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Investor visit 2nd September 2026 Aberdeenshire | Scotland
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This presentation has been prepared by SSE plc solely for use on 2 September 2026 during the SSEN Transmission Investor Visit. This presentation may not be disclosed or published, nor used by any other person or entity, for any purpose other than the purpose stated above, other than with the express and prior written consent of SSE plc. SSE plc does not assume liability for this document if it is used with a purpose other than the above. This presentation contains forward-looking statements about financial and operational matters.These statements are based on the current views, expectations, assumptions and information of the management, and are based on information available to the management as at the date of this presentation. Because they relate to future events and are subject to future circumstances, these forward-looking statements are subject to unknown risks, uncertainties and other factors which may not be in contemplation as at the date of the presentation. As a result, actual financial results, operational performance and other future developments could differ materially from those envisaged by the forward-looking statements. Neither SSE plc nor its affiliates assume any obligations to update any forward-looking statements. SSE plc gives no express or implied warranty, representation, assurance or undertaking as to the impartiality, accuracy, completeness, reasonableness or correctness of the information, opinions or statements expressed in the presentation or any other information (whether written or oral) supplied as part of it. Neither SSE plc, its affiliates nor its officers, employees or agents will accept any responsibility or liability of any kind for any damage or loss arising from any use of this presentation or its contents. All and any such responsibility and liability is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation, warranty, assurance or undertaking is given as to the achievement or reasonableness of any future projections, forward-looking statements about financial and operational matters, or management estimates contained in the presentation. This presentation does not constitute an offer or invitation to underwrite, subscribe for, or otherwise acquire or dispose of any SSE plc shares or other securities, or of any of the businesses or assets described in the presentation, and the information contained herein cannot be relied upon as a guide to future performance. The securities of SSE plc have not been and will not be registered under the Securities Act, and may not be offered or sold in the United States or to any US Person unless registered under the US Securities Act of 1933, as amended (the “Securities Act”), or conducted pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. DISCLAIMER 2
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Dave McKay Network Director Maz Alkirwi Director of Finance Paul Cooley Director of Onshore Delivery Sandy Mactaggart Director of Offshore Delivery Christianna Logan Director of Connections, Customers & Stakeholders Rob McDonald Managing Director Alison Hall Director of Project Development Michael Ferguson Director of Regulation & Strategy SSEN Transmission: The team joining you today 166 years experience at SSE between them 3
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1 SSEN Transmission £22bn net of 25% minority interest in SSEN Transmission (~£29bn on a gross basis) 2 Being adjusted EBITDA which is underpinned by an index-linked revenue stream 3 Adjusted CAGR reflecting a FY26 baseline, reflecting the increased share count from Nov 2025 4 Annual Dividend Per Share growth of between 5 – 10% from an unaltered 64.2p FY25 baseline 5 Including market leading Networks RAV growth to ~40bn in FY30 (Gross of 25% minority interest in SSEN Transmission) 4 SSE: at the heart of the drive to electrification Fully-funded investment ~£33bn net capex 80% Networks1 20% Renewables and Flexibility Dividend Per Share growth p.a.4 FY25a – FY30e Index-linked EBITDA2 FY30e ~80% 225 – 250p 5 – 10% 10 – 13% Adjusted EPS3 FY30e Adjusted EPS CAGR3 FY26a – FY30e Unique business mix Strong regulatory regime High regulatory certainty underpinning key investments Premium asset mix Accelerated Networks; Premium Renewables; Efficient Flexibility Development pipeline value Beyond 2030 Networks growth; Renewables and Flexibility options High-quality earnings growth Driving resilient and sustainable capital5 and earnings growth to 2030 and beyond
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Business and Strategic Overview Rob McDonald Managing Director 5
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Performed well against key price control deliverables, asset risk metrics & incentive targets Delivery excellence across RIIO-T2 price control Invested >£6bn Achieved best-ever safety record 20% reduction in faults compared to RIIO-T1 Top quartile in international benchmarking Excellent performance against our 5 clear goals >2.5x increase in RAV to ~£9bn Now second largest UK licensee Leading Transmission Operator availability in GB All achieved under budget and despite COVID-19 and Ukraine war challenges 6
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Investing ~£29bn1 over the period Our 2030 Goals Strengthening our capability Transformational RIIO-T3 price control agreed New control roomsTransformational IT Strategy New depots and warehouses New & refurbished offices Expanding Training Centre • Transformational network investment powering UK’s clean energy future • Reducing costly consumer constraints and delivering economic growth • Anchored in 11 Major Projects, Operational Excellence and new Renewable Connections Workforce Planning & People Strategy 7 1 FY30 SSE Group capex plan of £22bn for Transmission net of minority interest is ~£29bn on a gross 100% basis. Totex over RIIO-T3 five-year period to FY31 is expected to be higher than £29bn.
