Toddleburn Limited
A
100.0
SSE Trading Limited
B
100.0
SSE Trustees Limited
B
100.0
SSE Utility Services Limited
B
100.0
SSE Utility Solutions Limited
B
100.0
SSE Venture Capital Limited
A
100.0
SSE Viking Limited
B
100.0
SSE(SE) Quest Trustee Limited
B
100.0
SSEN Distribution Limited
A
100.0
SSEPG (Operations) Limited
B
100.0
Strathy Wind Farm Limited
A
100.0
Tealing Solar Park Limited
B
100.0
TESGL Limited
D
100.0
The Energy Solutions Group Bidco Limited
D
100.0
The Energy Solutions Group Midco Limited
D
100.0
The Energy Solutions Group Topco Limited
D
100.0
Viking Energy (Scottish Partnership)
A
100.0
Viking Energy Wind Farm LLP
A
100.0
Ireland
Airtricity Windfarm Finance Limited
C
100.0
Arklow Offshore Phase II Company Limited
C
100.0
Bindoo Windfarm (ROI) Limited
C
100.0
Brickmount Limited
C
100.0
Comhlacht Gaoithe Teoranta
C
100.0
Coomacheo Wind Farm Limited
C
100.0
Coomatallin Windfarm (ROI) Limited
C
100.0*
Curragh Mountain Windfarm Limited
C
100.0
Dedondo Limited
C
100.0
Dromada Windfarm (ROI) Limited
C
100.0
Drumnahough Wind Farm Designated Activity
C
100.0
Company
Enerveo Ireland Limited
Z
100.0
Galway Wind Park Phase 3 Designated Activity
C
100.0
Company
Registered 2025
address Holding
Company (Key) %
France continued
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Moulins du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
SARL
AE
100.0
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
AE
100.0
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Souvans SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
AE
100.0
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
AE
100.0
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
AE
100.0
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
AE
100.0
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
AE
100.0
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du
AE
100.0
Vireaux SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
AE
100.0
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SAS
AE
100.0
(formerly Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP)
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
AE
100.0
SSE Renewables France SARL
AE
100.0
Germany
SSE Renewables Developments (Germany)
GmbH
U
100.0
Greece
Enerfarm 3 Single Member S.A. Renewable
AB
100.0
Energy Sources
Energiaki Kleidi Single Member S.A.
AB
100.0
Energiaki Mavrovouniou Single Member Private
AB
100.0
Company
Energiaki Mesovouniou Single Member S.A.
AB
100.0
Energiaki Platorrachis Single Member S.A.
AB
100.0*
Energiaki Velanidias Single Member S.A.
AB
100.0
SSE Renewables Hellas Single Member S.A.
AB
100.0
Isle of Man
SSE Insurance Limited
G
100.0
Italy
SPV Parco Eolico Libeccio S.r.l.
AC
100.0
SPV Parco Eolico Maestrale S.r.l.
AC
100.0
SPV Parco Eolico Tramontana S.r.l.
AC
100.0
SSE Renewables Italy S.r.l. (formerly Energia
AC
100.0
Levante S.r.l.)
Registered 2025
address Holding
Company (Key) %
Japan
Aichi Offshore Wind Power No. 1 G.K.
Y
80.0
Aichi Offshore Wind Power No. 2 G.K.
Y
80.0
Enshunada Offshore Wind Power No. 1 G.K.
Y
80.0
Goto-Fukue Offshore Wind Power G.K.
Y
80.0
Izu Islands Offshore Wind Power No. 1 G.K.
Y
80.0
Minami-Izu Offshore Wind Power No. 1 G.K.
Y
80.0
Niigata Offshore Wind Power No.1 G.K.
Y
80.0
Oki Islands Offshore Wind Power G.K.
Y
80.0
SSE Pacifico K.K.
Y
80.0
SSE Yuza Offshore Wind Power G.K.
Y
80.0
Tokushima Offshore Wind Power G.K.
Y
80.0
Wakayama-West Offshore Wind Power No. 1
Y
80.0
G.K.
Wakayama-West Offshore Wind Power No.2
Y
80.0
G.K.
Netherlands
SSE Renewables (Netherlands) Holdings B.V.
AA
100.0
SSE Renewables Developments (The
Netherlands) B.V.
AA
100.0
SSE Sunflower Offshore Wind Holdco B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner 1
AA
100.0
B.V.
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
2 B.V.
SSE Sunflower Offshore Wind Limited Partner
3 B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
4 B.V.
SSE Tulip Offshore Wind Holdco B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 1 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 2 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 3 B.V.
AA
100.0
Poland
IBC SE PL3 sp. z o.o
AJ
100.0
IBC SE PL20 sp. z o.o.
AJ
100.0
IBC SE PL22 sp. z o.o.
AJ
100.0
IBC SE PL23 sp. z o.o.
AJ
100.0
IBC SE PL24 sp. z o.o.
AJ
100.0
IBC SE PL34 sp. z o.o.
AJ
100.0
Pomerania PV sp z.o.o.
AJ
100.0
SSE Renewables Poland sp z.o.o.
X
100.0
Spain
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ariel S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Boreas S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos del Sur S.A.U.
AD
100.0
Sistemas Energ\u00e9ticos Eolo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Gregal S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Marte S.L. U.
AD
100.0
Sistemas Energ\u00e9ticos Mercurio S.L.U.
AD
100.0
Registered 2025
address Holding
Company (Key) %
Spain continued
Sistemas Energ\u00e9ticos Neptuno S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Terral S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Urano S.L.U.
AD
100.0
SSE Renewables Southern Europe S.L.
AD
100.0
(formerly Sistemas Energ\u00e9ticos Carril, S.L.U.)
SSE Renewables Spain, S.L. (formerly Sistemas
AD
100.0
Energ\u00e9ticos Loma del Reposo, S.L.U.)
United States
SSE Renewables North America Inc.
W
100.0
SSE Renewables North America Offshore
Wind LLC.
W
100.0
SSE Renewables North America Services Inc
W
100.0
All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held.
Registered
Company number
Aberarder Wind Farm LLP
OC398487
Aegletes III Holdco Limited
13665453
Aldbrough Pathfinder Limited
15238323
Bhlaraidh Wind Farm Limited
SC663027
By-Pass Farm Solar Limited
12558977
Fibre Power (Slough) Limited
02902170
Griffin Wind Farm Limited
SC245113
Keadby Next Generation Limited (formerly Keadby 15866301
Hydrogen Power North Limited)
Keadby Wind Farm Limited
06852112
LG-B-300 Limited
SC765613
Littleton Pastures Solar Limited
12638974
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM Operational Assets Limited
14885059
SSE Contracting Group Limited
02471438
SSE Cottered Solar Limited
15346645
SSE Daines BESS Limited
15344013
SSE DE Solar HoldCo Limited
14189570
SSE Derrymeen BESS Limited (formerly Heron NI697259
Storage No. 1 Limited)
SSE Digital Services Limited
14621186
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE Group Limited
SC126049
SSE HV Electricity Assets Limited (formerly SSE EV 14418288
M7 Limited)
SSE Hydrogen Developments Limited
15238086
SSE Hydrogen Holdings Limited
15231331
SSE IAMP Microgrid Limited
15333093
SSE Imperial Park PN Limited
02631510
SSE Low Carbon Developments Limited
15069108
Registered
Company number
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE Multifuel Generation Holdings Limited
12661566
SSE Newchurch Solar Limited
15348120
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
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 Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Thermal Generation Holdings Limited
12662248
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
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 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
AtlasConnect Limited
A
50.0
H2Northeast Limited
H
50.0
Baglan Pipeline Limited
K
50.0
Indian Queens Power Limited
AF
50.0
Beatrice Offshore Windfarm Holdco Limited
A
40.0
Marchwood Power Limited
N
50.0
Beatrice Offshore Windfarm Limited
A
40.0
Neos Networks Limited
A
50.0
Clyde Windfarm (Scotland) Limited **
A
50.1
NNXYZ Limited
B
50.0
DB Operational Base Limited
J
40.0
North Falls Offshore Wind Farm Holdco Limited AG
50.0
Deeside Power (UK) Limited
AF
50.0
North Falls Offshore Wind Farm Limited
AG
50.0
Deeside Power Operations Limited
AF
50.0
Ossian Offshore Wind Farm Holdings Limited
A
40.0
Digital Reach Partners Limited
A
50.0
Ossian Offshore Wind Farm Limited
A
40.0
Doggerbank Offshore Wind Farm Project 1
B
40.0
Pride (SERP) Limited
AI
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 1
B
40.0
Saltend Cogeneration Company Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
Saltend Operations Company Limited
AF
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
SCCL Holdings Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seabank Power Limited
O
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seagreen 1A (Holdco) Limited
B
49.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3 And
4 Holdco Limited
B
50.0
Seagreen 1A Limited
B
49.0
Doggerbank Offshore Wind Farm Project 3 And
4 Leaseco Limited
B
50.0
Seagreen Alpha Wind Energy Limited
B
49.0
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Bravo Wind Energy Limited
B
49.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Holdco 1 Limited
B
49.0
Projco Limited
Dunmaglass Wind Farm Limited
A
50.1
Seagreen Wind Energy Limited
B
49.0
Eastern Green Link 2 Limited ***
B
50.0
Source EV Limited (formerly SSE DE EV
AK
50.0
Holdco Limited)
Fearna PSH Limited
B
50.0
Source EV UK Limited (formerly SSE EV
AK
50.0
Operational Assets Limited)
Greater Gabbard Offshore Winds Limited ***
B
50.0
SSE Slough Multifuel Holdco Limited
B
50.0
Green H2 Developments Hold Co Limited
B
50.0
SSE Slough Multifuel Limited
B
50.0
Green H2 Developments Project Co Limited
B
50.0
Stronelairg Wind Farm Limited
A
50.1
H2NE Parentco Limited
H
50.0
Ireland
Allbrite Heatpump Specialists Limited
R
25.0
Green Way Energy Limited
M
50.0
Bellair Wind Farm Designated Activity Company I
50.0
Kerry Power Limited
M
49.0
Cloosh Valley Wind Farm Designated Activity
L
25.0
Kilberry Wind Farm Designated Activity
I
50.0
Company Company
Cloosh Valley Wind Farm Holdings Designated
L
25.0
Lemanaghan Wind Farm Designated Activity
I
50.0
Activity Company Company
Coolnagun Wind Farm Designated Activity
I
50.0
Lenalea Wind Farm Designated Activity
C
50.0
Company Company
Cornafulla Wind Farm Designated Activity
I
50.0
Littleton Wind Farm Designated Activity
I
50.0
Company Company
Derryfadda Wind Farm Designated Activity
I
50.0
Marron Activ8 Energies Limited
R
50.0
Company
Everwind Limited
S
49.0
Midas Energy Limited
M
49.0
Garryhinch Wind Farm Designated Activity
I
50.0
Source EV Ireland Limited (formerly SSE EV
C
50.0
Company Ireland Operational Assets Limited)
Green Energy Company Limited
M
47.5
A3.1.2 Joint arrangements (incorporated)
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
Jersey
Triton Power Holdings Limited
AH
50.0
Triton Power Limited
AH
50.0
Triton Power Intermediate Holdings Limited
AH
50.0
Netherlands
Lely Alpha Offshore Wind General Partner B.V.
AA
50.0
Lely Alpha Offshore Wind Projco C.V.
AA
50.0
Spain
ICE Santa Engracia, S.L.U.
V
44.6
** 50.1% of voting rights held *** Joint Operation A3.1.3 Associates
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
Corran Environmental LP
AL
100.0
St Clements Services Limited
P
25.0
A3.1.4 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
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
3rd Floor, Millennium House, 25 Great Victoria Street, Belfast, BT2 7AQ
G
Tower House, Loch Promenade, Douglas, Isle of Man
H
Suite 1 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL
I Main St, Newbridge, Kildare, Ireland
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 \u2013 6 Church Walk, Daventry, NN11 4BL
Q
Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R
Nexus N2 Business Park, Carrickmacross, Monaghan, A81 XK73, Ireland
S
Gorthleahy, Macroom, Co Cork, Ireland
T
Second Floor Eagle Court 2, Hatchford Way, Birmingham B26 3RZ
U
c/o Bird & Bird LLP, Maximiliansplatz 22, Munich 80333
V Calle de la Portalada, 50, 26.006, Logro\u00f1o (La Rioja), Spain
W
United Agent Group Inc, 1521 Concord Pike, Suite 201, Wilmington DE 19803
X Towarowa no.28, suite 00-839, 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, 1
1526,
Athens, Greece
AC
Viale Luca Gaurico, 91/93, 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
Level 12, The Shard, 32 London Bridge Street, London, SE1 9SG
AJ
Plac Marsza\u0142ka J\u00f3zefa Pi\u0142sudskiego 2 00-073 Warsaw
AK
19th Floor 10 Upper Bank Street, London, England, E14 5BF
AL
4th Floor, 7 Castle Street, Edinburgh, EH2 3AH
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:
Class of Proportion of
Company shares held
shares held %
Group Interest %
Year end date
Consolidation basis
United Kingdom
Seabank Power Limited
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Holdco Limited
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Ordinary
50.1
50.1
31 March
Equity
Seagreen Holdco 1 Limited
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Holdco Limited
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Neos Networks Limited
Ordinary
50.0
50.0
31 March
Equity
Doggerbank Offshore Wind Farm Project 1 Holdco
Ordinary
40.0
40.0
31 March
Equity
Limited
Jersey
Triton Power Holdings Limited
Ordinary
50.0
50.0
31 December
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
288.1
96.3
60.0
194.6
354.0
171.1
37.7
106.6
402.6
128.9
14.8
83.2
1,937.9
Other income
\u2013
\u2013
\u2013
\u2013
2 3 . 2
2 4 5 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
269.0
Depreciation and
amortisation
(7.0)
(35.0)
(8.4)
(29.2)
(98.6)
(88.0)
(8.0)
(13.7)
(34.5)
(98.6)
(2.2)
(36.1)
(459.3)
Other operating
costs
(241.9)
(19.5)
(21.0)
(41.4)
(89.6)
(94.8)
(8.1)
(20.4)
(420.3)
(74.7)
(6.8)
(59.4)
(1,097.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
(53.8)
\u2013
\u2013
\u2013
(3.4)
\u2013
\u2013
\u2013
(57.2)
Operating profit
39.2
41.8
30.6
124.0
135.2
234.0
21.6
72.5
(55.6)
(44.4)
5.8
(12.2)
592.5
Interest expense
1.4
(1.6)
(15.2)
(18.5)
(209.3)
(59.3)
(6.2)
(11.9)
5.1
(22.3)
(1.5)
(8.7)
(348.0)
Profit before tax
40.6
40.2
15.4
105.5
(74.1)
174.7
15.4
60.6
(50.5)
(66.7)
4.3
(20.9)
244.5
Corporation tax
(11.1)
(9.2)
3.8
(26.9)
63.5
(22.7)
(3.4)
(14.8)
14.9
\u2013
(1.1)
(0.7)
(7.7)
Profit after tax
29.5
31.0
19.2
78.6
(10.6)
152.0
12.0
45.8
(35.6)
(66.7)
3.2
(21.6)
236.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.6
\u2013
(3.3)
(12.8)
\u2013
\u2013
\u2013
\u2013
(49.8)
9.7
(55.6)
Taxation
\u2013
\u2013
\u2013
\u2013
0 . 8
3 . 3
\u2013
\u2013
\u2013
\u2013
1 2 . 5
(2.6)
14.0
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.8
15.8
\u2013
\u2013
0 . 6
\u2013
( 2 . 5 )
( 9 . 5 )
\u2013
\u2013
\u2013
\u2013
( 3 7 . 3 )
22.9
(25.8)
Total
comprehensive
income/(loss)
29.5
31.0
19.8
78.6
(13.1)
142.5
12.0
45.8
(35.6)
(66.7)
(34.1)
1.3
211.0
SSE share of
profit (based on
% equity)
14.8
15.5
9.6
39.4
(5.2)
60.8
6.0
22.9
(17.8)
(33.4)
1.3
(24.0)
89.9
Dividends paid to
shareholders
47.0
44.2
\u2013
102.0
38.9
119.3
12.4
55.0
\u2013
\u2013
\u2013
11.1
429.9
Non-current
assets
82.8
114.1
471.4
510.1
3,027.6
1,750.4
165.2
304.7
184.1
493.9
3,670.4
5,966.4
16,741.1
Current assets
56.7
8.5
14.9
86.8
47.2
62.7
16.7
49.8
164.1
26.3
21.6
68.4
623.7
Cash and cash
equivalents
51.8
20.7
21.9
45.1
95.3
104.0
18.4
27.7
5.1
23.1
60.6
255.7
729.4
Current liabilities
(44.9)
(18.2)
(11.1)
(42.8)
(13.0)
(199.7)
(7.3)
(25.5)
(68.7)
(121.2)
(86.7)
(227.5)
(866.6)
Non-current
liabilities
(26.3)
(29.5)
(370.6)
(431.7)
(2,424.9)
(1,619.6)
(144.8)
(262.5)
(12.3)
(373.0)
(3,042.7)
(5,276.7)
(14,014.6)
Net assets
120.1
95.6
126.5
167.5
732.2
97.8
48.2
94.2
272.3
49.1
623.2
786.3
3,213.0
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
Group\u2019s share of
ownership
interest
60.1
47.8
63.3
83.9
358.8
39.1
24.1
47.2
136.2
24.6
249.3
359.9
1,494.3
Other
adjustments
(20.4)
(0.3)
31.7
39.9
100.3
(1.1)
65.5
202.9
1.6
(23.3)
2.4
93.8
493.0
Carrying value of
Group\u2019s equity
interest
39.7
47.5
95.0
123.8
459.1
38.0
89.6
250.1
137.8
1.3
251.7
453.7
1,987.3
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2024 2024 2025 2024 2024 2025 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
\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
D e r i v a t i v e s
\u2013
\u2013
\u2013
\u2013
1 6 7 . 4
\u2013
\u2013
\u2013
( 4 1 . 2 )
\u2013
\u2013
\u2013
1 2 6 . 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
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
Total
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)
(3,005.8)
(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) 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 \u00a3118.8m (2024: \u00a3119.2m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a390.6m (2024: \u00a387.3m) and Ossian Offshore Wind Farm Limited \u00a360.8m (2024: \u00a355.3m). In addition to the above at 31 March 2025, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a3nil (2024: \u00a312.2m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2024: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2024: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2024: \u00a388.7m); Neos Networks Limited \u00a383.5m (2024: \u00a357.7m); Seagreen Wind Energy Limited \u00a3646.0m (2024: \u00a3686.4m); SSE Slough Multifuel Limited \u00a3181.3m (2024: \u00a3157.8m) and Doggerbank A Offshore Windfarm Limited \u00a3188.3m (2024: \u00a387.7m). This represents 92% (2024: 93%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-728": { "value": "16 Investments 16.1 Joint Ventures and associates
2025
2024
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
Additions
153.4
280.0
433.4
280.6
244.7
525.3
Repayment of shareholder loans
\u2013
( 1 2 1 . 7 )
( 1 2 1 . 7 )
\u2013
(14.6)
(14.6)
Dividends received
(200.6)
\u2013
(200.6)
(223.7)
\u2013
(223.7)
Share of profit after tax
(i)
\u2013 continuing operations
91.6
\u2013
91.6
115.9
\u2013
115.9
Share of other comprehensive income
(0.9)
\u2013
(0.9)
(40.9)
\u2013
(40.9)
Disposals
\u2013
\u2013
\u2013
(3.0)
\u2013
(3.0)
Transfer \u2013 equity to loans
\u2013
\u2013
\u2013
(54.4)
54.4
\u2013
Transfers \u2013 other investments
(4.6)
\u2013
(4.6)
24.1
\u2013
24.1
Impairments
(ii)
\u2013
\u2013
\u2013
(90.8)
(46.0)
(136.8)
Investment decrease in respect of financial
guarantees
(iii)
(12.1)
\u2013
(12.1)
(18.9)
\u2013
(18.9)
Exchange rate adjustments
(2.7)
(0.9)
(3.6)
(1.4)
(1.0)
(2.4)
At 31 March
1,987.3
1,510.3
3,497.6
1,963.2
1,352.9
3,316.1
(i) Of the \u00a391.6m (2024: \u00a3115.9m) share of profits from continuing operations, only \u00a389.9m (2024: \u00a3114.1m) is recognised through the income statement. The \u00a31.7m (2024: \u00a31.8m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments in the year ended 31 March 2024 of \u00a3136.8m included charges of \u00a363.2m in relation to the Group\u2019s Triton joint venture, and \u00a373.6m in relation to the Group\u2019s investment in Neos Networks, which were treated as exceptional, see note 7. (iii) The investment decrease in respect of financial guarantees relates to \u00a312.5m (2024: \u00a322.2m) of unwind and expiry of guarantee contracts, less \u00a30.4m (2024: \u00a33.3m) 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 and disposals in the year On 10 September 2024 the Group sold a 50% equity share in SSE DE EV Hold Co Limited to form the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited for cash consideration of \u00a316.5m. Following the completion of the transaction, both shareholders provided the joint venture with \u00a35.1m of shareholder loans and \u00a310.0m of equity funding. During the year the Group provided equity and loans to its existing joint venture investments of \u00a3129.4m and \u00a3274.9m respectively, primarily in relation to Seagreen Holdco 1 Energy Limited and Doggerbank Offshore Wind Farm Project 1 Projco Limited. There were no significant disposals in the current year. 16.3 Acquisitions and disposals of equity in the previous year Additions in the previous 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 of equity in the previous year The Group received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to the disposal of investments in associates. 16.4 Principal joint ventures and associates Under IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d, 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
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
433.3
423.5
84.1
940.9
1,003.6
Other income
109.7
\u2013
\u2013
109.7
88.1
Depreciation and amortisation
(132.5)
(42.9)
(50.6)
(226.0)
(208.8)
Other operating costs
(125.2)
(351.4)
(63.7)
(540.3)
(645.4)
Operating profit
285.3
29.2
(30.2)
284.3
237.5
Interest expense
(147.4)
(5.3)
(11.6)
(164.3)
(110.7)
Changes in fair value of derivatives
(26.4)
(1.7)
\u2013
(28.1)
61.4
Corporation tax
(1.0)
(0.7)
(0.3)
(2.0)
(74.1)
Share of post taxation results
110.5
21.5
(42.1)
89.9
114.1
Recognised in other comprehensive income
Cashflow hedges
(22.8)
0.3
0.2
(22.3)
(54.5)
Taxation
5.7
\u2013
(0.1)
5.6
13.6
Other
\u2013
\u2013
15.8
15.8
\u2013
Total comprehensive income
93.4
21.8
(26.2)
89.0
73.2
Share of joint ventures and associates\u2019 assets and liabilities
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
6,468.5
441.9
353.5
7,263.9
6,909.7
Current assets
155.8
122.3
19.8
297.9
330.2
Cash and cash equivalents
253.4
53.6
22.2
329.2
373.0
Current liabilities
(242.7)
(73.5)
(73.0)
(389.2)
(496.0)
Non-current liabilities
(5,550.9)
(229.6)
(227.0)
(6,007.5)
(5,725.3)
1,084.1
314.7
95.5
1,494.3
1,391.6
Other adjustments
485.3
13.5
(5.8)
493.0
571.6
Share of net assets of joint ventures and associates
1,569.4
328.2
89.7
1,987.3
1,963.2
Shareholder loans
1,230.3
191.4
88.6
1,510.3
1,352.9
Interest in joint venture and associate
2,799.7
519.6
178.3
3,497.6
3,316.1
(i) Other comprises the investments the Group holds in Neos Networks Limited, Source EV Limited, Corran Environmental LP and Marron Activ8 Energies Limited. 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.
Country of Class of shares Proportion of Group Interest
Principal activity incorporation held shares held (%)
(%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Wind farm
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 wind farm. 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
2025 2024
\u00a3m \u00a3m
At 1 April
3.2
27.4
Additions in year
1.9
\u2013
Disposals in year
(0.1)
(0.4)
Transfers from/(to) investments in joint ventures and associates
4.6
(24.1)
Fair value adjustment through other comprehensive income
(0.8)
0.3
At 31 March
8.8
3.2
A3 Related undertakings A3.1.1 Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2025
address Holding
Company (Key) %
United Kingdom
Aberarder Wind Farm (Scotland) Limited
A
100.0
Aberarder Wind Farm LLP
B
100.0
Abernedd Power Company Limited
B
100.0
Aegletes III Holdco Limited
B
100.0
Aldbrough Pathfinder Limited
B
100.0
Berwick Bank A Limited
B
100.0
Berwick Bank B Limited
B
100.0
Berwick Bank C Limited
B
100.0
Berwick Bank Holdings A Limited
B
100.0
Berwick Bank Holdings B Limited
B
100.0
Berwick Bank Holdings C Limited
B
100.0
Berwick Bank Wind Farm Limited
A
100.0
Bhlaraidh Extension Wind Farm Limited
A
100.0
Bhlaraidh Wind Farm Limited
A
100.0
Building Automation Solutions Limited
D
100.0
By-Pass Farm Solar Limited
B
100.0
Coire Glas Hydro Pumped Storage Limited
A
100.0
Eastern Green Link 3 Limited
B
75.0
Enerveo Limited
T
100.0
Ferrybridge Hydrogen Limited
B
100.0
Fibre Fuel Limited
B
100.0
Fibre Power (Slough) Limited
B
100.0
Griffin Wind Farm Limited
A
100.0
Hydro Electric Pension Scheme Trustees
A
100.0
Limited
Keadby Developments Limited
E
100.0
Keadby Generation Limited
E
100.0
Keadby Next Generation Limited (formerly
B
100.0
Keadby Hydrogen Power North Limited)
Keadby Wind Farm Limited
B
100.0
LG-B-300 Limited
A
100.0
Littleton Pastures Solar Limited
B
100.0
Medway Power Limited
B
100.0
Optimal Power Networks Limited
B
100.0
Power from Waste Limited
B
100.0
Scottish and Southern Energy Power
A
100.0
Distribution Limited
Scottish Hydro Electric Power Distribution plc
A
100.0
Scottish Hydro Electric Transmission plc
A
75.0
Slough Domestic Electricity Limited
B
100.0
Slough Electricity Contracts Limited
B
100.0
Slough Energy Supplies Limited
B
100.0
Slough Heat & Power Limited
B
100.0
Slough Utility Services Limited
B
100.0
Southern Electric Power Distribution plc
B
100.0
SSE Airtricity Energy Services (NI) Limited
Q
100.0
SSE Airtricity Energy Supply (NI) Limited
F
100.0
SSE Airtricity Gas Supply (NI) Limited
F
100.0
SSE Battery Monk Fryston Limited
B
100.0
SSE Battery Salisbury Limited
B
100.0
Registered 2025
address Holding
Company (Key) %
SSE Beatrice Offshore Windfarm Holdings
A
100.0
Limited
SSE BTM HoldCo Limited
B
100.0
SSE BTM Operational Assets Limited
B
100.0
SSE Contracting Group Limited
B
100.0
SSE Cottered Solar Limited
B
100.0
SSE Daines BESS Limited
B
100.0
SSE DE Solar Holdco Limited
B
100.0
SSE Derrymeen BESS Limited (formerly Heron
F
100.0
Storage No. 1 Limited)
SSE Digital Services Limited
B
100.0
SSE Eggborough Limited
B
100.0
SSE Energy Markets Limited
B
100.0
SSE Energy Supply Limited
B
100.0
SSE Enterprise Limited
B
100.0
SSE Ewerby Solar Holdco Limited
B
100.0
SSE Ewerby Solar Limited
B
100.0
SSE Fancott BESS Limited
B
100.0
SSE Ferrybridge Battery Limited
B
100.0
SSE Fiddlers Ferry Battery Limited
B
100.0
SSE Foxholes Solar Limited
B
100.0
SSE Generation Limited
B
100.0
SSE Group Limited
A
100.0
SSE Heat Networks (Battersea) Limited
B
100.0
SSE Heat Networks Limited
A
100.0
SSE Hornsea Limited
B
100.0
SSE HV Electricity Assets Limited (formerly
B
100.0
SSE EV M7 Limited)
SSE Hydrogen Holdings Limited
B
100.0
SSE Hydrogen Developments Limited
B
100.0
SSE IAMP Microgrid Limited
B
100.0
SSE Imperial Park PN Limited
B
100.0
SSE Knapthorpe Solar Limited
B
100.0
SSE Low Carbon Developments Limited
B
100.0
SSE Low Carbon Holdings Limited
B
100.0
SSE Maple Limited
B
100.0
SSE Medway Operations Limited
B
100.0
SSE Micro Renewables Limited
A
100.0
SSE Multifuel Generation Holdings Limited
B
100.0
SSE Muskham Solar Limited
B
100.0
SSE Newchurch Solar Limited
B
100.0
SSE OWS Glasgow Limited
A
100.0
SSE Private Networks Holdco Limited
B
100.0
SSE Production Services Limited
B
100.0
SSE Renewables Holdings (UK) Limited
F
100.0
SSE Renewables International Holdings Limited
A
100.0
SSE Renewables Limited
A
100.0
SSE Renewables Offshore Windfarm Holdings
A
100.0
Limited
SSE Renewables Onshore Windfarm Holdings
F
100.0
Limited
Registered 2025
address Holding
Company (Key) %
Ganderoy Limited
C
100.0
Gartnaneane Limited
C
100.0*
Glenora Wind Farm Designated Activity
C
100.0
Company
Green Wind Energy (Wexford) Limited
C
100.0
Leanamore Wind Farm Limited
C
100.0
Limerick West Windfarm Limited
C
100.0
March Winds Limited
C
100.0
Meentycat Limited
C
100.0
Milane Holdings Limited
C
100.0
Mullananalt Wind Farm (ROI) Limited
C
100.0
Platin Power Limited
C
100.0
Richfield Windfarm (ROI) Limited
C
100.0
Sheskin South Renewables Power Designated
C
100.0
Activity Company
SSE Airtricity Distributed Energy Limited
C
100.0
SSE Airtricity Energy Services Limited
C
100.0
SSE Airtricity Limited
C
100.0
SSE Cumars\u00e1id Teoranta
C
100.0
SSE Generation Ireland Limited
C
100.0
SSE Renewables (Ireland) Limited
C
100.0
SSE Renewables Generation Ireland Limited
C
100.0
SSE Renewables Holdings (Europe) Limited
C
100.0
SSE Renewables Holdings Limited
C
100.0
SSE Renewables Off Shore Limited
C
100.0
SSE Renewables Wind (Ireland) Holdings
C
100.0
Limited
SSE Renewables Wind Farms (Ireland) Limited
C
100.0
Sure Partners Limited
C
100.0
SSE Renewables Tinnycross Battery Storage
C
100.0
Limited (formerly Thornsberry Battery
Storage Limited)
Tournafulla Windfarm (ROI) Limited
C
100.0
France
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Belle Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
AE
100.0
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
AE
100.0
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
la Voie Pou\u00e7oise
Registered 2025
address Holding
Company (Key) %
United Kingdom continued
SSE Renewables Poland Holdings Limited
A
100.0
SSE Renewables Services (UK) Limited
F
100.0
SSE Renewables Solar & Battery Holdings
B
100.0
Limited
SSE Renewables UK Limited
F
100.0
SSE Renewables Wind Farms (UK) Limited
A
100.0
SSE Retail Limited
A
100.0
SSE Seabank Investments Limited
B
100.0
SSE Seabank Land Investments Limited
B
100.0
SSE Services plc
B
100.0
SSE Southern Group Trustee Limited
B
100.0
SSE Staythorpe Battery Limited
B
100.0
SSE Staythorpe Power Limited
B
100.0
SSE Staythorpe SGT Limited
B
100.0
SSE Staythorpe Solar Limited
B
100.0
SSE Southery Solar Limited
B
100.0
SSE Stock Limited
A
100.0
SSE Thermal Energy Holdings Limited
B
100.0
SSE Thermal Energy Operations Limited
B
100.0
SSE Thermal Generation (Scotland) Limited
A
100.0
SSE Thermal Generation Holdings Limited
B
100.0
SSE Toddleburn Limited
A
100.0
SSE Trading Limited
B
100.0
SSE Trustees Limited
B
100.0
SSE Utility Services Limited
B
100.0
SSE Utility Solutions Limited
B
100.0
SSE Venture Capital Limited
A
100.0
SSE Viking Limited
B
100.0
SSE(SE) Quest Trustee Limited
B
100.0
SSEN Distribution Limited
A
100.0
SSEPG (Operations) Limited
B
100.0
Strathy Wind Farm Limited
A
100.0
Tealing Solar Park Limited
B
100.0
TESGL Limited
D
100.0
The Energy Solutions Group Bidco Limited
D
100.0
The Energy Solutions Group Midco Limited
D
100.0
The Energy Solutions Group Topco Limited
D
100.0
Viking Energy (Scottish Partnership)
A
100.0
Viking Energy Wind Farm LLP
A
100.0
Ireland
Airtricity Windfarm Finance Limited
C
100.0
Arklow Offshore Phase II Company Limited
C
100.0
Bindoo Windfarm (ROI) Limited
C
100.0
Brickmount Limited
C
100.0
Comhlacht Gaoithe Teoranta
C
100.0
Coomacheo Wind Farm Limited
C
100.0
Coomatallin Windfarm (ROI) Limited
C
100.0*
Curragh Mountain Windfarm Limited
C
100.0
Dedondo Limited
C
100.0
Dromada Windfarm (ROI) Limited
C
100.0
Drumnahough Wind Farm Designated Activity
C
100.0
Company
Enerveo Ireland Limited
Z
100.0
Galway Wind Park Phase 3 Designated Activity
C
100.0
Company
Registered 2025
address Holding
Company (Key) %
France continued
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Moulins du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
SARL
AE
100.0
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
AE
100.0
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Souvans SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
AE
100.0
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
AE
100.0
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
AE
100.0
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
AE
100.0
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
AE
100.0
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du
AE
100.0
Vireaux SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
AE
100.0
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SAS
AE
100.0
(formerly Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP)
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
AE
100.0
SSE Renewables France SARL
AE
100.0
Germany
SSE Renewables Developments (Germany)
GmbH
U
100.0
Greece
Enerfarm 3 Single Member S.A. Renewable
AB
100.0
Energy Sources
Energiaki Kleidi Single Member S.A.
AB
100.0
Energiaki Mavrovouniou Single Member Private
AB
100.0
Company
Energiaki Mesovouniou Single Member S.A.
AB
100.0
Energiaki Platorrachis Single Member S.A.
AB
100.0*
Energiaki Velanidias Single Member S.A.
AB
100.0
SSE Renewables Hellas Single Member S.A.
AB
100.0
Isle of Man
SSE Insurance Limited
G
100.0
Italy
SPV Parco Eolico Libeccio S.r.l.
AC
100.0
SPV Parco Eolico Maestrale S.r.l.
AC
100.0
SPV Parco Eolico Tramontana S.r.l.
AC
100.0
SSE Renewables Italy S.r.l. (formerly Energia
AC
100.0
Levante S.r.l.)
Registered 2025
address Holding
Company (Key) %
Japan
Aichi Offshore Wind Power No. 1 G.K.
Y
80.0
Aichi Offshore Wind Power No. 2 G.K.
Y
80.0
Enshunada Offshore Wind Power No. 1 G.K.
Y
80.0
Goto-Fukue Offshore Wind Power G.K.
Y
80.0
Izu Islands Offshore Wind Power No. 1 G.K.
