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UK's SSE posts 26% increase in HY profit; says CEO to retire in 2025

British power generator and network operator SSE Plc on Wednesday reported a 26.4% dive in halfyear earnings, buoyed by strength in its electrical power networks and renewables services.

The company stated Phillips-Davies - its CEO of more than 11 years - will retire in 2025. He will remain in the role up until a. successor is appointed.

We are motivated by the increasing attractiveness of our. main markets and our alignment with the brand-new UK government's. mission to attain Clean Power by 2030, Phillips-Davies said in. a statement.

Britain is aiming to decarbonise its power sector by 2030,. and conference this target will require a large boost in. renewable energy, such as wind and solar, along with projects. that shop energy when there is inadequate wind or sun.

The Perth, UK-based business published an adjusted pre-tax. profit of 714.5 million pounds ($ 909.8 million) for the 6. months ended Sept. 30, and reiterated its yearly changed. running revenue projection.

Recently, National Grid posted a 14% increase in. first-half hidden profit, assisted by higher UK electrical power. transmission income and better rates at its New York organization.

(source: Reuters)