SSE reveals £15bn energy plan

PERTH energy company SSE has announced plans to invest more than £15 billion in Scotland’s electricity infrastructure system.

The firm says it will make the investments this decade to help boost provision of clean energy.

SSE plans to invest in technologies including new offshore wind, critical network upgrades, carbon capture and storage (CCS), batteries and hydroelectric power.

It said assuming a “continued supportive policy environment”, its investment plans will see it investing significantly more than it makes in profits over the next few years.

That will allow the firm to realise its growth opportunities and accelerate the transition to net-zero.

The announcement comes as Chancellor Rishi Sunak considers introducing a windfall tax for electricity firms.

However, SSE chief executive Alistair PhillipsDavies told BBC Radio 4’s Today programme: “I don’t think this government is going to impose a windfall tax on successful sectors that are delivering for the UK and creating jobs and making sure that we avoid these crises in the future by bringing in lower-cost energy from indigenous sources.”

SSE set out its investment plans as it published its full-year financial results for 2021-22.

It reported an adjusted operating profit of £1.5bn, up 15% year-on-year.

Mr Phillips-Davies said: “We’ve already achieved a lot, but we’re only just getting started.

“Against the backdrop of a global gas crisis, we are investing far more than we are making in profit to deliver clean homegrown energy that will bolster security, cut emissions and make energy more affordable over the long term.”

Scotland’s net-zero and energy secretary Michael Matheson said: “I welcome SSE’s firm commitment to playing an important role in our just transition to net-zero.”