SSE revealed that it is strategizing the evolution of renewable energy three times the current level before becoming the biggest offshore wind energy company working from England. The company explained that it is in the final stages of developing the proposal for the 3.2 GW Dogger Bank offshore wind farm project, which will meet over four million households’ energy needs in the next six years.
SSE is a 50 percent shareholder in the North Sea project with Equinor and an equal stake in Scotland’s Seagreen offshore wind farm through its collaboration with the French energy company Total. The Dogger Bank project will enable the company to cash in £7.5 billion on green energy in the United Kingdom, ensuring that it has access to renewable energy.
SSE developed its strategies to provide renewable energy coincidentally with Boris Johnson’s ten-point plan to resolve climate change problems. The company intended to develop offshore wind farms to generate electricity for households in the UK by the end of this decade.
SSE’s CEO, Alistair Phillips-Davies, explained that the prime minister’s plan is crucial in reviving the economy from the impacts of the coronavirus pandemic. SSE enumerated a 25% drop in its pretax profits and an equivalent of £115 million drops in its operating profits from March to September of this year. These values are compared to similar statistics that the company recorded last year. The company anticipates the impact on profits to reach a minimum of £150 million.
Phillips-Davies articulated that investing in renewable energy infrastructure will help revitalize the economy, create employment opportunities, and create new ventures that will help the entire country recuperate from climate change problems.
The chief executive announced that they have been leading the country to develop green energy and hope to prove their authenticity in creating over 1000 jobs for the citizens. He added that the government has supported its targets with the implementation of policies favoring the green economy.
Boris Johnson revealed that his government would supply £12 billion to align the economy to take up green energy. Additionally, the funds will help develop hydrogen energy technology, nuclear power, renewable energy, and electric vehicle production.
To conclude, other companies that will venture into these clean energy projects include ScottishPower, which will be divesting into green energy for the next five years. Other mega-companies working towards the conversion of the UK to a green economy include Equinor and Vattenfall, among others.https://themarketeagle.com/