Month: November 2025

John Chipponeri is a retired Chevron executive, coach, and endurance athlete whose career has been defined by leadership, resilience, growth and service.
Raised in Ceres, a small town in Central California, he grew up in a large Sicilian family where hard work and community values shaped his outlook. Excelling in both academics and sport, he graduated as valedictorian of his high school and earned recognition as MVP on the football field while leading his baseball team as catcher.
In 1984, Chipponeri graduated with honours from the University of California, Berkeley, with a degree in Mechanical and Petroleum Engineering. He was inducted into Tau Beta Pi, the national engineering honour society, and received the Outstanding Petroleum Engineering Student Award. He later added an MBA to his credentials, strengthening his ability to bridge technical expertise with business leadership.
His professional journey with Chevron spanned more than three decades and took him around the world. He advanced through roles including Facilities Engineer, Process Safety Engineer, Field Superintendent, Project Engineer, Business Manager, and Senior Project Manager. He oversaw projects worth up to $3 billion, managing multinational teams across the United States, Indonesia, and Australia.
After semi-retiring in 2017, Chipponeri turned his focus to personal development, coaching, and endurance sport. He has completed over a dozen half-ironman races and swam the 13-mile Rottnest Channel in Australia. Today, he works with men’s groups, recovery programmes, and athletes, blending leadership, sport, and the Enneagram to help others build resilience and authentic connection.
Q&A with John Chipponeri
Can you tell us about your early years and what influenced you most?
I grew up in Ceres, a small farming town in Central California, in a big Sicilian family. Being the youngest of four, I quickly learnt the value of hard work. My parents and community taught me that perseverance and service mattered. I poured myself into both school and sport. I graduated as valedictorian and was MVP of the football team, while also leading my baseball team. Out of my entire class, only three of us went to university, and I was proud to be one of them.
What led you to study engineering at UC Berkeley?
As a 14-year old I ran across a book that said if you are good and match and science then you should be an engineer.  At Berkeley I studied Mechanical and Petroleum Engineering, graduating with honours in 1984. I was inducted into Tau Beta Pi and even received the Outstanding Petroleum Engineering Student Award. More than the awards, though, Berkeley taught me how to ensure that I truly understood the problem at hand, this made finding the solution more straightforward.  Problems rarely have easy solutions, and I learnt how to approach them with curiosity and persistence.
How did your career at Chevron begin?
I started as a Facilities Engineer in Bakersfield, California. From there, I moved through different roles and locations—Louisiana, Michigan, Indonesia, Texas, and finally Australia. Each step added a new layer of responsibility. I became a Process Safety Engineer, then a Field Superintendent, later a Project Engineer and Business Manager. Eventually, I was a Senior Project Manager leading projects worth up to $3 billion.
What was one of the biggest lessons from leading such large projects?
Large projects are daunting on paper. The numbers are massive, the stakes are high. But when you break it down, it always comes back to people. Processes are critical, of course, but trust and leadership are what carry a project across the finish line. Building trust across teams, especially international ones, was both the challenge and the reward.
Your work took you across the world. How did that shape you?
Working in Indonesia and later Australia broadened my perspective. You see first-hand how culture and context influence decisions. Leadership in Jakarta looks different from leadership in Houston, but the values—respect, clarity, accountability—are the same. Those experiences made me a more flexible and empathetic leader.
Alongside your career, you were active as a father and coach. How did that balance play out?
I coached my sons’ sports teams from when they were five until their early teens—soccer, swimming, baseball, basketball, and flag football. It was demanding at times, but deeply rewarding. Parents would often tell me their kids wanted to play on my teams because they learned the game andit was fun. That meant a lot to me. Both of my sons are now engineers and business leaders themselves, which feels like things came full circle.
You also became involved in endurance sports. How did that come about?
In my 40s I got hooked on triathlons. I ended up completing over a dozen half-ironmans. One of the highlights of my life was swimming the 13-mile Rottnest Channel off the coast of Perth, Australia. It was a true test of body and mind. Endurance sport teaches you resilience—you learn that your mindset often matters more than your muscles.
After retiring from Chevron, what direction did you take?
I semi-retired in 2017 and shifted focus to coaching and personal growth. I studied the Enneagram in depth and I’m now completing my Narrative Enneagram Teacher Certification. Today, I work with men’s groups and recovery programmes. Men often feel they need to carry everything alone, but I’ve seen how growth happens when they have spaces to share and connect.
How do you see your role now compared to when you were managing billion-dollar projects?
The settings are different, but the goal is similar: helping people succeed. Back then it was about leading teams through complex engineering challenges. Now it’s about guiding individuals to build resilience, find balance, and connect with their authentic selves. In both, trust and integrity are the foundation.
What keeps you motivated today?
I live in San Rafael, California, and stay active with yoga, hiking, biking, and pickleball. Coaching, mentoring, and supporting recovery work keep me engaged. What motivates me is simple: helping people grow. Whether it’s a billion-dollar project or a men’s group, I try to live by the same values—hard work, integrity, and service.
Read more:
John Chipponeri: From Chevron to Coaching and Men’s Work

