A strong set of results from SSE that both beat expectations for the FY21/22 results and increased mid-term guidance by FY26. The thermal fleet obviously recorded very strong earnings but a material acceleration in networks, more sustainable, is a positive. The dividend also came in higher-than-expected, at 85.7p. However, the threat of a windfall tax in the UK is beginning to emerge. Even if only at the rumour-stage for now, the risk is high and potential impacts could be material.