The next UK government should go faster and harder on offshore and onshore wind in a bid to reach the net zero targets by 2050, according to SSE Chief Executive Alistair Phillips-Davies.
In its interim results, SSE called on political leaders to put renewable power “front and center” of the plans to tackle climate change.
The company stated that the most recent offshore wind auctions achieved record low prices and more projects could be built quickly to help decarbonize the UK’s power generation.
“The climate emergency needs action now and offshore wind has proven itself to be one of the most cost effective ways this country can decarbonise and get on the road to Net Zero,” said Phillips-Davies. “Coupled with lifting the moratorium on onshore, the next Government could deliver at least another 10GW of clean, green energy, before the end of its term – enough to power over seven million homes.”
The next five years are critical if the UK is to take climate action, the Chief Executive stated.
In the interim results, SSE reported an adjusting operating profit of GBP 491.9 million, which is 14% up. Capital and investment expenditure was GBP 638.2 million, down 19%.
The adjusted net debt and hybrid capital was GBP 10.3 billion, reflecting the ongoing capital investment program, share buybacks and debt revaluations adjustments partially offset by shareholder loans and dividends received following the refinancing of the Beatrice offshore wind farm.
Generally wet and windy weather since September resulted in renewable output for the year slightly ahead of plan with the Renewables operating profit at GBP 149.9 million, SSE said.
To remind, in the UK’s third Contracts for Difference (CfD) Allocation Round, SSE won contracts to build the 3.6GW Doggerbank offshore wind project with Equinor, as well as the 454MW Seagreen offshore wind farm.