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1 2030 Regulated Asset Values (RAV) / Compound Annual Growth Rates from disclosed company reporting and targets. Fastest-growing European Transmission Operator 0% 5% 10% 15% 20% 25% 30% GB/SSEN-T GB/SPT GB/NGET DE/Tennet DE DE/50hertz ED/Red Electrica FR/RTE IT/Terna Estimated RAV CAGR to 2030 ~30% RAV CAGR driving ~£30bn RAV by 2030 • Fastest-growing European Transmission Operator by RAV • ~4x increase in RAV over five years representing a ~30% compound annual growth rate • 4th largest European Transmission Operator by the end of the decade1 8
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Network growth continues beyond 2030 All underpinned by continued electrification in heat, transport and data centres 9
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Playing a critical role in the UK’s clean energy transition 10 • Reducing Grid Constraints • Transporting increasing volumes of clean home- grown electricity to where it’s needed across the UK
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Confidence in execution of our investment programme Delivery in action Future growth An investable proposition Operational excellence Today’s team will evidence… • From design through consenting to construction and delivery • Equipment and supply chain secured and contracted early and on budget • RIIO-T3 enables a pathway to returns >9% • A strategic framework enabling secured funding, advanced planning, an early construction framework and protected returns • Leading operational performance drives sustainable excellence and network growth • Delivering growth whilst maintaining and developing capability • Post-2030 national need underpins the multi-decade growth opportunity • Strategic need established and projects progressing through selection processes 11
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12 Delivery in Action Sandy Mactaggart Director of Offshore Delivery Paul Cooley Director of Onshore Delivery Alison Hall Director of Project Development Christianna Logan Director of Connections, Customers & Stakeholders
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1 ASTI: Accelerated Strategic Transmission Investment, (Ofgem acronym) Experience enables future transformational delivery ...Key growth enablersProven delivery track record… ✓ Track record enabled strategic ASTI approach driven by SSEN Transmission credentials and delivery ✓ Delivering as a portfolio across the major projects, de-risking and optimising schedules ✓ Early procurement through the early construction framework (ECF) ✓ Secured supply chain with established partners ✓ Strategic approach embedded with community legacy, housing benefit, economic impact and sustainability core to development and execution • Further ASTI projects now in construction • Western Isles, Peterhead-Spittal • Substations incl Greens, Netherton, Banniskirk, Bingally, Cambushinnie 2025 - 2026 • ASTI1 Licence & framework agreed • EGL2, Argyll, Orkney start on site 2023 - 2024 • Shetland HVDC world first multi-terminal • T2 Strategic projects including Peterhead, New Deer, Kintore, Rothienorman • Substations at Kinardochy, Alyth, Tealing 2019 • Caithness – Moray HVDC link & AC network • Beauly – Denny Overhead Line • Kintyre – Hunterston subsea cable 2015 13
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11 major projects of national importance Orkney Subsea cable improving system security and connecting 220MW of new Renewables Peterhead-Drax (EGL2) HVDC cable exporting renewable power to major demand centres in the south Spittal-Peterhead HVDC cable addressing system constraints and facilitating offshore wind Western Isles Link HVDC cable linking 1,800MW of renewables from the Western Isles to the Fanellan hub Peterhead-Humber (EGL3) A further HVDC cable facilitating additional renewables capacity in Scotland Argyll New and upgrade of infrastructure enabling ~1GW of renewables Skye New and upgrade of infrastructure improving security of supply and enabling connections Beauly-Denny Upgrade Upgrade of overhead line infrastructure Beauly-Peterhead New overhead line infrastructure Beauly-Spittal New and upgrade of infrastructure improving security of supply and enabling connections Kintore-Westfield New build substation and upgrade of overhead line infrastructure Onshore Offshore Reducing constraints; ensuring resilience; new connections 14 EGL2 EGL3
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Project Status Developed Full Consenting Construction Supply chain fully secured Orkney Peterhead-Drax (EGL2) Spittal-Peterhead Western Isles Link Peterhead-Humber (EGL3) Argyll Skye Beauly-Denny Upgrade Beauly-Peterhead Beauly-Spittal Kintore-Westfield Supply chain secured, delivery accelerating Onshore Offshore Five projects in full construction, with substations and permitted development works also underway on remaining projects 15