Leading employment experts and major employers have said there is “nothing to fear” from the Government’s Employment Rights Bill, arguing that the reforms will support fairer workplaces, boost productivity and bring the UK closer in line with international employment standards.
The comments came during a roundtable held in Parliament on Tuesday 11 November — the same day new figures revealed unemployment had risen to 5%, the highest rate for a decade outside the pandemic period. Hosted by the Policy Liaison Group on Workplace Wellbeing and attended by Labour MP Katrina Murray, the discussion explored how the Bill could help shape a stronger and more inclusive labour market.
Participants agreed that the Bill represents a long-overdue modernisation of the UK’s fragmented employment law framework. While critics have suggested the legislation will place extra burdens on employers, attendees noted that many of the reforms — including day-one protection from unfair dismissal, enhanced sick pay and parental leave, and stronger anti-harassment measures — are already routine among responsible employers.
The real challenge, experts argued, lies not in the reforms themselves but in the practical implementation, including updating HR systems, payroll processes and internal policies. However, this is eased by a staged, sector-by-sector rollout, which businesses welcomed as a sensible and collaborative approach to major employment change.
The Bill’s proposal for a new nine-month statutory probationary period was also well received, described as striking the right balance between protecting employees and allowing employers adequate flexibility. Attendees said clearer rules and stronger protections would improve recruitment and retention while supporting wellbeing and productivity. As one contributor put it: “good work is good business”.
Gethin Nadin, Chair of the Policy Liaison Group on Workplace Wellbeing, said rising unemployment made cooperation between employers and government more important than ever: “Good employers have nothing to fear from good work. This Bill builds confidence, sets clear expectations and rewards those who lead by example.”
He encouraged employers to engage openly with the Bill to reduce unnecessary misconceptions.
Abigail Vaughan, CEO of Zellis, highlighted the need to simplify areas where multiple pieces of legislation overlap: “The key test now is implementation. Reviewing opportunities to simplify maternity and parental leave rules would help reduce honest mistakes, protect vulnerable workers and limit confusion.”
Janet Williamson, Head of Corporate Governance and Collective Bargaining, said: “The Employment Rights Bill will help the UK catch up with other leading economies. It strengthens essential protections and provides businesses with a more transparent and consistent framework.”
She added that employers would benefit from lower turnover, reduced absenteeism and stronger productivity: “When people have fair, secure and predictable work, organisations perform better.”
Read more:
Experts say there is “nothing to fear” from Employment Rights Bill as employers back fairer workplace reforms

Almost half of UK SMEs are optimistic about the year ahead, but cost pressures remain the biggest obstacle to growth, according to new research from Simply Asset Finance released ahead of the Autumn Budget.
The study shows SME confidence is climbing: 49% of decision makers feel positive about the next 12 months, up from 43% a year ago. Notably, 19% say they are “really excited” about their growth prospects — more than double the 8% recorded in 2024.
However, despite growing optimism, the challenges facing SMEs remain largely unchanged from last year’s Budget. Businesses continue to grapple with high energy prices, inflationary pressures and rising taxes, prompting renewed calls for government action to boost productivity.
High energy costs remain the single biggest issue for SMEs, with 40% calling on the Chancellor for targeted support — rising sharply to 54% among medium-sized firms. The UK remains one of the most expensive advanced economies for business energy costs, leaving companies warning that they are operating at a structural disadvantage.
A further 34% of SMEs want enhanced tax incentives to stimulate investment and innovation, while calls for corporation tax cuts have almost doubled year-on-year to 36%, up from 19% in 2024.
Government-backed loans also continue to feature prominently on SME wish lists, with 26% of firms looking for better access to affordable finance as they plan expansion.
Confidence that the Government will deliver a pro-business Autumn Budget remains low, sitting at 36%. Many firms say they face the same barriers that held them back last year, with 46% citing a stagnant economy, 39% pointing to persistent high inflation and 30% highlighting high interest rates.
With 68% of SMEs saying the Autumn Budget will have a “significant” or “fundamental” impact on their growth plans, pressure is building ahead of the 26 November announcement.
Mike Randall, CEO of Simply Asset Finance, said: “It’s incredibly encouraging that SMEs are showing a clear appetite to invest and grow. But there is continued frustration at the lack of support with ever-rising costs and the same barriers blocking their path forward.
“Energy costs remain the biggest drag on growth — and businesses are clear they need support to allow more room to invest. With the UK facing some of the most expensive energy costs in the world, firms are operating at a disadvantage and something needs to give.
“With the Budget weeks away, the Government has a critical window. The right decisions could unlock growth and fuel productivity across the UK; the wrong ones risk stalling momentum at a defining moment.”
Read more:
SME confidence improves, but rising energy and tax costs continue to hinder growth ahead of the Autumn Budget

