British utility SSE
unveiled a 33 billion pound five-year investment plan on Wednesday, including a 2 billion pound ($2.68 billion) equity fundraising, as it seeks to upgrade the UK’s regulated electricity networks and bolster its renewables business.
SSE’s shares rose more than 11% to a record high. Analysts were positive about the plan which provided clarity on the company’s growth outlook.
The company’s investment plan highlights Britain’s need to overhaul its aging power grid to meet rising electricity demand from electric vehicles and artificial intelligence.
SSE CEO Martin Pibworth said it was a once-in-a-generation opportunity to upgrade critical infrastructure.