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Early contracting de-risking delivery >10,000km overhead line conductor >2,000 towers Standardised solution, led by SSENT design >3,000km HVDC cable >500km AC cable Early procurement, standardisation & advanced design enabling efficient and scalable delivery Project Transformers Circuit Breakers & GIS bays AC Cable (km) Conductor (km) Steel Towers HVDC Cable (km) HVDC Converters Orkney 6 11 67 Peterhead-Drax (EGL2) 14 24 1,010 2 Spittal-Peterhead 17 70 402 2 Western Isles Link 17 322 2 Peterhead-Humber (EGL3) 14 6 1,384 2 Argyll 8 57 26 60 98 Skye 3 26 288 255 439 Beauly-Denny Upgrade 12 39 55 53 10 Beauly-Peterhead 2 66 23 3,819 616 Beauly-Spittal 5 20 3,166 541 Kintore-Westfield 3 50 2,990 337 Total 101 269 559 10,343 2,041 3,118 8 Onshore Offshore Secured 16 Note: Contracts secured with Tier1 suppliers. Cable and conductor volumes based on material length, not route length
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Standardisation driving efficiency ✓ Standardised and repeatable design reducing time & resource requirements across design, development and construction ✓ Accelerated procurement, increased consistency and programme de-risking benefits ✓ Faster ramp up in delivery with ‘rinse and repeat’ execution and commissioning De-risking delivery of Substations & HVDC Industry leading standardised overhead line design ✓ Standardised solution adopted portfolio-wide, developed by SSEN Transmission to suit our system needs and unique environment ✓ Improved supply chain engagement secured manufacturing and informing the safest tower possible to construct and maintain ✓ Repeatability will drive efficiency and quality during installation 17
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Innovation enhancing safety and speed Modular and Digital Substations Digitally assisted seabed trenching Digitisation of route mapping Acceleration and efficiency enabled by innovation • Accelerate delivery and reduced costs through modularised substations • Simplified commissioning through enhanced digital solutions • Enhances protection of power cables infrastructure • Further supported by UK suppliers, increasing supply chain capabilities • Rapid project development through digital route mapping • Optimised routing enabling improved justification for consenting 18
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4 1 17 4 5 3 Substation Overhead Lines (OHL) Marine Approved Under Appeal SubmittedPublic Inquiry Progressing from design to consent Consenting over 75% achieved… ...progression to consented 26 Approved consents 8 Consents remaining Remaining determinations.. • Fanellan hub • Hurlie substation • Emmock substation • Carnaig substation • Beauly – Spittal OHL • Tealing – Kintore OHL • Beauly – Peterhead OHL • Eastern Green Link 3 (EGL3) Marine consent 19 EGL2 EGL3
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Constructive engagement… • Delivery of robust cases throughout inquiry process • Maintaining momentum of accelerated determination • Secure final marine consent • Initiation of condition discharge activities • Drive timely conclusion of appeals • Discharge of conditions for work on sites Overhead lines Marine Substations • Proactively engaging to ensure aligned objectives with core stakeholders • Focused on progressing Scottish Government consenting processes • Strategic plan with local authorities to enable early site works …aligned with key stakeholders 20
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1 Gross Value Add (GVA) Positive economic impact of our Pathway to 2030 Investing ~£29bn in transmission projects across the north of Scotland Spending up to £19bn in the UK, including up to £8bn locally across our network area, and £5bn across the rest of Scotland Growing the UK economy by 2% - and the Scottish economy by 3% - more than without our investments Supporting up to 10,000 jobs in the north of Scotland, with 24,000 across the whole of Scotland and a total of 50,000 across the UK Contributing to the development of 1,000 homes, the spend on which will generate up to £100m in GVA, equating to 3% of the Scottish housebuilding sector Unlocking over £100m of community benefit, with over £5m already awarded Supporting £20bn in GVA 1 to the UK, £8bn in Scotland and £3.5bn in the north of Scotland 21
