GS Utilities Daily: SSE: More growth to come in Transmission beyond 2030 // Siemens Energy to supply 2.6 GW of projects in Oman

Research evidence excerpt

GS Utilities Daily: SSE: More growth to come in Transmission beyond 2030 // Siemens Energy to supply 2.6 GW of projects in Oman

Goldman Sachs GS Utilities Daily

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SSE: More growth to come in Transmission beyond 2030

On June 30, the National Energy System Operator (NESO) published its ‘Beyond 2030

Update’. This sets out a series of additional new and upgraded electricity transmission

network reinforcements across Great Britain that are required to deliver UK and Scottish

energy targets. For the north of Scotland, this includes several onshore and offshore

reinforcements that represent a further potential estimated investment of over £12bn

for SSEN Transmission. This investment is in addition to the over £5bn of required

investment in an earlier publication and points to over £17bn of further potential

estimated investment now identified beyond the RIIO-T3 price control. View. The

investment compares to £29bn of capital investment out to 2030 and a c.£30bn RCV by

FY 2030 (both on 100% basis). As a reminder SSE owns 75% of the transmission

business. We note that alongside H1 2026 results (November 12th), SSE announced a

£33bn five-year investment plan, significantly increasing the group’s exposure to

regulated networks with earnings growth of 7-9% p.a. to FY 2030. More here.

Siemens Energy to supply 2.6 GW of projects in Oman