A SCOTTISH energy giant will press ahead with a £7.5 billion green investment programme, despite expecting multimillion-pound profit hit due to the coronavirus crisis. 

SSE said that it plans to go ahead with its plans to invest billions in low carbon projects in the next five years even though it expects it could lose £250 million in profit due to the economic impact of Covid-19. 

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The energy supplier said it expects the pandemic to cost the company between £150m and £250m in the current financial year.

It said the impact of the virus on its operating profit has been "in line with expectations" over the past three months.

Despite forecasting the significant impact on its finances, SSE said it is "progressing" with its £7.5bn spending plan, which will see it invest in renewables and electricity networks.

SSE also said that it would continue to pay its dividend as planned until 2023.


Alistair Phillips-Davies, chief executive of SSE, said: "Throughout the first quarter of 2020-21, our key workers continued to support the national coronavirus response by supporting the safe and reliable supply of electricity.

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"At the same time, we are delivering the comprehensive financial plan we set out last month at our full-year results, continuing work on our disposal programme and successfully issuing over £1bn in hybrid bonds.

"Although the key months of our financial year are still ahead of us, the steps we are taking leave us well placed to deliver on our financial objectives of promoting the long-term success of the company and paying dividends."

Shares in the company moved 1.9% higher at 1,388.9p in early trading on Thursday.