SSE

SSE is building energy infrastructure through ecological succession: transforming fossil-fuel-dominated grids into renewable-powered networks. The company invested a record £2.9 billion in infrastructure during fiscal 2025, with 87% of adjusted operating profit (£2.419 billion) now coming from Networks and Renewables versus 63% in prior year. This is niche construction at national scale—SSE isn't adapting to energy transition, it's engineering the transition by building the physical substrate (offshore wind, HVDC transmission, grid capacity) that enables decarbonization.

The Viking wind farm and Shetland HVDC link demonstrate resource allocation to growth tips. SSE completed the 443MW Viking wind farm and fully energized the 260km Shetland HVDC cable, representing combined investment exceeding £1 billion. Dogger Bank, the 3.6GW offshore wind megaproject, reached 50% turbine installation on Phase A, with completion expected in H2 2025. These aren't incremental projects—they're apical meristems creating entirely new revenue streams. The company's £17.5 billion capital program through 2027 (reduced from £20.5 billion, showing financial discipline) concentrates on Networks and Renewables while thermal and other businesses receive minimal deployment.

What separates SSE from European utilities is execution speed on stated strategy. The company published its RIIO-T3 Business Plan in December 2024, outlining £22 billion in grid infrastructure for 2026-2031. Adjusted earnings per share hit 160.9 pence in fiscal 2025, in line with guidance, with targets of 175-200 pence for fiscal 2027 reaffirmed. Dividend increased 7% to 64.2 pence. SSE is building monopoly infrastructure moats—once transmission and distribution networks are in place, they generate regulated returns for decades. The biological principle: organisms that invest in foundational infrastructure (coral building reefs, beavers constructing dams) create niches that support entire ecosystems and generate compounding advantages over time.