The Government has confirmed that Police and Crime Commissioners (PCCs) will be scrapped, with ministers claiming the move will save at least £100 million that can instead be channelled into frontline policing, artificial intelligence and cybercrime capability.
The announcement forms part of a wide-reaching overhaul of policing in England and Wales aimed at raising national standards, improving performance monitoring and ending what ministers have described as a “postcode lottery” in crime outcomes.
The reforms, which will be outlined in full in the forthcoming Police Reform White Paper, include the creation of a new National Centre of Policing. The centre will consolidate critical support functions — including IT services and forensic capabilities — to improve efficiency and ensure better value for taxpayers. Ministers are also introducing a new police performance unit to drive up standards across forces.
A major pillar of the reform is a significant investment in AI-driven policing tools and enhanced cyber skills, reflecting the changing nature of crime and the rising complexity of online threats.
The government argues that abolishing PCCs will remove layers of unnecessary bureaucracy while freeing up millions for neighbourhood policing. Since their introduction in 2012, PCCs have struggled to gain public recognition; fewer than half of Britons are aware they exist, and turnout in PCC elections has consistently been low.
Graeme Stewart, head of public sector at Check Point Software, said the decision reflects a “fundamental shift” in policing: “This is a bold move by a government fully aware that the nature of policing has changed since these roles were created twelve years ago. AI, cyber attacks and online safety challenges mean accountability rarely sits with one individual. Redirecting these savings towards frontline policing and digital capability is essential for tackling tomorrow’s threats.”
Under the new model, the responsibilities of PCCs will be absorbed by regional mayors where possible, placing crime reduction and policing strategy within the wider context of public services such as education and community safety. The transition will take place at the end of the next electoral cycle in 2028.
Home Secretary Shabana Mahmood said PCCs had proved ineffective: “The introduction of police and crime commissioners was a failed experiment. I will introduce reforms to ensure police are accountable to local mayoralties or councils. The savings will fund more neighbourhood police on the beat, fighting crime and protecting our communities.”
The reforms sit alongside the Government’s Neighbourhood Policing Guarantee, which pledges named and contactable officers for every community, guaranteed police patrols in busy areas at peak times and 3,000 additional neighbourhood officers by spring next year.
Read more:
Government abolishes Police and Crime Commissioners as £100m is diverted to AI and cyber policing

