SSE said operating profits at its wholesale division rose 10.1% to £496.1m ($838.2m) in the year to March, “largely reflecting increased output of energy from renewable sources”.

The utility’s 2.78GW renewables portfolio – including 940MW of onshore wind and 355MW offshore – delivered 9.4TWh to the UK’s grid last year, up from 7.6TWh in 2012.

SSE told investors: “As SSE moves forward the next phase of its renewable energy development pipeline, it is focusing on projects that best allow the efficient allocation of resources and economies of scale.

“While