Y
80.0
Minami-Izu Offshore Wind Power No. 1 G.K.
Y
80.0
Niigata Offshore Wind Power No.1 G.K.
Y
80.0
Oki Islands Offshore Wind Power G.K.
Y
80.0
SSE Pacifico K.K.
Y
80.0
SSE Yuza Offshore Wind Power G.K.
Y
80.0
Tokushima Offshore Wind Power G.K.
Y
80.0
Wakayama-West Offshore Wind Power No. 1
Y
80.0
G.K.
Wakayama-West Offshore Wind Power No.2
Y
80.0
G.K.
Netherlands
SSE Renewables (Netherlands) Holdings B.V.
AA
100.0
SSE Renewables Developments (The
Netherlands) B.V.
AA
100.0
SSE Sunflower Offshore Wind Holdco B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner 1
AA
100.0
B.V.
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
2 B.V.
SSE Sunflower Offshore Wind Limited Partner
3 B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
4 B.V.
SSE Tulip Offshore Wind Holdco B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 1 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 2 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 3 B.V.
AA
100.0
Poland
IBC SE PL3 sp. z o.o
AJ
100.0
IBC SE PL20 sp. z o.o.
AJ
100.0
IBC SE PL22 sp. z o.o.
AJ
100.0
IBC SE PL23 sp. z o.o.
AJ
100.0
IBC SE PL24 sp. z o.o.
AJ
100.0
IBC SE PL34 sp. z o.o.
AJ
100.0
Pomerania PV sp z.o.o.
AJ
100.0
SSE Renewables Poland sp z.o.o.
X
100.0
Spain
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ariel S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Boreas S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos del Sur S.A.U.
AD
100.0
Sistemas Energ\u00e9ticos Eolo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Gregal S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Marte S.L. U.
AD
100.0
Sistemas Energ\u00e9ticos Mercurio S.L.U.
AD
100.0
Registered 2025
address Holding
Company (Key) %
Spain continued
Sistemas Energ\u00e9ticos Neptuno S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Terral S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Urano S.L.U.
AD
100.0
SSE Renewables Southern Europe S.L.
AD
100.0
(formerly Sistemas Energ\u00e9ticos Carril, S.L.U.)
SSE Renewables Spain, S.L. (formerly Sistemas
AD
100.0
Energ\u00e9ticos Loma del Reposo, S.L.U.)
United States
SSE Renewables North America Inc.
W
100.0
SSE Renewables North America Offshore
Wind LLC.
W
100.0
SSE Renewables North America Services Inc
W
100.0
All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held.
Registered
Company number
Aberarder Wind Farm LLP
OC398487
Aegletes III Holdco Limited
13665453
Aldbrough Pathfinder Limited
15238323
Bhlaraidh Wind Farm Limited
SC663027
By-Pass Farm Solar Limited
12558977
Fibre Power (Slough) Limited
02902170
Griffin Wind Farm Limited
SC245113
Keadby Next Generation Limited (formerly Keadby 15866301
Hydrogen Power North Limited)
Keadby Wind Farm Limited
06852112
LG-B-300 Limited
SC765613
Littleton Pastures Solar Limited
12638974
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM Operational Assets Limited
14885059
SSE Contracting Group Limited
02471438
SSE Cottered Solar Limited
15346645
SSE Daines BESS Limited
15344013
SSE DE Solar HoldCo Limited
14189570
SSE Derrymeen BESS Limited (formerly Heron NI697259
Storage No. 1 Limited)
SSE Digital Services Limited
14621186
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE Group Limited
SC126049
SSE HV Electricity Assets Limited (formerly SSE EV 14418288
M7 Limited)
SSE Hydrogen Developments Limited
15238086
SSE Hydrogen Holdings Limited
15231331
SSE IAMP Microgrid Limited
15333093
SSE Imperial Park PN Limited
02631510
SSE Low Carbon Developments Limited
15069108
Registered
Company number
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE Multifuel Generation Holdings Limited
12661566
SSE Newchurch Solar Limited
15348120
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
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 Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Thermal Generation Holdings Limited
12662248
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
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 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
AtlasConnect Limited
A
50.0
H2Northeast Limited
H
50.0
Baglan Pipeline Limited
K
50.0
Indian Queens Power Limited
AF
50.0
Beatrice Offshore Windfarm Holdco Limited
A
40.0
Marchwood Power Limited
N
50.0
Beatrice Offshore Windfarm Limited
A
40.0
Neos Networks Limited
A
50.0
Clyde Windfarm (Scotland) Limited **
A
50.1
NNXYZ Limited
B
50.0
DB Operational Base Limited
J
40.0
North Falls Offshore Wind Farm Holdco Limited AG
50.0
Deeside Power (UK) Limited
AF
50.0
North Falls Offshore Wind Farm Limited
AG
50.0
Deeside Power Operations Limited
AF
50.0
Ossian Offshore Wind Farm Holdings Limited
A
40.0
Digital Reach Partners Limited
A
50.0
Ossian Offshore Wind Farm Limited
A
40.0
Doggerbank Offshore Wind Farm Project 1
B
40.0
Pride (SERP) Limited
AI
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 1
B
40.0
Saltend Cogeneration Company Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
Saltend Operations Company Limited
AF
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
SCCL Holdings Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seabank Power Limited
O
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seagreen 1A (Holdco) Limited
B
49.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3 And
4 Holdco Limited
B
50.0
Seagreen 1A Limited
B
49.0
Doggerbank Offshore Wind Farm Project 3 And
4 Leaseco Limited
B
50.0
Seagreen Alpha Wind Energy Limited
B
49.0
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Bravo Wind Energy Limited
B
49.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Holdco 1 Limited
B
49.0
Projco Limited
Dunmaglass Wind Farm Limited
A
50.1
Seagreen Wind Energy Limited
B
49.0
Eastern Green Link 2 Limited ***
B
50.0
Source EV Limited (formerly SSE DE EV
AK
50.0
Holdco Limited)
Fearna PSH Limited
B
50.0
Source EV UK Limited (formerly SSE EV
AK
50.0
Operational Assets Limited)
Greater Gabbard Offshore Winds Limited ***
B
50.0
SSE Slough Multifuel Holdco Limited
B
50.0
Green H2 Developments Hold Co Limited
B
50.0
SSE Slough Multifuel Limited
B
50.0
Green H2 Developments Project Co Limited
B
50.0
Stronelairg Wind Farm Limited
A
50.1
H2NE Parentco Limited
H
50.0
Ireland
Allbrite Heatpump Specialists Limited
R
25.0
Green Way Energy Limited
M
50.0
Bellair Wind Farm Designated Activity Company I
50.0
Kerry Power Limited
M
49.0
Cloosh Valley Wind Farm Designated Activity
L
25.0
Kilberry Wind Farm Designated Activity
I
50.0
Company Company
Cloosh Valley Wind Farm Holdings Designated
L
25.0
Lemanaghan Wind Farm Designated Activity
I
50.0
Activity Company Company
Coolnagun Wind Farm Designated Activity
I
50.0
Lenalea Wind Farm Designated Activity
C
50.0
Company Company
Cornafulla Wind Farm Designated Activity
I
50.0
Littleton Wind Farm Designated Activity
I
50.0
Company Company
Derryfadda Wind Farm Designated Activity
I
50.0
Marron Activ8 Energies Limited
R
50.0
Company
Everwind Limited
S
49.0
Midas Energy Limited
M
49.0
Garryhinch Wind Farm Designated Activity
I
50.0
Source EV Ireland Limited (formerly SSE EV
C
50.0
Company Ireland Operational Assets Limited)
Green Energy Company Limited
M
47.5
A3.1.2 Joint arrangements (incorporated)
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
Jersey
Triton Power Holdings Limited
AH
50.0
Triton Power Limited
AH
50.0
Triton Power Intermediate Holdings Limited
AH
50.0
Netherlands
Lely Alpha Offshore Wind General Partner B.V.
AA
50.0
Lely Alpha Offshore Wind Projco C.V.
AA
50.0
Spain
ICE Santa Engracia, S.L.U.
V
44.6
** 50.1% of voting rights held *** Joint Operation A3.1.3 Associates
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
Corran Environmental LP
AL
100.0
St Clements Services Limited
P
25.0
A3.1.4 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
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
3rd Floor, Millennium House, 25 Great Victoria Street, Belfast, BT2 7AQ
G
Tower House, Loch Promenade, Douglas, Isle of Man
H
Suite 1 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL
I Main St, Newbridge, Kildare, Ireland
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 \u2013 6 Church Walk, Daventry, NN11 4BL
Q
Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R
Nexus N2 Business Park, Carrickmacross, Monaghan, A81 XK73, Ireland
S
Gorthleahy, Macroom, Co Cork, Ireland
T
Second Floor Eagle Court 2, Hatchford Way, Birmingham B26 3RZ
U
c/o Bird & Bird LLP, Maximiliansplatz 22, Munich 80333
V Calle de la Portalada, 50, 26.006, Logro\u00f1o (La Rioja), Spain
W
United Agent Group Inc, 1521 Concord Pike, Suite 201, Wilmington DE 19803
X Towarowa no.28, suite 00-839, 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, 1
1526,
Athens, Greece
AC
Viale Luca Gaurico, 91/93, 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
Level 12, The Shard, 32 London Bridge Street, London, SE1 9SG
AJ
Plac Marsza\u0142ka J\u00f3zefa Pi\u0142sudskiego 2 00-073 Warsaw
AK
19th Floor 10 Upper Bank Street, London, England, E14 5BF
AL
4th Floor, 7 Castle Street, Edinburgh, EH2 3AH
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:
Class of Proportion of
Company shares held
shares held %
Group Interest %
Year end date
Consolidation basis
United Kingdom
Seabank Power Limited
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Holdco Limited
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Ordinary
50.1
50.1
31 March
Equity
Seagreen Holdco 1 Limited
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Holdco Limited
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Neos Networks Limited
Ordinary
50.0
50.0
31 March
Equity
Doggerbank Offshore Wind Farm Project 1 Holdco
Ordinary
40.0
40.0
31 March
Equity
Limited
Jersey
Triton Power Holdings Limited
Ordinary
50.0
50.0
31 December
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
288.1
96.3
60.0
194.6
354.0
171.1
37.7
106.6
402.6
128.9
14.8
83.2
1,937.9
Other income
\u2013
\u2013
\u2013
\u2013
2 3 . 2
2 4 5 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
269.0
Depreciation and
amortisation
(7.0)
(35.0)
(8.4)
(29.2)
(98.6)
(88.0)
(8.0)
(13.7)
(34.5)
(98.6)
(2.2)
(36.1)
(459.3)
Other operating
costs
(241.9)
(19.5)
(21.0)
(41.4)
(89.6)
(94.8)
(8.1)
(20.4)
(420.3)
(74.7)
(6.8)
(59.4)
(1,097.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
(53.8)
\u2013
\u2013
\u2013
(3.4)
\u2013
\u2013
\u2013
(57.2)
Operating profit
39.2
41.8
30.6
124.0
135.2
234.0
21.6
72.5
(55.6)
(44.4)
5.8
(12.2)
592.5
Interest expense
1.4
(1.6)
(15.2)
(18.5)
(209.3)
(59.3)
(6.2)
(11.9)
5.1
(22.3)
(1.5)
(8.7)
(348.0)
Profit before tax
40.6
40.2
15.4
105.5
(74.1)
174.7
15.4
60.6
(50.5)
(66.7)
4.3
(20.9)
244.5
Corporation tax
(11.1)
(9.2)
3.8
(26.9)
63.5
(22.7)
(3.4)
(14.8)
14.9
\u2013
(1.1)
(0.7)
(7.7)
Profit after tax
29.5
31.0
19.2
78.6
(10.6)
152.0
12.0
45.8
(35.6)
(66.7)
3.2
(21.6)
236.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.6
\u2013
(3.3)
(12.8)
\u2013
\u2013
\u2013
\u2013
(49.8)
9.7
(55.6)
Taxation
\u2013
\u2013
\u2013
\u2013
0 . 8
3 . 3
\u2013
\u2013
\u2013
\u2013
1 2 . 5
(2.6)
14.0
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.8
15.8
\u2013
\u2013
0 . 6
\u2013
( 2 . 5 )
( 9 . 5 )
\u2013
\u2013
\u2013
\u2013
( 3 7 . 3 )
22.9
(25.8)
Total
comprehensive
income/(loss)
29.5
31.0
19.8
78.6
(13.1)
142.5
12.0
45.8
(35.6)
(66.7)
(34.1)
1.3
211.0
SSE share of
profit (based on
% equity)
14.8
15.5
9.6
39.4
(5.2)
60.8
6.0
22.9
(17.8)
(33.4)
1.3
(24.0)
89.9
Dividends paid to
shareholders
47.0
44.2
\u2013
102.0
38.9
119.3
12.4
55.0
\u2013
\u2013
\u2013
11.1
429.9
Non-current
assets
82.8
114.1
471.4
510.1
3,027.6
1,750.4
165.2
304.7
184.1
493.9
3,670.4
5,966.4
16,741.1
Current assets
56.7
8.5
14.9
86.8
47.2
62.7
16.7
49.8
164.1
26.3
21.6
68.4
623.7
Cash and cash
equivalents
51.8
20.7
21.9
45.1
95.3
104.0
18.4
27.7
5.1
23.1
60.6
255.7
729.4
Current liabilities
(44.9)
(18.2)
(11.1)
(42.8)
(13.0)
(199.7)
(7.3)
(25.5)
(68.7)
(121.2)
(86.7)
(227.5)
(866.6)
Non-current
liabilities
(26.3)
(29.5)
(370.6)
(431.7)
(2,424.9)
(1,619.6)
(144.8)
(262.5)
(12.3)
(373.0)
(3,042.7)
(5,276.7)
(14,014.6)
Net assets
120.1
95.6
126.5
167.5
732.2
97.8
48.2
94.2
272.3
49.1
623.2
786.3
3,213.0
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
Group\u2019s share of
ownership
interest
60.1
47.8
63.3
83.9
358.8
39.1
24.1
47.2
136.2
24.6
249.3
359.9
1,494.3
Other
adjustments
(20.4)
(0.3)
31.7
39.9
100.3
(1.1)
65.5
202.9
1.6
(23.3)
2.4
93.8
493.0
Carrying value of
Group\u2019s equity
interest
39.7
47.5
95.0
123.8
459.1
38.0
89.6
250.1
137.8
1.3
251.7
453.7
1,987.3
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2024 2024 2025 2024 2024 2025 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
\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
D e r i v a t i v e s
\u2013
\u2013
\u2013
\u2013
1 6 7 . 4
\u2013
\u2013
\u2013
( 4 1 . 2 )
\u2013
\u2013
\u2013
1 2 6 . 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
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
Total
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)
(3,005.8)
(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) 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 \u00a3118.8m (2024: \u00a3119.2m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a390.6m (2024: \u00a387.3m) and Ossian Offshore Wind Farm Limited \u00a360.8m (2024: \u00a355.3m). In addition to the above at 31 March 2025, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a3nil (2024: \u00a312.2m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2024: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2024: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2024: \u00a388.7m); Neos Networks Limited \u00a383.5m (2024: \u00a357.7m); Seagreen Wind Energy Limited \u00a3646.0m (2024: \u00a3686.4m); SSE Slough Multifuel Limited \u00a3181.3m (2024: \u00a3157.8m) and Doggerbank A Offshore Windfarm Limited \u00a3188.3m (2024: \u00a387.7m). This represents 92% (2024: 93%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-707": { "value": "16 Investments 16.1 Joint Ventures and associates
2025
2024
Equity Loans Total Equity Loans Total
Share of net assets/cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,963.2
1,352.9
3,316.1
1,975.7
1,115.4
3,091.1
Additions
153.4
280.0
433.4
280.6
244.7
525.3
Repayment of shareholder loans
\u2013
( 1 2 1 . 7 )
( 1 2 1 . 7 )
\u2013
(14.6)
(14.6)
Dividends received
(200.6)
\u2013
(200.6)
(223.7)
\u2013
(223.7)
Share of profit after tax
(i)
\u2013 continuing operations
91.6
\u2013
91.6
115.9
\u2013
115.9
Share of other comprehensive income
(0.9)
\u2013
(0.9)
(40.9)
\u2013
(40.9)
Disposals
\u2013
\u2013
\u2013
(3.0)
\u2013
(3.0)
Transfer \u2013 equity to loans
\u2013
\u2013
\u2013
(54.4)
54.4
\u2013
Transfers \u2013 other investments
(4.6)
\u2013
(4.6)
24.1
\u2013
24.1
Impairments
(ii)
\u2013
\u2013
\u2013
(90.8)
(46.0)
(136.8)
Investment decrease in respect of financial
guarantees
(iii)
(12.1)
\u2013
(12.1)
(18.9)
\u2013
(18.9)
Exchange rate adjustments
(2.7)
(0.9)
(3.6)
(1.4)
(1.0)
(2.4)
At 31 March
1,987.3
1,510.3
3,497.6
1,963.2
1,352.9
3,316.1
(i) Of the \u00a391.6m (2024: \u00a3115.9m) share of profits from continuing operations, only \u00a389.9m (2024: \u00a3114.1m) is recognised through the income statement. The \u00a31.7m (2024: \u00a31.8m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments in the year ended 31 March 2024 of \u00a3136.8m included charges of \u00a363.2m in relation to the Group\u2019s Triton joint venture, and \u00a373.6m in relation to the Group\u2019s investment in Neos Networks, which were treated as exceptional, see note 7. (iii) The investment decrease in respect of financial guarantees relates to \u00a312.5m (2024: \u00a322.2m) of unwind and expiry of guarantee contracts, less \u00a30.4m (2024: \u00a33.3m) 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 and disposals in the year On 10 September 2024 the Group sold a 50% equity share in SSE DE EV Hold Co Limited to form the 50:50 Source EV joint venture with TotalEnergies Marketing UK Limited for cash consideration of \u00a316.5m. Following the completion of the transaction, both shareholders provided the joint venture with \u00a35.1m of shareholder loans and \u00a310.0m of equity funding. During the year the Group provided equity and loans to its existing joint venture investments of \u00a3129.4m and \u00a3274.9m respectively, primarily in relation to Seagreen Holdco 1 Energy Limited and Doggerbank Offshore Wind Farm Project 1 Projco Limited. There were no significant disposals in the current year. 16.3 Acquisitions and disposals of equity in the previous year Additions in the previous 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 of equity in the previous year The Group received \u00a314.9m of cash and recognised a gain in the income statement of \u00a39.0m in relation to the disposal of investments in associates. 16.4 Principal joint ventures and associates Under IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d, 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
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
433.3
423.5
84.1
940.9
1,003.6
Other income
109.7
\u2013
\u2013
109.7
88.1
Depreciation and amortisation
(132.5)
(42.9)
(50.6)
(226.0)
(208.8)
Other operating costs
(125.2)
(351.4)
(63.7)
(540.3)
(645.4)
Operating profit
285.3
29.2
(30.2)
284.3
237.5
Interest expense
(147.4)
(5.3)
(11.6)
(164.3)
(110.7)
Changes in fair value of derivatives
(26.4)
(1.7)
\u2013
(28.1)
61.4
Corporation tax
(1.0)
(0.7)
(0.3)
(2.0)
(74.1)
Share of post taxation results
110.5
21.5
(42.1)
89.9
114.1
Recognised in other comprehensive income
Cashflow hedges
(22.8)
0.3
0.2
(22.3)
(54.5)
Taxation
5.7
\u2013
(0.1)
5.6
13.6
Other
\u2013
\u2013
15.8
15.8
\u2013
Total comprehensive income
93.4
21.8
(26.2)
89.0
73.2
Share of joint ventures and associates\u2019 assets and liabilities
2025
2025
2025
2025
2024
Thermal
Wind farms Generation
Other
(i)
Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
6,468.5
441.9
353.5
7,263.9
6,909.7
Current assets
155.8
122.3
19.8
297.9
330.2
Cash and cash equivalents
253.4
53.6
22.2
329.2
373.0
Current liabilities
(242.7)
(73.5)
(73.0)
(389.2)
(496.0)
Non-current liabilities
(5,550.9)
(229.6)
(227.0)
(6,007.5)
(5,725.3)
1,084.1
314.7
95.5
1,494.3
1,391.6
Other adjustments
485.3
13.5
(5.8)
493.0
571.6
Share of net assets of joint ventures and associates
1,569.4
328.2
89.7
1,987.3
1,963.2
Shareholder loans
1,230.3
191.4
88.6
1,510.3
1,352.9
Interest in joint venture and associate
2,799.7
519.6
178.3
3,497.6
3,316.1
(i) Other comprises the investments the Group holds in Neos Networks Limited, Source EV Limited, Corran Environmental LP and Marron Activ8 Energies Limited. 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.
Country of Class of shares Proportion of Group Interest
Principal activity incorporation held shares held (%)
(%)
Year end
Greater Gabbard Offshore Winds Limited
Offshore Wind farm
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 wind farm. 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
2025 2024
\u00a3m \u00a3m
At 1 April
3.2
27.4
Additions in year
1.9
\u2013
Disposals in year
(0.1)
(0.4)
Transfers from/(to) investments in joint ventures and associates
4.6
(24.1)
Fair value adjustment through other comprehensive income
(0.8)
0.3
At 31 March
8.8
3.2
A3.1.3 Associates
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
Corran Environmental LP
AL
100.0
St Clements Services Limited
P
25.0
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:
Class of Proportion of
Company shares held
shares held %
Group Interest %
Year end date
Consolidation basis
United Kingdom
Seabank Power Limited
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Holdco Limited
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Ordinary
50.1
50.1
31 March
Equity
Seagreen Holdco 1 Limited
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Holdco Limited
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Neos Networks Limited
Ordinary
50.0
50.0
31 March
Equity
Doggerbank Offshore Wind Farm Project 1 Holdco
Ordinary
40.0
40.0
31 March
Equity
Limited
Jersey
Triton Power Holdings Limited
Ordinary
50.0
50.0
31 December
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
288.1
96.3
60.0
194.6
354.0
171.1
37.7
106.6
402.6
128.9
14.8
83.2
1,937.9
Other income
\u2013
\u2013
\u2013
\u2013
2 3 . 2
2 4 5 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
269.0
Depreciation and
amortisation
(7.0)
(35.0)
(8.4)
(29.2)
(98.6)
(88.0)
(8.0)
(13.7)
(34.5)
(98.6)
(2.2)
(36.1)
(459.3)
Other operating
costs
(241.9)
(19.5)
(21.0)
(41.4)
(89.6)
(94.8)
(8.1)
(20.4)
(420.3)
(74.7)
(6.8)
(59.4)
(1,097.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
(53.8)
\u2013
\u2013
\u2013
(3.4)
\u2013
\u2013
\u2013
(57.2)
Operating profit
39.2
41.8
30.6
124.0
135.2
234.0
21.6
72.5
(55.6)
(44.4)
5.8
(12.2)
592.5
Interest expense
1.4
(1.6)
(15.2)
(18.5)
(209.3)
(59.3)
(6.2)
(11.9)
5.1
(22.3)
(1.5)
(8.7)
(348.0)
Profit before tax
40.6
40.2
15.4
105.5
(74.1)
174.7
15.4
60.6
(50.5)
(66.7)
4.3
(20.9)
244.5
Corporation tax
(11.1)
(9.2)
3.8
(26.9)
63.5
(22.7)
(3.4)
(14.8)
14.9
\u2013
(1.1)
(0.7)
(7.7)
Profit after tax
29.5
31.0
19.2
78.6
(10.6)
152.0
12.0
45.8
(35.6)
(66.7)
3.2
(21.6)
236.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.6
\u2013
(3.3)
(12.8)
\u2013
\u2013
\u2013
\u2013
(49.8)
9.7
(55.6)
Taxation
\u2013
\u2013
\u2013
\u2013
0 . 8
3 . 3
\u2013
\u2013
\u2013
\u2013
1 2 . 5
(2.6)
14.0
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.8
15.8
\u2013
\u2013
0 . 6
\u2013
( 2 . 5 )
( 9 . 5 )
\u2013
\u2013
\u2013
\u2013
( 3 7 . 3 )
22.9
(25.8)
Total
comprehensive
income/(loss)
29.5
31.0
19.8
78.6
(13.1)
142.5
12.0
45.8
(35.6)
(66.7)
(34.1)
1.3
211.0
SSE share of
profit (based on
% equity)
14.8
15.5
9.6
39.4
(5.2)
60.8
6.0
22.9
(17.8)
(33.4)
1.3
(24.0)
89.9
Dividends paid to
shareholders
47.0
44.2
\u2013
102.0
38.9
119.3
12.4
55.0
\u2013
\u2013
\u2013
11.1
429.9
Non-current
assets
82.8
114.1
471.4
510.1
3,027.6
1,750.4
165.2
304.7
184.1
493.9
3,670.4
5,966.4
16,741.1
Current assets
56.7
8.5
14.9
86.8
47.2
62.7
16.7
49.8
164.1
26.3
21.6
68.4
623.7
Cash and cash
equivalents
51.8
20.7
21.9
45.1
95.3
104.0
18.4
27.7
5.1
23.1
60.6
255.7
729.4
Current liabilities
(44.9)
(18.2)
(11.1)
(42.8)
(13.0)
(199.7)
(7.3)
(25.5)
(68.7)
(121.2)
(86.7)
(227.5)
(866.6)
Non-current
liabilities
(26.3)
(29.5)
(370.6)
(431.7)
(2,424.9)
(1,619.6)
(144.8)
(262.5)
(12.3)
(373.0)
(3,042.7)
(5,276.7)
(14,014.6)
Net assets
120.1
95.6
126.5
167.5
732.2
97.8
48.2
94.2
272.3
49.1
623.2
786.3
3,213.0
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
Group\u2019s share of
ownership
interest
60.1
47.8
63.3
83.9
358.8
39.1
24.1
47.2
136.2
24.6
249.3
359.9
1,494.3
Other
adjustments
(20.4)
(0.3)
31.7
39.9
100.3
(1.1)
65.5
202.9
1.6
(23.3)
2.4
93.8
493.0
Carrying value of
Group\u2019s equity
interest
39.7
47.5
95.0
123.8
459.1
38.0
89.6
250.1
137.8
1.3
251.7
453.7
1,987.3
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2024 2024 2025 2024 2024 2025 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
\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
D e r i v a t i v e s
\u2013
\u2013
\u2013
\u2013
1 6 7 . 4
\u2013
\u2013
\u2013
( 4 1 . 2 )
\u2013
\u2013
\u2013
1 2 6 . 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
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
Total
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)
(3,005.8)
(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) 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 \u00a3118.8m (2024: \u00a3119.2m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a390.6m (2024: \u00a387.3m) and Ossian Offshore Wind Farm Limited \u00a360.8m (2024: \u00a355.3m). In addition to the above at 31 March 2025, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a3nil (2024: \u00a312.2m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2024: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2024: \u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2024: \u00a388.7m); Neos Networks Limited \u00a383.5m (2024: \u00a357.7m); Seagreen Wind Energy Limited \u00a3646.0m (2024: \u00a3686.4m); SSE Slough Multifuel Limited \u00a3181.3m (2024: \u00a3157.8m) and Doggerbank A Offshore Windfarm Limited \u00a3188.3m (2024: \u00a387.7m). This represents 92% (2024: 93%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-624": { "value": "
17
Inventories
2025 2024
\u00a3m \u00a3m
Fuel and consumables
170.9
155.3
Certificates and allowances
268.1
205.1
Gas held in storage
57.6
23.1
Less: provisions held
(33.7)
(40.5)
462.9
343.0
Where ROCs and Renewable Energy Guarantees of Origin (\u201cREGOs\u201d) 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 \u00a3571.9m within cost of sales in the year (2024: \u00a3562.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-625": { "value": "
18
Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current assets
Loan note receivable and other non-current receivable
199.9
170.1
Current assets
Trade receivables
1,480.2
1,305.5
Unbilled energy income
521.1
663.7
Other receivables
56.2
82.6
Cash posted as collateral and other deposits
19.2
9.3
Other prepayments and accrued income
866.5
593.0
2,943.2
2,654.1
Total trade and other receivables
3,143.1
2,824.2
The non-current loan note receivable includes \u00a3193.5m (2024: \u00a3170.1m) payable by Ovo Holdings Limited by 2029 and \u00a36.4m (2024: \u00a3nil)
recognised on the disposal of the Group\u2019s gas metering business on 17 March 2025. 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 \u00a314.6m (2024: \u00a320.7m).
Cash posted as collateral includes amounts deposited on commodity trading exchanges of \u00a39.6m (2024: \u00a39.3m).
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-745": { "value": "18 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current assets
Loan note receivable and other non-current receivable
199.9
170.1
Current assets
Trade receivables
1,480.2
1,305.5
Unbilled energy income
521.1
663.7
Other receivables
56.2
82.6
Cash posted as collateral and other deposits
19.2
9.3
Other prepayments and accrued income
866.5
593.0
2,943.2
2,654.1
Total trade and other receivables
3,143.1
2,824.2
The non-current loan note receivable includes \u00a3193.5m (2024: \u00a3170.1m) payable by Ovo Holdings Limited by 2029 and \u00a36.4m (2024: \u00a3nil) recognised on the disposal of the Group\u2019s gas metering business on 17 March 2025. 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 \u00a314.6m (2024: \u00a320.7m). Cash posted as collateral includes amounts deposited on commodity trading exchanges of \u00a39.6m (2024: \u00a39.3m). 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-708": { "value": "18 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current assets
Loan note receivable and other non-current receivable
199.9
170.1
Current assets
Trade receivables
1,480.2
1,305.5
Unbilled energy income
521.1
663.7
Other receivables
56.2
82.6
Cash posted as collateral and other deposits
19.2
9.3
Other prepayments and accrued income
866.5
593.0
2,943.2
2,654.1
Total trade and other receivables
3,143.1
2,824.2
The non-current loan note receivable includes \u00a3193.5m (2024: \u00a3170.1m) payable by Ovo Holdings Limited by 2029 and \u00a36.4m (2024: \u00a3nil) recognised on the disposal of the Group\u2019s gas metering business on 17 March 2025. 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 \u00a314.6m (2024: \u00a320.7m). Cash posted as collateral includes amounts deposited on commodity trading exchanges of \u00a39.6m (2024: \u00a39.3m). 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-668": { "value": "18 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current assets
Loan note receivable and other non-current receivable
199.9
170.1
Current assets
Trade receivables
1,480.2
1,305.5
Unbilled energy income
521.1
663.7
Other receivables
56.2
82.6
Cash posted as collateral and other deposits
19.2
9.3
Other prepayments and accrued income
866.5
593.0
2,943.2
2,654.1
Total trade and other receivables
3,143.1
2,824.2
The non-current loan note receivable includes \u00a3193.5m (2024: \u00a3170.1m) payable by Ovo Holdings Limited by 2029 and \u00a36.4m (2024: \u00a3nil) recognised on the disposal of the Group\u2019s gas metering business on 17 March 2025. 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 \u00a314.6m (2024: \u00a320.7m). Cash posted as collateral includes amounts deposited on commodity trading exchanges of \u00a39.6m (2024: \u00a39.3m). 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-729": { "value": "
2025 2024
\u00a3m \u00a3m
Non-current assets
Loan note receivable and other non-current receivable
199.9
170.1
Current assets
Trade receivables
1,480.2
1,305.5
Unbilled energy income
521.1
663.7
Other receivables
56.2
82.6
Cash posted as collateral and other deposits
19.2
9.3
Other prepayments and accrued income
866.5
593.0
2,943.2
2,654.1
Total trade and other receivables
3,143.1
2,824.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-626": { "value": "
19
Trade and other payables
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
710.7
656.7
Contract related liabilities
(i)
127.9
95.2
Cash held as collateral
82.5
362.5
Other creditors
441.6
473.0
Other accruals
(ii)
1,535.2
1,735.1
2,897.9
3,322.5
Non-current liabilities
Contract related liabilities
(i)
164.3
158.4
Deferred income and other accruals
(ii)
1,083.6
934.4
1,247.9
1,092.8
Total trade and other payables
4,145.8
4,415.3
(i) Current contract related liabilities includes customer contributions of \u00a315.1m (2024: \u00a315.7m) and non-current contract related liabilities includes customer contributions of
\u00a3164.3m (2024: \u00a3158.4m).
(ii) Non-current other accruals includes government grants of \u00a35.6m (2024: \u00a36.0m).
Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a382.5m (2024: \u00a3362.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-753": { "value": "19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
710.7
656.7
Contract related liabilities
(i)
127.9
95.2
Cash held as collateral
82.5
362.5
Other creditors
441.6
473.0
Other accruals
(ii)
1,535.2
1,735.1
2,897.9
3,322.5
Non-current liabilities
Contract related liabilities
(i)
164.3
158.4
Deferred income and other accruals
(ii)
1,083.6
934.4
1,247.9
1,092.8
Total trade and other payables
4,145.8
4,415.3
(i) Current contract related liabilities includes customer contributions of \u00a315.1m (2024: \u00a315.7m) and non-current contract related liabilities includes customer contributions of \u00a3164.3m (2024: \u00a3158.4m). (ii) Non-current other accruals includes government grants of \u00a35.6m (2024: \u00a36.0m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a382.5m (2024: \u00a3362.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-746": { "value": "19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
710.7
656.7
Contract related liabilities
(i)
127.9
95.2
Cash held as collateral
82.5
362.5
Other creditors
441.6
473.0
Other accruals
(ii)
1,535.2
1,735.1
2,897.9
3,322.5
Non-current liabilities
Contract related liabilities
(i)
164.3
158.4
Deferred income and other accruals
(ii)
1,083.6
934.4
1,247.9
1,092.8
Total trade and other payables
4,145.8
4,415.3
(i) Current contract related liabilities includes customer contributions of \u00a315.1m (2024: \u00a315.7m) and non-current contract related liabilities includes customer contributions of \u00a3164.3m (2024: \u00a3158.4m). (ii) Non-current other accruals includes government grants of \u00a35.6m (2024: \u00a36.0m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a382.5m (2024: \u00a3362.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-709": { "value": "19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
710.7
656.7
Contract related liabilities
(i)
127.9
95.2
Cash held as collateral
82.5
362.5
Other creditors
441.6
473.0
Other accruals
(ii)
1,535.2
1,735.1
2,897.9
3,322.5
Non-current liabilities
Contract related liabilities
(i)
164.3
158.4
Deferred income and other accruals
(ii)
1,083.6
934.4
1,247.9
1,092.8
Total trade and other payables
4,145.8
4,415.3
(i) Current contract related liabilities includes customer contributions of \u00a315.1m (2024: \u00a315.7m) and non-current contract related liabilities includes customer contributions of \u00a3164.3m (2024: \u00a3158.4m). (ii) Non-current other accruals includes government grants of \u00a35.6m (2024: \u00a36.0m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a382.5m (2024: \u00a3362.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-669": { "value": "19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
710.7
656.7
Contract related liabilities
(i)
127.9
95.2
Cash held as collateral
82.5
362.5
Other creditors
441.6
473.0
Other accruals
(ii)
1,535.2
1,735.1
2,897.9
3,322.5
Non-current liabilities
Contract related liabilities
(i)
164.3
158.4
Deferred income and other accruals
(ii)
1,083.6
934.4
1,247.9
1,092.8
Total trade and other payables
4,145.8
4,415.3
(i) Current contract related liabilities includes customer contributions of \u00a315.1m (2024: \u00a315.7m) and non-current contract related liabilities includes customer contributions of \u00a3164.3m (2024: \u00a3158.4m). (ii) Non-current other accruals includes government grants of \u00a35.6m (2024: \u00a36.0m). Cash held as collateral relates to amounts received from commodity trading exchanges of \u00a382.5m (2024: \u00a3362.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-730": { "value": "
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
710.7
656.7
Contract related liabilities
(i)
127.9
95.2
Cash held as collateral
82.5
362.5
Other creditors
441.6
473.0
Other accruals
(ii)
1,535.2
1,735.1
2,897.9
3,322.5
Non-current liabilities
Contract related liabilities
(i)
164.3
158.4
Deferred income and other accruals
(ii)
1,083.6
934.4
1,247.9
1,092.8
Total trade and other payables
4,145.8
4,415.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-627": { "value": "20 Provisions Legal and Employee Decommissioning restructuring related Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 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 Charged in the year \u2013 2.4 6.5 10.9 19.8 Decrease in decommissioning provision (25.5) \u2013 \u2013 \u2013 (25.5 Unwind of discount 27.2 \u2013 \u2013 \u2013 27.2 Released during the year \u2013 \u2013 (3.5) \u2013 (3.5 Utilised during the year (17.6) (0.4) (0.4) (5.3) (23.7 Exchange rate adjustments (2.8) \u2013 \u2013 \u2013 (2.8 At 31 March 2025 717.0 2.4 15.4 21.8 756.6 At 31 March 2025 Non-current 656.3 \u2013 8.9 10.9 676.1 Current 60.7 2.4 6.5 10.9 80.5 717.0 2.4 15.4 21.8 756.6 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 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 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 Value of Provision Number of Forecast
31 March 2025 decommissioning decommissioning 31 March 2024 decommissioning decommissioning
Business Unit \u00a3m sites dates \u00a3m sites dates
Renewables
236.3
58
2026 \u2013 2064
230.7
52
2025 \u2013 2065
Thermal
165.0
17
2025 \u2013 2050
169.9
17
2024 \u2013 2050
Gas Storage
114.1
18\ue006
1
2025 \u2013 2049
115.4
18
1
2024 \u2013 2049
Gas Production
201.6
4\ue006
2
2025 \u2013 2040
219.7
4
2
 2024 \u2013 2040
Total
717.0
735.7
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 decreased during the year from \u00a3735.7m to \u00a3717.0m, primarily due to the decrease in the risk
free discount rates and the impact of life extension to certain Thermal CCGT plants moving the expected timing of cash outflows further
into the future. While the long term inflation rate remains stable at 3.2% (2024: 3.2%), the increase in the risk free discount rates applied
of between 4.7%-5.2% (2024: 3.9%-4.4%) has resulted in a reduction in the present value of the decommissioning provision.
