SSE has reported an adjusted pre-tax profit of £2.18bn for the year, up from £1.16bn a year earlier.
The energy group's preliminary results for the year ended 31 March 2023 showed a record £2.8bn of capital expenditure and investment - greater than profits - in projects across low-carbon electricity infrastructure.
This included continuing the acceleration of investment through a five-year strategic plan to 2027, upgrading targets while also advancing the previous plan by 12 months, to account for a changing investment mix.
This spending should deliver around 5GW of net renewables capacity additions and grow net electricity networks asset value to between £12bn and £14bn by 2027.
The capital allocation has been reshaped between regulated electricity networks (circa 50%), renewable electricity generation (circa 40%), low-carbon flexible thermal generation and other businesses (circa 10%).
However, the almost doubling of full-year profits were driven by earnings from gas-fired power plants, which rose almost four-fold to £1.24bn, up from £331.1m the year before.
The upgraded £18bn capital investment plan represents a more than 40% increase on the previous plan.
SSE also laid out plans that could see it invest up to £40bn across the decade to 2031/32, with fully funded £18bn of commitments to 2027.
This includes more than £9bn to be spent in Scotland to 2027 and up to £21bn over the next decade.
In doing so, the group claims to be creating more than 1,000 new green jobs every year.
SSE raised £1.7bn in hybrid capital, eurobonds and private placements in the first half of the year at "well-below" current market prices.
Adjusted net debt and hybrid capital now stand at £8.9bn, in line with pre-close guidance and below targeted gearing levels.
Reporting adjusted earnings per share of 166 pence are in line with pre-close guidance.
Reported loss per share of 14.7p was mainly driven by a net £2.3bn adverse fair value movement on derivatives, leaving a £300m net derivative liability remaining on the balance sheet.
The Perth-headquartered group also updated with progress on its transmission investment programme, including ongoing projects such as the Shetland HVDC link and East Coast upgrade.
First power was achieved at the 1,075MW Seagreen offshore wind project, with all foundations now installed ahead of commercial operations this summer, while progress continues on Dogger Bank and at Viking, where the first of 103 turbines was installed this April.
SSE completed the sale of a 25% non-controlling equity interest in SSEN Transmission on 30 November 2022, for total cash proceeds of £1.46bn.
SSE also acquired a Southern European onshore wind development platform, adding 2.4GW of secured and around 2.5GW of future onshore wind and solar projects.
Also during the period, it acquired Triton Power in a 50:50 joint venture with Equinor.
Profitability in renewables reflects strong prices captured by flexible hydro and wind hedging position, offset by unfavourable weather conditions, hedge buy-back costs and the effect of the Electricity Generator Levy.
Strong performance in thermal energy was also reported, with the addition of 670MW from the Triton acquisition and thermal generation offering flexibility.
The board's intention is to recommend a final dividend of 67.7p for payment on 21 September, representing a weighted average annual RPI rate of 12.9%; making a full year dividend of 96.7p per share.
The full year dividend is rebased to 60p for 2023/24, with increases of 5 to 10% per anum to 2026/27.
Chief executive Alistair Phillips-Davies said: "Action, not just ambition, is what is needed to provide lasting solutions to the problems of climate change, energy affordability and security - and, with a record-breaking investment programme, that is what we are delivering.
"The results that we have reported today are profits with a purpose - we are creating value for all of our stakeholders and our investments exceed our earnings.
"The energy landscape is changing fast, and the macroeconomic and geopolitical environment has its challenges, but these are exciting times for SSE and we have both the financial footing and capabilities to go after high quality growth opportunities that will create value for years to come."
Stuart Lamont, investment manager at RBC Brewin Dolphin, commented: "The emphasis on investment in the UK’s energy network and transition towards net zero seem a sensible step in the current backdrop.
"After taking an initial hit from the threat of a windfall tax on excess profits, SSE’s shares have risen to new highs, buoyed by a strong balance sheet and attractive dividend policy.
"The company is in a good place, but there are likely to be hurdles to overcome in the months ahead."
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