SSE Could Withdraw Its Offshore Wind Investment

SSE plc yesterday issued its Interim Management Statement, in which the company announced a revision of its offshore wind projects, and that could result in cutting back its offshore wind investment.

This is because the UK Government did not include SSE’s Galloper and Beatrice offshore wind projects on the list of ten provisionally affordable offshore wind proposals under the budget caps announced on 4 December, 2013. SSE stated that it will complete a wide ranging review of its offshore wind development portfolio by the end of this financial year (31 March 2014) and will report on its conclusions then.

The company added: “This is one example of why there is greater uncertainty about the shape and extent of SSE’s capital and investment programme in the five years from 2015, and it is likely to be lower than the £1.5bn to £1.7bn range invested in each of the years since 2010.”

Offshore WIND Staff, January 24, 2014; Image: SSE