SSE Airtricity owner reports rise in profits as energy company unveils £40bn investment plan

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Caoimhe Gordon and Aby Jose Koilparambil

UK power generator and network operator SSE Plc set out plans to invest up to £40bn this decade on clean energy projects.

The investment plans come as the company posted adjusted pre-tax profit of £2.18bn for the year ended March 31, up from £1.16bn reported a year earlier.

“The results that we have reported today represent profit with a purpose. They enable us to deliver record investment – far in excess of our earnings – in vital low-carbon energy infrastructure," Alistair Phillips Davies, SSE Chief Executive said in a statement.

The company owns SSE Airtricity here.

In November, SSE Airtricity revealed that it expects to forgo all profits for its current financial year in order to prioritise its customer support programmes in Ireland.

It confirmed last month that it would forgo €8.6m in profit in its current financial year and would give its 247,000 domestic customers €35 in credit.

SSE also reported that it had set aside €25m for customer support programmes, with prices held at June 2022 levels for vulnerable customers until the end of the year.

Last October, SSE Airtricity hiked its electricity charges by over 45pc, while its gas costs rose by 46pc, price comparison site reported.