November 17, 2021 Read More →

SSE rejects breakup calls, touts plan to boost renewable investments

The Guardian:

SSE has rebuffed calls to break itself up, and announced a multi-billion pound plan to boost investment across its renewable energy and electricity networks businesses.

The FTSE 100 energy supplier will expand its investment plan for the next five years to £12.5bn, from its previous target of £7.5bn, in areas which will help the UK reach its net zero climate targets.

By the end of the decade SSE plans to run a quarter of the UK’s offshore windfarms, alongside its electricity grid networks in the north of Scotland and parts of England, and its planned fleet of flexible “low carbon” power plants.

Forty per cent of the extra £1bn of green investments every year to 2026 will go to its renewable energy business, 40% to its networks business, while the remaining 20% will be for the rest of the SSE business.

The spending spree strengthens the company’s existing strategy in defiance of calls by Elliott Management, a major activist hedge fund, to break up the company by splitting off its renewables business.

[Jillian Ambrose]

More: SSE to invest billions more in green power as it rejects break-up call

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