Scottish salmon farming is now adding £1 billion a year to Scotland’s economy, according to a major new independent study that underscores the sector’s growing importance to rural communities, the national supply chain and Scotland’s global reputation for high-quality food production.
The report, produced by BiGGAR Economics for Salmon Scotland, reveals that the industry’s overall economic contribution has risen by 25 per cent in four years, reflecting both sustained domestic demand and record-breaking international exports. It describes salmon farming as one of Scotland’s most significant rural economic drivers, supporting 11,000 jobs nationwide, including around 2,500 people directly employed in farming across the west coast and islands.
Average salaries in the sector are now around £44,500, significantly above the Scottish average, and the industry generated at least £37 million in tax last year before wider supply chain contributions are taken into account. Analysts say salmon farming continues to play a vital role in some of the country’s most economically fragile communities, underpinning year-round employment and attracting investment into remote coastal areas.
Deputy First Minister Kate Forbes, who met sector leaders in Edinburgh this week, said the findings highlight not just a major economic contribution but the “resilience, innovation and commitment” of those working in the industry. She praised the sector for paying above-average wages, strengthening supply chains and supporting rural communities, adding that the Scottish Government will “continue to take bold steps” to ensure it remains a national success story.
The report shows that salmon farming contributed £231.2 million in Gross Value Added directly in 2024, while a further £589.9 million was generated through businesses supplying the sector. Additional impact came from sustained investment activity and spending by employees in local communities, bringing the total economic contribution to £953 million—up sharply from £766 million in 2021. When broader impact measures are included, the industry’s annual value rises to more than £1 billion.
Tavish Scott, chief executive of Salmon Scotland, said the industry’s continued growth reflects the hard work of farmers across Scotland’s west coast and islands, where salmon farming remains a central pillar of local economies. He said farm-raised salmon is “the economic backbone of some of Scotland’s most isolated areas”, supporting thousands of well-paid jobs and a network of Scottish businesses that rely on its success. Scott added that the sector’s high environmental and welfare standards, combined with strong global demand, have helped to position Scottish salmon as one of the world’s leading premium food products.
The economic impact is widely felt across Scotland’s five salmon-producing regions. The Highlands benefit the most, with more than £300 million generated locally, followed by Argyll and Bute, Shetland, the Western Isles, and Orkney, each of which receives significant economic uplift from salmon-related jobs, investment and supply chain activity.
Nikki Keddie, director at BiGGAR Economics, said the report shows how salmon farming provides stability and opportunity in communities that may otherwise struggle to sustain long-term employment. She described the sector as a “vital economic anchor” for rural Scotland, noting that productivity levels in salmon farming outpace national averages and play a major role in supporting Scotland’s coastal resilience.
With rising demand, expanding export markets and continued investment in innovation, the Scottish salmon sector looks set to remain a cornerstone of the national economy, supporting jobs, strengthening supply chains and sustaining communities across Scotland’s west coast and islands.
Read more:
Scottish salmon delivers £1bn boost to economy as new report reveals soaring impact

The global wearables market is entering a new era, with smart glasses emerging as the standout growth category as traditional wrist-worn devices reach a more mature phase.
According to Futuresource Consulting’s Global Wearables Market Outlook 2025, innovation is accelerating beyond the wrist, signalling a shift in how consumers interact with connected technologies.
While global shipments of wrist-worn devices are still expected to grow—rising 4.8% in 2025 to nearly 210 million units, with retail value up 5.2%—the real dynamism lies in the next generation of form factors.
“The story in 2025 is one of nuanced evolution, not frenetic explosion,” says Nikolaos Tzoumerkas, Lead Analyst at Futuresource. “Smartwatches and sports watches are still part of the equation, but smart glasses are redefining what a wearable can be.”
Futuresource predicts smart glasses will ship 2.6 million units in 2025, up from 1.6 million this year—making them one of the fastest-growing segments in consumer tech. Growth is being driven by leading brands such as Meta, whose partnerships with Ray-Ban and Oakley blend fashion credentials with next-generation functionality.
Modern smart glasses now integrate high-quality cameras, AI assistants, connectivity tools and hands-free interaction into lightweight frames designed to look like everyday eyewear. This shift—from gadget to fashion-forward accessory—is helping to normalise the technology among mainstream consumers.
“Fashion collaborations and ecosystem integrations have absolutely transformed public perception,” says Tzoumerkas. “Smart glasses are no longer seen as niche tech. They’re lifestyle products, and consumers want to be seen wearing them.”
Smartwatches continue to dominate the wearables market, accounting for 94 million units in 2024 and maintaining steady annual growth of around 8%. Apple remains the global leader with a 48% market share, boosted by strong demand for the Series 11 and Ultra 3, as well as new FDA-cleared health features, including hypertension detection.
Sports watches are undergoing their own evolution, powered by AI-driven adaptive coaching that uses biometric data to personalise training and recovery recommendations. While Chinese brands such as Huawei, Xiaomi and Amazfit continue expanding in developing markets, performance specialists Garmin, Suunto and Polar maintain their foothold in Western countries.
One of the biggest shifts highlighted in the report is the convergence of smartwatches, glasses and mobile devices into a seamlessly connected ecosystem. On-device AI is becoming central to the experience, improving speed, privacy and energy efficiency while enabling more meaningful real-time insights.
“Wearables are now the digital portal to a much larger connected environment,” says Tzoumerkas. “With smart glasses gaining ground and AI moving to the edge, the next wave of growth will be defined by connected intelligence, effortless integration and elegant design.”
As consumers increasingly expect devices to blend functionality, aesthetics and cross-platform compatibility, smart glasses look set to become a defining product category of the next decade—ushering in a new chapter for connected technology.
Read more:
Smart glasses drive next wave of growth as wearables market shifts beyond the wrist