Impact of climate change on the Group\u2019s decommissioning provisions
The Group has assessed the impact of climate change on its decommissioning provisions. The useful economic lives of Peterhead,
Medway and Keadby CCGTs have been extended during the year, following a technical assessment of their ability to continue to operate to
2035, and following the UK Government\u2019s publication of its UK Clean Power 2030 Action Plan, reaffirming the role of unabated gas to the
security of energy supply during the energy transition. As a result, the transition risk in relation to the enactment of legislation that would
result in the earlier closure of its unabated gas fired power stations is no longer considered to be material. There is a physical risk that due
to changes in weather patterns, the projected costs in relation to decommissioning could increase. The decommissioning provision
included in the table above for these assets is based on a best estimate of the costs to be incurred at the balance sheet date. In the
sensitivity analysis below, a scenario has been included assuming costs will increase and this takes account of the physical climate
change risk.
Sensitivity analysis
Sensitivity analysis reflecting reasonably probable fluctuations to the main assumptions used in the calculation of the decommissioning
provisions is set out below:
2025 2024
Estimated decommissioning provision including: \u00a3m \u00a3m
Increasing the projected cost estimate by 10%
775.3
804.8
Increasing the inflation rate by 1.0%
774.2
808.7
Decreasing the discount rate by 0.5%
736.4
764.4
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).
The Group is currently engaged in an Operating Model and Efficiency Review which is expected to conclude during the next financial year
as referred to at note 7. In accordance with IAS 37 the Group has provided for committed costs in relation to the review, with further costs
expected to be recognised during FY26. The increase in this provision relates primarily to the redundancy costs associated with this review.
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 2025 and 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-670": { "value": "20 Provisions Legal and Employee Decommissioning restructuring related Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 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 Charged in the year \u2013 2.4 6.5 10.9 19.8 Decrease in decommissioning provision (25.5) \u2013 \u2013 \u2013 (25.5 Unwind of discount 27.2 \u2013 \u2013 \u2013 27.2 Released during the year \u2013 \u2013 (3.5) \u2013 (3.5 Utilised during the year (17.6) (0.4) (0.4) (5.3) (23.7 Exchange rate adjustments (2.8) \u2013 \u2013 \u2013 (2.8 At 31 March 2025 717.0 2.4 15.4 21.8 756.6 At 31 March 2025 Non-current 656.3 \u2013 8.9 10.9 676.1 Current 60.7 2.4 6.5 10.9 80.5 717.0 2.4 15.4 21.8 756.6 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 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 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 Value of Provision Number of Forecast
31 March 2025 decommissioning decommissioning 31 March 2024 decommissioning decommissioning
Business Unit \u00a3m sites dates \u00a3m sites dates
Renewables
236.3
58
2026 \u2013 2064
230.7
52
2025 \u2013 2065
Thermal
165.0
17
2025 \u2013 2050
169.9
17
2024 \u2013 2050
Gas Storage
114.1
18\ue006
1
2025 \u2013 2049
115.4
18
1
2024 \u2013 2049
Gas Production
201.6
4\ue006
2
2025 \u2013 2040
219.7
4
2
 2024 \u2013 2040
Total
717.0
735.7
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 decreased during the year from \u00a3735.7m to \u00a3717.0m, primarily due to the decrease in the risk free discount rates and the impact of life extension to certain Thermal CCGT plants moving the expected timing of cash outflows further into the future. While the long term inflation rate remains stable at 3.2% (2024: 3.2%), the increase in the risk free discount rates applied of between 4.7%-5.2% (2024: 3.9%-4.4%) has resulted in a reduction in the present value of the decommissioning provision. Impact of climate change on the Group\u2019s decommissioning provisions The Group has assessed the impact of climate change on its decommissioning provisions. The useful economic lives of Peterhead, Medway and Keadby CCGTs have been extended during the year, following a technical assessment of their ability to continue to operate to 2035, and following the UK Government\u2019s publication of its UK Clean Power 2030 Action Plan, reaffirming the role of unabated gas to the security of energy supply during the energy transition. As a result, the transition risk in relation to the enactment of legislation that would result in the earlier closure of its unabated gas fired power stations is no longer considered to be material. There is a physical risk that due to changes in weather patterns, the projected costs in relation to decommissioning could increase. The decommissioning provision included in the table above for these assets is based on a best estimate of the costs to be incurred at the balance sheet date. In the sensitivity analysis below, a scenario has been included assuming costs will increase and this takes account of the physical climate change risk. Sensitivity analysis Sensitivity analysis reflecting reasonably probable fluctuations to the main assumptions used in the calculation of the decommissioning provisions is set out below:
2025 2024
Estimated decommissioning provision including: \u00a3m \u00a3m
Increasing the projected cost estimate by 10%
775.3
804.8
Increasing the inflation rate by 1.0%
774.2
808.7
Decreasing the discount rate by 0.5%
736.4
764.4
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). The Group is currently engaged in an Operating Model and Efficiency Review which is expected to conclude during the next financial year as referred to at note 7. In accordance with IAS 37 the Group has provided for committed costs in relation to the review, with further costs expected to be recognised during FY26. The increase in this provision relates primarily to the redundancy costs associated with this review. 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 2025 and 2028. 25 Commitments and contingencies 25.1 Capital commitments
2025 2024
Capital expenditure \u00a3m \u00a3m
Contracted for but not provided
4,438.3
1,389.2
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 liabilities 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-628": { "value": "
21
Sources of \ufb01nance
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 2025, the Group\u2019s long term credit rating was
BBB+ stable outlook for Standard and Poor\u2019s and Baa1 stable outlook for Moody\u2019s. The Group is also BBB+ stable outlook with Fitch
however this rating is on an unsolicited basis.
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. Details of debt issued by the Group and maturities in the
current year are included in note 21.3.
SSE\u2019s adjusted net debt and hybrid capital was \u00a310.2bn at 31 March 2025, compared with \u00a39.4bn at 31 March 2024.
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 and other deposits with a maturity of more than three months in line with the Group\u2019s presentation
basis which is explained at note 3.1. The adjustment relating to the non-controlling interest share of Scottish Hydro Electric Transmission
plc external net debt is \u00a3817.9m at 31 March 2025 (2024: \u00a3490.2m) and relates to 25% of external loans of \u00a33,278.8m (2024: \u00a32,088.0m) net
of cash and cash equivalents of \u00a37.3m (2024: \u00a3127.4m). Cash held and posted as collateral refers to amounts received and deposited on
commodity trading exchanges which are reported within \u201cTrade and other payables\u201d and \u201cTrade and other receivables\u201d respectively on the
face of the balance sheet.
At 31 March 2025 the collateral balance was a net liability of \u00a372.9m (2024: \u00a3353.2m net liability), consisting of a liability of \u00a382.5m (2024:
\u00a3362.5m) and an asset of \u00a39.6m (2024: \u00a39.3m). The movement in the current year reflects a reduction in the variation margin on \u201cin the
money\u201d positions due to higher commodity prices, along with \u201cin the money\u201d positions maturing during the period.
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 2025 there was \u00a3891m commercial paper outstanding (2024: \u00a3840m). The Group also continues to have
access to \u00a33.0bn of revolving credit facilities (2024: \u00a33.5bn) following re-financing in the current year as detailed in note 21.3. The facilities
include \u00a31.5bn relating to Scottish Hydro Electric Transmission plc (2024: \u00a30.8bn) and \u00a31.5bn relating to SSE plc (2024: \u00a32.5bn). As at
31 March 2025 there were \u00a3340m drawings on the Scottish Hydro Electric Transmission plc facility being 23% utilisation (2024: nil utilisation)
and no drawings on the SSE plc facility (2024: nil utilisation).
The Group capital comprises:
2024
2025 \u00a3m
\u00a3m (restated*)
Total borrowings (excluding lease obligations)
10,149.4
8,726.2
Less: Cash and cash equivalents
(1,090.5)
(1,035.9)
Net debt (excluding hybrid equity)
9,058.9
7,690. 3
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(817.9)
(490.2)
Cash held/(posted) as collateral and other deposits
63.3
353.2
Adjusted net debt and hybrid capital
APM
10,186.7
9,435.7
Equity attributable to shareholders of the parent
10,181.6
9,365.8
Total capital excluding lease obligations
20,368.3
18,801.5
* The comparative has been restated. See note 1.2.
Under the terms of the revolving credit and private placement 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.
Under the terms of the Scottish Hydro Electric Transmission plc revolving credit facility and private placements the Group is required to
comply with the following financial covenant:
\u2013 Net debt to Regulatory Asset Value: Scottish Hydro Electric Transmission plc shall procure that the consolidated net debt to Regulatory
Asset Value does not at any time exceed 0.80 to 1.00 as assessed by their financial statements.
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 re-measurements.
\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.
\u2013 \u201cRelevant period\u201d means, covenant compliance is based on results for each financial year.
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 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
2025 2024
\u00a3m \u00a3m
Current
Short term loans
1,895.5
1,044.5
Lease obligations
68.5
83.5
1,964.0
1,128.0
Non-current
Loans
8,253.9
7,681.7
Lease obligations
386.5
324.0
8,640.4
8,005.7
Total loans and borrowings
10,604.4
9,133.7
Cash and cash equivalents
(1,090.5)
(1,035.9)
Unadjusted net debt
9,513.9
8,097.8
Add/(less):
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(817.9)
(490.2)
Lease obligations
(455.0)
(407.5)
Cash held/(posted) as collateral and other deposits
63.3
353.2
Adjusted net debt and hybrid capital
APM
10,186.7
9,435.7
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 2025 there was \u00a3891m commercial paper outstanding (2024: \u00a3840m). The Group also has access to \u00a33.0bn of revolving credit facilities (2024: \u00a33.5bn). On 23 October 2024 the Group\u2019s facilities were re- financed with the \u00a30.75bn facility relating to Scottish Hydro Electric Transmission plc being increased to \u00a31.5bn, the \u00a32.5bn of facilities relating to SSE plc being reduced to \u00a31.5bn by cancellation of a facility due to mature in February 2025, and the cancellation of the Distribution facility of \u00a30.25bn which is no longer required. The details of the Group\u2019s committed facilities as at 31 March 2025 are: \u2013 a \u00a31.5bn revolving credit facility for SSE plc maturing October 2029 with two 1 year extension options; and \u2013 a \u00a31.5bn revolving credit facility for Scottish Hydro Electric Transmission plc maturing October 2029 with two 1 year extension options. The re-financing of the committed facilities was undertaken to ensure the Group is set up to meet its funding obligations over the next five years, with available committed facilities on the entities that require them. The opportunity was also taken to increase the number of relationship banks from 11 to 15, which supports the Group\u2019s growth plans and funding requirements over the next five years. The \u00a31.5bn revolving credit facility for SSE plc is in place to provide back-up to the commercial paper programme and support the Group\u2019s capital expenditure plans. The Scottish Hydro Electric Transmission plc facility, was entered into to help cover the capital expenditure and working capital of that business. The terms and conditions of the re-financed revolving credit facilities contain certain sustainability-linked features which may or may not adjust the interest margin applicable to the revolving credit facilities. The rate of interest is calculated annually, subject to fulfilling certain ESG KPIs and applied prospectively. At 31 March 2025, these terms had no impact on the carrying value of the debt. As at 31 March 2025 there were \u00a3340m drawings on the Scottish Hydro Electric Transmission plc facility being 23% utilisation (2024: nil utilisation) and no drawings on the SSE plc facility (2024: nil utilisation). During the year SSE plc issued a 7 year \u20ac600m Green Bond at a coupon of 3.5%. The bond has been predominantly left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. In the year, SSE plc also issued \u00a30.9bn of debt and had \u00a31.0bn of debt maturities. The issued debt primarily relates to \u00a30.8bn of Commercial Paper being rolled at maturity, which also accounts for \u00a30.8bn of the debt maturities, with the only additional debt maturity being \u20ac320m (\u00a3204m) of 12 year US Private Placements that matured in April 2024. During the year Scottish Hydro Electric Transmission plc issued \u00a30.9bn of new debt, in addition to the drawings on the committed facility. The three issuances of new debt were as follows: \u2013 August 2024 \u2013 \u20ac850m (\u00a3715m) 8 year green Eurobond maturing 4 September 2032 with a coupon of 3.375% and an all-in GBP cost of 4.9127% once swapped back to Sterling; \u2013 June 2024 \u2013 1.5bn NOK (\u00a3111m) 10 year private placement maturing 26 June 2034 with a coupon of 4.731% and an all-in GBP cost of 5.3315% once swapped back to Sterling; and \u2013 July 2024 \u2013 \u00a330m 15 year private placement maturing 19 July 2039 with a coupon of 5.591%. Analysis of borrowings
2025
2025
2025
2025
2024
2024
2024
2024
Weighted Weighted
average Carrying average Carrying
interest Face value Fair value amount interest Face value Fair value amount
rate
(iv)
\u00a3m \u00a3m \u00a3m
rate
(iv)
\u00a3m \u00a3m \u00a3m
Current
Other Short term loans \u2013 non amortising
(ii)
5.0%
901.7
906.6
890.5
5.8%
852.4
855.7
840.4
1.250% Eurobond repayable 16 April 2025
(vi)
1.3%
531.4
531.2
531.4
\u2013
\u2013
\u2013
\u2013
0.875% \u20ac600m Eurobond repayable 8 September 2025
(ix)
0.9%
502.6
499.2
502.4
\u2013
\u2013
\u2013
\u2013
US Private Placement 16 April 2024
\u2013
-
-
-
4.4%
204.1
257.9
204.1
Within one year
1,935.7
1,937.0
1,924.3
1,056.5
1,113.6
1,044.5
Fair value adjustment
(iii)
(28.8)
\u2013
Total current borrowings
1,935.7
1,937.0
1,895.5
1,056.5
1,113.6
1,044.5
Non-Current
Bank loans \u2013 non amortising
(i)
3.5%
500.0
493.1
500.0
3.5%
500.0
484.2
499.9
Other loans \u2013 non amortising
(ii)
4.8%
340.0
340.0
340.0
\u2013
\u2013
\u2013
\u2013
1.250% Eurobond repayable 16 April 2025
(vi)
\u2013
\u2013
\u2013
\u2013
1.3%
531.4
518.8
531.4
0.875% \u20ac600m Eurobond repayable 8 September 2025
(ix)
\u2013
\u2013
\u2013
\u2013
0.9%
513.0
493.0
512.2
US Private Placement 8 June 2026
3.1%
64.0
63.0
63.8
3.1%
64.0
48.7
63.6
US Private Placement 6 September 2026
3.2%
247.1
258.9
246.2
3.2%
247.1
242.1
245.6
US Private Placement 6 September 2027
3.2%
35.0
33.3
34.8
3.2%
35.0
25.9
34.7
1.375% \u20ac650m Eurobond repayable 4 September 2027
(v) (ix)
1.4%
591.4
573.7
590.9
1.4%
591.4
553.7
590.7
1.50% Eurobond repayable 24 March 2028
(ix)
1.5%
250.0
227.5
249.5
1.5%
250.0
221.5
249.3
8.375% Eurobond repayable on 20 November 2028
8.4%
500.0
554.3
498.5
8.4%
500.0
573.3
498.1
2.875% Eurobond repayable 1 August 2029
(ix)
2.9%
544.5
539.3
543.3
\u2013
\u2013
\u2013
\u2013
Between two and five years
3,072.0
3,083.1
3,067.0
3,231.9
3,161.2
3,225.5
2.875% Eurobond repayable 1 August 2029
(ix)
\u2013
\u2013
\u2013
\u2013
2.9%
555.7
543.3
554.3
1.750% Eurobond repayable 16 April 2030
(vii)
1.8%
442.9
413.9
442.9
1.8%
442.9
403.5
442.9
5.50% Eurobond repayable on 7 June 2032
5.5%
350.0
353.1
350.1
5.5%
350.0
368.1
350.1
Private Placement 30 June 2032
3.1%
175.0
152.1
175.0
3.1%
175.0
148.0
175.0
2.25% Eurobond repayable 27 September 2035
(ix)
2.3%
350.0
252.4
347.8
2.3%
350.0
266.3
347.6
2.125% Eurobond repayable 24 March 2036
(ix)
2.1%
250.0
175.4
248.7
2.1%
250.0
184.7
248.5
4.625% Eurobond repayable on 20 February 2037
4.6%
325.0
288.5
324.3
4.6%
325.0
312.4
324.3
Private Placement 30 June 2037
3.2%
175.0
135.5
175.0
3.2%
175.0
146.2
175.0
6.25% Eurobond repayable on 27 August 2038
6.3%
350.0
350.7
347.9
6.3%
350.0
386.3
347.7
4.454% Index linked loan repayable on 27 February 2044
4.5%
164.7
186.4
164.3
4.5%
169.4
212.6
169.0
1.429% Index linked bond repayable on 20 October 2056
1.4%
195.5
134.3
195.5
1.4%
188.8
145.5
188.8
4.00% \u20ac750m Eurobond repayable 5 September 2031
(viii) (ix)
4.0%
628.2
646.5
626.8
4.0%
641.2
661.7
639.5
5.50% \u00a3500m Eurobond maturing 15 January 2044
(ix)
5.5%
500.0
448.3
493.0
5.5%
500.0
500.8
492.6
3.375% \u20ac850m Eurobond repayable 4 September 2032
(ix)(x)
3.4%
715.3
702.7
713.6
\u2013
\u2013
\u2013
\u2013
Private Placement 26 June 2034
4.7%
111.3
107.8
111.3
\u2013
\u2013
\u2013
\u2013
Private Placement 19 July 2039
5.6%
30.0
28.4
30.0
\u2013
\u2013
\u2013
\u2013
3.50% \u20ac600m Eurobond repayable 18 March 2032
(ix)(xi)
3.5%
503.5
501.3
500.5
Over five years
5,266.4
4,877.3
5,246.7
4,473.0
4,279.4
4,455.3
Fair value adjustment
(iii)
(59.8)
0.9
Total non-current borrowings
8,338.4
7,960.4
8,253.9
7,704.9
7,440.6
7,681.7
Total borrowings
10,274.1
9,897.4
10,149.4
8,761.4
8,554.2
8,726.2
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 (\u00a3891m of Commercial Paper). At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date. (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 2025 was 3.85% (2024: 3.40%). (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. (x) The 3.375% \u20ac850m Eurobond maturing 4 September 2032 has been swapped to Sterling giving an effective interest rate of 4.91%. (xi) The 3.50% \u20ac600m Eurobond maturing 18 March 2032 has predominantly been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. \u20ac200m has been swapped to Sterling for a 1 year period giving an effective interest rate of 4.20%. \u2013 \u2013 \u2013 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.
2025 2024
\u00a3m \u00a3m
At 1 April
407.5
405.9
Additions during the year
139.8
75.6
Disposals during the year
(12.3)
(1.9)
Unwind of discount
26.9
25.8
Repayment in the year
(106.9)
(97.9)
At 31 March
455.0
407.5
The weighted average incremental borrowing rate applied to lease liabilities during the year was 4.95% (2024: 4.98%). Incremental borrowing rates applied to individual lease additions in the year ranged between 3.85% to 7.46% (2024: 3.70% to 5.25%). The Group has additional committed payments under short term and low value leases at 31 March 2024 of \u00a314.3m (2024: \u00a311.2m). The maturity of future lease liabilities are as follows:
2025 2024
\u00a3m \u00a3m
Within one year
75.2
91.8
Between one and five years
233.5
196.3
After five years
403.2
328.4
711.9
616.5
Less: future finance charge
(256.9)
(209.0)
Present value of lease obligations
455.0
407.5
21.4 Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital
2025 2024
\u00a3m \u00a3m
Increase in cash and cash equivalents
54.6
144.1
(Less)/add:
New borrowing proceeds
(2,592.2)
(1,982.2)
Repayment of borrowings
1,055.3
1,744.0
Non-cash movement on borrowings
113.7
166.0
Increase in external net debt attributable to non-controlling interests
327.7
56.0
Decrease/(increase) in cash held and posted as collateral and other deposits
289.9
(669.5)
Increase in adjusted net debt and hybrid capital
APM
(751.0)
(541.6)
Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u201cTrade and other payables\u201d and \u201cTrade and other receivables\u201d respectively on the face of the balance sheet, as well as other deposits with a maturity of more than 3 months.
21.5 Reconciliation of movements in \ufb01nancing liabilities
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2024 borrowings borrowings creditor movements movements liabilities classification Other 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
500.0
Private placement
770.2
141.3
\u2013
\u2013
(60.2)
\u2013
\u2013
\u2013
0.9
852.2
Fixed rate Eurobonds
6,059.7
1,220.4
\u2013
\u2013
(4.8)
(25.7)
\u2013
(1,043.6)
(4.1)
6,201.9
Index linked loans
357.8
\u2013
(10.8)
\u2013
\u2013
\u2013
\u2013
\u2013
12.8
359.8
Other loans \u2013 non
a m o r t i s i n g
\u2013
3 4 0 . 0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3 4 0 . 0
Total long term borrowings
7,687.6
1,701.7
(10.8)
\u2013
(65.0)
(25.7)
\u2013
(1,043.6)
9.7
8,253.9
Fixed rate Eurobonds
\u2013
\u2013
\u2013
\u2013
(30.4)
(10.4)
\u2013
1,043.6
2.2
1,005.0
Other short term loans \u2013
non amortising
840.4
890.5
(840.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
890.5
US private placement
198.2
\u2013
(204.1)
\u2013
5.9
\u2013
\u2013
\u2013
\u2013
\u2013
Total short term borrowings
1,038.6
890.5
(1,044.5)
\u2013
(24.5)
(10.4)
\u2013
1,043.6
2.2
1,895.5
8,726.2
2,592.2
(1,055.3)
\u2013
(89.5)
(36.1)
\u2013
\u2013
11.9
10,149.4
Lease liabilities
407.5
\u2013
\u2013
(106.9)
\u2013
\u2013
154.4
\u2013
\u2013
455.0
Total loans and borrowings
9,133.7
2,592.2
(1,055.3)
(106.9)
(89.5)
(36.1)
154.4
\u2013
11.9
10,604.4
Assets held to hedge long
t e r m b o r r o w i n g s
1 8 . 5
\u2013
\u2013
\u2013
2 9 . 7
\u2013
\u2013
\u2013
\u2013
4 8 . 2
9,152.2
2,592.2
(1,055.3)
(106.9)
(59.8)
(36.1)
154.4
\u2013
11.9
10,652.6
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2023 borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private placement
978.1
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate Eurobonds
5,098.9
1,141.8
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked loans
338.6
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term borrowings
6,915.5
1,141.8
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate Eurobonds
514.5
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term loans \u2013
non amortising
1,019.2
840.4
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private placement
154.8
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term borrowings
1,738.5
840.4
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and borrowings
9,059.9
1,982.2
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to hedge long
t e r m b o r r o w i n g s
( 1 2 9 . 3 )
\u2013
\u2013
\u2013
1 4 7 . 8
\u2013
\u2013
\u2013
\u2013
1 8 . 5
8,930.6
1,982.2
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-731": { "value": "21 Sources of \ufb01nance 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 2025, the Group\u2019s long term credit rating was BBB+ stable outlook for Standard and Poor\u2019s and Baa1 stable outlook for Moody\u2019s. The Group is also BBB+ stable outlook with Fitch however this rating is on an unsolicited basis. 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. Details of debt issued by the Group and maturities in the current year are included in note 21.3. SSE\u2019s adjusted net debt and hybrid capital was \u00a310.2bn at 31 March 2025, compared with \u00a39.4bn at 31 March 2024. 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 and other deposits with a maturity of more than three months in line with the Group\u2019s presentation basis which is explained at note 3.1. The adjustment relating to the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is \u00a3817.9m at 31 March 2025 (2024: \u00a3490.2m) and relates to 25% of external loans of \u00a33,278.8m (2024: \u00a32,088.0m) net of cash and cash equivalents of \u00a37.3m (2024: \u00a3127.4m). Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u201cTrade and other payables\u201d and \u201cTrade and other receivables\u201d respectively on the face of the balance sheet. At 31 March 2025 the collateral balance was a net liability of \u00a372.9m (2024: \u00a3353.2m net liability), consisting of a liability of \u00a382.5m (2024: \u00a3362.5m) and an asset of \u00a39.6m (2024: \u00a39.3m). The movement in the current year reflects a reduction in the variation margin on \u201cin the money\u201d positions due to higher commodity prices, along with \u201cin the money\u201d positions maturing during the period. 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 2025 there was \u00a3891m commercial paper outstanding (2024: \u00a3840m). The Group also continues to have access to \u00a33.0bn of revolving credit facilities (2024: \u00a33.5bn) following re-financing in the current year as detailed in note 21.3. The facilities include \u00a31.5bn relating to Scottish Hydro Electric Transmission plc (2024: \u00a30.8bn) and \u00a31.5bn relating to SSE plc (2024: \u00a32.5bn). As at 31 March 2025 there were \u00a3340m drawings on the Scottish Hydro Electric Transmission plc facility being 23% utilisation (2024: nil utilisation) and no drawings on the SSE plc facility (2024: nil utilisation). The Group capital comprises:
2024
2025 \u00a3m
\u00a3m (restated*)
Total borrowings (excluding lease obligations)
10,149.4
8,726.2
Less: Cash and cash equivalents
(1,090.5)
(1,035.9)
Net debt (excluding hybrid equity)
9,058.9
7,690. 3
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(817.9)
(490.2)
Cash held/(posted) as collateral and other deposits
63.3
353.2
Adjusted net debt and hybrid capital
APM
10,186.7
9,435.7
Equity attributable to shareholders of the parent
10,181.6
9,365.8
Total capital excluding lease obligations
20,368.3
18,801.5
* The comparative has been restated. See note 1.2. Under the terms of the revolving credit and private placement 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. Under the terms of the Scottish Hydro Electric Transmission plc revolving credit facility and private placements the Group is required to comply with the following financial covenant: \u2013 Net debt to Regulatory Asset Value: Scottish Hydro Electric Transmission plc shall procure that the consolidated net debt to Regulatory Asset Value does not at any time exceed 0.80 to 1.00 as assessed by their financial statements. 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 re-measurements. \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. \u2013 \u201cRelevant period\u201d means, covenant compliance is based on results for each financial year. 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 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-710": { "value": "21 Sources of \ufb01nance 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 2025, the Group\u2019s long term credit rating was BBB+ stable outlook for Standard and Poor\u2019s and Baa1 stable outlook for Moody\u2019s. The Group is also BBB+ stable outlook with Fitch however this rating is on an unsolicited basis. 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. Details of debt issued by the Group and maturities in the current year are included in note 21.3. SSE\u2019s adjusted net debt and hybrid capital was \u00a310.2bn at 31 March 2025, compared with \u00a39.4bn at 31 March 2024. 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 and other deposits with a maturity of more than three months in line with the Group\u2019s presentation basis which is explained at note 3.1. The adjustment relating to the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is \u00a3817.9m at 31 March 2025 (2024: \u00a3490.2m) and relates to 25% of external loans of \u00a33,278.8m (2024: \u00a32,088.0m) net of cash and cash equivalents of \u00a37.3m (2024: \u00a3127.4m). Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u201cTrade and other payables\u201d and \u201cTrade and other receivables\u201d respectively on the face of the balance sheet. At 31 March 2025 the collateral balance was a net liability of \u00a372.9m (2024: \u00a3353.2m net liability), consisting of a liability of \u00a382.5m (2024: \u00a3362.5m) and an asset of \u00a39.6m (2024: \u00a39.3m). The movement in the current year reflects a reduction in the variation margin on \u201cin the money\u201d positions due to higher commodity prices, along with \u201cin the money\u201d positions maturing during the period. 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 2025 there was \u00a3891m commercial paper outstanding (2024: \u00a3840m). The Group also continues to have access to \u00a33.0bn of revolving credit facilities (2024: \u00a33.5bn) following re-financing in the current year as detailed in note 21.3. The facilities include \u00a31.5bn relating to Scottish Hydro Electric Transmission plc (2024: \u00a30.8bn) and \u00a31.5bn relating to SSE plc (2024: \u00a32.5bn). As at 31 March 2025 there were \u00a3340m drawings on the Scottish Hydro Electric Transmission plc facility being 23% utilisation (2024: nil utilisation) and no drawings on the SSE plc facility (2024: nil utilisation). The Group capital comprises:
2024
2025 \u00a3m
\u00a3m (restated*)
Total borrowings (excluding lease obligations)
10,149.4
8,726.2
Less: Cash and cash equivalents
(1,090.5)
(1,035.9)
Net debt (excluding hybrid equity)
9,058.9
7,690. 3
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(817.9)
(490.2)
Cash held/(posted) as collateral and other deposits
63.3
353.2
Adjusted net debt and hybrid capital
APM
10,186.7
9,435.7
Equity attributable to shareholders of the parent
10,181.6
9,365.8
Total capital excluding lease obligations
20,368.3
18,801.5
* The comparative has been restated. See note 1.2. Under the terms of the revolving credit and private placement 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. Under the terms of the Scottish Hydro Electric Transmission plc revolving credit facility and private placements the Group is required to comply with the following financial covenant: \u2013 Net debt to Regulatory Asset Value: Scottish Hydro Electric Transmission plc shall procure that the consolidated net debt to Regulatory Asset Value does not at any time exceed 0.80 to 1.00 as assessed by their financial statements. 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 re-measurements. \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. \u2013 \u201cRelevant period\u201d means, covenant compliance is based on results for each financial year. 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 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
2025 2024
\u00a3m \u00a3m
Current
Short term loans
1,895.5
1,044.5
Lease obligations
68.5
83.5
1,964.0
1,128.0
Non-current
Loans
8,253.9
7,681.7
Lease obligations
386.5
324.0
8,640.4
8,005.7
Total loans and borrowings
10,604.4
9,133.7
Cash and cash equivalents
(1,090.5)
(1,035.9)
Unadjusted net debt
9,513.9
8,097.8
Add/(less):
Hybrid equity
1,882.4
1,882.4
External net debt attributable to non-controlling interests
(817.9)
(490.2)
Lease obligations
(455.0)
(407.5)
Cash held/(posted) as collateral and other deposits
63.3
353.2
Adjusted net debt and hybrid capital
APM
10,186.7
9,435.7
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 2025 there was \u00a3891m commercial paper outstanding (2024: \u00a3840m).
The Group also has access to \u00a33.0bn of revolving credit facilities (2024: \u00a33.5bn). On 23 October 2024 the Group\u2019s facilities were re-
financed with the \u00a30.75bn facility relating to Scottish Hydro Electric Transmission plc being increased to \u00a31.5bn, the \u00a32.5bn of facilities
relating to SSE plc being reduced to \u00a31.5bn by cancellation of a facility due to mature in February 2025, and the cancellation of the
Distribution facility of \u00a30.25bn which is no longer required.
The details of the Group\u2019s committed facilities as at 31 March 2025 are:
\u2013 a \u00a31.5bn revolving credit facility for SSE plc maturing October 2029 with two 1 year extension options; and
\u2013 a \u00a31.5bn revolving credit facility for Scottish Hydro Electric Transmission plc maturing October 2029 with two 1 year extension options.
The re-financing of the committed facilities was undertaken to ensure the Group is set up to meet its funding obligations over the next five
years, with available committed facilities on the entities that require them. The opportunity was also taken to increase the number of
relationship banks from 11 to 15, which supports the Group\u2019s growth plans and funding requirements over the next five years. The \u00a31.5bn
revolving credit facility for SSE plc is in place to provide back-up to the commercial paper programme and support the Group\u2019s capital
expenditure plans. The Scottish Hydro Electric Transmission plc facility, was entered into to help cover the capital expenditure and working
capital of that business. The terms and conditions of the re-financed revolving credit facilities contain certain sustainability-linked features
which may or may not adjust the interest margin applicable to the revolving credit facilities. The rate of interest is calculated annually,
subject to fulfilling certain ESG KPIs and applied prospectively. At 31 March 2025, these terms had no impact on the carrying value of
the debt.
As at 31 March 2025 there were \u00a3340m drawings on the Scottish Hydro Electric Transmission plc facility being 23% utilisation (2024: nil
utilisation) and no drawings on the SSE plc facility (2024: nil utilisation).
During the year SSE plc issued a 7 year \u20ac600m Green Bond at a coupon of 3.5%. The bond has been predominantly left in Euros as a net
investment hedge for the Group\u2019s Euro denominated subsidiaries. In the year, SSE plc also issued \u00a30.9bn of debt and had \u00a31.0bn of debt
maturities. The issued debt primarily relates to \u00a30.8bn of Commercial Paper being rolled at maturity, which also accounts for \u00a30.8bn of the
debt maturities, with the only additional debt maturity being \u20ac320m (\u00a3204m) of 12 year US Private Placements that matured in April 2024.
During the year Scottish Hydro Electric Transmission plc issued \u00a30.9bn of new debt, in addition to the drawings on the committed facility.
