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SSE reaches final investment decision on Platin power station
(Sharecast News) - Multinational energy company SSE said on Thursday that a final investment decision has been taken to build its Platin power station in County Meath. SSE said the €300.0m, 170MW plant was designed to run on hydrotreated vegetable oil, with the potential to convert to hydrogen. Completion was expected to take place in 2028.
The FTSE 100-listed firm also said consent was being sought to run the station on natural gas to fully utilise the plant's capability to meet Ireland's energy needs.
Elsewhere, SSE said its networks' operational performance remained strong throughout Q1, as its transmission and distribution businesses continued to progress their capex programmes, increasing adjusted investment nearly 70% to around £500.0m.
On the other hand, strong renewables operational availability was offset by unfavourable weather conditions across April and May, resulting in a 4% decrease in output when compared to the same period a year earlier.
Finally, SSE stated that financial expectations set out in May remain unchanged and continue to be subject to weather, market conditions and plant availability, with the key winter months still to come.
Reporting by Iain Gilbert at Sharecast.com
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