The group announced its “fully-funded” five-year investment strategy, which runs until 2030. The proposal heavily favours its regulated UK electricity networks, which are set to receive £27 billion (80%) of the total investment. The remaining £6bn is earmarked for renewables and system flexibility.

Chief executive Martin Pibworth called the move a “transformational investment plan” that will “help build a cleaner, more secure and more affordable energy system.” He added that the upgrade offers a “once-in-a-generation opportunity” that will unlock wider economic growth.

The strategy will be funded through a £2bn equity placing, £21bn in cashflow generation, and increases to net debt.

The major announcement overshadowed the group’s half-year results, which saw reported pre-tax profits fall by 31% to £586.3 million. Despite the profit dip and the dilution from the new equity, shares in SSE rose by as much as 12% following the news.

Analysts noted the investor enthusiasm. Russ Mould, investment director at AJ Bell, said the £33 billion plan was a “considerable advance” on SSE’s previous £17.5bn commitment. He added that funding a large portion through existing cash flow “lends credibility to the plan”.

However, Mr Mould cautioned that delivering the ambitious roadmap by 2030 “will be a challenge”, with stakeholders expected to watch closely for any delays or cost over-runs.