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To compensate for impacts of new undersea cables, we will fund large-scale marine restoration, such as seagrass meadow and native oyster bed recovery Achieving at least 10% net increase in biodiversity for every major onshore development by creating or improving woodlands, wetlands and grasslands Targeted actions to address any unavoidable residual losses of sensitive habitats including compensatory planting of native woodland and peatland restoration • Sector-leading sustainability programme through Paris-aligned emissions targets, biodiversity net gain on all projects, and driving local economic growth. • Strategic partnerships established with nature leaders to deliver on these commitments Delivering in the right way Delivered a 71.8% reduction in losses carbon intensity compared to a target of 50% SF₆ 1 leakage rates have halved to sector-leading levels despite a doubling of SF₆ on the network in T2 Improving over 5,000ha of land and marine habitats Operational carbon footprint reduced by almost a third since 2021, putting us two-thirds of the way towards our 46% 2030 target reduction 22 1 Sulphur hexafluoride (SF₆): insulating gas used in transmission equipment; is more potent than CO₂ as a greenhouse gas
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23 Investable Proposition Maz Alkirwi Director of Finance Michael Ferguson Director of Regulation & Strategy
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...underpinned by an attractive regulatory model Transformational investment with key enablers secured Transformational investment with key enablers secured ✓ An attractive price control with evolved financial parameters ✓ Full funding clarity across the investment programme ✓ Strategic approach confirmed with Early Construction Framework and Need and Development secured ✓ Effective protections including Re-openers and Uncertainty Mechanisms, and cost inflation protections RIIO T2 RIIO T3 >£29bn2 >£6bn1 Baseline Uncertainty Mechanism (incl major projects) Transformational increase in network investment ~4x 24 1 Totex 2023/24 prices and subject to finalisation of T2 period 2 Totex over T3 five-year period to FY31 is estimated to be higher than £29bn
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Baseline underpins network excellence Baseline ensuring high operational standards ~£4bn ex ante funding1 Non load portfolio Resilience Digital Indirects BSC & CAI2Cyber Operational investment approved with focus on maintaining high standards of network reliability and resilience. Growth agreed for area load projects, Clean Power connections and associated infrastructure – all enabled by preconstruction and internal resource funding. Regulatory framework secured to establish robust uncertainty mechanisms, facilitating future implementation. Underpinning investment delivery >£29bn3 5 year RIIO-T3 period to March 2031 11 Major projects agreed through Project Assessments Other Uncertainty Mechanism4 25 1 2023/24 prices, T3 period to FY31 and 100% basis. Baseline totex could increase above £4bn with further ‘use it or lose it’ allowances, volume drivers and pass-throughs 2 Business Support Costs (BSC) & Closely Associated Indirects (CAI) 3 Totex over T3 five-year period to FY31 is estimated to be higher than £29bn. Illustrative split of components. 4 Including Beyond 2030 projects. Illustrative split. Baseline
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Price Control process Has secured the regulatory returns necessary to operate and grow our business Funding clarity with in-built protections An investable deal providing risk-adjusted returns across growth and operations Need and Development funding secured Approvals agreed and early development funding secured Full funding clarity Funding for each project based on fully costed programmes Protection & flexibility Embedded in the price control for all 11 major projects A strategic framework enabling early funding and advanced planning 26
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Regulatory funding secured Automatic pre- construction costs Advanced construction Project assessment Project costsRegulatory funding Funding clarity and outcomes de-risked Development Direct capex Project management Risk & contingency Indicative composition of Project funding and costs: Funding well advanced across all major projects with early construction framework and advanced construction costs Strong track record across the established Project Assessment process Continuous engagement and strong relationship with Ofgem Protections embedded in the framework for any material changes and the impact of external factors 27
