SSE announces plans to invest billions in green power and refuses to give up the green energy part of the company business.
SSE, Scottish and Southern Energy, has been facing pressure from Elliott Management, an activist hedge fund, which acquired a stake in the company this year.
They want SSE to split off the fast-growing renewable energy business. However, SSE announced they plan to invest more.
According to the Guardian, SSE will invest £12.5 billion in the next five years. Their previous goal was to invest £7.5 billion. They want to help the UK reach a net-zero climate target.
By the end of this decade, SSE aims to have a quarter of the UK’s offshore wind farms, including the electricity grid networks in parts of Scotland and England.
SSE’s chief executive, Alistair Phillips-Davies, says that a large business scale, which includes networks and thermal power generation, is the key to financing large-scale projects needed to aid climate change.
So far, they’ve been doing well. They’ve doubled their profits in the first half of the year, even though there was a slowdown in wind speeds. Phillips-Davies plans to talk more with shareholders, and he hopes they’ll support the green investment.
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