A major new report from Sport England and 4Global has strengthened calls for the Government to increase support for gyms, swimming pools and public leisure centres in the forthcoming Autumn Budget, warning that the sector is delivering billions in social value despite operating under severe financial pressure.
The annual Moving Communities report highlights the critical role these facilities play in improving national health and wellbeing, with public leisure centres contributing an estimated £3.63 billion in social value between April 2024 and March 2025. This figure reflects both the personal wellbeing benefits experienced by users and significant savings to public services, particularly the NHS.
According to the report, no other part of the sport, recreation and physical activity sector delivers impact on this scale. Participation in gym activities rose 13% year on year, with notable increases among women, under-16s, over-65s, and people living in England’s most deprived communities.
Women now make up 53% of all users, and gym activity among female participants increased 12%. Among under-16s, participation surged 21%, while visits by over-65s rose 19%. Engagement in the most deprived areas grew 7%, with these communities now accounting for 16% of national visits.
These trends point to a sector helping to narrow some of England’s most persistent health inequalities. For many families, leisure centres remain the only accessible and affordable spaces for exercise, community activities and supervised swimming.
But ukactive said today’s findings also expose a troubling reality: many of these vital facilities are operating with fragile finances. Rising energy bills, higher staffing costs and ageing buildings have left half of all facilities running at break-even, placing services at risk just as demand accelerates.
In a statement responding to the report, ukactive said the message to Government is “unmistakeable”: “If you really want to address issues of economic growth and take pressure off the NHS, the physical activity sector needs to be one of your primary partners.”
The organisation warned that any regressive measures in the upcoming Budget could severely damage the sector’s ability to grow and serve communities, worsening health inequalities at a time when the country urgently needs to improve population health.
The report also details the measurable health benefits generated by increased physical activity: £51.4 million in cost savings from reduced depression and £10.7 million from reductions in back pain alone.
Gym, pool and leisure operators say these savings far outweigh the Government support required to keep facilities open and affordable. They argue that investing in public leisure would act as a direct lever for economic growth, NHS relief and improved workforce productivity.
With the Budget now weeks away, industry leaders are calling on ministers to back the sector rather than burden it with further financial strain. As ukactive put it: “Now is the time to fully support gyms, swimming pools and leisure centres to deliver the economic prosperity and health improvements this nation urgently requires.”
Read more:
Moving communities report urges government to back gyms and leisure centres ahead of autumn budget

The UK is still grappling with what economists call the “productivity puzzle.” Since the 2008 global financial crisis, growth in output per worker has been sluggish when compared with international competitors such as the United States, Germany and France. Weak productivity holds back wages, dampens economic growth and limits our ability to fund vital public services.
The government has rightly recognised the need to kickstart growth. The Industrial Strategy identified eight key sectors with the highest potential, from clean energy to life sciences. More recently, the creation of Skills England signals a renewed national effort to boost technical and sector-specific expertise. These moves are essential, but they are only part of the puzzle.
The case for upskilling
Jules Bennington – Senior Policy Officer, Chartered Management Institute, explains that a dynamic economy depends on a workforce that can adapt, learn and innovate. Yet employer investment in training has struggled, falling by 28% since 2005, even as demand for employability skills continues to rise. Without decisive action to close skills gaps, the UK risks missing its growth ambitions.
Crucially, the challenge is not only about technical know-how. The National Foundation for Educational Research (NFER) has shown that essential employment skills such as collaboration, communication, organising, problem solving and decision making are fundamental to future success. These are the very capabilities that enable technical knowledge to be applied most effectively, unlocking productivity gains across every sector.
Core skills: The foundation of good management
These essential skills mirror the attributes of effective managers and leaders. They are embedded in the Chartered Management Institute (CMI) Professional Standard for Management and Leadership, which sets out the behaviours, skills and competencies required to lead teams, drive innovation and manage change.
Strong management is not a “nice to have.” CMI analysis shows there are 8.4 million managers in the UK – around one in four workers. Yet most have never been trained. Our Better Managers research found that:

82 per cent were promoted without formal training, becoming “accidental managers.”
Half hold no management or leadership qualification.
One in three managers – including a quarter of senior leaders – have never received any formal management training.