The three issuances of new debt were as follows:
\u2013 August 2024 \u2013 \u20ac850m (\u00a3715m) 8 year green Eurobond maturing 4 September 2032 with a coupon of 3.375% and an all-in GBP cost of
4.9127% once swapped back to Sterling;
\u2013 June 2024 \u2013 1.5bn NOK (\u00a3111m) 10 year private placement maturing 26 June 2034 with a coupon of 4.731% and an all-in GBP cost of
5.3315% once swapped back to Sterling; and
\u2013 July 2024 \u2013 \u00a330m 15 year private placement maturing 19 July 2039 with a coupon of 5.591%.
Analysis of borrowings
2025
2025
2025
2025
2024
2024
2024
2024
Weighted Weighted
average Carrying average Carrying
interest Face value Fair value amount interest Face value Fair value amount
rate
(iv)
\u00a3m \u00a3m \u00a3m
rate
(iv)
\u00a3m \u00a3m \u00a3m
Current
Other Short term loans \u2013 non amortising
(ii)
5.0%
901.7
906.6
890.5
5.8%
852.4
855.7
840.4
1.250% Eurobond repayable 16 April 2025
(vi)
1.3%
531.4
531.2
531.4
\u2013
\u2013
\u2013
\u2013
0.875% \u20ac600m Eurobond repayable 8 September 2025
(ix)
0.9%
502.6
499.2
502.4
\u2013
\u2013
\u2013
\u2013
US Private Placement 16 April 2024
\u2013
-
-
-
4.4%
204.1
257.9
204.1
Within one year
1,935.7
1,937.0
1,924.3
1,056.5
1,113.6
1,044.5
Fair value adjustment
(iii)
(28.8)
\u2013
Total current borrowings
1,935.7
1,937.0
1,895.5
1,056.5
1,113.6
1,044.5
Non-Current
Bank loans \u2013 non amortising
(i)
3.5%
500.0
493.1
500.0
3.5%
500.0
484.2
499.9
Other loans \u2013 non amortising
(ii)
4.8%
340.0
340.0
340.0
\u2013
\u2013
\u2013
\u2013
1.250% Eurobond repayable 16 April 2025
(vi)
\u2013
\u2013
\u2013
\u2013
1.3%
531.4
518.8
531.4
0.875% \u20ac600m Eurobond repayable 8 September 2025
(ix)
\u2013
\u2013
\u2013
\u2013
0.9%
513.0
493.0
512.2
US Private Placement 8 June 2026
3.1%
64.0
63.0
63.8
3.1%
64.0
48.7
63.6
US Private Placement 6 September 2026
3.2%
247.1
258.9
246.2
3.2%
247.1
242.1
245.6
US Private Placement 6 September 2027
3.2%
35.0
33.3
34.8
3.2%
35.0
25.9
34.7
1.375% \u20ac650m Eurobond repayable 4 September 2027
(v) (ix)
1.4%
591.4
573.7
590.9
1.4%
591.4
553.7
590.7
1.50% Eurobond repayable 24 March 2028
(ix)
1.5%
250.0
227.5
249.5
1.5%
250.0
221.5
249.3
8.375% Eurobond repayable on 20 November 2028
8.4%
500.0
554.3
498.5
8.4%
500.0
573.3
498.1
2.875% Eurobond repayable 1 August 2029
(ix)
2.9%
544.5
539.3
543.3
\u2013
\u2013
\u2013
\u2013
Between two and five years
3,072.0
3,083.1
3,067.0
3,231.9
3,161.2
3,225.5
2.875% Eurobond repayable 1 August 2029
(ix)
\u2013
\u2013
\u2013
\u2013
2.9%
555.7
543.3
554.3
1.750% Eurobond repayable 16 April 2030
(vii)
1.8%
442.9
413.9
442.9
1.8%
442.9
403.5
442.9
5.50% Eurobond repayable on 7 June 2032
5.5%
350.0
353.1
350.1
5.5%
350.0
368.1
350.1
Private Placement 30 June 2032
3.1%
175.0
152.1
175.0
3.1%
175.0
148.0
175.0
2.25% Eurobond repayable 27 September 2035
(ix)
2.3%
350.0
252.4
347.8
2.3%
350.0
266.3
347.6
2.125% Eurobond repayable 24 March 2036
(ix)
2.1%
250.0
175.4
248.7
2.1%
250.0
184.7
248.5
4.625% Eurobond repayable on 20 February 2037
4.6%
325.0
288.5
324.3
4.6%
325.0
312.4
324.3
Private Placement 30 June 2037
3.2%
175.0
135.5
175.0
3.2%
175.0
146.2
175.0
6.25% Eurobond repayable on 27 August 2038
6.3%
350.0
350.7
347.9
6.3%
350.0
386.3
347.7
4.454% Index linked loan repayable on 27 February 2044
4.5%
164.7
186.4
164.3
4.5%
169.4
212.6
169.0
1.429% Index linked bond repayable on 20 October 2056
1.4%
195.5
134.3
195.5
1.4%
188.8
145.5
188.8
4.00% \u20ac750m Eurobond repayable 5 September 2031
(viii) (ix)
4.0%
628.2
646.5
626.8
4.0%
641.2
661.7
639.5
5.50% \u00a3500m Eurobond maturing 15 January 2044
(ix)
5.5%
500.0
448.3
493.0
5.5%
500.0
500.8
492.6
3.375% \u20ac850m Eurobond repayable 4 September 2032
(ix)(x)
3.4%
715.3
702.7
713.6
\u2013
\u2013
\u2013
\u2013
Private Placement 26 June 2034
4.7%
111.3
107.8
111.3
\u2013
\u2013
\u2013
\u2013
Private Placement 19 July 2039
5.6%
30.0
28.4
30.0
\u2013
\u2013
\u2013
\u2013
3.50% \u20ac600m Eurobond repayable 18 March 2032
(ix)(xi)
3.5%
503.5
501.3
500.5
Over five years
5,266.4
4,877.3
5,246.7
4,473.0
4,279.4
4,455.3
Fair value adjustment
(iii)
(59.8)
0.9
Total non-current borrowings
8,338.4
7,960.4
8,253.9
7,704.9
7,440.6
7,681.7
Total borrowings
10,274.1
9,897.4
10,149.4
8,761.4
8,554.2
8,726.2
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 (\u00a3891m of Commercial Paper). At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date. (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 2025 was 3.85% (2024: 3.40%). (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. (x) The 3.375% \u20ac850m Eurobond maturing 4 September 2032 has been swapped to Sterling giving an effective interest rate of 4.91%. (xi) The 3.50% \u20ac600m Eurobond maturing 18 March 2032 has predominantly been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. \u20ac200m has been swapped to Sterling for a 1 year period giving an effective interest rate of 4.20%. \u2013 \u2013 \u2013
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.
2025 2024
\u00a3m \u00a3m
At 1 April
407.5
405.9
Additions during the year
139.8
75.6
Disposals during the year
(12.3)
(1.9)
Unwind of discount
26.9
25.8
Repayment in the year
(106.9)
(97.9)
At 31 March
455.0
407.5
The weighted average incremental borrowing rate applied to lease liabilities during the year was 4.95% (2024: 4.98%). Incremental
borrowing rates applied to individual lease additions in the year ranged between 3.85% to 7.46% (2024: 3.70% to 5.25%). The Group has
additional committed payments under short term and low value leases at 31 March 2024 of \u00a314.3m (2024: \u00a311.2m).
The maturity of future lease liabilities are as follows:
2025 2024
\u00a3m \u00a3m
Within one year
75.2
91.8
Between one and five years
233.5
196.3
After five years
403.2
328.4
711.9
616.5
Less: future finance charge
(256.9)
(209.0)
Present value of lease obligations
455.0
407.5
21.4 Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital
2025 2024
\u00a3m \u00a3m
Increase in cash and cash equivalents
54.6
144.1
(Less)/add:
New borrowing proceeds
(2,592.2)
(1,982.2)
Repayment of borrowings
1,055.3
1,744.0
Non-cash movement on borrowings
113.7
166.0
Increase in external net debt attributable to non-controlling interests
327.7
56.0
Decrease/(increase) in cash held and posted as collateral and other deposits
289.9
(669.5)
Increase in adjusted net debt and hybrid capital
APM
(751.0)
(541.6)
Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within
\u201cTrade and other payables\u201d and \u201cTrade and other receivables\u201d respectively on the face of the balance sheet, as well as other deposits with a
maturity of more than 3 months.
21.5 Reconciliation of movements in \ufb01nancing liabilities
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2024 borrowings borrowings creditor movements movements liabilities classification Other 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
500.0
Private placement
770.2
141.3
\u2013
\u2013
(60.2)
\u2013
\u2013
\u2013
0.9
852.2
Fixed rate Eurobonds
6,059.7
1,220.4
\u2013
\u2013
(4.8)
(25.7)
\u2013
(1,043.6)
(4.1)
6,201.9
Index linked loans
357.8
\u2013
(10.8)
\u2013
\u2013
\u2013
\u2013
\u2013
12.8
359.8
Other loans \u2013 non
a m o r t i s i n g
\u2013
3 4 0 . 0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3 4 0 . 0
Total long term borrowings
7,687.6
1,701.7
(10.8)
\u2013
(65.0)
(25.7)
\u2013
(1,043.6)
9.7
8,253.9
Fixed rate Eurobonds
\u2013
\u2013
\u2013
\u2013
(30.4)
(10.4)
\u2013
1,043.6
2.2
1,005.0
Other short term loans \u2013
non amortising
840.4
890.5
(840.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
890.5
US private placement
198.2
\u2013
(204.1)
\u2013
5.9
\u2013
\u2013
\u2013
\u2013
\u2013
Total short term borrowings
1,038.6
890.5
(1,044.5)
\u2013
(24.5)
(10.4)
\u2013
1,043.6
2.2
1,895.5
8,726.2
2,592.2
(1,055.3)
\u2013
(89.5)
(36.1)
\u2013
\u2013
11.9
10,149.4
Lease liabilities
407.5
\u2013
\u2013
(106.9)
\u2013
\u2013
154.4
\u2013
\u2013
455.0
Total loans and borrowings
9,133.7
2,592.2
(1,055.3)
(106.9)
(89.5)
(36.1)
154.4
\u2013
11.9
10,604.4
Assets held to hedge long
t e r m b o r r o w i n g s
1 8 . 5
\u2013
\u2013
\u2013
2 9 . 7
\u2013
\u2013
\u2013
\u2013
4 8 . 2
9,152.2
2,592.2
(1,055.3)
(106.9)
(59.8)
(36.1)
154.4
\u2013
11.9
10,652.6
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2023 borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private placement
978.1
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate Eurobonds
5,098.9
1,141.8
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked loans
338.6
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term borrowings
6,915.5
1,141.8
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate Eurobonds
514.5
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term loans \u2013
non amortising
1,019.2
840.4
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private placement
154.8
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term borrowings
1,738.5
840.4
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and borrowings
9,059.9
1,982.2
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to hedge long
t e r m b o r r o w i n g s
( 1 2 9 . 3 )
\u2013
\u2013
\u2013
1 4 7 . 8
\u2013
\u2013
\u2013
\u2013
1 8 . 5
8,930.6
1,982.2
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-732": { "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 2025 there was \u00a3891m commercial paper outstanding (2024: \u00a3840m). The Group also has access to \u00a33.0bn of revolving credit facilities (2024: \u00a33.5bn). On 23 October 2024 the Group\u2019s facilities were re- financed with the \u00a30.75bn facility relating to Scottish Hydro Electric Transmission plc being increased to \u00a31.5bn, the \u00a32.5bn of facilities relating to SSE plc being reduced to \u00a31.5bn by cancellation of a facility due to mature in February 2025, and the cancellation of the Distribution facility of \u00a30.25bn which is no longer required. The details of the Group\u2019s committed facilities as at 31 March 2025 are: \u2013 a \u00a31.5bn revolving credit facility for SSE plc maturing October 2029 with two 1 year extension options; and \u2013 a \u00a31.5bn revolving credit facility for Scottish Hydro Electric Transmission plc maturing October 2029 with two 1 year extension options. The re-financing of the committed facilities was undertaken to ensure the Group is set up to meet its funding obligations over the next five years, with available committed facilities on the entities that require them. The opportunity was also taken to increase the number of relationship banks from 11 to 15, which supports the Group\u2019s growth plans and funding requirements over the next five years. The \u00a31.5bn revolving credit facility for SSE plc is in place to provide back-up to the commercial paper programme and support the Group\u2019s capital expenditure plans. The Scottish Hydro Electric Transmission plc facility, was entered into to help cover the capital expenditure and working capital of that business. The terms and conditions of the re-financed revolving credit facilities contain certain sustainability-linked features which may or may not adjust the interest margin applicable to the revolving credit facilities. The rate of interest is calculated annually, subject to fulfilling certain ESG KPIs and applied prospectively. At 31 March 2025, these terms had no impact on the carrying value of the debt. As at 31 March 2025 there were \u00a3340m drawings on the Scottish Hydro Electric Transmission plc facility being 23% utilisation (2024: nil utilisation) and no drawings on the SSE plc facility (2024: nil utilisation). During the year SSE plc issued a 7 year \u20ac600m Green Bond at a coupon of 3.5%. The bond has been predominantly left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. In the year, SSE plc also issued \u00a30.9bn of debt and had \u00a31.0bn of debt maturities. The issued debt primarily relates to \u00a30.8bn of Commercial Paper being rolled at maturity, which also accounts for \u00a30.8bn of the debt maturities, with the only additional debt maturity being \u20ac320m (\u00a3204m) of 12 year US Private Placements that matured in April 2024. During the year Scottish Hydro Electric Transmission plc issued \u00a30.9bn of new debt, in addition to the drawings on the committed facility. The three issuances of new debt were as follows: \u2013 August 2024 \u2013 \u20ac850m (\u00a3715m) 8 year green Eurobond maturing 4 September 2032 with a coupon of 3.375% and an all-in GBP cost of 4.9127% once swapped back to Sterling; \u2013 June 2024 \u2013 1.5bn NOK (\u00a3111m) 10 year private placement maturing 26 June 2034 with a coupon of 4.731% and an all-in GBP cost of 5.3315% once swapped back to Sterling; and \u2013 July 2024 \u2013 \u00a330m 15 year private placement maturing 19 July 2039 with a coupon of 5.591%. Analysis of borrowings
2025
2025
2025
2025
2024
2024
2024
2024
Weighted Weighted
average Carrying average Carrying
interest Face value Fair value amount interest Face value Fair value amount
rate
(iv)
\u00a3m \u00a3m \u00a3m
rate
(iv)
\u00a3m \u00a3m \u00a3m
Current
Other Short term loans \u2013 non amortising
(ii)
5.0%
901.7
906.6
890.5
5.8%
852.4
855.7
840.4
1.250% Eurobond repayable 16 April 2025
(vi)
1.3%
531.4
531.2
531.4
\u2013
\u2013
\u2013
\u2013
0.875% \u20ac600m Eurobond repayable 8 September 2025
(ix)
0.9%
502.6
499.2
502.4
\u2013
\u2013
\u2013
\u2013
US Private Placement 16 April 2024
\u2013
-
-
-
4.4%
204.1
257.9
204.1
Within one year
1,935.7
1,937.0
1,924.3
1,056.5
1,113.6
1,044.5
Fair value adjustment
(iii)
(28.8)
\u2013
Total current borrowings
1,935.7
1,937.0
1,895.5
1,056.5
1,113.6
1,044.5
Non-Current
Bank loans \u2013 non amortising
(i)
3.5%
500.0
493.1
500.0
3.5%
500.0
484.2
499.9
Other loans \u2013 non amortising
(ii)
4.8%
340.0
340.0
340.0
\u2013
\u2013
\u2013
\u2013
1.250% Eurobond repayable 16 April 2025
(vi)
\u2013
\u2013
\u2013
\u2013
1.3%
531.4
518.8
531.4
0.875% \u20ac600m Eurobond repayable 8 September 2025
(ix)
\u2013
\u2013
\u2013
\u2013
0.9%
513.0
493.0
512.2
US Private Placement 8 June 2026
3.1%
64.0
63.0
63.8
3.1%
64.0
48.7
63.6
US Private Placement 6 September 2026
3.2%
247.1
258.9
246.2
3.2%
247.1
242.1
245.6
US Private Placement 6 September 2027
3.2%
35.0
33.3
34.8
3.2%
35.0
25.9
34.7
1.375% \u20ac650m Eurobond repayable 4 September 2027
(v) (ix)
1.4%
591.4
573.7
590.9
1.4%
591.4
553.7
590.7
1.50% Eurobond repayable 24 March 2028
(ix)
1.5%
250.0
227.5
249.5
1.5%
250.0
221.5
249.3
8.375% Eurobond repayable on 20 November 2028
8.4%
500.0
554.3
498.5
8.4%
500.0
573.3
498.1
2.875% Eurobond repayable 1 August 2029
(ix)
2.9%
544.5
539.3
543.3
\u2013
\u2013
\u2013
\u2013
Between two and five years
3,072.0
3,083.1
3,067.0
3,231.9
3,161.2
3,225.5
2.875% Eurobond repayable 1 August 2029
(ix)
\u2013
\u2013
\u2013
\u2013
2.9%
555.7
543.3
554.3
1.750% Eurobond repayable 16 April 2030
(vii)
1.8%
442.9
413.9
442.9
1.8%
442.9
403.5
442.9
5.50% Eurobond repayable on 7 June 2032
5.5%
350.0
353.1
350.1
5.5%
350.0
368.1
350.1
Private Placement 30 June 2032
3.1%
175.0
152.1
175.0
3.1%
175.0
148.0
175.0
2.25% Eurobond repayable 27 September 2035
(ix)
2.3%
350.0
252.4
347.8
2.3%
350.0
266.3
347.6
2.125% Eurobond repayable 24 March 2036
(ix)
2.1%
250.0
175.4
248.7
2.1%
250.0
184.7
248.5
4.625% Eurobond repayable on 20 February 2037
4.6%
325.0
288.5
324.3
4.6%
325.0
312.4
324.3
Private Placement 30 June 2037
3.2%
175.0
135.5
175.0
3.2%
175.0
146.2
175.0
6.25% Eurobond repayable on 27 August 2038
6.3%
350.0
350.7
347.9
6.3%
350.0
386.3
347.7
4.454% Index linked loan repayable on 27 February 2044
4.5%
164.7
186.4
164.3
4.5%
169.4
212.6
169.0
1.429% Index linked bond repayable on 20 October 2056
1.4%
195.5
134.3
195.5
1.4%
188.8
145.5
188.8
4.00% \u20ac750m Eurobond repayable 5 September 2031
(viii) (ix)
4.0%
628.2
646.5
626.8
4.0%
641.2
661.7
639.5
5.50% \u00a3500m Eurobond maturing 15 January 2044
(ix)
5.5%
500.0
448.3
493.0
5.5%
500.0
500.8
492.6
3.375% \u20ac850m Eurobond repayable 4 September 2032
(ix)(x)
3.4%
715.3
702.7
713.6
\u2013
\u2013
\u2013
\u2013
Private Placement 26 June 2034
4.7%
111.3
107.8
111.3
\u2013
\u2013
\u2013
\u2013
Private Placement 19 July 2039
5.6%
30.0
28.4
30.0
\u2013
\u2013
\u2013
\u2013
3.50% \u20ac600m Eurobond repayable 18 March 2032
(ix)(xi)
3.5%
503.5
501.3
500.5
Over five years
5,266.4
4,877.3
5,246.7
4,473.0
4,279.4
4,455.3
Fair value adjustment
(iii)
(59.8)
0.9
Total non-current borrowings
8,338.4
7,960.4
8,253.9
7,704.9
7,440.6
7,681.7
Total borrowings
10,274.1
9,897.4
10,149.4
8,761.4
8,554.2
8,726.2
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 (\u00a3891m of Commercial Paper). At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date. (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 2025 was 3.85% (2024: 3.40%). (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. (x) The 3.375% \u20ac850m Eurobond maturing 4 September 2032 has been swapped to Sterling giving an effective interest rate of 4.91%. (xi) The 3.50% \u20ac600m Eurobond maturing 18 March 2032 has predominantly been left in Euros as a net investment hedge for the Group\u2019s Euro denominated subsidiaries. \u20ac200m has been swapped to Sterling for a 1 year period giving an effective interest rate of 4.20%. \u2013 \u2013 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-733": { "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.
2025 2024
\u00a3m \u00a3m
At 1 April
407.5
405.9
Additions during the year
139.8
75.6
Disposals during the year
(12.3)
(1.9)
Unwind of discount
26.9
25.8
Repayment in the year
(106.9)
(97.9)
At 31 March
455.0
407.5
The weighted average incremental borrowing rate applied to lease liabilities during the year was 4.95% (2024: 4.98%). Incremental borrowing rates applied to individual lease additions in the year ranged between 3.85% to 7.46% (2024: 3.70% to 5.25%). The Group has additional committed payments under short term and low value leases at 31 March 2024 of \u00a314.3m (2024: \u00a311.2m). The maturity of future lease liabilities are as follows:
2025 2024
\u00a3m \u00a3m
Within one year
75.2
91.8
Between one and five years
233.5
196.3
After five years
403.2
328.4
711.9
616.5
Less: future finance charge
(256.9)
(209.0)
Present value of lease obligations
455.0
407.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-754": { "value": "21.4 Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital
2025 2024
\u00a3m \u00a3m
Increase in cash and cash equivalents
54.6
144.1
(Less)/add:
New borrowing proceeds
(2,592.2)
(1,982.2)
Repayment of borrowings
1,055.3
1,744.0
Non-cash movement on borrowings
113.7
166.0
Increase in external net debt attributable to non-controlling interests
327.7
56.0
Decrease/(increase) in cash held and posted as collateral and other deposits
289.9
(669.5)
Increase in adjusted net debt and hybrid capital
APM
(751.0)
(541.6)
Cash held and posted as collateral refers to amounts received and deposited on commodity trading exchanges which are reported within \u201cTrade and other payables\u201d and \u201cTrade and other receivables\u201d respectively on the face of the balance sheet, as well as other deposits with a maturity of more than 3 months. 21.5 Reconciliation of movements in \ufb01nancing liabilities
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2024 borrowings borrowings creditor movements movements liabilities classification Other 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
500.0
Private placement
770.2
141.3
\u2013
\u2013
(60.2)
\u2013
\u2013
\u2013
0.9
852.2
Fixed rate Eurobonds
6,059.7
1,220.4
\u2013
\u2013
(4.8)
(25.7)
\u2013
(1,043.6)
(4.1)
6,201.9
Index linked loans
357.8
\u2013
(10.8)
\u2013
\u2013
\u2013
\u2013
\u2013
12.8
359.8
Other loans \u2013 non
a m o r t i s i n g
\u2013
3 4 0 . 0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3 4 0 . 0
Total long term borrowings
7,687.6
1,701.7
(10.8)
\u2013
(65.0)
(25.7)
\u2013
(1,043.6)
9.7
8,253.9
Fixed rate Eurobonds
\u2013
\u2013
\u2013
\u2013
(30.4)
(10.4)
\u2013
1,043.6
2.2
1,005.0
Other short term loans \u2013
non amortising
840.4
890.5
(840.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
890.5
US private placement
198.2
\u2013
(204.1)
\u2013
5.9
\u2013
\u2013
\u2013
\u2013
\u2013
Total short term borrowings
1,038.6
890.5
(1,044.5)
\u2013
(24.5)
(10.4)
\u2013
1,043.6
2.2
1,895.5
8,726.2
2,592.2
(1,055.3)
\u2013
(89.5)
(36.1)
\u2013
\u2013
11.9
10,149.4
Lease liabilities
407.5
\u2013
\u2013
(106.9)
\u2013
\u2013
154.4
\u2013
\u2013
455.0
Total loans and borrowings
9,133.7
2,592.2
(1,055.3)
(106.9)
(89.5)
(36.1)
154.4
\u2013
11.9
10,604.4
Assets held to hedge long
t e r m b o r r o w i n g s
1 8 . 5
\u2013
\u2013
\u2013
2 9 . 7
\u2013
\u2013
\u2013
\u2013
4 8 . 2
9,152.2
2,592.2
(1,055.3)
(106.9)
(59.8)
(36.1)
154.4
\u2013
11.9
10,652.6
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2023 borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private placement
978.1
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate Eurobonds
5,098.9
1,141.8
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked loans
338.6
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term borrowings
6,915.5
1,141.8
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate Eurobonds
514.5
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term loans \u2013
non amortising
1,019.2
840.4
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private placement
154.8
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term borrowings
1,738.5
840.4
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and borrowings
9,059.9
1,982.2
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to hedge long
t e r m b o r r o w i n g s
( 1 2 9 . 3 )
\u2013
\u2013
\u2013
1 4 7 . 8
\u2013
\u2013
\u2013
\u2013
1 8 . 5
8,930.6
1,982.2
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-734": { "value": "21.5 Reconciliation of movements in \ufb01nancing liabilities
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2024 borrowings borrowings creditor movements movements liabilities classification Other 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
500.0
Private placement
770.2
141.3
\u2013
\u2013
(60.2)
\u2013
\u2013
\u2013
0.9
852.2
Fixed rate Eurobonds
6,059.7
1,220.4
\u2013
\u2013
(4.8)
(25.7)
\u2013
(1,043.6)
(4.1)
6,201.9
Index linked loans
357.8
\u2013
(10.8)
\u2013
\u2013
\u2013
\u2013
\u2013
12.8
359.8
Other loans \u2013 non
a m o r t i s i n g
\u2013
3 4 0 . 0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3 4 0 . 0
Total long term borrowings
7,687.6
1,701.7
(10.8)
\u2013
(65.0)
(25.7)
\u2013
(1,043.6)
9.7
8,253.9
Fixed rate Eurobonds
\u2013
\u2013
\u2013
\u2013
(30.4)
(10.4)
\u2013
1,043.6
2.2
1,005.0
Other short term loans \u2013
non amortising
840.4
890.5
(840.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
890.5
US private placement
198.2
\u2013
(204.1)
\u2013
5.9
\u2013
\u2013
\u2013
\u2013
\u2013
Total short term borrowings
1,038.6
890.5
(1,044.5)
\u2013
(24.5)
(10.4)
\u2013
1,043.6
2.2
1,895.5
8,726.2
2,592.2
(1,055.3)
\u2013
(89.5)
(36.1)
\u2013
\u2013
11.9
10,149.4
Lease liabilities
407.5
\u2013
\u2013
(106.9)
\u2013
\u2013
154.4
\u2013
\u2013
455.0
Total loans and borrowings
9,133.7
2,592.2
(1,055.3)
(106.9)
(89.5)
(36.1)
154.4
\u2013
11.9
10,604.4
Assets held to hedge long
t e r m b o r r o w i n g s
1 8 . 5
\u2013
\u2013
\u2013
2 9 . 7
\u2013
\u2013
\u2013
\u2013
4 8 . 2
9,152.2
2,592.2
(1,055.3)
(106.9)
(59.8)
(36.1)
154.4
\u2013
11.9
10,652.6
Financing cash flows
Non-cash movements
Repayment Repayment Foreign
At 31 March New of of lease Fair value exchange Lease Re- At 31 March
2023 borrowings borrowings creditor movements movements liabilities classification Other 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financing liabilities
Bank loans
499.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
499.9
Private placement
978.1
\u2013
\u2013
\u2013
(4.5)
\u2013
\u2013
(204.1)
0.7
770.2
Fixed rate Eurobonds
5,098.9
1,141.8
\u2013
\u2013
(143.3)
(30.7)
\u2013
\u2013
(7.0)
6,059.7
Index linked loans
338.6
\u2013
(5.2)
\u2013
\u2013
\u2013
\u2013
\u2013
24.4
357.8
Total long term borrowings
6,915.5
1,141.8
(5.2)
\u2013
(147.8)
(30.7)
\u2013
(204.1)
18.1
7,687.6
Bank loans
50.0
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed rate Eurobonds
514.5
\u2013
(514.6)
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
Other short term loans \u2013
non amortising
1,019.2
840.4
(1,019.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
840.4
US private placement
154.8
\u2013
(155.0)
\u2013
(5.9)
\u2013
\u2013
204.1
0.2
198.2
Total short term borrowings
1,738.5
840.4
(1,738.8)
\u2013
(5.9)
\u2013
\u2013
204.1
0.3
1,038.6
8,654.0
1,982.2
(1,744.0)
\u2013
(153.7)
(30.7)
\u2013
\u2013
18.4
8,726.2
Lease liabilities
405.9
\u2013
\u2013
(97.9)
\u2013
\u2013
99.5
\u2013
\u2013
407.5
Total loans and borrowings
9,059.9
1,982.2
(1,744.0)
(97.9)
(153.7)
(30.7)
99.5
\u2013
18.4
9,133.7
Assets held to hedge long
t e r m b o r r o w i n g s
( 1 2 9 . 3 )
\u2013
\u2013
\u2013
1 4 7 . 8
\u2013
\u2013
\u2013
\u2013
1 8 . 5
8,930.6
1,982.2
(1,744.0)
(97.9)
(5.9)
(30.7)
99.5
\u2013
18.4
9,152.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-629": { "value": "
22
Equity
22.1 Share capital
2025
2024
Number Number
(millions) \u00a3m
(millions)
\u00a3m
Allotted, called up and fully paid:
At 1 April
548.1
1,096.2
1,093.9
547.0
Issue of shares
(i)
7.5
15.0
2.3
1.1
At 31 March
555.6
1,111.2
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 40.0p per ordinary share (in relation to year ended 31 March 2024) and the interim
dividend of 21.2p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 12.2m and 2.8m new fully paid ordinary
shares respectively (2024: 1.8m and 0.5m). In addition, the Company issued 1.7m (2024: 0.8m) shares during the year to satisfy awards to employees under certain employee share
schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a317.8m (2024: \u00a39.2m).
Under the share buyback programme in the year to 31 March 2025, 3.8m shares were repurchased for a total consideration of \u00a371.7m
(including stamp duty and commission). The scrip dividend take-up for the prior financial year was 18.0%, which was below the 25.0%
required by the share buyback programme, therefore there were no share buybacks in the prior financial year ended 31 March 2024.
Of the 1,111.2m shares in issue, 4.9m are held as treasury shares. These shares will be held by SSE plc and used to satisfy awards to
employees under certain employee share schemes.
During the year, on behalf of the Company, the employee share trust purchased 0.8m shares for a total consideration of \u00a314.1m
(2024: 1.3m shares, consideration of \u00a321.8m) to be held in trust for the benefit of employee share schemes. At 31 March 2025, the trust
held 6.7m shares (2024: 6.9m) which had a market value of \u00a3107.1m (2024: \u00a3113.9m).
22.2 Capital redemption reserve
The capital redemption reserve comprises the value of shares redeemed or purchased and cancelled 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
2025 2024
\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.
Coupon payments
In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2024: \u00a322.4m) was made on 14 April 2024. For the
\u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.5m (2024: \u00a316.5m) was made on 14 July 2024 and for the \u20ac1bn hybrid
equity bond a discretionary coupon payment of \u00a334.8m (2024: \u00a334.2m) was made on 21 April 2024.
The coupon payments in the year to 31 March 2025 consequently totalled \u00a373.7m (2024: \u00a373.1m).
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 2025 the amount attributable to non-controlling interests is \u00a3628.8m (2024: \u00a3554.9m restated), which relates to
SHET of \u00a3589.6m (2024: \u00a3514.1m restated) and SSE Pacifico \u00a339.2m (2024: \u00a340.8m). The profit and loss attributable to non-controlling
interests for the year ended 31 March 2025 is \u00a369.8m gain (2024: \u00a3100.8m gain), which relates to SHET \u00a370.6m gain (2024: \u00a3101.5m gain)
and SSE Pacifico \u00a30.8m loss (2024: \u00a30.7m loss).
The comparative has been restated. See note 1.2.
Details regarding SHET\u2019s principal activity and country of incorporation are included in
A3
.
SHET\u2019s summary financial information is as follows:
2025 2024
\u00a3m \u00a3m
Non-current assets
6,701.3
5,579.2
Current assets
444.9
337.0
Current liabilities
(405.5)
(509.0)
Non-current liabilities
(4,418.5)
(3,370.4)
2,322.2
2,036.8
2025 2024
\u00a3m \u00a3m
Revenue
807.0
885.2
Operating profit
435.5
565.0
Net finance costs
(60.3)
(35.0)
Profit before taxation
375.2
530.0
Taxation
(110.8)
(132.5)
Profit after taxation
264.4
397.5
The summary financial information provided above is presented without Group eliminations, including \u00a3480.0m (2024: \u00a3780.0m) of
internal loans with related interest of \u00a329.0m, other consolidation adjustments of \u00a34.7m and related taxation, which have been eliminated
to calculate the non-controlling interest for adjusted profit.
2025 2024
\u00a3m \u00a3m
Net profit
264.4
397.5
add/(less):
Interest elimination
29.0
16.2
Other consolidation adjustments
(4.7)
\u2013
Current taxation on consolidation adjustments
(5.9)
(7.1)
Deferred taxation
165.4
102.0
448.2
508.6
Adjusted net profit attributable to 25% non-controlling interests
112.1
127.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-671": { "value": "22.1 Share capital
2025
2024
Number Number
(millions) \u00a3m
(millions)
\u00a3m
Allotted, called up and fully paid:
At 1 April
548.1
1,096.2
1,093.9
547.0
Issue of shares
(i)
7.5
15.0
2.3
1.1
At 31 March
555.6
1,111.2
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 40.0p per ordinary share (in relation to year ended 31 March 2024) and the interim dividend of 21.2p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 12.2m and 2.8m new fully paid ordinary shares respectively (2024: 1.8m and 0.5m). In addition, the Company issued 1.7m (2024: 0.8m) shares during the year to satisfy awards to employees under certain employee share schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a317.8m (2024: \u00a39.2m). Under the share buyback programme in the year to 31 March 2025, 3.8m shares were repurchased for a total consideration of \u00a371.7m (including stamp duty and commission). The scrip dividend take-up for the prior financial year was 18.0%, which was below the 25.0% required by the share buyback programme, therefore there were no share buybacks in the prior financial year ended 31 March 2024. Of the 1,111.2m shares in issue, 4.9m are held as treasury shares. These shares will be held by SSE plc and used to satisfy awards to employees under certain employee share schemes. During the year, on behalf of the Company, the employee share trust purchased 0.8m shares for a total consideration of \u00a314.1m (2024: 1.3m shares, consideration of \u00a321.8m) to be held in trust for the benefit of employee share schemes. At 31 March 2025, the trust held 6.7m shares (2024: 6.9m) which had a market value of \u00a3107.1m (2024: \u00a3113.9m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-672": { "value": "22.2 Capital redemption reserve The capital redemption reserve comprises the value of shares redeemed or purchased and cancelled 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
2025 2024
\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. Coupon payments In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2024: \u00a322.4m) was made on 14 April 2024. For the \u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.5m (2024: \u00a316.5m) was made on 14 July 2024 and for the \u20ac1bn hybrid equity bond a discretionary coupon payment of \u00a334.8m (2024: \u00a334.2m) was made on 21 April 2024. The coupon payments in the year to 31 March 2025 consequently totalled \u00a373.7m (2024: \u00a373.1m). 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 2025 the amount attributable to non-controlling interests is \u00a3628.8m (2024: \u00a3554.9m restated), which relates to SHET of \u00a3589.6m (2024: \u00a3514.1m restated) and SSE Pacifico \u00a339.2m (2024: \u00a340.8m). The profit and loss attributable to non-controlling interests for the year ended 31 March 2025 is \u00a369.8m gain (2024: \u00a3100.8m gain), which relates to SHET \u00a370.6m gain (2024: \u00a3101.5m gain) and SSE Pacifico \u00a30.8m loss (2024: \u00a30.7m loss). The comparative has been restated. See note 1.2. Details regarding SHET\u2019s principal activity and country of incorporation are included in A3 . SHET\u2019s summary financial information is as follows:
2025 2024
\u00a3m \u00a3m
Non-current assets
6,701.3
5,579.2
Current assets
444.9
337.0
Current liabilities
(405.5)
(509.0)
Non-current liabilities
(4,418.5)
(3,370.4)
2,322.2
2,036.8
2025 2024
\u00a3m \u00a3m
Revenue
807.0
885.2
Operating profit
435.5
565.0
Net finance costs
(60.3)
(35.0)
Profit before taxation
375.2
530.0
Taxation
(110.8)
(132.5)
Profit after taxation
264.4
397.5
The summary financial information provided above is presented without Group eliminations, including \u00a3480.0m (2024: \u00a3780.0m) of internal loans with related interest of \u00a329.0m, other consolidation adjustments of \u00a34.7m and related taxation, which have been eliminated to calculate the non-controlling interest for adjusted profit.
