SSE to scale back after wind farm blow
Energy firm SSE is reviewing its activities in offshore wind power and set to cut its capital investment programme.
SSE was disappointed that neither its Galloper nor Beatrice offshore wind farms – in which it has stakes of 50% and 75% respectively – were included in the government’s 'provisionally affordable' list of renewables projects. On the back of this, it will now conduct “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.
In a trading statement today, SSE said: “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.”
Galloper Wind Farm is a joint venture with RWE, planned to be built off the Suffolk coast. It was granted development consent in May 2013 by the secretary of state for energy and construction had been expected to start late 2016.
Beatrice Offshore Windfarm Limited (BOWL) is a joint venture with Repsol Nuevas Energias UK. In February 2009 the JV was awarded an exclusivity agreement by the Crown Estate to develop the wind farm in the Outer Moray Firth, 13.5km off the Caithness coastline.
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This article was published on 23 Jan 2014 (last updated on 24 Jan 2014).