International comparisons underscore the cost of this gap. Analysis shows that the UK lags behind countries such as the US, Germany and Sweden in management practices – a deficit linked to lower productivity.
Why management skills matter for everyone
Management and leadership skills are consistently identified as high-demand skills in Skills England’s assessment of where the need lies across priority sectors. The benefits of these skills extend across the economy – from advanced manufacturing to health and social care.
But good management is not just about hitting growth targets; it is also about creating good work. CMI research shows that having a supportive manager is the most influential factor in employees feeling valued and included. Effective managers are key to workforce development, staff retention, the adoption of new technologies such as AI, and the coordination of complex supply chains.
Wherever people work together, essential employment skills and good management are the glue that turns technical knowledge into tangible results.
Shared responsibility for action
Employers have a vital role to play, but they cannot close the gap alone. The steep fall in employer-funded training highlights the need for strong public policy. At the same time, businesses are calling out for higher-level skills, especially in management and leadership.
That is why CMI is urging the government to keep core transferable skills front and centre as the Apprenticeship Levy evolves into a broader Growth and Skills Levy. We need a system that allows employers to access high-quality, modular, accredited training – flexible enough to meet immediate business needs and rigorous enough to raise national standards.
A skills agenda for growth
Technical expertise will always be critical to economic progress. But without the essential employability and management skills identified by NFER and embedded in CMI’s Professional Standard, technical skills alone cannot deliver the productivity leap the UK needs.
If we want an economy that is globally competitive, resilient and inclusive, we must invest not only in people’s technical knowledge, but in how they work together to apply that knowledge. It is now time to ensure that core skills are recognised as the bedrock of productivity and good work.
NFER’s final report in the Skills Imperative 2035 programme will be published on Tuesday 25 November.
Read more:
Building core skills for a productive, high-growth economy

Energy giant SSE has announced a landmark £33 billion investment programme to modernise the UK’s electricity infrastructure, describing it as a “once-in-a-generation opportunity” to transform how power is generated, transmitted and distributed across the country.
The Perth-based company said the five-year plan, running to 2029–30, will see it raise £2 billion from investors through a share placing and generate a further £2 billion from targeted asset sales. The move is designed to fund an ambitious expansion of its electricity networks and renewable energy capacity.
Shares in the FTSE 100 group surged almost 12 per cent after new chief executive Martin Pibworth unveiled the plans, bringing clarity to how the firm intends to finance its capital commitments and marking a bold start to his leadership.
Under the new strategy, SSE’s annual investment will treble to £33 billion, with about 80 per cent channelled into regulated electricity networks, which will now form the backbone of the business. The company said it would commit £22 billion to upgrading high-voltage transmission cables across the UK — infrastructure described as “critical to connecting renewables and removing existing constraints within the electricity grid.”
A further £5 billion will be spent on strengthening lower-voltage regional distribution networks in Scotland and southern England. The remaining 20 per cent of the budget will be split between £4 billion in renewables — primarily wind and hydro power — and £2 billion in flexible gas generation and other business areas.
Pibworth said the strategy was designed to help deliver a cleaner, more secure and more affordable energy system for the UK, while also stimulating economic growth.
“Our plans are built on a once-in-a-generation opportunity to upgrade the UK electricity network,” he said. “The accelerated investment is underpinned by secure UK government regulatory frameworks and will unlock much-needed growth across the wider economy, supporting thousands of jobs over the course of the plan.”
The company said over half of the funding would come from operational cash flow, with a third financed through borrowing, leaving only around 10 per cent to be covered by equity raising and asset sales. Analysts welcomed the clarity, noting that the scale of the fundraising was smaller than many had anticipated.
Ahmed Farman, an analyst at Jefferies, said: “The new plan brings clarity on the balance sheet and the company’s growth outlook. The £2 billion equity raise is towards the lower end of the scenarios previously discussed.”
SSE operates transmission cables in the north of Scotland and distribution networks in both Scotland and central southern England. It also owns and manages a portfolio of wind farms, hydroelectric stations and gas-fired power plants.
The announcement coincided with the release of SSE’s half-year results, which showed adjusted pre-tax profits down 28 per cent to £521.5 million for the six months to the end of September. The company cited weaker performance from its renewables arm, reflecting “less favourable weather and lower hedged prices,” with hydro output reduced after an unusually dry summer in Scotland.
Despite the short-term dip in profits, SSE’s multibillion-pound investment marks one of the most significant commitments yet to upgrading Britain’s electricity networks — a move analysts say will be essential to achieving national net zero targets and unlocking future renewable capacity.
Read more:
SSE unveils £33bn plan to upgrade UK electricity networks with £2bn investor backing