EDPR, EU GAS, SSE/UK, ENEL: EU Energy Sector Specialist Commentary

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EDPR, EU GAS, SSE/UK, ENEL: EU Energy Sector Specialist Commentary

ng last trading session

SSE - welcomes 'Beyond 2030' plan for UK electricity network upgrades

- SSE yesterday said it welcomes the National Energy System Operator's 'Beyond 2030 Update', anticipating further investment

for its SSEN Transmission business as a result. The company said the update details a series of new and upgraded electricity

transmission network reinforcements which NESO believes are required to reach the UK and Scotland's energy targets.

- SSE said this includes multiple onshore and offshore reinforcements in the north of Scotland, which it said could represent an

additional £12bn in estimated further investment for SSEN, its electricity transmission business.

- These are a new 2 GW HVDC link from Aberdeenshire to Lincolnshire and one from the Newmachar area to southeast England,

both via subsea offshore cables, and a new 400kV double-circuit line from Greens substation in Aberdeenshire to Harburn in

SPEN's network region. SSE also noted that NESO confirmed the potential need to upgrade the "Dounreay to Loch Buidhe to

Beauly 275kV overhead line" with higher-capacity conductors. It said the update builds on NESO's 'Beyond 2030' report from

2024, which "included several new and upgraded reinforcements in the north of Scotland that are now at different stages of the

development phase" and "confirmed the need for additional north-south network reinforcements".

- SSE said it submitted several onshore and offshore reinforcement options for NESO to assess

J. P Morgan View

- Remind that in its last update SSE had already identified £5bnm of post 2030 spending on transmission, which now adds a

further £12bn as a result of NESO’s latest update for a total of £17bn from 2030-35.