Thursday 25 May 2023

SSE to invest £40bn into green energy by 2032

SSE has revealed it will invest £40 billion into low carbon energy by 2032, with a five-year investment plan in place for £18 billion by 2027.

Through its investment, the company estimates 1,000 new jobs will be created each year for the next decade.

For the financial year just gone, it reported a record investment of £2.8 billion, which represents a 50% increase on the £1.8 billion invested the year prior.

Electricity networks, onshore and offshore wind, solar, carbon capture, hydrogen and pumped hydro are the areas the firm will look to spend big in during the next nine years.

Alistair Phillips Davies, Chief Executive, said: “This is a massive commitment to the UK and, at around £10 million every single day and it amounts to one of the largest clean energy investment programmes this country has ever seen.

“The sooner we can get projects built the quicker we can deliver the cheaper, cleaner and more secure homegrown energy system we all want to see.”

Chancellor of the Exchequer Jeremy Hunt added: “Today's commitment from SSE is a further vote of confidence in the British economy. We have the second-largest offshore wind capacity in the world, with renewables providing 40% of our electricity – and investment like this ensures long-term energy security, lower bills and thousands of jobs in our industrial heartlands.”