2025 2024
\u00a3m \u00a3m
Net profit
264.4
397.5
add/(less):
Interest elimination
29.0
16.2
Other consolidation adjustments
(4.7)
\u2013
Current taxation on consolidation adjustments
(5.9)
(7.1)
Deferred taxation
165.4
102.0
448.2
508.6
Adjusted net profit attributable to 25% non-controlling interests
112.1
127.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-630": { "value": "
23
Retirement bene\ufb01t obligations
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 based on 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 2024
31 March 2022
Valuation carried out by
Hymans Robertson
Aon
Value of assets based on valuation
\u00a31,376.3m
\u00a32,395.6m
Value of liabilities based on valuation
\u00a31,146.1m
\u00a32,475.2m
Valuation method adopted
Projected Unit
Projected Unit
Average salary increase
RPI+0.25%
RPI+0.25%
Average pension increase
RPI
RPI
Value of fund assets/accrued benefits
120.1%
96.8%
Future contributions
Scottish Hydro Electric Pension Scheme
The last triennial actuarial valuation of the scheme was carried out at 31 March 2024 and showed a surplus of \u00a3230.2m 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 sustained deficit for two successive quarters on the trustees\u2019 long term funding basis. Consequently, the Group
has not made contributions to the scheme in the year ending 31 March 2025 and does not expect to make any contributions during the
year ended 31 March 2026. The next triennial funding valuation will be carried out as at 31 March 2027.
SSE Southern Group of the Electricity Supply Pension Scheme
The last triennial actuarial valuation of the scheme was carried out 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 \u00a326.2m are expected to be paid
by the Group during the year ending on 31 March 2026, including deficit repair contributions of \u00a316.0m. Under the current schedule of
contributions, the deficit repair contribution will be made until March 2027, increasing in line with inflation each year.
During the year ending 31 March 2025 the Group paid deficit contributions of \u00a315.5m (2024: \u00a316.3m).
Pension summary as measured under IAS 19:
Net actuarial gain/(loss)
recognised in respect of the
pension asset in the statement
Scheme type
of comprehensive income
Net pension asset
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Scottish Hydro Electric
Defined benefit
7.7
(37.1)
353.7
339.3
SSE Southern
Defined benefit
45.1
(118.1)
148.1
82.3
52.8
(155.2)
501.8
421.6
IFRC 14 surplus restrictions
As a result of the Group and the trustees to the Scottish Hydro Electric Pension Scheme agreeing in 2016/17 to 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, there are no restrictions
on recognition of the scheme surplus. The net pension asset of the Scottish Hydro Electric Scheme at 31 March 2025 was \u00a3353.7m
(2024: \u00a3339.3m).
At 31 March 2025, the SSE Southern Pension Scheme has a net surplus of \u00a3148.1m (2024: \u00a382.3m), and unrecognised future contributions
of \u00a332.0m (2024: \u00a346.8m), 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
In July 2024 the Court of Appeal upheld the 16 June 2023 High Court 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. Relevant 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.
A further related case Verity Trustees v Wood is currently awaiting judgement, which is anticipated in the summer of 2025.
At 31 March 2025, the trustees of the Scottish Hydro Electric Pension Scheme and the trustees of the SSE Southern Pension Scheme
have engaged legal advisers to review relevant rule amendments and Section 37 Confirmations, but have not yet have made a detailed
assessment of the potential impact of these rulings. The defined benefit obligation for the Group\u2019s schemes has been calculated on the
basis of the pension benefits currently being administered. Any subsequent developments are being monitored by the Group and the
pension scheme trustees.
23.1 Pension scheme assumptions
Both schemes have been updated to 31 March 2025 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
2025 2024
Rate of increase in pensionable salaries
3.3%
3.4%
Rate of increase in pension payments
3.0%
3.1%
Discount rate
5.8%
4.8%
Inflation rate
3.0%
3.1%
The assumptions relating to longevity underlying the pension liabilities at 31 March 2025 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 2025
At 31 March 2024
Male
Female
Male
Female
Currently aged 65
22
24
22
24
Currently aged 45
24
26
24
26
SSE Southern
At 31 March 2025
At 31 March 2024
Male
Female
Male
Female
Currently aged 65
22
25
22
25
Currently aged 45
24
25
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 2025
At 31 March 2024
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%
+/\u2013 0.1%
0.1%
+/\u2013 0.1%
Rate of increase in pension payments
0.1%
+/\u2013 0.6%
0.1%
+/\u2013 0.7%
Discount rate
0.1%
+/\u2013 0.6%
0.1%
+/\u2013 0.7%
Longevity
1 year
+/\u2013 1.9%
1 year
+/\u2013 2.0%
SSE Southern
At 31 March 2025
At 31 March 2024
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%
+/\u2013 0.1%
0.1%
+/\u2013 0.1%
Rate of increase in pension payments
0.1%
+/\u2013 1.2%
0.1%
+/\u2013 1.2%
Discount rate
0.1%
+/\u2013 1.2%
0.1%
+/\u2013 1.3%
Longevity
1 year
+/\u2013 3.0%
1 year
+/\u2013 3.5%
23.3 Valuation of combined pension schemes
Value at Value at
Quoted Unquoted 31 March 2025 Quoted Unquoted 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
173.2
\u2013
173.2
196.9
\u2013
196.9
Government bonds
1,180.6
\u2013
1,180.6
1,215.3
\u2013
1,215.3
Insurance contracts
(i)
\u2013
4 5 4 . 4
4 5 4 . 4
\u2013
5 0 0 . 3
5 0 0 . 3
Other investments
942.1
\u2013
942.1
1,102.7
\u2013
1,102.7
Total fair value of plan assets
2,295.9
454.4
2,750.3
2,514.9
500.3
3,015.2
Present value of defined benefit obligation
(2,248.5)
(2,593.6)
Surplus in the schemes
501.8
421.6
Deferred tax thereon
(ii)
(125.5)
(105.4)
Net pension asset
376.3
316.2
(i) See details of valuations of insurance contracts in note 23.7(ii) .
(ii) Deferred tax rate of 25% (2024: 25%) applied to net pension surplus position.
23.4 Movements in the combined de\ufb01ned bene\ufb01t assets and obligations during the year
2025
2024
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
Included in income statement
Current service cost
\u2013
(15.0)
(15.0)
\u2013
(16.2)
(16.2)
Past service cost
\u2013
( 4 . 7 )
( 4 . 7 )
\u2013
( 2 . 4 )
( 2 . 4 )
Interest income/(cost)
141.3
(120.6)
20.7
148.5
(122.3)
26.2
141.3
(140.3)
1.0
148.5
(140.9)
7.6
Included in other comprehensive income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
20.9
20.9
\u2013
29.3
29.3
Financial assumptions
\u2013
2 8 8 . 5
2 8 8 . 5
\u2013
53.7
53.7
Experience assumptions
\u2013
1 . 9
1 . 9
\u2013
(46.2)
(46.2)
Return on plan assets excluding interest income
(258.5)
\u2013
(258.5)
(192.0)
\u2013
(192.0)
(258.5)
311.3
52.8
(192.0)
36.8
(155.2)
Other
Contributions paid by the employer
26.4
\u2013
26.4
28.1
\u2013
28.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(174.2)
174.2
\u2013
(158.1)
158.1
\u2013
(147.7)
174.1
26.4
(129.9)
158.0
28.1
Balance at 31 March
2,750.3
(2,248.5)
501.8
3,015.2
(2,593.6)
421.6
23.5 Pension scheme contributions and costs Charges/(credits) recognised:
2025 2024
\u00a3m \u00a3m
Service costs (charged to operating profit)
19.7
18.6
(Credited)/charged to finance costs:
Interest from pension scheme assets
(141.3)
(148.5)
Interest on pension scheme liabilities
120.6
122.3
(20.7)
(26.2)
The return on pension scheme assets is as follows:
2025 2024
\u00a3m \u00a3m
Return on pension scheme assets
(117.2)
(43.5)
Defined contribution scheme The total contribution paid by the Group to defined contribution pension schemes was \u00a398.8m (2024: \u00a390.5m). Unfunded Unapproved Retirement Benefit Scheme (\u201cUURBS\u201d) pension costs The decrease in the year in relation to UURBS was \u00a33.6m (2024: decrease of \u00a36.1m). This is included in Employee related provisions (note 20 ). Staff costs analysis The pension costs in note 8 can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Service costs
19.7
18.6
Defined contribution scheme payments
98.8
90.5
118.5
109.1
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 substantially offset
by the 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 14 years (2024: 17 years) for the Scottish Hydro Electric Pension Scheme
and 12 years (2024: 13 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
17
16
Deferred members
12
8
Pensioners
71
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 \u201casset ceiling\u201d 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 qualifying insurance contracts (or
\u201cbuy-in\u201d) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-711": { "value": "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 based on 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 2024
31 March 2022
Valuation carried out by
Hymans Robertson
Aon
Value of assets based on valuation
\u00a31,376.3m
\u00a32,395.6m
Value of liabilities based on valuation
\u00a31,146.1m
\u00a32,475.2m
Valuation method adopted
Projected Unit
Projected Unit
Average salary increase
RPI+0.25%
RPI+0.25%
Average pension increase
RPI
RPI
Value of fund assets/accrued benefits
120.1%
96.8%
Future contributions Scottish Hydro Electric Pension Scheme The last triennial actuarial valuation of the scheme was carried out at 31 March 2024 and showed a surplus of \u00a3230.2m 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 sustained deficit for two successive quarters on the trustees\u2019 long term funding basis. Consequently, the Group has not made contributions to the scheme in the year ending 31 March 2025 and does not expect to make any contributions during the year ended 31 March 2026. The next triennial funding valuation will be carried out as at 31 March 2027. SSE Southern Group of the Electricity Supply Pension Scheme The last triennial actuarial valuation of the scheme was carried out 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 \u00a326.2m are expected to be paid by the Group during the year ending on 31 March 2026, including deficit repair contributions of \u00a316.0m. Under the current schedule of contributions, the deficit repair contribution will be made until March 2027, increasing in line with inflation each year. During the year ending 31 March 2025 the Group paid deficit contributions of \u00a315.5m (2024: \u00a316.3m). Pension summary as measured under IAS 19:
Net actuarial gain/(loss)
recognised in respect of the
pension asset in the statement
Scheme type
of comprehensive income
Net pension asset
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Scottish Hydro Electric
Defined benefit
7.7
(37.1)
353.7
339.3
SSE Southern
Defined benefit
45.1
(118.1)
148.1
82.3
52.8
(155.2)
501.8
421.6
IFRC 14 surplus restrictions As a result of the Group and the trustees to the Scottish Hydro Electric Pension Scheme agreeing in 2016/17 to 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, there are no restrictions on recognition of the scheme surplus. The net pension asset of the Scottish Hydro Electric Scheme at 31 March 2025 was \u00a3353.7m (2024: \u00a3339.3m). At 31 March 2025, the SSE Southern Pension Scheme has a net surplus of \u00a3148.1m (2024: \u00a382.3m), and unrecognised future contributions of \u00a332.0m (2024: \u00a346.8m), 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 In July 2024 the Court of Appeal upheld the 16 June 2023 High Court 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. Relevant 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. A further related case Verity Trustees v Wood is currently awaiting judgement, which is anticipated in the summer of 2025. At 31 March 2025, the trustees of the Scottish Hydro Electric Pension Scheme and the trustees of the SSE Southern Pension Scheme have engaged legal advisers to review relevant rule amendments and Section 37 Confirmations, but have not yet have made a detailed assessment of the potential impact of these rulings. The defined benefit obligation for the Group\u2019s schemes has been calculated on the basis of the pension benefits currently being administered. Any subsequent developments are being monitored by the Group and the pension scheme trustees. 23.1 Pension scheme assumptions Both schemes have been updated to 31 March 2025 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
2025 2024
Rate of increase in pensionable salaries
3.3%
3.4%
Rate of increase in pension payments
3.0%
3.1%
Discount rate
5.8%
4.8%
Inflation rate
3.0%
3.1%
The assumptions relating to longevity underlying the pension liabilities at 31 March 2025 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 2025
At 31 March 2024
Male
Female
Male
Female
Currently aged 65
22
24
22
24
Currently aged 45
24
26
24
26
SSE Southern
At 31 March 2025
At 31 March 2024
Male
Female
Male
Female
Currently aged 65
22
25
22
25
Currently aged 45
24
25
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 2025
At 31 March 2024
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%
+/\u2013 0.1%
0.1%
+/\u2013 0.1%
Rate of increase in pension payments
0.1%
+/\u2013 0.6%
0.1%
+/\u2013 0.7%
Discount rate
0.1%
+/\u2013 0.6%
0.1%
+/\u2013 0.7%
Longevity
1 year
+/\u2013 1.9%
1 year
+/\u2013 2.0%
SSE Southern
At 31 March 2025
At 31 March 2024
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%
+/\u2013 0.1%
0.1%
+/\u2013 0.1%
Rate of increase in pension payments
0.1%
+/\u2013 1.2%
0.1%
+/\u2013 1.2%
Discount rate
0.1%
+/\u2013 1.2%
0.1%
+/\u2013 1.3%
Longevity
1 year
+/\u2013 3.0%
1 year
+/\u2013 3.5%
23.3 Valuation of combined pension schemes
Value at Value at
Quoted Unquoted 31 March 2025 Quoted Unquoted 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
173.2
\u2013
173.2
196.9
\u2013
196.9
Government bonds
1,180.6
\u2013
1,180.6
1,215.3
\u2013
1,215.3
Insurance contracts
(i)
\u2013
4 5 4 . 4
4 5 4 . 4
\u2013
5 0 0 . 3
5 0 0 . 3
Other investments
942.1
\u2013
942.1
1,102.7
\u2013
1,102.7
Total fair value of plan assets
2,295.9
454.4
2,750.3
2,514.9
500.3
3,015.2
Present value of defined benefit obligation
(2,248.5)
(2,593.6)
Surplus in the schemes
501.8
421.6
Deferred tax thereon
(ii)
(125.5)
(105.4)
Net pension asset
376.3
316.2
(i) See details of valuations of insurance contracts in note 23.7(ii) . (ii) Deferred tax rate of 25% (2024: 25%) applied to net pension surplus position. 23.4 Movements in the combined de\ufb01ned bene\ufb01t assets and obligations during the year
2025
2024
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
Included in income statement
Current service cost
\u2013
(15.0)
(15.0)
\u2013
(16.2)
(16.2)
Past service cost
\u2013
( 4 . 7 )
( 4 . 7 )
\u2013
( 2 . 4 )
( 2 . 4 )
Interest income/(cost)
141.3
(120.6)
20.7
148.5
(122.3)
26.2
141.3
(140.3)
1.0
148.5
(140.9)
7.6
Included in other comprehensive income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
20.9
20.9
\u2013
29.3
29.3
Financial assumptions
\u2013
2 8 8 . 5
2 8 8 . 5
\u2013
53.7
53.7
Experience assumptions
\u2013
1 . 9
1 . 9
\u2013
(46.2)
(46.2)
Return on plan assets excluding interest income
(258.5)
\u2013
(258.5)
(192.0)
\u2013
(192.0)
(258.5)
311.3
52.8
(192.0)
36.8
(155.2)
Other
Contributions paid by the employer
26.4
\u2013
26.4
28.1
\u2013
28.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(174.2)
174.2
\u2013
(158.1)
158.1
\u2013
(147.7)
174.1
26.4
(129.9)
158.0
28.1
Balance at 31 March
2,750.3
(2,248.5)
501.8
3,015.2
(2,593.6)
421.6
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 \u201casset ceiling\u201d 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 qualifying insurance contracts (or \u201cbuy-in\u201d) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-673": { "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 2025
At 31 March 2024
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%
+/\u2013 0.1%
0.1%
+/\u2013 0.1%
Rate of increase in pension payments
0.1%
+/\u2013 0.6%
0.1%
+/\u2013 0.7%
Discount rate
0.1%
+/\u2013 0.6%
0.1%
+/\u2013 0.7%
Longevity
1 year
+/\u2013 1.9%
1 year
+/\u2013 2.0%
SSE Southern
At 31 March 2025
At 31 March 2024
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%
+/\u2013 0.1%
0.1%
+/\u2013 0.1%
Rate of increase in pension payments
0.1%
+/\u2013 1.2%
0.1%
+/\u2013 1.2%
Discount rate
0.1%
+/\u2013 1.2%
0.1%
+/\u2013 1.3%
Longevity
1 year
+/\u2013 3.0%
1 year
+/\u2013 3.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-674": { "value": "
23.4 Movements in the combined de\ufb01ned bene\ufb01t assets and obligations during the year
2025
2024
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
Included in income statement
Current service cost
\u2013
(15.0)
(15.0)
\u2013
(16.2)
(16.2)
Past service cost
\u2013
( 4 . 7 )
( 4 . 7 )
\u2013
( 2 . 4 )
( 2 . 4 )
Interest income/(cost)
141.3
(120.6)
20.7
148.5
(122.3)
26.2
141.3
(140.3)
1.0
148.5
(140.9)
7.6
Included in other comprehensive income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
20.9
20.9
\u2013
29.3
29.3
Financial assumptions
\u2013
2 8 8 . 5
2 8 8 . 5
\u2013
53.7
53.7
Experience assumptions
\u2013
1 . 9
1 . 9
\u2013
(46.2)
(46.2)
Return on plan assets excluding interest income
(258.5)
\u2013
(258.5)
(192.0)
\u2013
(192.0)
(258.5)
311.3
52.8
(192.0)
36.8
(155.2)
Other
Contributions paid by the employer
26.4
\u2013
26.4
28.1
\u2013
28.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(174.2)
174.2
\u2013
(158.1)
158.1
\u2013
(147.7)
174.1
26.4
(129.9)
158.0
28.1
Balance at 31 March
2,750.3
(2,248.5)
501.8
3,015.2
(2,593.6)
421.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-735": { "value": "23.4 Movements in the combined de\ufb01ned bene\ufb01t assets and obligations during the year
2025
2024
Assets Obligations Total Assets Obligations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
3,015.2
(2,593.6)
421.6
3,188.6
(2,647.5)
541.1
Included in income statement
Current service cost
\u2013
(15.0)
(15.0)
\u2013
(16.2)
(16.2)
Past service cost
\u2013
( 4 . 7 )
( 4 . 7 )
\u2013
( 2 . 4 )
( 2 . 4 )
Interest income/(cost)
141.3
(120.6)
20.7
148.5
(122.3)
26.2
141.3
(140.3)
1.0
148.5
(140.9)
7.6
Included in other comprehensive income
Actuarial gain/(loss) arising from:
Demographic assumptions
\u2013
20.9
20.9
\u2013
29.3
29.3
Financial assumptions
\u2013
2 8 8 . 5
2 8 8 . 5
\u2013
53.7
53.7
Experience assumptions
\u2013
1 . 9
1 . 9
\u2013
(46.2)
(46.2)
Return on plan assets excluding interest income
(258.5)
\u2013
(258.5)
(192.0)
\u2013
(192.0)
(258.5)
311.3
52.8
(192.0)
36.8
(155.2)
Other
Contributions paid by the employer
26.4
\u2013
26.4
28.1
\u2013
28.1
Scheme participant\u2019s contributions
0.1
(0.1)
\u2013
0.1
(0.1)
\u2013
Benefits paid
(174.2)
174.2
\u2013
(158.1)
158.1
\u2013
(147.7)
174.1
26.4
(129.9)
158.0
28.1
Balance at 31 March
2,750.3
(2,248.5)
501.8
3,015.2
(2,593.6)
421.6
(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 qualifying insurance contracts (or \u201cbuy-in\u201d) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-712": { "value": "
23.5 Pension scheme contributions and costs
Charges/(credits) recognised:
2025 2024
\u00a3m \u00a3m
Service costs (charged to operating profit)
19.7
18.6
(Credited)/charged to finance costs:
Interest from pension scheme assets
(141.3)
(148.5)
Interest on pension scheme liabilities
120.6
122.3
(20.7)
(26.2)
The return on pension scheme assets is as follows:
2025 2024
\u00a3m \u00a3m
Return on pension scheme assets
(117.2)
(43.5)
Defined contribution scheme
The total contribution paid by the Group to defined contribution pension schemes was \u00a398.8m (2024: \u00a390.5m).
Unfunded Unapproved Retirement Benefit Scheme (\u201cUURBS\u201d) pension costs
The decrease in the year in relation to UURBS was \u00a33.6m (2024: decrease of \u00a36.1m). This is included in Employee related provisions (note 20
).
Staff costs analysis
The pension costs in note 8 can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Service costs
19.7
18.6
Defined contribution scheme payments
98.8
90.5
118.5
109.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-747": { "value": "23.5 Pension scheme contributions and costs Charges/(credits) recognised:
2025 2024
\u00a3m \u00a3m
Service costs (charged to operating profit)
19.7
18.6
(Credited)/charged to finance costs:
Interest from pension scheme assets
(141.3)
(148.5)
Interest on pension scheme liabilities
120.6
122.3
(20.7)
(26.2)
The return on pension scheme assets is as follows:
2025 2024
\u00a3m \u00a3m
Return on pension scheme assets
(117.2)
(43.5)
Defined contribution scheme The total contribution paid by the Group to defined contribution pension schemes was \u00a398.8m (2024: \u00a390.5m). Unfunded Unapproved Retirement Benefit Scheme (\u201cUURBS\u201d) pension costs The decrease in the year in relation to UURBS was \u00a33.6m (2024: decrease of \u00a36.1m). This is included in Employee related provisions (note 20 ). Staff costs analysis The pension costs in note 8 can be analysed as follows:
2025 2024
\u00a3m \u00a3m
Service costs
19.7
18.6
Defined contribution scheme payments
98.8
90.5
118.5
109.1
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 substantially offset by the 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-675": { "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 substantially offset by the 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 14 years (2024: 17 years) for the Scottish Hydro Electric Pension Scheme and 12 years (2024: 13 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
17
16
Deferred members
12
8
Pensioners
71
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 \u201casset ceiling\u201d 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 qualifying insurance contracts (or \u201cbuy-in\u201d) 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:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-748": { "value": "23.8 Risk assessment (i) Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 14 years (2024: 17 years) for the Scottish Hydro Electric Pension Scheme and 12 years (2024: 13 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
17
16
Deferred members
12
8
Pensioners
71
76
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-676": { "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.
As permitted by IFRS 17 \u201cInsurance Contracts\u201d, the Group elected to apply the valuation principles of IFRS 9 to these contracts.
24.1 Financial instruments \u2013 income statement
2025 2024
\u00a3m \u00a3m
Operating derivatives
Total result on operating derivatives
(i)
92.9
(573.1)
Less: amounts settled
(ii)
(141.9)
1,025.3
Movement in unrealised derivatives
(49.0)
452.2
Financing derivatives (and hedged items)
Total result on financing derivatives
(i)
63.6
370.6
Less: amounts settled
(ii)
(50.8)
(364.5)
Movement in unrealised derivatives
12.8
6.1
Financial guarantee liabilities
Total result on financial guarantee liabilities
(iii)
1.9
12.5
Net income statement impact
(34.3)
470.8
(i) Total result on derivatives in the income statement represents the total amounts credited (or charged) 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 recognition of new or expiring contracts.
The movement in unrealised operating derivative excludes a \u00a311.1m loss (2024: \u00a38.8m loss) 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/(liabilities) are represented as follows:
2025 2024
Derivative financial assets \u00a3m \u00a3m
Non-current
63.5
64.2
Current
178.4
536.1
Total derivative assets
241.9
600.3
Derivative liabilities
Non-current
(167.7)
(222.2)
Current
(126.3)
(345.2)
Total derivative liabilities
(294.0)
(567.4)
Net derivative (liability)/asset
(52.1)
32.9
The financial guarantee liabilities are represented as follows:
2025 2024
Financial guarantee liabilities \u00a3m \u00a3m
Non-current
(23.1)
(36.4)
Current
(2.4)
(3.1)
Total guarantee liabilities
(25.5)
(39.5)
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 \ufb02ow 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.
2025
2025
2025
2025
2025
2025
2024
2024
2024
2024
2024
2024
Carrying Expected 0 \u2013 12 Carrying Expected 0 \u2013 12
amount cash flows months 1 \u2013 2 years 2 \u2013 5 years > 5 years amount cash flows months 1 \u2013 2 years 2 \u2013 5 years > 5 years
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps:
Assets
15.4
16.5
5.9
5.3
5.3
\u2013
19.7
21.4
7.3
5.3
8.8
\u2013
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.4
16.5
5.9
5.3
5.3
\u2013
19.7
21.4
7.3
5.3
8.8
\u2013
Cross currency swaps:
Assets
32.7
48.5
7.9
7.2
(46.1)
79.5
71.7
72.4
51.4
1.5
19.5
\u2013
Liabilities
(74.2)
(75.4)
(43.2)
(13.4)
(37.1)
18.3
(57.4)
(57.6)
(19.3)
(23.3)
(30.6)
15.6
(41.5)
(26.9)
(35.3)
(6.2)
(83.2)
97.8
14.3
14.8
32.1
(21.8)
(11.1)
15.6
Forward foreign exchange contracts:
Assets
9.6
584.8
292.9
133.5
158.4
\u2013
0.5
35.0
34.6
0.4
\u2013
\u2013
Liabilities
(19.7)
861.1
234.8
182.2
444.1
\u2013
(30.5)
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
(10.1)
1,445.9
527.7
315.7
602.5
\u2013
(30.0)
(1,305.9)
(523.1)
(99.4)
(647.6)
(35.8)
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 (2025: \u00a336.0m gain, 2024: \u00a330.9m gain). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income statement (2025: \u00a3nil, 2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-631": { "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. As permitted by IFRS 17 \u201cInsurance Contracts\u201d, the Group elected to apply the valuation principles of IFRS 9 to these contracts. 24.1 Financial instruments \u2013 income statement
2025 2024
\u00a3m \u00a3m
Operating derivatives
Total result on operating derivatives
(i)
92.9
(573.1)
Less: amounts settled
(ii)
(141.9)
1,025.3
Movement in unrealised derivatives
(49.0)
452.2
Financing derivatives (and hedged items)
Total result on financing derivatives
(i)
63.6
370.6
Less: amounts settled
(ii)
(50.8)
(364.5)
Movement in unrealised derivatives
12.8
6.1
Financial guarantee liabilities
Total result on financial guarantee liabilities
(iii)
1.9
12.5
Net income statement impact
(34.3)
470.8
(i) Total result on derivatives in the income statement represents the total amounts credited (or charged) 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 recognition of new or expiring contracts. The movement in unrealised operating derivative excludes a \u00a311.1m loss (2024: \u00a38.8m loss) 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/(liabilities) are represented as follows:
2025 2024
Derivative financial assets \u00a3m \u00a3m
Non-current
63.5
64.2
Current
178.4
536.1
Total derivative assets
241.9
600.3
Derivative liabilities
Non-current
(167.7)
(222.2)
Current
(126.3)
(345.2)
Total derivative liabilities
(294.0)
(567.4)
Net derivative (liability)/asset
(52.1)
32.9
The financial guarantee liabilities are represented as follows:
2025 2024
Financial guarantee liabilities \u00a3m \u00a3m
Non-current
(23.1)
(36.4)
Current
(2.4)
(3.1)
Total guarantee liabilities
(25.5)
(39.5)
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 \ufb01nancial instruments A7.1 Fair value of \ufb01nancial 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:
2025
2025
2025
2025
2024
2024
2024
2024
Amortised FVTPL/ Total carrying Amortised FVTPL/ Total carrying
cost
(i)
FVTOCI
(ii)
value Fair value
cost
(i)
FVTOCI
(ii)
value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Current
Trade receivables
1,480.2
\u2013
1,480.2
1,480.2
1,305.5
\u2013
1,305.5
1,305.5
Other receivables
6.6
\u2013
6.6
6.6
4.1
\u2013
4.1
4.1
Cash collateral and
other deposits
19.2
\u2013
19.2
19.2
9.3
\u2013
9.3
9.3
Cash and cash
equivalents
1,090.5
\u2013
1,090.5
1,090.5
1,035.9
\u2013
1,035.9
1,035.9
Derivative financial assets
\u2013
178.4
178.4
178.4
\u2013
536.1
536.1
536.1
2,596.5
178.4
2,774.9
2,774.9
2,354.8
536.1
2,890.9
2,890.9
Non-current
Unquoted equity
investments
\u2013
8.8
8.8
8.8
\u2013
3.2
3.2
3.2
Loan note receivable
193.5
\u2013
193.5
193.5
170.1
\u2013
170.1
170.1
Loans to associates and
jointly controlled entities
1,510.3
\u2013
1,510.3
1,510.3
1,352.9
\u2013
1,352.9
1,352.9
Derivative financial assets
\u2013
63.5
63.5
63.5
\u2013
64.2
64.2
64.2
1,703.8
72.3
1,776.1
1,776.1
1,523.0
67.4
1,590.4
1,590.4
4,300.3
250.7
4,551.0
4,551.0
3,877.8
603.5
4,481.3
4,481.3
Financial liabilities
Current
Trade payables
(710.7)
\u2013
(710.7)
(710.7)
(656.7)
\u2013
(656.7)
(656.7)
Outstanding liquid funds
(82.5)
\u2013
(82.5)
(82.5)
(362.5)
\u2013
(362.5)
(362.5)
Loans and borrowings
(iii)
(1,924.3)
28.8
(1,895.5)
(1,937.0)
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
Lease liabilities
(68.5)
\u2013
(68.5)
(68.5)
(83.5)
\u2013
(83.5)
(83.5)
Financial guarantee
liabilities
\u2013
(2.4)
(2.4)
(2.4)
\u2013
(3.1)
(3.1)
(3.1)
Derivative financial
liabilities
\u2013
(126.3)
(126.3)
(126.3)
\u2013
(345.2)
(345.2)
(345.2)
(2,786.0)
(99.9)
(2,885.9)
(2,927.4)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
Non-current
Loans and borrowings
(iii)
(8,313.7)
59.8
(8,253.9)
(7,960.4)
(7,680.8)
(0.9)
(7,681.7)
(7,440.6)
Lease liabilities
(386.5)
\u2013
(386.5)
(386.5)
(324.0)
\u2013
(324.0)
(324.0)
Financial guarantee
liabilities
\u2013
(23.1)
(23.1)
(23.1)
\u2013
(36.4)
(36.4)
(36.4)
Derivative financial
liabilities
\u2013
(167.7)
(167.7)
(167.7)
\u2013
(222.2)
(222.2)
(222.2)
(8,700.2)
(131.0)
(8,831.2)
(8,537.7)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(11,486.2)
(230.9)
(11,717.1)
(11,465.1)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
Net financial liabilities
(7,185.9)
19.8
(7,166.1)
(6,914.1)
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(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) (iii) The fair value through profit or loss attributable to loans and borrowings totalling \u00a388.6m (2024: (\u00a30.9m)) relates to fair value hedges that are in place against the Group\u2019s loans and borrowings. At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date.
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 (\u201cFVTPL\u201d) or Fair Value through Other
Comprehensive Income (\u201cFVTOCI\u201d). 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.
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
71.5
80.9
5.8
158.2
357.7
121.6
0.5
479.8
Interest rate derivatives
\u2013
6 8 . 9
\u2013
6 8 . 9
\u2013
1 1 3 . 0
\u2013
1 1 3 . 0
Foreign exchange derivatives
\u2013
1 4 . 8
\u2013
1 4 . 8
\u2013
7 . 5
\u2013
7 . 5
Unquoted equity investments
\u2013
\u2013
8 . 8
8 . 8
\u2013
\u2013
3 . 2
3 . 2
71.5
164.6
14.6
250.7
357.7
242.1
3.7
603.5
Financial liabilities
Energy derivatives
\u2013
( 8 0 . 8 )
( 8 1 . 3 )
( 1 6 2 . 1 )
\u2013
( 3 2 7 . 1 )
( 1 0 1 . 3 )
( 4 2 8 . 4 )
Interest rate derivatives
\u2013
( 1 0 7 . 8 )
\u2013
( 1 0 7 . 8 )
\u2013
( 9 5 . 8 )
\u2013
( 9 5 . 8 )
Foreign exchange derivatives
\u2013
( 2 4 . 1 )
\u2013
( 2 4 . 1 )
\u2013
( 4 3 . 2 )
\u2013
( 4 3 . 2 )
Loans and borrowings
*
\u2013
8 8 . 6
\u2013
8 8 . 6
\u2013
( 0 . 9 )
\u2013
( 0 . 9 )
\u2013
( 1 2 4 . 1 )
( 8 1 . 3 )
( 2 0 5 . 4 )
\u2013
(467.0)
(101.3)
(568.3)
* The \u00a388.6m relates to fair value hedges that are in place against the Group\u2019s loans and borrowings and has been included in the table above within financial liabilities, as it is
presented in loans and borrowings liabilities in the balance sheet.
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 current and prior year. There were no significant transfers out of Level 2 into
Level 3 or out of Level 3 into Level 2 during the current and prior year.
In the prior year, 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 TotalEnergies (25.5%) and PTT Exploration & Production Public Company Limited (PTTEPP) (25.5%) (2024: TOTAL SE (51%)) and
TOTAL SE entered into an equivalent ACfD with SWEL. In the period to 31 March 2025, the SWEL ACfD agreement was amended and under
IFRS 9, the original agreement was de-recognised and then re-recognised on the amended basis. 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 gain of \u00a323.9m (2024: \u00a399.0m loss).
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.
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:
2025 2024
\u00a3m \u00a3m
Level 3 financial instrument fair value at 1 April
(97.6)
25.6
Additions
3.4
\u2013
Transfer to/(from) financial assets
4.6
(24.1)
Disposals in year
(0.1)
(0.4)
Cash settlement
(38.5)
(0.4)
Re-measurement gain/(loss) recognised in income statement
5.2
(106.0)
Re-measurement (loss)/gain recognised in other comprehensive income
(0.8)
0.3
Additions \u2013 new instruments entered in the year
342.3
11.5
Deferred day 1 gains on instruments entered in the year
(342.3)
(11.5)
Instruments derecognised in the year
(342.0)
\u2013
Deferred day 1 gains derecognised in the year
370.7
\u2013
Amortisation of day 1 gains in the year
28.4
7.4
Level 3 financial instrument fair value at 31 March
(66.7)
(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.
