EU Energy Sector Specialist Commentary: SSE, SNAM, RWE, NG

Research evidence excerpt

EU Energy Sector Specialist Commentary: SSE, SNAM, RWE, NG

les output on capacity additions and favourable weather

-Regulated networks businesses have delivered an 83% increase in investmentcompared to the first quarter of last year as strategic

delivery continues to accelerate. A total of £0.9bn was invested in networks with constructionprogressing on the major ASTI and

LOTI projects in Transmission, withDistribution investment also increasing ahead of submission of its ED3business plan in

December.

- Over the first three months, generation output from SSE Renewables was 31% higher year-on-year, reflecting more favourable

weather conditions and the continued increase in capacity.

- Financial expectations set out in May 2026 remain unchanged and, as usual, continue to be subject to weather, market conditions

and plant availability, with the key winter months still to come.

- Work is progressing strongly at Dogger Bank B with 30 turbinesinstalled with the run-rate of installation significantly exceeding

that achieved on the first phase. Commissioning work continues on Dogger Bank A inline with expectations.

- The Board of SSE plc is also pleased to announce the appointment of a new independent non-Executive Director, John

Pettigrew, who will join the Board on1 December 2026. John brings significant multinational blue-chip leadershipexperience with

strategic, operational and regulatory expertise gained throughan executive career spanning over 30 years at National Grid plc.

J. P. Morgan View

Highlight of the trading update is the significant increase in renewables generation, up 31% year-on-year reflecting favourable

weather and capacity additions though not clear at this stage how much is delivered by each driver and anyway SSE is reiterating