Market sort of going side ways of late

But I'm amazed that this one has hardly moved up In the last week

30p divi due tomorrow.

Anyone else watching these?

Deutsche Bank today reaffirms its hold investment rating on SSE PLC (LON:SSE) and raised its price target to 1450p (from 1400p).

Energy giant SSE is considering shutting its Fiddler's Ferry coal-fired power plant early, threatening to blow a hole in the Government's plans to keep the lights on, the Telegraph has learnt. The 2GW power plant in Cheshire produces enough electricity to power two million homes and in 2014 secured a subsidy contract with the Government to guarantee three of the plant's four units would be available to generate in 2018-19. - Telegraph

Investec Buy 1,431.50 1,500.00 1,500.00 Upgrades

JP Morgan Cazenove Overweight 1,456.50 1,280.00 1,550.00 Upgrades

Sale of a stake in Clyde Wind Farm

Preliminary results for the year to 31 March 2016

18 May 2016
This report sets out the preliminary results for SSE plc for the year to 31 March 2016. It includes updates on operations and investments in its Wholesale, Networks and Retail (including Enterprise) businesses.

Overview
· SSE has met its main financial objective of an annual increase in the full-year dividend that is at least equal to RPI inflation - recommended full-year dividend up 1.1% to 89.4p;
· Adjusted earnings per share down 3.7% to 119.5p but ahead of target of at least 115p;
· Dividend cover of 1.34 times, which is within the expected range of 1.2 times-1.4 times;
· SSE is targeting a return to growth and adjusted earnings per share of at least 120p in 2016/17; and delivery of a full-year dividend that at least keeps pace with RPI inflation in 2016/17 and in the subsequent years;
· Taking account of the general uncertainties in the operating environment, SSE expects its dividend cover could range from around 1.2 times to around 1.4 times over the three years to 2018/19, based on dividend increases that at least keep pace with RPI inflation;
· Adjusted profit before tax fell by 3.3% to £1,513.5mand reported profit before tax fell by 19.3% to £593.3m;
· All three reportable business segments contributed adjusted operating profit during 2015/16: Wholesale earned £442.5m, down 6.6%; Networks earned £926.6m, down 1.1% and Retail (including Enterprise) earned £455.2m, down 0.4%. Overall, operating profit is as expected when SSE published its Notification of Close Period on 24 March 2016, although the mix of operating profit is slightly different;
· SSE recorded net exceptional charges of £889.8m before tax which was predominately related to impairment of certain Wholesale assets. Against this, SSE also recorded a gain on the disposal of an interest in its Clyde wind farm of £138.6m which was recorded directly in equity.
· Capital and investment expenditure totalled £1.6bn and adjusted net debt and hybrid capital was £8.4bn at 31 March 2016, compared to £7.9bn at 30 September 2015. While underlying cash flows remain strong, the increase in adjusted net debt follows the acquisition of, and resulting investment in, new gas production and infrastructure assets acquired in October 2015, and unfavourable movements in foreign exchange rates;
· SSE's total investment and capital expenditure is expected to be around £1.75bn in 2016/17 and in the range of £5.5-£6bn across the four years to March 2020;
· SSE continues to focus on operational efficiency and has also secured over £1bn from its asset disposal programme. With a small amount still to complete, this programme has already achieved its objectives and will support future operations and investment;
· SSE considers disposal of up to one third of its 50% equity stake in SGN Limited, with any proceeds being used to return or create value for shareholders; and
· SSE continues to engage constructively with policy-makers and regulators. There is now increased clarity on aspects of the external operating environment with the conclusion of the CMA consideration of the RIIO ED1 framework, planned revisions to the UK Capacity Market and the Provisional Decision on Remedies from the CMA investigation into the supply and acquisition of energy.

JP Morgan Cazenove Overweight 1,531.00 1,550.00 1,550.00 Reiterates

OFGEM CONSULTS ON REQUEST FROM NATIONAL GRID TO RECOUP SPENDING ON POWER STATION CONTRACTS

Ofgem is consulting on National Grid's request to recover the costs of two contracts for grid services that it agreed with SSE (for the Fiddlers Ferry power station) and Drax following a tender process. The contracts are worth £113 million in total.

These services refer to the ability of certain generators to start up and provide electricity to the transmission system without an external power supply (commonly referred to as "Black Start"). This is an insurance policy for the unlikely event that National Grid needs to re-energise the transmission system.

Traditionally coal plant has provided Britain with this capability, but the economics of running these plant have changed. This means they are available less frequently than before.

Ofgem set National Grid a cost target for these services. National Grid has spent significantly more money than the agreed target. National Grid has applied to Ofgem to recover all of these costs from generators and suppliers through the 'Income Adjusting Events' process.

When making a decision on this Ofgem has powers to disallow some or all of the expenditure on these contracts if it judges that the case for recovering the money has not been met.