Carrying value (net) Significant unobservable Market price range
\u00a3m
Valuation technique
input (min-max) \u00a3/MwH
Electricity prices,
31 March 2025
75.5
Discounted cash flow
Generation volumes
49 \u2013 99
Electricity prices,
31 March 2024
100.8
Discounted cash flow
Generation volumes
53 \u2013 147
Deferred measurement differences
2025 2024
\u00a3m \u00a3m
Deferred measurement difference at 1 April
413.5
400.1
Deferred measurement difference adjustment in the year
\u2013
9.3
Deferred measurement difference arising during the year on new instruments
342.3
11.5
Deferred measurement differences derecognised in the year
(370.7)
\u2013
Deferred measurement difference recognised during the year
(28.4)
(7.4)
Deferred measurement difference at 31 March
356.7
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.
Assumption
At 31 March 2025
At 31 March 2024
Effect on fair Effect on fair
value of value of
deferred deferred
Increase/ measurement Increase/ measurement
decrease in differences decrease in differences
assumption \u00a3m assumption \u00a3m
Discount rate
+1%/-1%
(12.8)/13.9
+1%/\u20131%
(22.2)/19.9
Volumes
+10%/-10%
26.5/(28.7)
+10%/\u201310%
29.3/(31.3)
Prices
+10%/-10%
87.5/(87.5)
+10%/\u201310%
135.7/(135.7)
A8
Hedge accounting
A8.1 Cash \ufb02ow 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.
2025
2025
2025
2025
2025
2025
2024
2024
2024
2024
2024
2024
Carrying Expected 0 \u2013 12 Carrying Expected 0 \u2013 12
amount cash flows months 1 \u2013 2 years 2 \u2013 5 years > 5 years amount cash flows months 1 \u2013 2 years 2 \u2013 5 years > 5 years
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps:
Assets
15.4
16.5
5.9
5.3
5.3
\u2013
19.7
21.4
7.3
5.3
8.8
\u2013
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.4
16.5
5.9
5.3
5.3
\u2013
19.7
21.4
7.3
5.3
8.8
\u2013
Cross currency swaps:
Assets
32.7
48.5
7.9
7.2
(46.1)
79.5
71.7
72.4
51.4
1.5
19.5
\u2013
Liabilities
(74.2)
(75.4)
(43.2)
(13.4)
(37.1)
18.3
(57.4)
(57.6)
(19.3)
(23.3)
(30.6)
15.6
(41.5)
(26.9)
(35.3)
(6.2)
(83.2)
97.8
14.3
14.8
32.1
(21.8)
(11.1)
15.6
Forward foreign exchange contracts:
Assets
9.6
584.8
292.9
133.5
158.4
\u2013
0.5
35.0
34.6
0.4
\u2013
\u2013
Liabilities
(19.7)
861.1
234.8
182.2
444.1
\u2013
(30.5)
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
(10.1)
1,445.9
527.7
315.7
602.5
\u2013
(30.0)
(1,305.9)
(523.1)
(99.4)
(647.6)
(35.8)
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
(2025: \u00a336.0m gain, 2024: \u00a330.9m gain). Gains and losses on the ineffective portion of the hedge are recognised immediately in the
income statement (2025: \u00a3nil, 2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-632": { "value": "
25
Commitments and contingencies
25.1 Capital commitments
2025 2024
Capital expenditure \u00a3m \u00a3m
Contracted for but not provided
4,438.3
1,389.2
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 liabilities
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-677": { "value": "25.1 Capital commitments
2025 2024
Capital expenditure \u00a3m \u00a3m
Contracted for but not provided
4,438.3
1,389.2
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-678": { "value": "25.2 Contingent liabilities 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-607": { "value": "
A1
Basis of consolidation and signi\ufb01cant
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 \u201cjoint
control\u201d. Joint control exists when decisions about the \u201crelevant
activities\u201d, 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 \u201creserved matters\u201d, 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. The Group\u2019s share of revenue from Greater
Gabbard is eliminated on consolidation due to the offtake
agreement where the Group purchases its 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.
2025
2024
Change
EUR v GBP
Year end
1.1938
1.1697
2.1%
spot rate
Average
1.1946
1.1694
2.2%
spot rate
US$ v GBP
Year end
1.2907
1.2623
2.2%
spot rate
Average
1.2915
1.2710
1.6%
spot rate
JPY v GBP
Year end
193.4770
191.0290
1.3%
spot rate
Average
192.5154
190.4400
1.1%
spot rate
A1.2 Signi\ufb01cant accounting policies
Revenue (note 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 is recognised 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 Thermal.
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 or third party 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.
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
the spot price at the time of delivery.
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 the receipt and consumption of the benefits of the energy is
considered 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 GB Business 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 (\u201cTPIs\u201d) 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 supplied is 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 included within Corporate unallocated (previously within the SSE Enterprise business), and Contract for Difference income. 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 in accordance with the relevant asset accounting policy set out above. Other operating income \u2013 Government Grants (note 6) Under government 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 2025 the most significant customer support scheme administered by the Group was the Irish Government Electricity Costs Emergency Benefit Scheme IV applicable to eligible domestic electricity customers in the Republic of Ireland. The scheme was administered by SSE Airtricity with credits applied to customers\u2019 accounts, following receipt of funding from the Irish Government (see note 6). Contracts for Difference (\u201cCfD\u201d) are agreements between a low carbon electricity generator and the Low Carbon Contracts Company (\u201cLCCC\u201d), 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 (2024: 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 \u00a3245.7m in the year with SSE\u2019s share of \u00a398.3m recognised within share of profit (2024: \u00a3217.3m, with SSE\u2019s share of \u00a386.9m recognised within share of profit). The Group\u2019s wholly owned Viking wind farm and joint venture investments Seagreen Wind Energy Limited, and Doggerbank A & B, which are currently under construction, also have a CfD arrangement in place with the LCCC. The LCCC government agreements for Viking, Seagreen and Doggerbank 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 \u201cfinancial instruments\u201d 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 electricity generation 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 229 and for lease liability charges on page 234 . 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 previous financial year, Finance (No.2) Act 2023 was enacted, bringing the 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 the costs associated with the levy for 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 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 (\u201cEU ETS\u201d) 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 (\u201cUK ETS\u201d) 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 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 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 certificates (\u201cREGOs\u201d) 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 at the prevailing market rate in line with the external obligation. 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. Software assets Software assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. 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
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 (\u201cSaaS\u201d) and Platform as a Service (\u201cPaaS\u201d) 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
re-measurement 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 3 to 15
(classified within Other assets)
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 above.
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
(\u201cFVLCS\u201d) and the value-in-use (\u201cVIU\u201d) of the asset or cash-
generating unit (\u201cCGU\u201d). 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.
VIU 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 re-measurement at fair value are recognised within the income statement, as a \u201ccertain re- measurement\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 (Wind, Solar and Battery assets), 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 \u201cIAS 19\u2014The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u201d. 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. 235 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 \u201cfair value\u201d or \u201ccash flow\u201d 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 \u201cfair value\u201d 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 \u201ccash flow\u201d 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 \u201cown use\u201d
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 with a maturity of three months or less. 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 (\u201cCfD\u201d)
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.
Financial guarantee liabilities
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.
As permitted by IFRS 17, the Group has elected to apply IFRS 9
\u201cFinancial Instruments\u201d to these contracts, as available under the
transition arrangements of the standard. Financial guarantee
contracts are initially measured at fair value and subsequently
measured at the higher of the loss allowance for expected credit
losses and 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-633": { "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 \u201cjoint control\u201d. Joint control exists when decisions about the \u201crelevant activities\u201d, 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 \u201creserved matters\u201d, 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. The Group\u2019s share of revenue from Greater Gabbard is eliminated on consolidation due to the offtake agreement where the Group purchases its 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.
2025
2024
Change
EUR v GBP
Year end
1.1938
1.1697
2.1%
spot rate
Average
1.1946
1.1694
2.2%
spot rate
US$ v GBP
Year end
1.2907
1.2623
2.2%
spot rate
Average
1.2915
1.2710
1.6%
spot rate
JPY v GBP
Year end
193.4770
191.0290
1.3%
spot rate
Average
192.5154
190.4400
1.1%
spot rate
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-679": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-736": { "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 \u201cjoint control\u201d. Joint control exists when decisions about the \u201crelevant activities\u201d, 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 \u201creserved matters\u201d, 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. The Group\u2019s share of revenue from Greater Gabbard is eliminated on consolidation due to the offtake agreement where the Group purchases its 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-713": { "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 \u201cjoint control\u201d. Joint control exists when decisions about the \u201crelevant activities\u201d, 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 \u201creserved matters\u201d, 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. The Group\u2019s share of revenue from Greater Gabbard is eliminated on consolidation due to the offtake agreement where the Group purchases its 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-680": { "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 \u201cjoint control\u201d. Joint control exists when decisions about the \u201crelevant activities\u201d, 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 \u201creserved matters\u201d, 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. The Group\u2019s share of revenue from Greater Gabbard is eliminated on consolidation due to the offtake agreement where the Group purchases its 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-714": { "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.
2025
2024
Change
EUR v GBP
Year end
1.1938
1.1697
2.1%
spot rate
Average
1.1946
1.1694
2.2%
spot rate
US$ v GBP
Year end
1.2907
1.2623
2.2%
spot rate
Average
1.2915
1.2710
1.6%
spot rate
JPY v GBP
Year end
193.4770
191.0290
1.3%
spot rate
Average
192.5154
190.4400
1.1%
spot rate
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-681": { "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.
2025
2024
Change
EUR v GBP
Year end
1.1938
1.1697
2.1%
spot rate
Average
1.1946
1.1694
2.2%
spot rate
US$ v GBP
Year end
1.2907
1.2623
2.2%
spot rate
Average
1.2915
1.2710
1.6%
spot rate
JPY v GBP
Year end
193.4770
191.0290
1.3%
spot rate
Average
192.5154
190.4400
1.1%
spot rate
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-634": { "value": "Revenue (note 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 is recognised 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 Thermal. 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 or third party 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. 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 the spot price at the time of delivery. 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 the receipt and consumption of the benefits of the energy is considered 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 GB Business 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 (\u201cTPIs\u201d) 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 supplied is 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 included
within Corporate unallocated (previously within the SSE Enterprise
business), and Contract for Difference income.
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 in accordance with the relevant asset
accounting policy set out above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-636": { "value": "
Other operating income \u2013 Government Grants (note 6)
Under government 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 2025 the most significant customer
support scheme administered by the Group was the Irish
Government Electricity Costs Emergency Benefit Scheme IV
applicable to eligible domestic electricity customers in the Republic
of Ireland. The scheme was administered by SSE Airtricity with
credits applied to customers\u2019 accounts, following receipt of funding
from the Irish Government (see note 6).
Contracts for Difference (\u201cCfD\u201d) are agreements between a low
carbon electricity generator and the Low Carbon Contracts
Company (\u201cLCCC\u201d), 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 (2024: 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 \u00a3245.7m in the year with SSE\u2019s share of \u00a398.3m recognised
within share of profit (2024: \u00a3217.3m, with SSE\u2019s share of \u00a386.9m
recognised within share of profit). The Group\u2019s wholly owned Viking
wind farm and joint venture investments Seagreen Wind Energy
Limited, and Doggerbank A & B, which are currently under
construction, also have a CfD arrangement in place with the LCCC.
The LCCC government agreements for Viking, Seagreen and
Doggerbank 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 \u201cfinancial instruments\u201d
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-635": { "value": "
Cost of sales (note 6)
Cost of sales includes fuel and energy purchases, direct employee
benefits, and depreciation of electricity generation 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-637": { "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 229
and for lease
liability charges on
page 234 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-715": { "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 229 and for lease liability charges on page 234 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-682": { "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 229 and for lease liability charges on page 234 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-640": { "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 previous financial year, Finance (No.2) Act 2023 was
enacted, bringing the 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
the costs associated with the levy for within cost of sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-684": { "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 previous financial year, Finance (No.2) Act 2023 was enacted, bringing the 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 the costs associated with the levy for within cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-638": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-716": { "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 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-641": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-717": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-685": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-639": { "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 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 (\u201cEU ETS\u201d) 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 (\u201cUK ETS\u201d) 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 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 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 certificates (\u201cREGOs\u201d) 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 at the prevailing market rate in line with the external obligation. 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. Software assets Software assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. 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
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 (\u201cSaaS\u201d) and Platform as a Service (\u201cPaaS\u201d) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-683": { "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 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-737": { "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 (\u201cEU ETS\u201d) 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 (\u201cUK ETS\u201d) 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 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 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 certificates (\u201cREGOs\u201d) 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 at the prevailing market rate in line with the external
obligation. 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.
Software assets
Software assets that have been acquired separately by the Group
are stated at cost less accumulated amortisation and impairment
losses. 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
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 (\u201cSaaS\u201d) and
Platform as a Service (\u201cPaaS\u201d) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-642": { "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 re-measurement 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 3 to 15
(classified within Other assets)
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-686": { "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 3 to 15
(classified within Other assets)
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-643": { "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 above. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "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 (\u201cFVLCS\u201d) and the value-in-use (\u201cVIU\u201d) of the asset or cash- generating unit (\u201cCGU\u201d). 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. VIU 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-687": { "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 (\u201cFVLCS\u201d) and the value-in-use (\u201cVIU\u201d) of the asset or cash- generating unit (\u201cCGU\u201d). 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. VIU 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-645": { "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 (\u201cFVLCS\u201d) and the value-in-use (\u201cVIU\u201d) of the asset or cash- generating unit (\u201cCGU\u201d). 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. VIU 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-644": { "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 re-measurement at fair value are
recognised within the income statement, as a \u201ccertain re-
measurement\u201d item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-646": { "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 (Wind, Solar and Battery assets),
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-688": { "value": "Decommissioning The Group engages independent experts to estimate the cost to decommission its Renewable (Wind, Solar and Battery assets), 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-647": { "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 \u201cIAS 19\u2014The Limit on a Defined Benefit
Asset, Minimum Funding Requirements and their Interaction\u201d.
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-648": { "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 \u201cfair
value\u201d or \u201ccash flow\u201d 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 \u201cfair value\u201d 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 \u201ccash flow\u201d 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 \u201cown use\u201d 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 with a maturity of three months or less. 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 (\u201cCfD\u201d) 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. Financial guarantee liabilities 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. As permitted by IFRS 17, the Group has elected to apply IFRS 9 \u201cFinancial Instruments\u201d to these contracts, as available under the transition arrangements of the standard. Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of the loss allowance for expected credit losses and 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-719": { "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 \u201cfair value\u201d or \u201ccash flow\u201d 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 \u201cfair value\u201d 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 \u201ccash flow\u201d 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 \u201cown use\u201d 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-689": { "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 \u201cfair value\u201d or \u201ccash flow\u201d 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 \u201cfair value\u201d 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 \u201ccash flow\u201d 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 \u201cown use\u201d 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-738": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-690": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with a maturity of three months or less. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-691": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-720": { "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 (\u201cCfD\u201d) 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. Financial guarantee liabilities 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. As permitted by IFRS 17, the Group has elected to apply IFRS 9 \u201cFinancial Instruments\u201d to these contracts, as available under the transition arrangements of the standard. Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of the loss allowance for expected credit losses and the initial fair value less any income recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-692": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-693": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-649": { "value": "
A3
Related undertakings
A3.1.1 Subsidiary undertakings
Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2025
address Holding
Company (Key) %
United Kingdom
Aberarder Wind Farm (Scotland) Limited
A
100.0
Aberarder Wind Farm LLP
B
100.0
Abernedd Power Company Limited
B
100.0
Aegletes III Holdco Limited
B
100.0
Aldbrough Pathfinder Limited
B
100.0
Berwick Bank A Limited
B
100.0
Berwick Bank B Limited
B
100.0
Berwick Bank C Limited
B
100.0
Berwick Bank Holdings A Limited
B
100.0
Berwick Bank Holdings B Limited
B
100.0
Berwick Bank Holdings C Limited
B
100.0
Berwick Bank Wind Farm Limited
A
100.0
Bhlaraidh Extension Wind Farm Limited
A
100.0
Bhlaraidh Wind Farm Limited
A
100.0
Building Automation Solutions Limited
D
100.0
By-Pass Farm Solar Limited
B
100.0
Coire Glas Hydro Pumped Storage Limited
A
100.0
Eastern Green Link 3 Limited
B
75.0
Enerveo Limited
T
100.0
Ferrybridge Hydrogen Limited
B
100.0
Fibre Fuel Limited
B
100.0
Fibre Power (Slough) Limited
B
100.0
Griffin Wind Farm Limited
A
100.0
Hydro Electric Pension Scheme Trustees
A
100.0
Limited
Keadby Developments Limited
E
100.0
Keadby Generation Limited
E
100.0
Keadby Next Generation Limited (formerly
B
100.0
Keadby Hydrogen Power North Limited)
Keadby Wind Farm Limited
B
100.0
LG-B-300 Limited
A
100.0
Littleton Pastures Solar Limited
B
100.0
Medway Power Limited
B
100.0
Optimal Power Networks Limited
B
100.0
Power from Waste Limited
B
100.0
Scottish and Southern Energy Power
A
100.0
Distribution Limited
Scottish Hydro Electric Power Distribution plc
A
100.0
Scottish Hydro Electric Transmission plc
A
75.0
Slough Domestic Electricity Limited
B
100.0
Slough Electricity Contracts Limited
B
100.0
Slough Energy Supplies Limited
B
100.0
Slough Heat & Power Limited
B
100.0
Slough Utility Services Limited
B
100.0
Southern Electric Power Distribution plc
B
100.0
SSE Airtricity Energy Services (NI) Limited
Q
100.0
SSE Airtricity Energy Supply (NI) Limited
F
100.0
SSE Airtricity Gas Supply (NI) Limited
F
100.0
SSE Battery Monk Fryston Limited
B
100.0
SSE Battery Salisbury Limited
B
100.0
Registered 2025
address Holding
Company (Key) %
SSE Beatrice Offshore Windfarm Holdings
A
100.0
Limited
SSE BTM HoldCo Limited
B
100.0
SSE BTM Operational Assets Limited
B
100.0
SSE Contracting Group Limited
B
100.0
SSE Cottered Solar Limited
B
100.0
SSE Daines BESS Limited
B
100.0
SSE DE Solar Holdco Limited
B
100.0
SSE Derrymeen BESS Limited (formerly Heron
F
100.0
Storage No. 1 Limited)
SSE Digital Services Limited
B
100.0
SSE Eggborough Limited
B
100.0
SSE Energy Markets Limited
B
100.0
SSE Energy Supply Limited
B
100.0
SSE Enterprise Limited
B
100.0
SSE Ewerby Solar Holdco Limited
B
100.0
SSE Ewerby Solar Limited
B
100.0
SSE Fancott BESS Limited
B
100.0
SSE Ferrybridge Battery Limited
B
100.0
SSE Fiddlers Ferry Battery Limited
B
100.0
SSE Foxholes Solar Limited
B
100.0
SSE Generation Limited
B
100.0
SSE Group Limited
A
100.0
SSE Heat Networks (Battersea) Limited
B
100.0
SSE Heat Networks Limited
A
100.0
SSE Hornsea Limited
B
100.0
SSE HV Electricity Assets Limited (formerly
B
100.0
SSE EV M7 Limited)
SSE Hydrogen Holdings Limited
B
100.0
SSE Hydrogen Developments Limited
B
100.0
SSE IAMP Microgrid Limited
B
100.0
SSE Imperial Park PN Limited
B
100.0
SSE Knapthorpe Solar Limited
B
100.0
SSE Low Carbon Developments Limited
B
100.0
SSE Low Carbon Holdings Limited
B
100.0
SSE Maple Limited
B
100.0
SSE Medway Operations Limited
B
100.0
SSE Micro Renewables Limited
A
100.0
SSE Multifuel Generation Holdings Limited
B
100.0
SSE Muskham Solar Limited
B
100.0
SSE Newchurch Solar Limited
B
100.0
SSE OWS Glasgow Limited
A
100.0
SSE Private Networks Holdco Limited
B
100.0
SSE Production Services Limited
B
100.0
SSE Renewables Holdings (UK) Limited
F
100.0
SSE Renewables International Holdings Limited
A
100.0
SSE Renewables Limited
A
100.0
SSE Renewables Offshore Windfarm Holdings
A
100.0
Limited
SSE Renewables Onshore Windfarm Holdings
F
100.0
Limited
Registered 2025
address Holding
Company (Key) %
Ganderoy Limited
C
100.0
Gartnaneane Limited
C
100.0*
Glenora Wind Farm Designated Activity
C
100.0
Company
Green Wind Energy (Wexford) Limited
C
100.0
Leanamore Wind Farm Limited
C
100.0
Limerick West Windfarm Limited
C
100.0
March Winds Limited
C
100.0
Meentycat Limited
C
100.0
Milane Holdings Limited
C
100.0
Mullananalt Wind Farm (ROI) Limited
C
100.0
Platin Power Limited
C
100.0
Richfield Windfarm (ROI) Limited
C
100.0
Sheskin South Renewables Power Designated
C
100.0
Activity Company
SSE Airtricity Distributed Energy Limited
C
100.0
SSE Airtricity Energy Services Limited
C
100.0
SSE Airtricity Limited
C
100.0
SSE Cumars\u00e1id Teoranta
C
100.0
SSE Generation Ireland Limited
C
100.0
SSE Renewables (Ireland) Limited
C
100.0
SSE Renewables Generation Ireland Limited
C
100.0
SSE Renewables Holdings (Europe) Limited
C
100.0
SSE Renewables Holdings Limited
C
100.0
SSE Renewables Off Shore Limited
C
100.0
SSE Renewables Wind (Ireland) Holdings
C
100.0
Limited
SSE Renewables Wind Farms (Ireland) Limited
C
100.0
Sure Partners Limited
C
100.0
SSE Renewables Tinnycross Battery Storage
C
100.0
Limited (formerly Thornsberry Battery
Storage Limited)
Tournafulla Windfarm (ROI) Limited
C
100.0
France
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Belle Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
AE
100.0
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
AE
100.0
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
la Voie Pou\u00e7oise
Registered 2025
address Holding
Company (Key) %
United Kingdom continued
SSE Renewables Poland Holdings Limited
A
100.0
SSE Renewables Services (UK) Limited
F
100.0
SSE Renewables Solar & Battery Holdings
B
100.0
Limited
SSE Renewables UK Limited
F
100.0
SSE Renewables Wind Farms (UK) Limited
A
100.0
SSE Retail Limited
A
100.0
SSE Seabank Investments Limited
B
100.0
SSE Seabank Land Investments Limited
B
100.0
SSE Services plc
B
100.0
SSE Southern Group Trustee Limited
B
100.0
SSE Staythorpe Battery Limited
B
100.0
SSE Staythorpe Power Limited
B
100.0
SSE Staythorpe SGT Limited
B
100.0
SSE Staythorpe Solar Limited
B
100.0
SSE Southery Solar Limited
B
100.0
SSE Stock Limited
A
100.0
SSE Thermal Energy Holdings Limited
B
100.0
SSE Thermal Energy Operations Limited
B
100.0
SSE Thermal Generation (Scotland) Limited
A
100.0
SSE Thermal Generation Holdings Limited
B
100.0
SSE Toddleburn Limited
A
100.0
SSE Trading Limited
B
100.0
SSE Trustees Limited
B
100.0
SSE Utility Services Limited
B
100.0
SSE Utility Solutions Limited
B
100.0
SSE Venture Capital Limited
A
100.0
SSE Viking Limited
B
100.0
SSE(SE) Quest Trustee Limited
B
100.0
SSEN Distribution Limited
A
100.0
SSEPG (Operations) Limited
B
100.0
Strathy Wind Farm Limited
A
100.0
Tealing Solar Park Limited
B
100.0
TESGL Limited
D
100.0
The Energy Solutions Group Bidco Limited
D
100.0
The Energy Solutions Group Midco Limited
D
100.0
The Energy Solutions Group Topco Limited
D
100.0
Viking Energy (Scottish Partnership)
A
100.0
Viking Energy Wind Farm LLP
A
100.0
Ireland
Airtricity Windfarm Finance Limited
C
100.0
Arklow Offshore Phase II Company Limited
C
100.0
Bindoo Windfarm (ROI) Limited
C
100.0
Brickmount Limited
C
100.0
Comhlacht Gaoithe Teoranta
C
100.0
Coomacheo Wind Farm Limited
C
100.0
Coomatallin Windfarm (ROI) Limited
C
100.0*
Curragh Mountain Windfarm Limited
C
100.0
Dedondo Limited
C
100.0
Dromada Windfarm (ROI) Limited
C
100.0
Drumnahough Wind Farm Designated Activity
C
100.0
Company
Enerveo Ireland Limited
Z
100.0
Galway Wind Park Phase 3 Designated Activity
C
100.0
Company
Registered 2025
address Holding
Company (Key) %
France continued
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Moulins du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
SARL
AE
100.0
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
AE
100.0
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Souvans SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
AE
100.0
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
AE
100.0
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
AE
100.0
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
AE
100.0
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
AE
100.0
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du
AE
100.0
Vireaux SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
AE
100.0
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SAS
AE
100.0
(formerly Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP)
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
AE
100.0
SSE Renewables France SARL
AE
100.0
Germany
SSE Renewables Developments (Germany)
GmbH
U
100.0
Greece
Enerfarm 3 Single Member S.A. Renewable
AB
100.0
Energy Sources
Energiaki Kleidi Single Member S.A.
AB
100.0
Energiaki Mavrovouniou Single Member Private
AB
100.0
Company
Energiaki Mesovouniou Single Member S.A.
AB
100.0
Energiaki Platorrachis Single Member S.A.
AB
100.0*
Energiaki Velanidias Single Member S.A.
AB
100.0
SSE Renewables Hellas Single Member S.A.
AB
100.0
Isle of Man
SSE Insurance Limited
G
100.0
Italy
SPV Parco Eolico Libeccio S.r.l.
AC
100.0
SPV Parco Eolico Maestrale S.r.l.
AC
100.0
SPV Parco Eolico Tramontana S.r.l.
AC
100.0
SSE Renewables Italy S.r.l. (formerly Energia
AC
100.0
Levante S.r.l.)
Registered 2025
address Holding
Company (Key) %
Japan
Aichi Offshore Wind Power No. 1 G.K.
Y
80.0
Aichi Offshore Wind Power No. 2 G.K.
Y
80.0
Enshunada Offshore Wind Power No. 1 G.K.
Y
80.0
Goto-Fukue Offshore Wind Power G.K.
Y
80.0
Izu Islands Offshore Wind Power No. 1 G.K.
Y
80.0
Minami-Izu Offshore Wind Power No. 1 G.K.
Y
80.0
Niigata Offshore Wind Power No.1 G.K.
Y
80.0
Oki Islands Offshore Wind Power G.K.
Y
80.0
SSE Pacifico K.K.
Y
80.0
SSE Yuza Offshore Wind Power G.K.
Y
80.0
Tokushima Offshore Wind Power G.K.
Y
80.0
Wakayama-West Offshore Wind Power No. 1
Y
80.0
G.K.
Wakayama-West Offshore Wind Power No.2
Y
80.0
G.K.
Netherlands
SSE Renewables (Netherlands) Holdings B.V.
AA
100.0
SSE Renewables Developments (The
Netherlands) B.V.
AA
100.0
SSE Sunflower Offshore Wind Holdco B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner 1
AA
100.0
B.V.
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
2 B.V.
SSE Sunflower Offshore Wind Limited Partner
3 B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
4 B.V.
SSE Tulip Offshore Wind Holdco B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 1 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 2 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 3 B.V.
AA
100.0
Poland
IBC SE PL3 sp. z o.o
AJ
100.0
IBC SE PL20 sp. z o.o.
AJ
100.0
IBC SE PL22 sp. z o.o.
AJ
100.0
IBC SE PL23 sp. z o.o.
AJ
100.0
IBC SE PL24 sp. z o.o.
AJ
100.0
IBC SE PL34 sp. z o.o.
AJ
100.0
Pomerania PV sp z.o.o.
AJ
100.0
SSE Renewables Poland sp z.o.o.
X
100.0
Spain
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ariel S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Boreas S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos del Sur S.A.U.
AD
100.0
Sistemas Energ\u00e9ticos Eolo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Gregal S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Marte S.L. U.
AD
100.0
Sistemas Energ\u00e9ticos Mercurio S.L.U.
AD
100.0
Registered 2025
address Holding
Company (Key) %
Spain continued
Sistemas Energ\u00e9ticos Neptuno S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Terral S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Urano S.L.U.
AD
100.0
SSE Renewables Southern Europe S.L.
AD
100.0
(formerly Sistemas Energ\u00e9ticos Carril, S.L.U.)
SSE Renewables Spain, S.L. (formerly Sistemas
AD
100.0
Energ\u00e9ticos Loma del Reposo, S.L.U.)
United States
SSE Renewables North America Inc.
W
100.0
SSE Renewables North America Offshore
Wind LLC.
W
100.0
SSE Renewables North America Services Inc
W
100.0
All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held.
Registered
Company number
Aberarder Wind Farm LLP
OC398487
Aegletes III Holdco Limited
13665453
Aldbrough Pathfinder Limited
15238323
Bhlaraidh Wind Farm Limited
SC663027
By-Pass Farm Solar Limited
12558977
Fibre Power (Slough) Limited
02902170
Griffin Wind Farm Limited
SC245113
Keadby Next Generation Limited (formerly Keadby 15866301
Hydrogen Power North Limited)
Keadby Wind Farm Limited
06852112
LG-B-300 Limited
SC765613
Littleton Pastures Solar Limited
12638974
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM Operational Assets Limited
14885059
SSE Contracting Group Limited
02471438
SSE Cottered Solar Limited
15346645
SSE Daines BESS Limited
15344013
SSE DE Solar HoldCo Limited
14189570
SSE Derrymeen BESS Limited (formerly Heron NI697259
Storage No. 1 Limited)
SSE Digital Services Limited
14621186
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE Group Limited
SC126049
SSE HV Electricity Assets Limited (formerly SSE EV 14418288
M7 Limited)
SSE Hydrogen Developments Limited
15238086
SSE Hydrogen Holdings Limited
15231331
SSE IAMP Microgrid Limited
15333093
SSE Imperial Park PN Limited
02631510
SSE Low Carbon Developments Limited
15069108
Registered
Company number
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE Multifuel Generation Holdings Limited
12661566
SSE Newchurch Solar Limited
15348120
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
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 Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Thermal Generation Holdings Limited
12662248
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
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 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
AtlasConnect Limited
A
50.0
H2Northeast Limited
H
50.0
Baglan Pipeline Limited
K
50.0
Indian Queens Power Limited
AF
50.0
Beatrice Offshore Windfarm Holdco Limited
A
40.0
Marchwood Power Limited
N
50.0
Beatrice Offshore Windfarm Limited
A
40.0
Neos Networks Limited
A
50.0
Clyde Windfarm (Scotland) Limited **
A
50.1
NNXYZ Limited
B
50.0
DB Operational Base Limited
J
40.0
North Falls Offshore Wind Farm Holdco Limited AG
50.0
Deeside Power (UK) Limited
AF
50.0
North Falls Offshore Wind Farm Limited
AG
50.0
Deeside Power Operations Limited
AF
50.0
Ossian Offshore Wind Farm Holdings Limited
A
40.0
Digital Reach Partners Limited
A
50.0
Ossian Offshore Wind Farm Limited
A
40.0
Doggerbank Offshore Wind Farm Project 1
B
40.0
Pride (SERP) Limited
AI
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 1
B
40.0
Saltend Cogeneration Company Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
Saltend Operations Company Limited
AF
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 2
B
40.0
SCCL Holdings Limited
AF
50.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seabank Power Limited
O
50.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 3
B
40.0
Seagreen 1A (Holdco) Limited
B
49.0
Projco Limited
Doggerbank Offshore Wind Farm Project 3 And
4 Holdco Limited
B
50.0
Seagreen 1A Limited
B
49.0
Doggerbank Offshore Wind Farm Project 3 And
4 Leaseco Limited
B
50.0
Seagreen Alpha Wind Energy Limited
B
49.0
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Bravo Wind Energy Limited
B
49.0
Holdco Limited
Doggerbank Offshore Wind Farm Project 4
B
50.0
Seagreen Holdco 1 Limited
B
49.0
Projco Limited
Dunmaglass Wind Farm Limited
A
50.1
Seagreen Wind Energy Limited
B
49.0
Eastern Green Link 2 Limited ***
B
50.0
Source EV Limited (formerly SSE DE EV
AK
50.0
Holdco Limited)
Fearna PSH Limited
B
50.0
Source EV UK Limited (formerly SSE EV
AK
50.0
Operational Assets Limited)
Greater Gabbard Offshore Winds Limited ***
B
50.0
SSE Slough Multifuel Holdco Limited
B
50.0
Green H2 Developments Hold Co Limited
B
50.0
SSE Slough Multifuel Limited
B
50.0
Green H2 Developments Project Co Limited
B
50.0
Stronelairg Wind Farm Limited
A
50.1
H2NE Parentco Limited
H
50.0
Ireland
Allbrite Heatpump Specialists Limited
R
25.0
Green Way Energy Limited
M
50.0
Bellair Wind Farm Designated Activity Company I
50.0
Kerry Power Limited
M
49.0
Cloosh Valley Wind Farm Designated Activity
L
25.0
Kilberry Wind Farm Designated Activity
I
50.0
Company Company
Cloosh Valley Wind Farm Holdings Designated
L
25.0
Lemanaghan Wind Farm Designated Activity
I
50.0
Activity Company Company
Coolnagun Wind Farm Designated Activity
I
50.0
Lenalea Wind Farm Designated Activity
C
50.0
Company Company
Cornafulla Wind Farm Designated Activity
I
50.0
Littleton Wind Farm Designated Activity
I
50.0
Company Company
Derryfadda Wind Farm Designated Activity
I
50.0
Marron Activ8 Energies Limited
R
50.0
Company
Everwind Limited
S
49.0
Midas Energy Limited
M
49.0
Garryhinch Wind Farm Designated Activity
I
50.0
Source EV Ireland Limited (formerly SSE EV
C
50.0
Company Ireland Operational Assets Limited)
Green Energy Company Limited
M
47.5
A3.1.2 Joint arrangements (incorporated)
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
Jersey
Triton Power Holdings Limited
AH
50.0
Triton Power Limited
AH
50.0
Triton Power Intermediate Holdings Limited
AH
50.0
Netherlands
Lely Alpha Offshore Wind General Partner B.V.
AA
50.0
Lely Alpha Offshore Wind Projco C.V.
AA
50.0
Spain
ICE Santa Engracia, S.L.U.