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A well-established framework RIIO-T2 Apr 2021-Mar 2026 RIIO-T3 Apr 2026-Mar 2031 Cost of Equity (real) 5.09%1 5.70% Cost of Debt (real) 2.68% 1 3.84% Gearing 55% 55% WACC (real) 3.77% 1 4.68% WACC (semi- nominal) N/A 5.75% Capitalisation rate 77%- Baseline totex 85%- Uncertainty Mechanism totex 55% - Baseline totex 85% - Uncertainty Mechanism totex Asset lives on new assets Increasing to 45 years by 2026 45 years Operational outperformance ~100bps At least similar level to T2 targeted • Price Control Financial Model (PCFM) recalculates applicable annual revenue allowance using the annual reporting inputs • Inflation and commodity protections built-in • Incremental investment agreed through re-openers and continuous engagement with Ofgem Revenue predictable and calculated through a defined process Illustration of key revenue components: 28 1 2025 figures (final year of RIIO-T2) for cost of equity, debt and WACC
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1 Return on Regulated Equity 2 System Operator Transmission Owner (SO TO); Energy not Supplied (ENS); Interruptions & insulation gas (IIG) Incentives available to achieve outperformance 5.70% 2 - 2.5% >1% >9% Mechanism Description Min / Max Connections Delivering connections within agreed timelines / penalties for date slippages. -20 to +40 bps Innovative Delivery Incentivising efficient, coordinated, and innovative approaches in project delivery. Nil to +20 bps SO TO2 Service improvement incentive to reduce system operation and constraint costs. Nil to around +20 bps (uncapped) TOTEX (TIM) To deliver cost-effective solutions, with savings shared between consumers and TOs. Sharing factor has decreased from RIIO-T2. 25% sharing factor up to 5% under/overspend (TO share) ENS2 Promotes efficient improvements to network reliability by managing short-term operational risks. Limited upside due to previous high performance. Up to 38bps penalty but strong historic performance IIG2 Promotes the reduction of gas leakage and supports adoption of low- GHG alternatives. Historic performance e mitigates downside risk Limited incentive, penalty uncapped but strong historic performance ASTI Rewards delivery based on completion before project specific dates. Penalises late delivery although subject to a number of carve outs. Revenue impact spread over 10 years. + or - ~£200m for 1 yr early / late delivery across all ASTI projects Major Project Excludes ASTI/LOTI projects. Rewards timely or early completion of the next phase of strategic investment with penalties for late delivery. Upside up to 20% project totex and downside up to 10% project totex with detail to be agreed Framework to achieve outperformance target >1%1 New for RIIO-T3 Continued or enhanced from RIIO-T2 Primarily realised during RIIO-T4 29 Kintore 400kV Substation
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1 Regulatory Asset Value (RAV) stated on a 100% basis gross of minority interest 2 The timing of incentives will vary throughout the price control period. Return on equity on a 55% gearing basis Accelerated asset growth with attractive returns Baseline Return Inflation Outperformance Target Return 5.7% ~2% >1% >9% Pathway to overall return on equity2 above 9% FY25a FY26a FY30e ~30% Gross RAV CAGR ~£9.0bn ~£7.2bn ~£30bn Accelerated RAV growth to FY301 30
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Operational Excellence Dave McKay Network Director 31
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32 Industry-leading network performance 1 Data from NESO system performance reports. T2 figures based on years 1-4 of RIIO-T2 2 5-year figure for SSEN Transmission, 4-year data for SPEN & NGET with external publication due late Sept 2026 3 Vegetation Resilience is from internal data 4 Reactive compensation was a new data point introduced during RIIO-T2 RIIO-T2 Performance (Avg/year) SSENT SPEN NGET Reliability >99.99% >99.99% >99.99% Availability 96.24% 93.91% 94.40% Energy Not Supplied Incentive 97%2 77% 34% Faults 98 133 428 Faults affecting customers 4 7 9 Vegetation resilience3 (final year position) 95% - - Reactive compensation4 plant availability 96% 77% 74% Leading reliability, availability and resilience as our foundation for growth Kergord HVDC Convertor Hall 1
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Emissions decoupled from network growth Reducing GHG emissions while growing the network Sector-leading SF₆1 performance GHG emissions reduced Workforce growth • ~1/3rd emissions reduction despite doubling annual totex and >6x workforce growth • >6x increase in employee numbers from ~450 (March 2019) to 3,000 (August 2026) Vehicle fleet decarbonisation • 58% of mileage now from EVs (increased from nil at the start of RIIO-T2) SF₆ leakage rate reduced by 50% whilst doubling the volume on the network Absolute CO₂e from IIG2 leaks reduced by 9% Use of lower impact SF₆ alternatives grown from nil to 14% SSEN Transmission SPEN NGET Total SF6 emissions tCO2e in 2024/253 1,786 11,699 188,185 Baseline (2018/19) SF6 leakage rate 0.22% 0.79% 1.01% Actual 2024/25 SF6 leakage rate 0.11% 0.39% 1.00% Transmission losses • 71.8% reduction in transmission losses carbon intensity, exceeding the target five years early 1 Sulphur hexafluoride (SF₆) 2 Interruption & Insulation Gas (IIG) 3 2024/25 data used. 2025/26 peer data due to be published September 2026 33 Gas Insulated Switchgear, Blackhillock 400kV Substation
