SSE has announced a new £33bn investment plan to significantly increase the group’s exposure to electricity networks in the UK.

The five-year plan will be fully funded by the Scottish energy group, which said the investment would position it as one of the fastest growing electricity networks in the world, more than trebling the size of the regulated asset base.

SSE revealed that its plan to 2029/30 represents a trebling of investment over the five-year period, with around 80%, or £27bn, to be invested in regulated UK electricity networks and around 20%, or £6bn, in renewables and system flexibility.

In allocating the capital, SSE stated that it would keep applying its strict returns criteria for new energy projects to ensure attractive shareholder returns and a strategic alignment with the group’s clean electricity focus.

SSE chief executive, Martin Pibworth, revealed the investment had been underpinned by secure UK Government regulatory frameworks and added that the move would “unlock much-needed growth” across the wider economy.

“Our world is rapidly electrifying, and we need to build, connect and transport ever greater volumes of homegrown power to homes and businesses to power the digital age,” Pibworth commented.

“SSE’s multi-decade-long track record of delivering major electricity assets means it is strongly positioned to respond to this critical infrastructure investment opportunity and, in doing so, underpin the group’s position as one of Europe’s largest electricity infrastructure companies.

“Our focused, disciplined and fully funded investment plan will transform the domestic energy system and improve lives, whilst creating sustainable value for our shareholders and society for decades to come.”

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