-ends-

The Capital Group Companies, Inc. > 15%

Barclays Capital Overweight 1,592.50 1,675.00 1,675.00 Reiterates

TRADING STATEMENT

SSE plc completed the first quarter of its financial year on 30 June 2016 and its Annual General Meeting is taking place today (21 July) in Perth. This trading statement provides information on its operational and investment activities in the first trading quarter of the financial year including:
· a summary of operational performance in SSE's Wholesale, Networks and Retail (including Enterprise) businesses;
· progress made in SSE's plans to invest around £1.75bn in 2016/17 in energy infrastructure in the UK and Ireland;
· agreement to dispose of its three remaining PFI street lighting special purpose entities;
· an update on the possible sale of up to one third of SSE's equity stake in SGN, as announced at the 2015/16 Preliminary Results;
· confirmation that SSE is targeting a return to growth and adjusted earnings per share of at least 120p in 2016/17; and
· confirmation that SSE is continuing to target an increase in the full-year dividend for 2016/17 of at least RPI inflation, with annual increases thereafter of at least RPI inflation also being targeted.

StockMarketWire.com
SSE has hiked its interim dividend to 27.4p a share, from 26.9p, as its adjusted pretax profit slipped to £475.8m, from £548.8m.

It said it was on course to deliver annual dividend increases that kept pace with RPI inflation.

The utility was also on track to undertake capital and investment expenditure totalling almost £6bn over four years to March 2020.

"SSE continues to focus on the fulfilment of its core purpose of providing the energy people need in a reliable and sustainable way," said chairman Richard Gillingwater.

"In this financial year so far we have again delivered what we said we would, particularly with the sale of one third of our stake in SGN; further disciplined investment in networks and renewables; delivering high quality customer service; and the efficient operation of our assets.

"The operating environment presents some challenges, notably with changes to the UK Government and macro-economic uncertainty, with the added issue of Brexit.

"There have, however, been some welcome developments, particularly the UK Government's recent reforms to the Capacity Market in GB. SSE continues to engage constructively with governments and regulators to help them achieve their aims for the energy market.

"Whilst there should always be a degree of caution about interpreting half-year results, especially against a background of volatile market conditions, we have made a satisfactory start to this financial year.

"Looking to the challenges that lie ahead, our long-term focus will continue to be on operating our balanced range of energy businesses safely and efficiently and maintaining disciplined financial management.

"This long-term approach puts SSE on course to achieve our financial objective of delivering an increase in the full-year dividend at least equal to RPI inflation."

Interim Dividend Timetable

12 Dec Macquarie Outperform 1,506.50 1,700.00 1,700.00 Reiterates

12 Dec Barclays Capital Overweight 1,506.50 1,765.00 1,765.00 Reiterates

Changes to standard GB domestic energy prices; dual fuel bill to increase by 6.9%
· SSE to increase standard GB domestic electricity prices but will hold gas prices at their current level
· Price change equates to a £73 or an average 6.9% rise for a typical dual fuel customer*, as a result of an average 14.9%2 electricity price increase
· Electricity prices will increase from 28 April 2017
· Dual fuel customers will still pay less than they did at the end of 2013 due to three reductions in gas prices and one electricity price cut since then
· Rise reflects the increasing cost of supplying electricity
· SSE will establish a £5m fund, providing targeted financial assistance to minimise the impact on vulnerable customers

Three and a half years since its last price rise, energy supplier SSE has taken the difficult decision to increase standard domestic electricity prices from 28 April 2017, but confirmed it will hold gas prices at their current levels.

The 6.9%* dual fuel increase will mean a typical domestic customer will pay on average £731 a year more, which equates to around £1.40 per week, as a result of an average 14.9%2 increase in electricity prices. The new typical dual fuel bill of £1,142 per year remains cheaper than in November 2013 and gas prices remain the cheapest they've been since October 2012, thanks to three price cuts in the intervening period. This change to electricity prices will affect around 2.8 million SSE customers3 in Great Britain.

The price change reflects the increasing cost of supplying electricity, and specifically higher costs associated with delivering vital government programmes designed to upgrade Britain's ageing energy infrastructure and help the country move towards a low carbon future. These costs are levied predominantly against electricity customers.

SSE has sought to protect customers as much as possible and was the first major supplier to commit to holding prices until at least April 2017; it has resisted pressure on gas prices, and continues to bear down on its own controllable costs in order to minimise the impact of increasing costs on customers.

For those customers looking for security over their longer-term energy costs, SSE is now offering a fixed-price tariff for three years, providing peace of mind all the way to 2020.

Berenberg today upgrades its investment rating on SSE PLC (LON:SSE) to buy (from hold) and raised its price target to 1650p (from 1550p).

Goldman Sachs Neutral 1,432.50 1,528.00 1,528.00 Reiterates

Jefferies International Hold 1,432.50 1,550.00 1,400.00 Reiterates

Preliminary results for the year to 31 March 2017

17 May 2017
This report sets out the preliminary results for SSE plc for the year to 31 March 2017. It includes updates on operations and investments in its Wholesale, Networks and Retail (including Enterprise) businesses.

