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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