(Reuters) - British renewable power generator and network operator SSE (LON:SSE) raised its annual earnings projections for the second time on Tuesday, citing strong performance at its thermal and hydro plant operations.
The company expects adjusted earnings for full year 2021/22 in the range of 92 pence to 97 pence per share ($1.21-1.21), compared with an earlier projection of at least 90 pence.
Improved weather conditions also reduced an expected shortfall in output from its renewable plants such as wind farms.
The invasion of Ukraine by Russia has led to extremely volatile and record high wholesale energy prices in Europe over the past month.
SSE said was difficult to predict the consequences on the business of a prolonged war in Ukraine.
"SSE has so far been served well by its prudent hedging approach and has successfully managed any increasing credit and collateral requirements," it said.
As a result of the war many companies have rolled back from doing business with Russian energy firms.
SSE said it does not have any energy supply contracts with Russian counterparties and it is ceasing trading with these entities.
($1 = 0.7631 pounds)