Overview of 2016/17
Financial highlights for the year to 31 March 2017 are as follows. Comparisons are with the previous year unless otherwise stated:

· Recommended full-year dividend up 2.1% to 91.3p;
· Adjusted earnings per share up 5.2% to 125.7p;
· Adjusted dividend cover towards top of expected range at 1.38 times;
· Adjusted operating profit up 2.7% to £1,874.0m;
· Adjusted profit before tax up 2.1% to £1,545.9m;
· Adjusted profit after tax up 6.1% to £1,268.9m;
· Net exceptional charge of £8.2m (net charges of £374.6m offset by £366.4m from the gain on sale of SGN stake and the revaluation of SSE's Clyde wind farm investment);
· Investment and capital and investment expenditure up 6.6% to £1.7bn;
· Adjusted net debt and hybrid capital up 1.1% to £8.5bn at 31 March 2017;and
· On market share buy backs totalling £131m in the period to 31 March 2017, plus an additional £65m in April 2017.
Reported results for 2016/17 are significantly higher than those for 2015/16 due to the impact on reported profit before tax of the significant exceptional charges incurred in 2015/16. These related mainly to the write down of wholesale generation, gas storage and production assets in 2015/16 compared to the gain on sale of a stake in SGN plus lower asset write downs in 2016/17. This together with the relative movement in mark to market valuations on forward purchase contracts for commodities over both years (which at March 2017 were still 'out of the money') contributed to a net reported gain before tax of £247.5m in 2016/17 compared to a loss before tax on those items of (£904.3m) in 2015/16.

This swing is explained in more detail in the relevant sections throughout this report and is the main driver for:

• Reported profit before tax increasing to £1,776.6m in 2016/17 compared to a £593.3m in 2015/16, due to the movement in non-recurring exceptional items; and

• Reported earnings per share increasing to 158.4p in 2016/17 compared to 46.1p in 2015/16, again due to the movement in non-recurring exceptional items.

Outlook for 2017/18
For the 2017/18 financial year, SSE is:

· Targeting an annual increase in the full-year dividend that is at least equal to RPI inflation ;
· Working to keep dividend cover within the expected range of around 1.2- 1.4 times, although it is likely to be towards the bottom of it, as stated in SSE's Notification of Pre Close Statement on 30 March 2017, which also means adjusted earnings per share is likely to be lower than it was in 2016/17; and
· Expecting to invest around £1.7bn in building, owning and operating assets, with around two thirds of this in electricity networks and renewable energy.
As stated on 30 March, the level of dividend cover is subject to the ongoing factors that influence earnings in SSE's market-based businesses.

Outlook to 2020
Looking further ahead, over the three years to March 2020, SSE is:

· Targeting delivery of annual dividend increases that at least keep pace with RPI inflation;
· Working towards achievement of dividend cover within a range of around 1.2 times to 1.4 times;
· Focusing on progress in its capital and investment expenditure totalling around £6bn across the four years to 2020, mainly in electricity networks and renewable energy;
· Targeting an increased RAV of its economically-regulated networks businesses, to close to £9bn;
· Targeting an increased amount of renewable capacity, including pumped storage, to 4.3GW; and
· Working to deliver enhanced customers experience of retail energy markets through the installation of smart meters and the provision of digital services.
As stated on 30 March, the level of dividend cover is subject to the ongoing factors that influence earnings in SSE's market-based businesses, and is also subject to material change in sector regulation.

more.....

FURTHER SALE OF A STAKE IN CLYDE WIND FARM TO GREENCOAT AND GLIL

SSE has signed an agreement to sell a further stake in Clyde Windfarm (Scotland) Limited ("Clyde")* to Greencoat UK Wind Plc ("UKW") and GLIL Infrastructure LLP ("GLIL").

In March 2016, SSE announced the initial sale of Clyde equating to 49.9% of the existing 349.6MW operational wind farm. At the time, it was highlighted that when the commercial operation (which will occur shortly) of the 172.8MW extension began, the equity stake in Clyde jointly owned by UKW and GLIL would be diluted to 30% with SSE retaining 70%.

Under the new agreement, on dilution, UKW and GLIL will acquire an additional 5% of Clyde, equating to 26.1MW, for a cash consideration of £67.8million, before costs, taking their share of the total Clyde development to 35%.

UKW and GLIL also have the option to buy a further 14.9% of Clyde, equating to 77.8MW, for a cash consideration of £202.2 million, before costs. This option can be exercised between 1 April 2018 and 30 June 2018.

If this option were to be exercised, SSE's share in Clyde would reduce to 50.1% with UKW and GLIL owning the remaining 49.9%.

This transaction implies a combined valuation of the two wind farms of £2.6million per MW.

The Clyde windfarm is located in South Lanarkshire and the original wind farm has a combined generating capacity of 349.6 MW from 152 Siemens 2.3MW turbines. The Clyde Extension consists of 54 Siemens 3.2 MW turbines with a total capacity of 172.8 MW and SSE believes it is one of the most efficient large wind farms in Great Britain.

Notification of closed period http://www.moneyam.com/action/news/showArticle?id=5680447