CORRECT: Scottish&Southern: On Track To Deliver Dividend Growth 2010/11

22nd Jul 2010 08:06

("=Scottish&Southern: On Track To Deliver Dividend Growth 2010/11," at 0642 GMT, misstated the performance of the shares in the last paragraph. The correct version follows:) By Selina Williams Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. power utility Scottish and Southern Energy PLC (SSE.LN) said Thursday it was on track to deliver its dividend growth targets in the 2010/2011 financial year, despite a drop in renewable energy output due to weather conditions, and in the years ahead. "The last few months have been marked by unusually low output of renewable energy and increases in wholesale gas prices. In this challenging environment, we have achieved solid progress across our main operations and investment projects, which means we remain on course to deliver our dividend growth target for the year of at least 2% more than inflation," SSE Chief Executive Ian Marchant said. Renewable energy output, including conventional hydro electric schemes, wind farms and dedicated biomass plant, was 700 gigawatt hours in the three months to June 30, versus 1,000 gigawatt hours in the same period a year ago, the company said in an interim management statement. In its last earnings statement, SSE had set a dividend target of an increase of at least 2% more than inflation in each of the three years to 2013, with sustained real growth thereafter. Separately, the company reiterated that it was not seeking to acquire any substantial ownership interest in the low-voltage electricity distribution networks currently owned by Electricite de France SA (EDF.FR). SSE shares closed mostly flat on Wednesday at 1164 pence a share. The company is up 4.5% in the past year, underperforming the broader FTSE 100 market. Company Web site: http://www.scottish-southern.co.uk -By Selina Williams, Dow Jones Newswires +44 207 842 9262; [email protected] (END) Dow Jones Newswires July 22, 2010 03:06 ET (07:06 GMT)