V
44.6
** 50.1% of voting rights held
*** Joint Operation
A3.1.3 Associates
Registered 2025 Registered 2025
address Holding address Holding
Company (Key)
%
Company
(Key) %
United Kingdom
Corran Environmental LP
AL
100.0
St Clements Services Limited
P
25.0
A3.1.4 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
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
3rd Floor, Millennium House, 25 Great Victoria Street, Belfast, BT2 7AQ
G
Tower House, Loch Promenade, Douglas, Isle of Man
H
Suite 1 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL
I Main St, Newbridge, Kildare, Ireland
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 \u2013 6 Church Walk, Daventry, NN11 4BL
Q
Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R
Nexus N2 Business Park, Carrickmacross, Monaghan, A81 XK73, Ireland
S
Gorthleahy, Macroom, Co Cork, Ireland
T
Second Floor Eagle Court 2, Hatchford Way, Birmingham B26 3RZ
U
c/o Bird & Bird LLP, Maximiliansplatz 22, Munich 80333
V Calle de la Portalada, 50, 26.006, Logro\u00f1o (La Rioja), Spain
W
United Agent Group Inc, 1521 Concord Pike, Suite 201, Wilmington DE 19803
X Towarowa no.28, suite 00-839, 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, 1
1526,
Athens, Greece
AC
Viale Luca Gaurico, 91/93, 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
Level 12, The Shard, 32 London Bridge Street, London, SE1 9SG
AJ
Plac Marsza\u0142ka J\u00f3zefa Pi\u0142sudskiego 2 00-073 Warsaw
AK
19th Floor 10 Upper Bank Street, London, England, E14 5BF
AL
4th Floor, 7 Castle Street, Edinburgh, EH2 3AH
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:
Class of Proportion of
Company shares held
shares held %
Group Interest %
Year end date
Consolidation basis
United Kingdom
Seabank Power Limited
Ordinary
50.0
50.0
31 December
Equity
Marchwood Power Limited
Ordinary
50.0
50.0
31 December
Equity
SSE Slough Multifuel Holdco Limited
Ordinary
50.0
50.0
31 March
Equity
Clyde Windfarm (Scotland) Limited
Ordinary
50.1
50.1
31 March
Equity
Seagreen Holdco 1 Limited
Ordinary
49.0
49.0
31 March
Equity
Beatrice Offshore Windfarm Holdco Limited
Ordinary
40.0
40.0
31 March
Equity
Dunmaglass Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Stronelairg Wind Farm Limited
Ordinary
50.1
50.1
31 March
Equity
Neos Networks Limited
Ordinary
50.0
50.0
31 March
Equity
Doggerbank Offshore Wind Farm Project 1 Holdco
Ordinary
40.0
40.0
31 March
Equity
Limited
Jersey
Triton Power Holdings Limited
Ordinary
50.0
50.0
31 December
Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
288.1
96.3
60.0
194.6
354.0
171.1
37.7
106.6
402.6
128.9
14.8
83.2
1,937.9
Other income
\u2013
\u2013
\u2013
\u2013
2 3 . 2
2 4 5 . 7
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
269.0
Depreciation and
amortisation
(7.0)
(35.0)
(8.4)
(29.2)
(98.6)
(88.0)
(8.0)
(13.7)
(34.5)
(98.6)
(2.2)
(36.1)
(459.3)
Other operating
costs
(241.9)
(19.5)
(21.0)
(41.4)
(89.6)
(94.8)
(8.1)
(20.4)
(420.3)
(74.7)
(6.8)
(59.4)
(1,097.9)
Movement on
Derivatives
\u2013
\u2013
\u2013
\u2013
(53.8)
\u2013
\u2013
\u2013
(3.4)
\u2013
\u2013
\u2013
(57.2)
Operating profit
39.2
41.8
30.6
124.0
135.2
234.0
21.6
72.5
(55.6)
(44.4)
5.8
(12.2)
592.5
Interest expense
1.4
(1.6)
(15.2)
(18.5)
(209.3)
(59.3)
(6.2)
(11.9)
5.1
(22.3)
(1.5)
(8.7)
(348.0)
Profit before tax
40.6
40.2
15.4
105.5
(74.1)
174.7
15.4
60.6
(50.5)
(66.7)
4.3
(20.9)
244.5
Corporation tax
(11.1)
(9.2)
3.8
(26.9)
63.5
(22.7)
(3.4)
(14.8)
14.9
\u2013
(1.1)
(0.7)
(7.7)
Profit after tax
29.5
31.0
19.2
78.6
(10.6)
152.0
12.0
45.8
(35.6)
(66.7)
3.2
(21.6)
236.8
Recognised in
other
comprehensive
income
Cash flow hedges
\u2013
\u2013
0.6
\u2013
(3.3)
(12.8)
\u2013
\u2013
\u2013
\u2013
(49.8)
9.7
(55.6)
Taxation
\u2013
\u2013
\u2013
\u2013
0 . 8
3 . 3
\u2013
\u2013
\u2013
\u2013
1 2 . 5
(2.6)
14.0
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.8
15.8
\u2013
\u2013
0 . 6
\u2013
( 2 . 5 )
( 9 . 5 )
\u2013
\u2013
\u2013
\u2013
( 3 7 . 3 )
22.9
(25.8)
Total
comprehensive
income/(loss)
29.5
31.0
19.8
78.6
(13.1)
142.5
12.0
45.8
(35.6)
(66.7)
(34.1)
1.3
211.0
SSE share of
profit (based on
% equity)
14.8
15.5
9.6
39.4
(5.2)
60.8
6.0
22.9
(17.8)
(33.4)
1.3
(24.0)
89.9
Dividends paid to
shareholders
47.0
44.2
\u2013
102.0
38.9
119.3
12.4
55.0
\u2013
\u2013
\u2013
11.1
429.9
Non-current
assets
82.8
114.1
471.4
510.1
3,027.6
1,750.4
165.2
304.7
184.1
493.9
3,670.4
5,966.4
16,741.1
Current assets
56.7
8.5
14.9
86.8
47.2
62.7
16.7
49.8
164.1
26.3
21.6
68.4
623.7
Cash and cash
equivalents
51.8
20.7
21.9
45.1
95.3
104.0
18.4
27.7
5.1
23.1
60.6
255.7
729.4
Current liabilities
(44.9)
(18.2)
(11.1)
(42.8)
(13.0)
(199.7)
(7.3)
(25.5)
(68.7)
(121.2)
(86.7)
(227.5)
(866.6)
Non-current
liabilities
(26.3)
(29.5)
(370.6)
(431.7)
(2,424.9)
(1,619.6)
(144.8)
(262.5)
(12.3)
(373.0)
(3,042.7)
(5,276.7)
(14,014.6)
Net assets
120.1
95.6
126.5
167.5
732.2
97.8
48.2
94.2
272.3
49.1
623.2
786.3
3,213.0
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
Group\u2019s share of
ownership
interest
60.1
47.8
63.3
83.9
358.8
39.1
24.1
47.2
136.2
24.6
249.3
359.9
1,494.3
Other
adjustments
(20.4)
(0.3)
31.7
39.9
100.3
(1.1)
65.5
202.9
1.6
(23.3)
2.4
93.8
493.0
Carrying value of
Group\u2019s equity
interest
39.7
47.5
95.0
123.8
459.1
38.0
89.6
250.1
137.8
1.3
251.7
453.7
1,987.3
Doggerbank
SSE Beatrice Offshore
Slough Clyde Offshore Triton Wind Farm
Seabank Marchwood Multifuel Windfarm Seagreen Windfarm Dunmaglass Stronelairg Power Neos Project 1
Power Power Holdco (Scotland) Holdco 1 Holdco Wind Farm Wind Farm Holdings Networks Holdco
Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited
Other
(i)
Total
2024 2024 2025 2024 2024 2025 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
\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
D e r i v a t i v e s
\u2013
\u2013
\u2013
\u2013
1 6 7 . 4
\u2013
\u2013
\u2013
( 4 1 . 2 )
\u2013
\u2013
\u2013
1 2 6 . 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
\u2013
\u2013
0.1
\u2013
(34.7)
(1.0)
\u2013
\u2013
\u2013
\u2013
(23.9)
(34.9)
(94.4)
Total
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)
(3,005.8)
(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) 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 \u00a3118.8m (2024: \u00a3119.2m): Doggerbank Offshore Wind Farm Project 3 Projco Limited \u00a390.6m (2024: \u00a387.3m) and Ossian Offshore Wind Farm Limited \u00a360.8m (2024: \u00a355.3m).
In addition to the above at 31 March 2025, the Group was owed the following loans from its principal joint ventures: Marchwood Power
Limited \u00a3nil (2024: \u00a312.2m); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2024: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2024:
\u00a346.6m); Stronelairg Wind Farm Limited \u00a388.7m (2024: \u00a388.7m); Neos Networks Limited \u00a383.5m (2024: \u00a357.7m); Seagreen Wind Energy
Limited \u00a3646.0m (2024: \u00a3686.4m); SSE Slough Multifuel Limited \u00a3181.3m (2024: \u00a3157.8m) and Doggerbank A Offshore Windfarm Limited
\u00a3188.3m (2024: \u00a387.7m).
This represents 92% (2024: 93%) of the loans provided to equity-accounted joint ventures and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-694": { "value": "A3.1.1 Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Registered 2025
address Holding
Company (Key) %
United Kingdom
Aberarder Wind Farm (Scotland) Limited
A
100.0
Aberarder Wind Farm LLP
B
100.0
Abernedd Power Company Limited
B
100.0
Aegletes III Holdco Limited
B
100.0
Aldbrough Pathfinder Limited
B
100.0
Berwick Bank A Limited
B
100.0
Berwick Bank B Limited
B
100.0
Berwick Bank C Limited
B
100.0
Berwick Bank Holdings A Limited
B
100.0
Berwick Bank Holdings B Limited
B
100.0
Berwick Bank Holdings C Limited
B
100.0
Berwick Bank Wind Farm Limited
A
100.0
Bhlaraidh Extension Wind Farm Limited
A
100.0
Bhlaraidh Wind Farm Limited
A
100.0
Building Automation Solutions Limited
D
100.0
By-Pass Farm Solar Limited
B
100.0
Coire Glas Hydro Pumped Storage Limited
A
100.0
Eastern Green Link 3 Limited
B
75.0
Enerveo Limited
T
100.0
Ferrybridge Hydrogen Limited
B
100.0
Fibre Fuel Limited
B
100.0
Fibre Power (Slough) Limited
B
100.0
Griffin Wind Farm Limited
A
100.0
Hydro Electric Pension Scheme Trustees
A
100.0
Limited
Keadby Developments Limited
E
100.0
Keadby Generation Limited
E
100.0
Keadby Next Generation Limited (formerly
B
100.0
Keadby Hydrogen Power North Limited)
Keadby Wind Farm Limited
B
100.0
LG-B-300 Limited
A
100.0
Littleton Pastures Solar Limited
B
100.0
Medway Power Limited
B
100.0
Optimal Power Networks Limited
B
100.0
Power from Waste Limited
B
100.0
Scottish and Southern Energy Power
A
100.0
Distribution Limited
Scottish Hydro Electric Power Distribution plc
A
100.0
Scottish Hydro Electric Transmission plc
A
75.0
Slough Domestic Electricity Limited
B
100.0
Slough Electricity Contracts Limited
B
100.0
Slough Energy Supplies Limited
B
100.0
Slough Heat & Power Limited
B
100.0
Slough Utility Services Limited
B
100.0
Southern Electric Power Distribution plc
B
100.0
SSE Airtricity Energy Services (NI) Limited
Q
100.0
SSE Airtricity Energy Supply (NI) Limited
F
100.0
SSE Airtricity Gas Supply (NI) Limited
F
100.0
SSE Battery Monk Fryston Limited
B
100.0
SSE Battery Salisbury Limited
B
100.0
Registered 2025
address Holding
Company (Key) %
SSE Beatrice Offshore Windfarm Holdings
A
100.0
Limited
SSE BTM HoldCo Limited
B
100.0
SSE BTM Operational Assets Limited
B
100.0
SSE Contracting Group Limited
B
100.0
SSE Cottered Solar Limited
B
100.0
SSE Daines BESS Limited
B
100.0
SSE DE Solar Holdco Limited
B
100.0
SSE Derrymeen BESS Limited (formerly Heron
F
100.0
Storage No. 1 Limited)
SSE Digital Services Limited
B
100.0
SSE Eggborough Limited
B
100.0
SSE Energy Markets Limited
B
100.0
SSE Energy Supply Limited
B
100.0
SSE Enterprise Limited
B
100.0
SSE Ewerby Solar Holdco Limited
B
100.0
SSE Ewerby Solar Limited
B
100.0
SSE Fancott BESS Limited
B
100.0
SSE Ferrybridge Battery Limited
B
100.0
SSE Fiddlers Ferry Battery Limited
B
100.0
SSE Foxholes Solar Limited
B
100.0
SSE Generation Limited
B
100.0
SSE Group Limited
A
100.0
SSE Heat Networks (Battersea) Limited
B
100.0
SSE Heat Networks Limited
A
100.0
SSE Hornsea Limited
B
100.0
SSE HV Electricity Assets Limited (formerly
B
100.0
SSE EV M7 Limited)
SSE Hydrogen Holdings Limited
B
100.0
SSE Hydrogen Developments Limited
B
100.0
SSE IAMP Microgrid Limited
B
100.0
SSE Imperial Park PN Limited
B
100.0
SSE Knapthorpe Solar Limited
B
100.0
SSE Low Carbon Developments Limited
B
100.0
SSE Low Carbon Holdings Limited
B
100.0
SSE Maple Limited
B
100.0
SSE Medway Operations Limited
B
100.0
SSE Micro Renewables Limited
A
100.0
SSE Multifuel Generation Holdings Limited
B
100.0
SSE Muskham Solar Limited
B
100.0
SSE Newchurch Solar Limited
B
100.0
SSE OWS Glasgow Limited
A
100.0
SSE Private Networks Holdco Limited
B
100.0
SSE Production Services Limited
B
100.0
SSE Renewables Holdings (UK) Limited
F
100.0
SSE Renewables International Holdings Limited
A
100.0
SSE Renewables Limited
A
100.0
SSE Renewables Offshore Windfarm Holdings
A
100.0
Limited
SSE Renewables Onshore Windfarm Holdings
F
100.0
Limited
Registered 2025
address Holding
Company (Key) %
Ganderoy Limited
C
100.0
Gartnaneane Limited
C
100.0*
Glenora Wind Farm Designated Activity
C
100.0
Company
Green Wind Energy (Wexford) Limited
C
100.0
Leanamore Wind Farm Limited
C
100.0
Limerick West Windfarm Limited
C
100.0
March Winds Limited
C
100.0
Meentycat Limited
C
100.0
Milane Holdings Limited
C
100.0
Mullananalt Wind Farm (ROI) Limited
C
100.0
Platin Power Limited
C
100.0
Richfield Windfarm (ROI) Limited
C
100.0
Sheskin South Renewables Power Designated
C
100.0
Activity Company
SSE Airtricity Distributed Energy Limited
C
100.0
SSE Airtricity Energy Services Limited
C
100.0
SSE Airtricity Limited
C
100.0
SSE Cumars\u00e1id Teoranta
C
100.0
SSE Generation Ireland Limited
C
100.0
SSE Renewables (Ireland) Limited
C
100.0
SSE Renewables Generation Ireland Limited
C
100.0
SSE Renewables Holdings (Europe) Limited
C
100.0
SSE Renewables Holdings Limited
C
100.0
SSE Renewables Off Shore Limited
C
100.0
SSE Renewables Wind (Ireland) Holdings
C
100.0
Limited
SSE Renewables Wind Farms (Ireland) Limited
C
100.0
Sure Partners Limited
C
100.0
SSE Renewables Tinnycross Battery Storage
C
100.0
Limited (formerly Thornsberry Battery
Storage Limited)
Tournafulla Windfarm (ROI) Limited
C
100.0
France
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) D\u2019orchamps
Soci\u00e9t\u00e9 d\u2019Exploitation de l\u2019Installation de
AE
100.0
Stockage (SEIS) de la Cuesta
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) de Vireaux
Soci\u00e9t\u00e9 d\u2019Exploitation de la Centrale
AE
100.0
Photovolta\u00efque (SECPV) des Jacquessons
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Chaintrix Bierges SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Champeaux SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Germainville SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Belle Dame SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie
AE
100.0
des Etangs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
AE
100.0
Monchot SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate
AE
100.0
des Boucs SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
la Voie Pou\u00e7oise
Registered 2025
address Holding
Company (Key) %
United Kingdom continued
SSE Renewables Poland Holdings Limited
A
100.0
SSE Renewables Services (UK) Limited
F
100.0
SSE Renewables Solar & Battery Holdings
B
100.0
Limited
SSE Renewables UK Limited
F
100.0
SSE Renewables Wind Farms (UK) Limited
A
100.0
SSE Retail Limited
A
100.0
SSE Seabank Investments Limited
B
100.0
SSE Seabank Land Investments Limited
B
100.0
SSE Services plc
B
100.0
SSE Southern Group Trustee Limited
B
100.0
SSE Staythorpe Battery Limited
B
100.0
SSE Staythorpe Power Limited
B
100.0
SSE Staythorpe SGT Limited
B
100.0
SSE Staythorpe Solar Limited
B
100.0
SSE Southery Solar Limited
B
100.0
SSE Stock Limited
A
100.0
SSE Thermal Energy Holdings Limited
B
100.0
SSE Thermal Energy Operations Limited
B
100.0
SSE Thermal Generation (Scotland) Limited
A
100.0
SSE Thermal Generation Holdings Limited
B
100.0
SSE Toddleburn Limited
A
100.0
SSE Trading Limited
B
100.0
SSE Trustees Limited
B
100.0
SSE Utility Services Limited
B
100.0
SSE Utility Solutions Limited
B
100.0
SSE Venture Capital Limited
A
100.0
SSE Viking Limited
B
100.0
SSE(SE) Quest Trustee Limited
B
100.0
SSEN Distribution Limited
A
100.0
SSEPG (Operations) Limited
B
100.0
Strathy Wind Farm Limited
A
100.0
Tealing Solar Park Limited
B
100.0
TESGL Limited
D
100.0
The Energy Solutions Group Bidco Limited
D
100.0
The Energy Solutions Group Midco Limited
D
100.0
The Energy Solutions Group Topco Limited
D
100.0
Viking Energy (Scottish Partnership)
A
100.0
Viking Energy Wind Farm LLP
A
100.0
Ireland
Airtricity Windfarm Finance Limited
C
100.0
Arklow Offshore Phase II Company Limited
C
100.0
Bindoo Windfarm (ROI) Limited
C
100.0
Brickmount Limited
C
100.0
Comhlacht Gaoithe Teoranta
C
100.0
Coomacheo Wind Farm Limited
C
100.0
Coomatallin Windfarm (ROI) Limited
C
100.0*
Curragh Mountain Windfarm Limited
C
100.0
Dedondo Limited
C
100.0
Dromada Windfarm (ROI) Limited
C
100.0
Drumnahough Wind Farm Designated Activity
C
100.0
Company
Enerveo Ireland Limited
Z
100.0
Galway Wind Park Phase 3 Designated Activity
C
100.0
Company
Registered 2025
address Holding
Company (Key) %
France continued
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Moulins du Puits SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy
SARL
AE
100.0
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint
AE
100.0
Loup de Saintonge SAS
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien (SEPE) de
AE
100.0
Salon Sud
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Souvans SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
AE
100.0
Vernierfontaine SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers
AE
100.0
aux Ch\u00eanes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
AE
100.0
Fontaines SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six
AE
100.0
Communes SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies
AE
100.0
de Bar SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont
AE
100.0
\u00c9gar\u00e9 SARL
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du
AE
100.0
Vireaux SAS
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) de la Cuesta SARL
AE
100.0
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) d\u2019Orchamps SAS
AE
100.0
(formerly Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP)
d\u2019Orchamps SARL)
Soci\u00e9t\u00e9 du Poste Priv\u00e9 (SPP) du Tonnerrois
AE
100.0
SSE Renewables France SARL
AE
100.0
Germany
SSE Renewables Developments (Germany)
GmbH
U
100.0
Greece
Enerfarm 3 Single Member S.A. Renewable
AB
100.0
Energy Sources
Energiaki Kleidi Single Member S.A.
AB
100.0
Energiaki Mavrovouniou Single Member Private
AB
100.0
Company
Energiaki Mesovouniou Single Member S.A.
AB
100.0
Energiaki Platorrachis Single Member S.A.
AB
100.0*
Energiaki Velanidias Single Member S.A.
AB
100.0
SSE Renewables Hellas Single Member S.A.
AB
100.0
Isle of Man
SSE Insurance Limited
G
100.0
Italy
SPV Parco Eolico Libeccio S.r.l.
AC
100.0
SPV Parco Eolico Maestrale S.r.l.
AC
100.0
SPV Parco Eolico Tramontana S.r.l.
AC
100.0
SSE Renewables Italy S.r.l. (formerly Energia
AC
100.0
Levante S.r.l.)
Registered 2025
address Holding
Company (Key) %
Japan
Aichi Offshore Wind Power No. 1 G.K.
Y
80.0
Aichi Offshore Wind Power No. 2 G.K.
Y
80.0
Enshunada Offshore Wind Power No. 1 G.K.
Y
80.0
Goto-Fukue Offshore Wind Power G.K.
Y
80.0
Izu Islands Offshore Wind Power No. 1 G.K.
Y
80.0
Minami-Izu Offshore Wind Power No. 1 G.K.
Y
80.0
Niigata Offshore Wind Power No.1 G.K.
Y
80.0
Oki Islands Offshore Wind Power G.K.
Y
80.0
SSE Pacifico K.K.
Y
80.0
SSE Yuza Offshore Wind Power G.K.
Y
80.0
Tokushima Offshore Wind Power G.K.
Y
80.0
Wakayama-West Offshore Wind Power No. 1
Y
80.0
G.K.
Wakayama-West Offshore Wind Power No.2
Y
80.0
G.K.
Netherlands
SSE Renewables (Netherlands) Holdings B.V.
AA
100.0
SSE Renewables Developments (The
Netherlands) B.V.
AA
100.0
SSE Sunflower Offshore Wind Holdco B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner 1
AA
100.0
B.V.
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
2 B.V.
SSE Sunflower Offshore Wind Limited Partner
3 B.V.
AA
100.0
SSE Sunflower Offshore Wind Limited Partner
AA
100.0
4 B.V.
SSE Tulip Offshore Wind Holdco B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 1 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 2 B.V.
AA
100.0
SSE Tulip Offshore Wind Limited Partner 3 B.V.
AA
100.0
Poland
IBC SE PL3 sp. z o.o
AJ
100.0
IBC SE PL20 sp. z o.o.
AJ
100.0
IBC SE PL22 sp. z o.o.
AJ
100.0
IBC SE PL23 sp. z o.o.
AJ
100.0
IBC SE PL24 sp. z o.o.
AJ
100.0
IBC SE PL34 sp. z o.o.
AJ
100.0
Pomerania PV sp z.o.o.
AJ
100.0
SSE Renewables Poland sp z.o.o.
X
100.0
Spain
Sistemas Energ\u00e9ticos \u00c1brego S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ariel S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Boreas S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos del Sur S.A.U.
AD
100.0
Sistemas Energ\u00e9ticos Eolo S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 1 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Erbania 2 S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Gregal S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Marte S.L. U.
AD
100.0
Sistemas Energ\u00e9ticos Mercurio S.L.U.
AD
100.0
Registered 2025
address Holding
Company (Key) %
Spain continued
Sistemas Energ\u00e9ticos Neptuno S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Terral S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U.
AD
100.0
Sistemas Energ\u00e9ticos Urano S.L.U.
AD
100.0
SSE Renewables Southern Europe S.L.
AD
100.0
(formerly Sistemas Energ\u00e9ticos Carril, S.L.U.)
SSE Renewables Spain, S.L. (formerly Sistemas
AD
100.0
Energ\u00e9ticos Loma del Reposo, S.L.U.)
United States
SSE Renewables North America Inc.
W
100.0
SSE Renewables North America Offshore
Wind LLC.
W
100.0
SSE Renewables North America Services Inc
W
100.0
All shares in subsidiary companies are ordinary share capital, unless otherwise stated.
* 100% of voting rights held.
Registered
Company number
Aberarder Wind Farm LLP
OC398487
Aegletes III Holdco Limited
13665453
Aldbrough Pathfinder Limited
15238323
Bhlaraidh Wind Farm Limited
SC663027
By-Pass Farm Solar Limited
12558977
Fibre Power (Slough) Limited
02902170
Griffin Wind Farm Limited
SC245113
Keadby Next Generation Limited (formerly Keadby 15866301
Hydrogen Power North Limited)
Keadby Wind Farm Limited
06852112
LG-B-300 Limited
SC765613
Littleton Pastures Solar Limited
12638974
Slough Utility Services Limited
03486590
SSE Airtricity Energy Services (NI) Limited
NI056373
SSE Beatrice Offshore Windfarm Holdings Limited
SC436255
SSE BTM Operational Assets Limited
14885059
SSE Contracting Group Limited
02471438
SSE Cottered Solar Limited
15346645
SSE Daines BESS Limited
15344013
SSE DE Solar HoldCo Limited
14189570
SSE Derrymeen BESS Limited (formerly Heron NI697259
Storage No. 1 Limited)
SSE Digital Services Limited
14621186
SSE Eggborough Limited
14939853
SSE Enterprise Limited
10060563
SSE Group Limited
SC126049
SSE HV Electricity Assets Limited (formerly SSE EV 14418288
M7 Limited)
SSE Hydrogen Developments Limited
15238086
SSE Hydrogen Holdings Limited
15231331
SSE IAMP Microgrid Limited
15333093
SSE Imperial Park PN Limited
02631510
SSE Low Carbon Developments Limited
15069108
Registered
Company number
SSE Maple Limited
10604848
SSE Medway Operations Limited
02647585
SSE Micro Renewables Limited
SC386017
SSE Multifuel Generation Holdings Limited
12661566
SSE Newchurch Solar Limited
15348120
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
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 Solar Limited
14046913
SSE Thermal Energy Holdings Limited
12650549
SSE Thermal Generation Holdings Limited
12662248
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
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-650": { "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.
2025
2025
2025
2025
2024
2024
2024
2024
Purchase of Purchase of
Sale of goods goods and Amounts Amounts Sale of goods goods and Amounts owed Amounts owed
and services services owed from owed to and services services from to
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint arrangements:
Marchwood Power Limited
111.2
(116.1)
\u2013
(5.0)
42.6
(63.2)
\u2013
(13.0)
Clyde Windfarm (Scotland)
Limited
5.6
(187.6)
0.1
(51.6)
5.6
(153.9)
\u2013
(48.7)
Beatrice Offshore Windfarm
Limited
6.3
(86.1)
1.2
(7.1)
4.8
(75.5)
2.0
(6.8)
Stronelairg Wind Farm Limited
2.6
(88.4)
0.1
(25.1)
2.5
(75.6)
\u2013
(20.8)
Dunmaglass Wind Farm Limited
1.2
(32.6)
\u2013
(9.0)
1.1
(32.2)
\u2013
(8.6)
Neos Networks Limited
6.8
(28.2)
2.1
(4.0)
3.8
(28.5)
6.1
(4.7)
Seagreen Wind Energy Limited
54.6
(171.5)
13.6
(16.8)
19.8
(113.4)
11.3
(11.7)
Doggerbank A, B, C and D
47.7
(2.8)
36.5
(1.0)
36.5
\u2013
10.7
\u2013
Other joint arrangements
31.4
(172.1)
13.1
(54.3)
18.0
(209.4)
6.7
(63.9)
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. Aggregate capital loans to joint ventures and
associates are shown in note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-695": { "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.
2025
2025
2025
2025
2024
2024
2024
2024
Purchase of Purchase of
Sale of goods goods and Amounts Amounts Sale of goods goods and Amounts owed Amounts owed
and services services owed from owed to and services services from to
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint arrangements:
Marchwood Power Limited
111.2
(116.1)
\u2013
(5.0)
42.6
(63.2)
\u2013
(13.0)
Clyde Windfarm (Scotland)
Limited
5.6
(187.6)
0.1
(51.6)
5.6
(153.9)
\u2013
(48.7)
Beatrice Offshore Windfarm
Limited
6.3
(86.1)
1.2
(7.1)
4.8
(75.5)
2.0
(6.8)
Stronelairg Wind Farm Limited
2.6
(88.4)
0.1
(25.1)
2.5
(75.6)
\u2013
(20.8)
Dunmaglass Wind Farm Limited
1.2
(32.6)
\u2013
(9.0)
1.1
(32.2)
\u2013
(8.6)
Neos Networks Limited
6.8
(28.2)
2.1
(4.0)
3.8
(28.5)
6.1
(4.7)
Seagreen Wind Energy Limited
54.6
(171.5)
13.6
(16.8)
19.8
(113.4)
11.3
(11.7)
Doggerbank A, B, C and D
47.7
(2.8)
36.5
(1.0)
36.5
\u2013
10.7
\u2013
Other joint arrangements
31.4
(172.1)
13.1
(54.3)
18.0
(209.4)
6.7
(63.9)
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. Aggregate capital loans to joint ventures and associates are shown in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-651": { "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 Group Chief Commercial 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 2025, 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:
2025 2024
Note \u00a3m \u00a3m
Collateral posted included within trade and other receivables
18
9.6
9.3
Collateral held included within trade and other payables
19
(82.5)
(362.5)
Net collateral held
(72.9)
(353.2)
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 2025, SSE Energy Markets
had pledged no cash collateral (2024: \u00a3nil) and \u00a3494.9m (2024: \u00a3459.9m) of letters of credit, and had received \u00a372.9m (2024: \u00a3353.2m) of
cash collateral and \u00a377.8m (2024: \u00a3130.8m) 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 2025 was \u00a3339.9m (2024: \u00a3684.9m) in respect of liabilities of joint ventures and associates and \u00a3479.3m (2024: \u00a3479.3m)
in respect of the liabilities of former subsidiaries. An amount of \u00a325.5m (2024: \u00a339.5m) is recorded as a liability at 31 March 2025 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 of three months or less 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
2025 \u00a3m
\u00a3m (restated*)
SSEN Transmission
14.0
5.9
SSEN Distribution
181.1
133.5
SSE Renewables
100.3
97.9
Thermal
SSE Thermal
66.5
43.6
Gas Storage
1.0
1.0
Energy Customer Solutions
SSE Business Energy
505.8
553.2
SSE Airtricity
172.2
115.5
SSE Energy Markets
423.8
311.7
Corporate Unallocated
15.5
43.2
Total SSE Group
1,480.2
1,305.5
* The comparative has been restated to reallocate \u00a312.3m trade receivables from SSE Enterprise to SSE Business Energy (\u00a37.8m) and SSE Thermal (\u00a34.5m).
Energy Customer Solutions (SSE Business Energy and SSE Airtricity) accounts for 45.8% (2024: 50.6%) 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 4% (2024: 3%) of the total trade receivables.
The ageing of trade receivables at the reporting date was:
2025 2024
\u00a3m \u00a3m
Not past due
1,081.0
962.6
Past due but not individually impaired:
0 \u2013 30 days
140.0
132.5
31 \u2013 90 days
142.7
119.9
Over 90 days
332.0
343.9
1,695.7
1,558.9
Less: allowance for impairment
(215.5)
(253.4)
Net trade receivables
1,480.2
1,305.5
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
level of aged debt across all periods remains consistent with the prior year, supported by the operational stability of SSE Business Energy\u2019s
new billing platform, alongside decreasing levels of government support available to customers. 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 debt impairment charge of \u00a347.1m per the income statement (2024: \u00a3128.8m), primarily includes the write-off of \u00a385.0m of trade
receivables (2024: \u00a344.6m) offset by a decrease in the bad debt provision of \u00a337.9m (2024: \u00a384.2m increase).
The Group has other receivables which are financial assets totalling \u00a36.6m (2024: \u00a34.1m).
The movement in the allowance for impairment of trade receivables was:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
253.4
169.2
Increase in allowance for impairment
48.8
121.5
Impairment losses recognised
(86.7)
(37.3)
Balance at 31 March
215.5
253.4
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 programme.
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 \u00a321m overdraft facility.
The refinancing requirement in the 25/26 financial year is \u00a31.9bn, being the \u00a30.9bn of short term Commercial Paper that matures between
April and June, and \u00a31.0bn of medium to long term debt maturing being the \u20ac600m (\u00a3531m) Eurobond maturing 16 April 2025 and \u20ac600m
(\u00a3503m) Eurobond maturing 8 September 2025. 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 \u00a33.0bn, \u00a31.5bn 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 \u00a316.9bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.4bn
of long term funding in the current financial year.
The Group\u2019s period of Going Concern assessment is performed to 31 December 2026, 21 months from the balance sheet date, which
is at least 12 months from the filing deadline of its subsidiary companies. While the formal assessment period was to the period ending
31 December 2026, a period of three months beyond this date was reviewed for significant events that may result in a change to the
conclusion of the assessment. No events or circumstances were identified in that period beyond the formal assessment. 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 2026. The statement of Going Concern is included in the Audit Committee Report.
As at 31 March 2025, the net value of outstanding cash collateral held in respect of mark-to-market related margin calls on exchange
traded positions was \u00a372.9m (2024: \u00a3353.2m).
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:
2025
2025
2025
2025
2025
2025
Contractual
Carrying value cash flows 0 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years > 5 years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
1,230.5
(1,243.0)
(1,243.0)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(233.3)
(11.1)
(11.1)
(211.1)
\u2013
Loans \u2013 fixed
1,300.4
(1,669.0)
(54.6)
(346.7)
(459.1)
(808.6)
Unsecured bonds \u2013 fixed
7,507.1
(10,125.6)
(777.9)
(792.8)
(1,999.5)
(6,555.4)
Fair value adjustment
( 8 8 . 6 )
\u2013
\u2013
\u2013
\u2013
\u2013
10,149.4
(13,270.9)
(2,086.6)
(1,150.6)
(2,669.7)
(7,364.0)
Lease liabilities
455.0
(711.9)
(75.2)
(64.4)
(169.1)
(403.2)
10,604.4
(13,982.8)
(2,161.8)
(1,215.0)
(2,838.8)
(7,767.2)
Derivative financial liabilities
Operating derivatives designated at fair value
162.1
387.3
(81.1)
205.9
92.4
170.1
Interest rate swaps used for hedging
76.8
(76.8)
(45.5)
(17.4)
(12.6)
(1.3)
Interest rate swaps designated at fair value
31.0
(31.0)
(7.4)
(7.5)
(5.5)
(10.6)
Forward foreign exchange contracts held for hedging
19.9
(975.4)
(258.1)
(171.8)
(545.5)
\u2013
Forward foreign exchange contracts designated at fair
value
4.2
(474.0)
(413.6)
(56.2)
(4.2)
\u2013
294.0
(1,169.9)
(805.7)
(47.0)
(475.4)
158.2
Other financial liabilities
Trade payables
710.7
(710.7)
(710.7)
\u2013
\u2013
\u2013
Financial guarantee liabilities
25.5
(25.5)
(2.4)
(7.8)
(3.6)
(11.7)
736.2
(736.2)
(713.1)
(7.8)
(3.6)
(11.7)
Total
11,634.6
(15,888.9)
(3,680.6)
(1,269.8)
(3,317.8)
(7,620.7)
Derivative financial assets
Financing derivatives
(83.7)
793.5
544.2
172.9
70.9
5.5
Operating derivatives designated at fair value
(158.2)
366.5
304.6
26.0
24.0
11.9
(241.9)
1,160.0
848.8
198.9
94.9
17.4
Net total
(i)
11,392.7
(14,728.9)
(2,831.8)
(1,070.9)
(3,222.9)
(7,603.3)
2024
2024
2024
2024
2024
2024
Contractual
Carrying value cash flows 0 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years > 5 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)
F a i r v a l u e a d j u s t m e n t
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
(i)
9,797.0
(14,628.0)
(2,988.4)
(1,451.1)
(2,244.2)
(7,944.3)
(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 affect 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 (\u201cEMRC\u201d) 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 \u201cown use\u201d
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.
