January 31, 2020 / 7:43 AM / 18 days ago

UPDATE 1-UK's SSE says renewable output behind plan but reaffirms earnings target

(Updates with more detail)

LONDON, Jan 31 (Reuters) - British energy supplier SSE Plc said its renewable energy output for the first nine months of the fiscal year was behind schedule, but maintained its earnings target for the year in a trading statement on Friday.

SSE said it continued to expect adjusted earnings per share (EPS) to be in the range of 83 pence to 88 pence for the fiscal year of 2020. Analysts expect adjusted EPS of 84.6 pence, according to Refinitiv Eikon data.

“The first nine months of the financial year have been generally positive for SSE, and we are on course to deliver our FY 2019/20 financial forecasts,” said Gregor Alexander, finance director of SSE.

The company said it had taken a final investment decision to proceed with a 40 megawatt (MW) extension to its 70 MW Gordonbush wind farm in the Scottish highlands.

The onshore wind farm will be built without government subsidies and is one of the only onshore projects to get the green light after government support was halted in 2015.

Construction on the extension will start in March, SSE said.

The company also said it was on course to stop production at its last coal-fired generation plant at Fiddlers Ferry in Cheshire by the end of March.

The company is also no longer involved in supplying energy and energy services to households in Britain after it completed the sale of its retail business to OVO Energy this month.

Reporting by Nina Chestney and Muvija M in Bengaluru; editing by David Evans

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