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Driving performance through international benchmarking SSENT has optimal network performance achieved on cost and performance World-class performance in asset management International Transmission Operations & Maintenance Study (ITOMS)1International Transmission Asset Management Study (ITAMS) 1 ITOMS publicly available data anonymised and participants not permitted to divulge. 2023/24 data most recent currently available data (two yearly measurement) Low 1.0 2.0 3.0 4.0 5.0 2018 2020 2022 2025 Excellent Weak Strong Composite Service level Composite Cost measureHigh Low ITOMS Peer Average Overall Composite Performance Scatter Plot Better Performance Lower Cost Maturity Level Anonymised peers 34
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Investments in operational capability supporting network growth • Specialist workforce developing • New training school supporting existing capability and future workforce • 9 new local depots planned bringing operational teams closer to assets and communities Enhanced capability and skills Strengthened systems and resilience Efficiencies through innovation • National HVDC Centre strengthening network understanding, integration and control • Resilience and recovery supported through disaster recovery and back-up locations in Inverness and Perth • Faster delivery and lower cost enabled through use of emerging technologies • Smarter asset management through advanced analytics, digital tools & AI use • Reduction in manual processes achieved through automation SSEN Transmission apprentices in the Perth Training School The National HVDC Centre in Cumbernauld, Glasgow ‘Haggis’ the HVDC equipment inspection robot 35
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36 Increasing Visibility of Future Growth Alison Hall Director of Project Development
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Routes shown here are for illustrative purposes. Post-2030 projects underpinning the ongoing growth opportunity Beyond 2030 Update (Delivery Body TBC) Existing 11 Mega Projects (in delivery) Beyond 2030 (SSENT Delivery Body) 1 Transitional Centralised Strategic Network Plan 2 (TCSNP2) Beyond 2030 TCSNP21 Projects – published March 2024 • Peterhead-Kintore 275kV to 400kV Upgrade (Onshore) • Blackhillock-Kintore 275kV to 400kV Upgrade (Onshore) • Dounreay-Spittal 275kV to 400kV Upgrade (Onshore) • Shetland 2 HVDC Link (Offshore) Beyond 2030 Update TCSNP2 Refresh Projects – published June 2026 • EGL5: Eastern Green Link 5 (Offshore) • EGL6: Eastern Green Link 6 (Offshore) • NHNC: Greens-Harburn new 400kV line (Onshore) 37
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38 Clear pathway to progress post-2030 projects Regulatory milestones increasing confidence in future network investment Strategic need established Project selection process Enduring planning framework • NESO Beyond 2030 report published in March 2024 • Competition exemption and pre- construction funding confirmed for Beyond 2030 projects • Beyond 2030 report updated in June 2026 • Secretary of State to select the Strategic Spatial Energy Plan (SSEP) pathway1 • NESO light-touch back-check of Beyond 2030 projects against SSEP Pathway • First Centralised Strategic Network Plan (CSNP) • Enduring 3-year cycle update begins. Already completed Within the next twelve months... By the end of 2028… 1 NESO’s light-touch back-check will review projects recommended in the Beyond 2030 Update against the SSEP pathway to be selected by the Secretary of State. We expect this to reaffirm our recommended projects as our independent analysis shows that these recommendations are robust against the wide range of the NESO’s 2025 Future Energy Scenarios.
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Confidence in execution of our investment programme Delivery in action Future growth An investable proposition Operational excellence Today’s team have evidenced.. ▪ From design through consenting to construction and delivery ▪ Equipment and supply chain secured and contracted early and on budget ▪ RIIO-T3 enables a pathway to returns >9% ▪ A strategic framework enabling secured funding, advanced planning, an early construction framework and protected returns ▪ Leading operational performance drives sustainable excellence and network growth ▪ Delivering growth whilst maintaining and developing capability ▪ Post-2030 need underpins the multi-decade growth opportunity ▪ Strategic need established and projects progressing through selection processes 39