2025
2024
Reasonably Reasonably
possible possible
increase/ increase/
decrease in decrease in
Base Price
(i)
variable
Base Price
(i)
variable
Commodity prices
UK gas (p/therm)
89
+50 / \u201340
91
+73 / \u201354
EU gas (\u20ac/MWh)
34
+19 / \u201315
\u2013
\u2013
UK power (\u00a3/MWh)
88
+39 / \u201334
72
+43 / \u201334
UK carbon (\u00a3/tonne)
45
+23 / \u201319
37
+31 / \u201322
EU carbon (\u20ac/tonne)
71
+40 / \u201332
40
+20 / \u201316
IRL power (\u20ac/MWh)
123
+59 / \u201348
106
+86 / \u201363
EU power (\u20ac/MWh)
31
+11 / \u201310
24
+12 / \u201310
(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:
2025 2024
Impact on Impact on
profit and profit and
equity equity
Incremental profit/(loss) (\u00a3m) (\u00a3m)
Commodity prices combined \u2013 increase
(287.1)
(7.1)
Commodity prices combined \u2013 decrease
212.6
(0.4)
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 year 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:
2025 2024
\u00a3m \u00a3m
Forward foreign exchange contracts
4,086.1
3,197.1
The Group\u2019s exposure to foreign currency risk was as follows:
2025
2024
SEK $ \u20ac CNH CHF SEK $ \u20ac CNH CHF
(million) (million) (million) (million) (million) (million) (million) (million) (million) (million)
Loans and borrowings
\u2013
2 4 4 . 0
5 , 2 0 0 . 0
\u2013
\u2013
\u2013
564.0
3,750.0
\u2013
\u2013
Purchase and commodity
contract commitments
4,881.7
33.8
1,743.7
\u2013
10.4
5,344.7
10.7
1,296.1
530.0
10.4
Gross exposure
4,881.7
277.8
6,943.7
\u2013
10.4
5,344.7
574.7
5,046.1
530.0
10.4
Forward exchange/swap
contracts
4,881.7
277.8
4,028.9
\u2013
10.4
5,344.7
574.7
2,671.3
530.0
10.4
Net exposure (in currency)
\u2013
\u2013
2 , 9 1 4 . 8
\u2013
\u2013
\u2013
\u2013
2 , 3 7 4 . 8
\u2013
\u2013
Net exposure (in \u00a3m)
\u2013
\u2013
2 , 4 4 1 . 6
\u2013
\u2013
\u2013
\u2013
2 , 0 3 0 . 2
\u2013
\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 following sensitivity analysis is provided for monetary assets in Euro only, as the only currency with significant net exposure as at the
current and prior year end, as noted above. 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 31 March At 31 March At 31 March At 31 March
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
167.5
142.5
35.9
26.7
167.5
142.5
35.9
26.7
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 \u00a31,090.5m (2024: \u00a31,035.9m).
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:
2025 2024
Carrying Carrying
amount amount
\u00a3m \u00a3m
Interest bearing/earning assets and liabilities:
\u2013fixed
(9,901.8)
(8,766.1)
\u2013floating
349.1
685.5
(9,552.7)
(8,080.6)
Represented by:
Cash and cash equivalents
1,090.5
1,035.9
Derivative financial (liabilities)/assets
(38.8)
17.2
Loans and borrowings
(10,149.4)
(8,726.2)
Lease liabilities
(455.0)
(407.5)
(9,552.7)
(8,080.6)
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.
2025 2024
\u00a3m \u00a3m
Income statement
5.6
2.6
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-696": { "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 2025, SSE Energy Markets had pledged no cash collateral (2024: \u00a3nil) and \u00a3494.9m (2024: \u00a3459.9m) of letters of credit, and had received \u00a372.9m (2024: \u00a3353.2m) of cash collateral and \u00a377.8m (2024: \u00a3130.8m) 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 2025 was \u00a3339.9m (2024: \u00a3684.9m) in respect of liabilities of joint ventures and associates and \u00a3479.3m (2024: \u00a3479.3m) in respect of the liabilities of former subsidiaries. An amount of \u00a325.5m (2024: \u00a339.5m) is recorded as a liability at 31 March 2025 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 of three months or less 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-739": { "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 programme. 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 \u00a321m overdraft facility. The refinancing requirement in the 25/26 financial year is \u00a31.9bn, being the \u00a30.9bn of short term Commercial Paper that matures between April and June, and \u00a31.0bn of medium to long term debt maturing being the \u20ac600m (\u00a3531m) Eurobond maturing 16 April 2025 and \u20ac600m (\u00a3503m) Eurobond maturing 8 September 2025. 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 \u00a33.0bn, \u00a31.5bn 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 \u00a316.9bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.4bn of long term funding in the current financial year. The Group\u2019s period of Going Concern assessment is performed to 31 December 2026, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. While the formal assessment period was to the period ending 31 December 2026, a period of three months beyond this date was reviewed for significant events that may result in a change to the conclusion of the assessment. No events or circumstances were identified in that period beyond the formal assessment. 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 2026. The statement of Going Concern is included in the Audit Committee Report. As at 31 March 2025, the net value of outstanding cash collateral held in respect of mark-to-market related margin calls on exchange traded positions was \u00a372.9m (2024: \u00a3353.2m). 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:
2025
2025
2025
2025
2025
2025
Contractual
Carrying value cash flows 0 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years > 5 years
Liquidity risk \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances
1,230.5
(1,243.0)
(1,243.0)
\u2013
\u2013
\u2013
Loans \u2013 floating
200.0
(233.3)
(11.1)
(11.1)
(211.1)
\u2013
Loans \u2013 fixed
1,300.4
(1,669.0)
(54.6)
(346.7)
(459.1)
(808.6)
Unsecured bonds \u2013 fixed
7,507.1
(10,125.6)
(777.9)
(792.8)
(1,999.5)
(6,555.4)
Fair value adjustment
( 8 8 . 6 )
\u2013
\u2013
\u2013
\u2013
\u2013
10,149.4
(13,270.9)
(2,086.6)
(1,150.6)
(2,669.7)
(7,364.0)
Lease liabilities
455.0
(711.9)
(75.2)
(64.4)
(169.1)
(403.2)
10,604.4
(13,982.8)
(2,161.8)
(1,215.0)
(2,838.8)
(7,767.2)
Derivative financial liabilities
Operating derivatives designated at fair value
162.1
387.3
(81.1)
205.9
92.4
170.1
Interest rate swaps used for hedging
76.8
(76.8)
(45.5)
(17.4)
(12.6)
(1.3)
Interest rate swaps designated at fair value
31.0
(31.0)
(7.4)
(7.5)
(5.5)
(10.6)
Forward foreign exchange contracts held for hedging
19.9
(975.4)
(258.1)
(171.8)
(545.5)
\u2013
Forward foreign exchange contracts designated at fair
value
4.2
(474.0)
(413.6)
(56.2)
(4.2)
\u2013
294.0
(1,169.9)
(805.7)
(47.0)
(475.4)
158.2
Other financial liabilities
Trade payables
710.7
(710.7)
(710.7)
\u2013
\u2013
\u2013
Financial guarantee liabilities
25.5
(25.5)
(2.4)
(7.8)
(3.6)
(11.7)
736.2
(736.2)
(713.1)
(7.8)
(3.6)
(11.7)
Total
11,634.6
(15,888.9)
(3,680.6)
(1,269.8)
(3,317.8)
(7,620.7)
Derivative financial assets
Financing derivatives
(83.7)
793.5
544.2
172.9
70.9
5.5
Operating derivatives designated at fair value
(158.2)
366.5
304.6
26.0
24.0
11.9
(241.9)
1,160.0
848.8
198.9
94.9
17.4
Net total
(i)
11,392.7
(14,728.9)
(2,831.8)
(1,070.9)
(3,222.9)
(7,603.3)
2024
2024
2024
2024
2024
2024
Contractual
Carrying value cash flows 0 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years > 5 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)
F a i r v a l u e a d j u s t m e n t
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
(i)
9,797.0
(14,628.0)
(2,988.4)
(1,451.1)
(2,244.2)
(7,944.3)
(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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-697": { "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 affect 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 (\u201cEMRC\u201d) 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 \u201cown use\u201d 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.
2025
2024
Reasonably Reasonably
possible possible
increase/ increase/
decrease in decrease in
Base Price
(i)
variable
Base Price
(i)
variable
Commodity prices
UK gas (p/therm)
89
+50 / \u201340
91
+73 / \u201354
EU gas (\u20ac/MWh)
34
+19 / \u201315
\u2013
\u2013
UK power (\u00a3/MWh)
88
+39 / \u201334
72
+43 / \u201334
UK carbon (\u00a3/tonne)
45
+23 / \u201319
37
+31 / \u201322
EU carbon (\u20ac/tonne)
71
+40 / \u201332
40
+20 / \u201316
IRL power (\u20ac/MWh)
123
+59 / \u201348
106
+86 / \u201363
EU power (\u20ac/MWh)
31
+11 / \u201310
24
+12 / \u201310
(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:
2025 2024
Impact on Impact on
profit and profit and
equity equity
Incremental profit/(loss) (\u00a3m) (\u00a3m)
Commodity prices combined \u2013 increase
(287.1)
(7.1)
Commodity prices combined \u2013 decrease
212.6
(0.4)
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 year 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:
2025 2024
\u00a3m \u00a3m
Forward foreign exchange contracts
4,086.1
3,197.1
The Group\u2019s exposure to foreign currency risk was as follows:
2025
2024
SEK $ \u20ac CNH CHF SEK $ \u20ac CNH CHF
(million) (million) (million) (million) (million) (million) (million) (million) (million) (million)
Loans and borrowings
\u2013
2 4 4 . 0
5 , 2 0 0 . 0
\u2013
\u2013
\u2013
564.0
3,750.0
\u2013
\u2013
Purchase and commodity
contract commitments
4,881.7
33.8
1,743.7
\u2013
10.4
5,344.7
10.7
1,296.1
530.0
10.4
Gross exposure
4,881.7
277.8
6,943.7
\u2013
10.4
5,344.7
574.7
5,046.1
530.0
10.4
Forward exchange/swap
contracts
4,881.7
277.8
4,028.9
\u2013
10.4
5,344.7
574.7
2,671.3
530.0
10.4
Net exposure (in currency)
\u2013
\u2013
2 , 9 1 4 . 8
\u2013
\u2013
\u2013
\u2013
2 , 3 7 4 . 8
\u2013
\u2013
Net exposure (in \u00a3m)
\u2013
\u2013
2 , 4 4 1 . 6
\u2013
\u2013
\u2013
\u2013
2 , 0 3 0 . 2
\u2013
\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 following sensitivity analysis is provided for monetary assets in Euro only, as the only currency with significant net exposure as at the current and prior year end, as noted above. 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 31 March At 31 March At 31 March At 31 March
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
167.5
142.5
35.9
26.7
167.5
142.5
35.9
26.7
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 \u00a31,090.5m (2024: \u00a31,035.9m). 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:
2025 2024
Carrying Carrying
amount amount
\u00a3m \u00a3m
Interest bearing/earning assets and liabilities:
\u2013fixed
(9,901.8)
(8,766.1)
\u2013floating
349.1
685.5
(9,552.7)
(8,080.6)
Represented by:
Cash and cash equivalents
1,090.5
1,035.9
Derivative financial (liabilities)/assets
(38.8)
17.2
Loans and borrowings
(10,149.4)
(8,726.2)
Lease liabilities
(455.0)
(407.5)
(9,552.7)
(8,080.6)
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.
2025 2024
\u00a3m \u00a3m
Income statement
5.6
2.6
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-721": { "value": "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.
2025
2024
Reasonably Reasonably
possible possible
increase/ increase/
decrease in decrease in
Base Price
(i)
variable
Base Price
(i)
variable
Commodity prices
UK gas (p/therm)
89
+50 / \u201340
91
+73 / \u201354
EU gas (\u20ac/MWh)
34
+19 / \u201315
\u2013
\u2013
UK power (\u00a3/MWh)
88
+39 / \u201334
72
+43 / \u201334
UK carbon (\u00a3/tonne)
45
+23 / \u201319
37
+31 / \u201322
EU carbon (\u20ac/tonne)
71
+40 / \u201332
40
+20 / \u201316
IRL power (\u20ac/MWh)
123
+59 / \u201348
106
+86 / \u201363
EU power (\u20ac/MWh)
31
+11 / \u201310
24
+12 / \u201310
(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:
2025 2024
Impact on Impact on
profit and profit and
equity equity
Incremental profit/(loss) (\u00a3m) (\u00a3m)
Commodity prices combined \u2013 increase
(287.1)
(7.1)
Commodity prices combined \u2013 decrease
212.6
(0.4)
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 year 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. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-698": { "value": "
A7
Fair value of \ufb01nancial instruments
A7.1 Fair value of \ufb01nancial 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:
2025
2025
2025
2025
2024
2024
2024
2024
Amortised FVTPL/ Total carrying Amortised FVTPL/ Total carrying
cost
(i)
FVTOCI
(ii)
value Fair value
cost
(i)
FVTOCI
(ii)
value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Current
Trade receivables
1,480.2
\u2013
1,480.2
1,480.2
1,305.5
\u2013
1,305.5
1,305.5
Other receivables
6.6
\u2013
6.6
6.6
4.1
\u2013
4.1
4.1
Cash collateral and
other deposits
19.2
\u2013
19.2
19.2
9.3
\u2013
9.3
9.3
Cash and cash
equivalents
1,090.5
\u2013
1,090.5
1,090.5
1,035.9
\u2013
1,035.9
1,035.9
Derivative financial assets
\u2013
178.4
178.4
178.4
\u2013
536.1
536.1
536.1
2,596.5
178.4
2,774.9
2,774.9
2,354.8
536.1
2,890.9
2,890.9
Non-current
Unquoted equity
investments
\u2013
8.8
8.8
8.8
\u2013
3.2
3.2
3.2
Loan note receivable
193.5
\u2013
193.5
193.5
170.1
\u2013
170.1
170.1
Loans to associates and
jointly controlled entities
1,510.3
\u2013
1,510.3
1,510.3
1,352.9
\u2013
1,352.9
1,352.9
Derivative financial assets
\u2013
63.5
63.5
63.5
\u2013
64.2
64.2
64.2
1,703.8
72.3
1,776.1
1,776.1
1,523.0
67.4
1,590.4
1,590.4
4,300.3
250.7
4,551.0
4,551.0
3,877.8
603.5
4,481.3
4,481.3
Financial liabilities
Current
Trade payables
(710.7)
\u2013
(710.7)
(710.7)
(656.7)
\u2013
(656.7)
(656.7)
Outstanding liquid funds
(82.5)
\u2013
(82.5)
(82.5)
(362.5)
\u2013
(362.5)
(362.5)
Loans and borrowings
(iii)
(1,924.3)
28.8
(1,895.5)
(1,937.0)
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
Lease liabilities
(68.5)
\u2013
(68.5)
(68.5)
(83.5)
\u2013
(83.5)
(83.5)
Financial guarantee
liabilities
\u2013
(2.4)
(2.4)
(2.4)
\u2013
(3.1)
(3.1)
(3.1)
Derivative financial
liabilities
\u2013
(126.3)
(126.3)
(126.3)
\u2013
(345.2)
(345.2)
(345.2)
(2,786.0)
(99.9)
(2,885.9)
(2,927.4)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
Non-current
Loans and borrowings
(iii)
(8,313.7)
59.8
(8,253.9)
(7,960.4)
(7,680.8)
(0.9)
(7,681.7)
(7,440.6)
Lease liabilities
(386.5)
\u2013
(386.5)
(386.5)
(324.0)
\u2013
(324.0)
(324.0)
Financial guarantee
liabilities
\u2013
(23.1)
(23.1)
(23.1)
\u2013
(36.4)
(36.4)
(36.4)
Derivative financial
liabilities
\u2013
(167.7)
(167.7)
(167.7)
\u2013
(222.2)
(222.2)
(222.2)
(8,700.2)
(131.0)
(8,831.2)
(8,537.7)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(11,486.2)
(230.9)
(11,717.1)
(11,465.1)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
Net financial liabilities
(7,185.9)
19.8
(7,166.1)
(6,914.1)
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(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)
(iii) The fair value through profit or loss attributable to loans and borrowings totalling \u00a388.6m (2024: (\u00a30.9m)) relates to fair value hedges that are in place against the Group\u2019s loans
and borrowings. At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been
classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date.
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 (\u201cFVTPL\u201d) or Fair Value through Other Comprehensive Income (\u201cFVTOCI\u201d). 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.
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
71.5
80.9
5.8
158.2
357.7
121.6
0.5
479.8
Interest rate derivatives
\u2013
6 8 . 9
\u2013
6 8 . 9
\u2013
1 1 3 . 0
\u2013
1 1 3 . 0
Foreign exchange derivatives
\u2013
1 4 . 8
\u2013
1 4 . 8
\u2013
7 . 5
\u2013
7 . 5
Unquoted equity investments
\u2013
\u2013
8 . 8
8 . 8
\u2013
\u2013
3 . 2
3 . 2
71.5
164.6
14.6
250.7
357.7
242.1
3.7
603.5
Financial liabilities
Energy derivatives
\u2013
( 8 0 . 8 )
( 8 1 . 3 )
( 1 6 2 . 1 )
\u2013
( 3 2 7 . 1 )
( 1 0 1 . 3 )
( 4 2 8 . 4 )
Interest rate derivatives
\u2013
( 1 0 7 . 8 )
\u2013
( 1 0 7 . 8 )
\u2013
( 9 5 . 8 )
\u2013
( 9 5 . 8 )
Foreign exchange derivatives
\u2013
( 2 4 . 1 )
\u2013
( 2 4 . 1 )
\u2013
( 4 3 . 2 )
\u2013
( 4 3 . 2 )
Loans and borrowings
*
\u2013
8 8 . 6
\u2013
8 8 . 6
\u2013
( 0 . 9 )
\u2013
( 0 . 9 )
\u2013
( 1 2 4 . 1 )
( 8 1 . 3 )
( 2 0 5 . 4 )
\u2013
(467.0)
(101.3)
(568.3)
* The \u00a388.6m relates to fair value hedges that are in place against the Group\u2019s loans and borrowings and has been included in the table above within financial liabilities, as it is presented in loans and borrowings liabilities in the balance sheet. 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 current and prior year. There were no significant transfers out of Level 2 into Level 3 or out of Level 3 into Level 2 during the current and prior year. In the prior year, 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 TotalEnergies (25.5%) and PTT Exploration & Production Public Company Limited (PTTEPP) (25.5%) (2024: TOTAL SE (51%)) and TOTAL SE entered into an equivalent ACfD with SWEL. In the period to 31 March 2025, the SWEL ACfD agreement was amended and under IFRS 9, the original agreement was de-recognised and then re-recognised on the amended basis. 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 gain of \u00a323.9m (2024: \u00a399.0m loss). 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. 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:
2025 2024
\u00a3m \u00a3m
Level 3 financial instrument fair value at 1 April
(97.6)
25.6
Additions
3.4
\u2013
Transfer to/(from) financial assets
4.6
(24.1)
Disposals in year
(0.1)
(0.4)
Cash settlement
(38.5)
(0.4)
Re-measurement gain/(loss) recognised in income statement
5.2
(106.0)
Re-measurement (loss)/gain recognised in other comprehensive income
(0.8)
0.3
Additions \u2013 new instruments entered in the year
342.3
11.5
Deferred day 1 gains on instruments entered in the year
(342.3)
(11.5)
Instruments derecognised in the year
(342.0)
\u2013
Deferred day 1 gains derecognised in the year
370.7
\u2013
Amortisation of day 1 gains in the year
28.4
7.4
Level 3 financial instrument fair value at 31 March
(66.7)
(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.
Carrying value (net) Significant unobservable Market price range
\u00a3m
Valuation technique
input (min-max) \u00a3/MwH
Electricity prices,
31 March 2025
75.5
Discounted cash flow
Generation volumes
49 \u2013 99
Electricity prices,
31 March 2024
100.8
Discounted cash flow
Generation volumes
53 \u2013 147
Deferred measurement differences
2025 2024
\u00a3m \u00a3m
Deferred measurement difference at 1 April
413.5
400.1
Deferred measurement difference adjustment in the year
\u2013
9.3
Deferred measurement difference arising during the year on new instruments
342.3
11.5
Deferred measurement differences derecognised in the year
(370.7)
\u2013
Deferred measurement difference recognised during the year
(28.4)
(7.4)
Deferred measurement difference at 31 March
356.7
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. Assumption
At 31 March 2025
At 31 March 2024
Effect on fair Effect on fair
value of value of
deferred deferred
Increase/ measurement Increase/ measurement
decrease in differences decrease in differences
assumption \u00a3m assumption \u00a3m
Discount rate
+1%/-1%
(12.8)/13.9
+1%/\u20131%
(22.2)/19.9
Volumes
+10%/-10%
26.5/(28.7)
+10%/\u201310%
29.3/(31.3)
Prices
+10%/-10%
87.5/(87.5)
+10%/\u201310%
135.7/(135.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-722": { "value": "A7 Fair value of \ufb01nancial instruments A7.1 Fair value of \ufb01nancial 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:
2025
2025
2025
2025
2024
2024
2024
2024
Amortised FVTPL/ Total carrying Amortised FVTPL/ Total carrying
cost
(i)
FVTOCI
(ii)
value Fair value
cost
(i)
FVTOCI
(ii)
value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Current
Trade receivables
1,480.2
\u2013
1,480.2
1,480.2
1,305.5
\u2013
1,305.5
1,305.5
Other receivables
6.6
\u2013
6.6
6.6
4.1
\u2013
4.1
4.1
Cash collateral and
other deposits
19.2
\u2013
19.2
19.2
9.3
\u2013
9.3
9.3
Cash and cash
equivalents
1,090.5
\u2013
1,090.5
1,090.5
1,035.9
\u2013
1,035.9
1,035.9
Derivative financial assets
\u2013
178.4
178.4
178.4
\u2013
536.1
536.1
536.1
2,596.5
178.4
2,774.9
2,774.9
2,354.8
536.1
2,890.9
2,890.9
Non-current
Unquoted equity
investments
\u2013
8.8
8.8
8.8
\u2013
3.2
3.2
3.2
Loan note receivable
193.5
\u2013
193.5
193.5
170.1
\u2013
170.1
170.1
Loans to associates and
jointly controlled entities
1,510.3
\u2013
1,510.3
1,510.3
1,352.9
\u2013
1,352.9
1,352.9
Derivative financial assets
\u2013
63.5
63.5
63.5
\u2013
64.2
64.2
64.2
1,703.8
72.3
1,776.1
1,776.1
1,523.0
67.4
1,590.4
1,590.4
4,300.3
250.7
4,551.0
4,551.0
3,877.8
603.5
4,481.3
4,481.3
Financial liabilities
Current
Trade payables
(710.7)
\u2013
(710.7)
(710.7)
(656.7)
\u2013
(656.7)
(656.7)
Outstanding liquid funds
(82.5)
\u2013
(82.5)
(82.5)
(362.5)
\u2013
(362.5)
(362.5)
Loans and borrowings
(iii)
(1,924.3)
28.8
(1,895.5)
(1,937.0)
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
Lease liabilities
(68.5)
\u2013
(68.5)
(68.5)
(83.5)
\u2013
(83.5)
(83.5)
Financial guarantee
liabilities
\u2013
(2.4)
(2.4)
(2.4)
\u2013
(3.1)
(3.1)
(3.1)
Derivative financial
liabilities
\u2013
(126.3)
(126.3)
(126.3)
\u2013
(345.2)
(345.2)
(345.2)
(2,786.0)
(99.9)
(2,885.9)
(2,927.4)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
Non-current
Loans and borrowings
(iii)
(8,313.7)
59.8
(8,253.9)
(7,960.4)
(7,680.8)
(0.9)
(7,681.7)
(7,440.6)
Lease liabilities
(386.5)
\u2013
(386.5)
(386.5)
(324.0)
\u2013
(324.0)
(324.0)
Financial guarantee
liabilities
\u2013
(23.1)
(23.1)
(23.1)
\u2013
(36.4)
(36.4)
(36.4)
Derivative financial
liabilities
\u2013
(167.7)
(167.7)
(167.7)
\u2013
(222.2)
(222.2)
(222.2)
(8,700.2)
(131.0)
(8,831.2)
(8,537.7)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(11,486.2)
(230.9)
(11,717.1)
(11,465.1)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
Net financial liabilities
(7,185.9)
19.8
(7,166.1)
(6,914.1)
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(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) (iii) The fair value through profit or loss attributable to loans and borrowings totalling \u00a388.6m (2024: (\u00a30.9m)) relates to fair value hedges that are in place against the Group\u2019s loans and borrowings. At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date. 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 (\u201cFVTPL\u201d) or Fair Value through Other Comprehensive Income (\u201cFVTOCI\u201d). 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.
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Energy derivatives
71.5
80.9
5.8
158.2
357.7
121.6
0.5
479.8
Interest rate derivatives
\u2013
6 8 . 9
\u2013
6 8 . 9
\u2013
1 1 3 . 0
\u2013
1 1 3 . 0
Foreign exchange derivatives
\u2013
1 4 . 8
\u2013
1 4 . 8
\u2013
7 . 5
\u2013
7 . 5
Unquoted equity investments
\u2013
\u2013
8 . 8
8 . 8
\u2013
\u2013
3 . 2
3 . 2
71.5
164.6
14.6
250.7
357.7
242.1
3.7
603.5
Financial liabilities
Energy derivatives
\u2013
( 8 0 . 8 )
( 8 1 . 3 )
( 1 6 2 . 1 )
\u2013
( 3 2 7 . 1 )
( 1 0 1 . 3 )
( 4 2 8 . 4 )
Interest rate derivatives
\u2013
( 1 0 7 . 8 )
\u2013
( 1 0 7 . 8 )
\u2013
( 9 5 . 8 )
\u2013
( 9 5 . 8 )
Foreign exchange derivatives
\u2013
( 2 4 . 1 )
\u2013
( 2 4 . 1 )
\u2013
( 4 3 . 2 )
\u2013
( 4 3 . 2 )
Loans and borrowings
*
\u2013
8 8 . 6
\u2013
8 8 . 6
\u2013
( 0 . 9 )
\u2013
( 0 . 9 )
\u2013
( 1 2 4 . 1 )
( 8 1 . 3 )
( 2 0 5 . 4 )
\u2013
(467.0)
(101.3)
(568.3)
* The \u00a388.6m relates to fair value hedges that are in place against the Group\u2019s loans and borrowings and has been included in the table above within financial liabilities, as it is presented in loans and borrowings liabilities in the balance sheet. 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 current and prior year. There were no significant transfers out of Level 2 into Level 3 or out of Level 3 into Level 2 during the current and prior year. In the prior year, 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 TotalEnergies (25.5%) and PTT Exploration & Production Public Company Limited (PTTEPP) (25.5%) (2024: TOTAL SE (51%)) and TOTAL SE entered into an equivalent ACfD with SWEL. In the period to 31 March 2025, the SWEL ACfD agreement was amended and under IFRS 9, the original agreement was de-recognised and then re-recognised on the amended basis. 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 gain of \u00a323.9m (2024: \u00a399.0m loss). 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. 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:
2025 2024
\u00a3m \u00a3m
Level 3 financial instrument fair value at 1 April
(97.6)
25.6
Additions
3.4
\u2013
Transfer to/(from) financial assets
4.6
(24.1)
Disposals in year
(0.1)
(0.4)
Cash settlement
(38.5)
(0.4)
Re-measurement gain/(loss) recognised in income statement
5.2
(106.0)
Re-measurement (loss)/gain recognised in other comprehensive income
(0.8)
0.3
Additions \u2013 new instruments entered in the year
342.3
11.5
Deferred day 1 gains on instruments entered in the year
(342.3)
(11.5)
Instruments derecognised in the year
(342.0)
\u2013
Deferred day 1 gains derecognised in the year
370.7
\u2013
Amortisation of day 1 gains in the year
28.4
7.4
Level 3 financial instrument fair value at 31 March
(66.7)
(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.
Carrying value (net) Significant unobservable Market price range
\u00a3m
Valuation technique
input (min-max) \u00a3/MwH
Electricity prices,
31 March 2025
75.5
Discounted cash flow
Generation volumes
49 \u2013 99
Electricity prices,
31 March 2024
100.8
Discounted cash flow
Generation volumes
53 \u2013 147
Deferred measurement differences
2025 2024
\u00a3m \u00a3m
Deferred measurement difference at 1 April
413.5
400.1
Deferred measurement difference adjustment in the year
\u2013
9.3
Deferred measurement difference arising during the year on new instruments
342.3
11.5
Deferred measurement differences derecognised in the year
(370.7)
\u2013
Deferred measurement difference recognised during the year
(28.4)
(7.4)
Deferred measurement difference at 31 March
356.7
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. Assumption
At 31 March 2025
At 31 March 2024
Effect on fair Effect on fair
value of value of
deferred deferred
Increase/ measurement Increase/ measurement
decrease in differences decrease in differences
assumption \u00a3m assumption \u00a3m
Discount rate
+1%/-1%
(12.8)/13.9
+1%/\u20131%
(22.2)/19.9
Volumes
+10%/-10%
26.5/(28.7)
+10%/\u201310%
29.3/(31.3)
Prices
+10%/-10%
87.5/(87.5)
+10%/\u201310%
135.7/(135.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-740": { "value": "A7.1 Fair value of \ufb01nancial 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:
2025
2025
2025
2025
2024
2024
2024
2024
Amortised FVTPL/ Total carrying Amortised FVTPL/ Total carrying
cost
(i)
FVTOCI
(ii)
value Fair value
cost
(i)
FVTOCI
(ii)
value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Current
Trade receivables
1,480.2
\u2013
1,480.2
1,480.2
1,305.5
\u2013
1,305.5
1,305.5
Other receivables
6.6
\u2013
6.6
6.6
4.1
\u2013
4.1
4.1
Cash collateral and
other deposits
19.2
\u2013
19.2
19.2
9.3
\u2013
9.3
9.3
Cash and cash
equivalents
1,090.5
\u2013
1,090.5
1,090.5
1,035.9
\u2013
1,035.9
1,035.9
Derivative financial assets
\u2013
178.4
178.4
178.4
\u2013
536.1
536.1
536.1
2,596.5
178.4
2,774.9
2,774.9
2,354.8
536.1
2,890.9
2,890.9
Non-current
Unquoted equity
investments
\u2013
8.8
8.8
8.8
\u2013
3.2
3.2
3.2
Loan note receivable
193.5
\u2013
193.5
193.5
170.1
\u2013
170.1
170.1
Loans to associates and
jointly controlled entities
1,510.3
\u2013
1,510.3
1,510.3
1,352.9
\u2013
1,352.9
1,352.9
Derivative financial assets
\u2013
63.5
63.5
63.5
\u2013
64.2
64.2
64.2
1,703.8
72.3
1,776.1
1,776.1
1,523.0
67.4
1,590.4
1,590.4
4,300.3
250.7
4,551.0
4,551.0
3,877.8
603.5
4,481.3
4,481.3
Financial liabilities
Current
Trade payables
(710.7)
\u2013
(710.7)
(710.7)
(656.7)
\u2013
(656.7)
(656.7)
Outstanding liquid funds
(82.5)
\u2013
(82.5)
(82.5)
(362.5)
\u2013
(362.5)
(362.5)
Loans and borrowings
(iii)
(1,924.3)
28.8
(1,895.5)
(1,937.0)
(1,044.5)
\u2013
(1,044.5)
(1,113.6)
Lease liabilities
(68.5)
\u2013
(68.5)
(68.5)
(83.5)
\u2013
(83.5)
(83.5)
Financial guarantee
liabilities
\u2013
(2.4)
(2.4)
(2.4)
\u2013
(3.1)
(3.1)
(3.1)
Derivative financial
liabilities
\u2013
(126.3)
(126.3)
(126.3)
\u2013
(345.2)
(345.2)
(345.2)
(2,786.0)
(99.9)
(2,885.9)
(2,927.4)
(2,147.2)
(348.3)
(2,495.5)
(2,564.6)
Non-current
Loans and borrowings
(iii)
(8,313.7)
59.8
(8,253.9)
(7,960.4)
(7,680.8)
(0.9)
(7,681.7)
(7,440.6)
Lease liabilities
(386.5)
\u2013
(386.5)
(386.5)
(324.0)
\u2013
(324.0)
(324.0)
Financial guarantee
liabilities
\u2013
(23.1)
(23.1)
(23.1)
\u2013
(36.4)
(36.4)
(36.4)
Derivative financial
liabilities
\u2013
(167.7)
(167.7)
(167.7)
\u2013
(222.2)
(222.2)
(222.2)
(8,700.2)
(131.0)
(8,831.2)
(8,537.7)
(8,004.8)
(259.5)
(8,264.3)
(8,023.2)
(11,486.2)
(230.9)
(11,717.1)
(11,465.1)
(10,152.0)
(607.8)
(10,759.8)
(10,587.8)
Net financial liabilities
(7,185.9)
19.8
(7,166.1)
(6,914.1)
(6,274.2)
(4.3)
(6,278.5)
(6,106.5)
(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) (iii) The fair value through profit or loss attributable to loans and borrowings totalling \u00a388.6m (2024: (\u00a30.9m)) relates to fair value hedges that are in place against the Group\u2019s loans and borrowings. At 31 March 2025, Scottish Hydro Electric Transmission plc had drawn \u00a3340.0m of borrowings under its \u00a31.5bn revolving credit facility. The \u00a3340.0m has been classified as non-current within debt maturing in two to five years in accordance with IAS 1 paragraph 75A. The debt was repaid in April 2025, subsequent to the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-723": { "value": "A8 Hedge accounting A8.1 Cash \ufb02ow 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.
2025
2025
2025
2025
2025
2025
2024
2024
2024
2024
2024
2024
Carrying Expected 0 \u2013 12 Carrying Expected 0 \u2013 12
amount cash flows months 1 \u2013 2 years 2 \u2013 5 years > 5 years amount cash flows months 1 \u2013 2 years 2 \u2013 5 years > 5 years
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps:
Assets
15.4
16.5
5.9
5.3
5.3
\u2013
19.7
21.4
7.3
5.3
8.8
\u2013
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15.4
16.5
5.9
5.3
5.3
\u2013
19.7
21.4
7.3
5.3
8.8
\u2013
Cross currency swaps:
Assets
32.7
48.5
7.9
7.2
(46.1)
79.5
71.7
72.4
51.4
1.5
19.5
\u2013
Liabilities
(74.2)
(75.4)
(43.2)
(13.4)
(37.1)
18.3
(57.4)
(57.6)
(19.3)
(23.3)
(30.6)
15.6
(41.5)
(26.9)
(35.3)
(6.2)
(83.2)
97.8
14.3
14.8
32.1
(21.8)
(11.1)
15.6
Forward foreign exchange contracts:
Assets
9.6
584.8
292.9
133.5
158.4
\u2013
0.5
35.0
34.6
0.4
\u2013
\u2013
Liabilities
(19.7)
861.1
234.8
182.2
444.1
\u2013
(30.5)
(1,340.9)
(557.7)
(99.8)
(647.6)
(35.8)
(10.1)
1,445.9
527.7
315.7
602.5
\u2013
(30.0)
(1,305.9)
(523.1)
(99.4)
(647.6)
(35.8)
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 (2025: \u00a336.0m gain, 2024: \u00a330.9m gain). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income statement (2025: \u00a3nil, 2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "SSE plc Corporate Affairs Inveralmond House 200 Dunkeld Road Perth PH1 3AQ UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }