SSE warns against new taxes as its profits soar

THE boss of power giant SSE has cautioned the Government against deterring investment in renewable energy.

Alistair Phillips-Davies said any new windfall tax in Chancellor Jeremy Hunt’s autumn statement must be ‘fair and reasonable’. He said: ‘We have created an amazing environment for investors. It is critical we don’t endanger that.’

The comments came as SSE more than tripled profits from £174.2m to £559.4m for the six months to the end of September, helped by surging electricity prices.

SSE runs gas-fired powered stations, wind farms and electricity transmission networks.

This year the Government imposed an extra 25pc tax on North Sea oil and gas firms after profits rose following war in Ukraine. Speculation has grown that Hunt will today widen the windfall tax’s scope to include power generators such as SSE.

SSE has said it is investing in projects that will enhance energy security and create green jobs, and investments in the UK and Ireland could hit £25bn this decade.

Phillips-Davies told Sky News: ‘Windfall taxes if they come, if they’re fair and reasonable, then that’s fine. The key thing for the Chancellor and the Government is that they recognise the enormous opportunities the UK has.’

He said its investments in green energy could shave billions off bills. ‘There’s an awful lot of jurisdictions in the world looking to benefit from onshore and offshore wind where we have a lot of expertise but we remain committed to trying to invest in the UK.’