Maintaining energy investment in wake of Brexit vote

Ahead of SSE entering its close period on 28 September, our Chief Executive Alistair Phillips-Davies has written to Greg Clark MP, the Secretary of State for Business, Energy and Industrial Strategy, outlining the company’s views on the implications for energy consumers following the UK’s decision to vote to leave the European Union.

In the letter SSE outlines its three priorities for the development of the post-Brexit Great Britain and Northern Ireland energy markets are for Government to:

  • Provide stability for future and existing UK energy investments by maintaining existing energy policy frameworks; 
  • Ensure continued security in UK energy supplies by retaining the ability to access and trade with European electricity and gas markets; and 
  • Enabling Northern Ireland energy consumers to continue to benefit from market efficiencies by maintaining the Single Electricity Market and arrangements for gas.

Alistair Phillips-Davies commented: “We said prior to the referendum that regardless of the result it would not present an immediate risk to how we serve our customers or our investment levels and that remains the case. We remain committed to our investment plans of around £5.5bn in the period 2016-20.

“Indeed SSE is already investing heavily in Great Britain and Ireland through projects like the Beatrice offshore wind farm in the Outer Moray Firth; rolling out smart meters for our customers throughout the UK; the Galway Wind Park in Ireland; and the Caithness-Moray Electricity Transmission line in the north east of Scotland.

“Few argue the GB and Ireland energy markets don’t need investment if they’re going to continue to maintain reliable, affordable and lower-carbon energy supplies and change is inevitable in our industry, more so given the result of June’s referendum.”

SSE is a UK-listed energy company, and the broadest-based energy company in the UK and Ireland. It operates across the energy value chain in the GB energy market, and generates and supplies energy to electricity and gas customers in Northern Ireland and the Republic of Ireland. Electricity in Ireland and Northern Ireland is traded via the All-Island Single Electricity Market (SEM). As the UK - EU energy relationship develops SSE’s focus will be to identify opportunities that can benefit customers, employees and shareholders. It is their interests that will guide SSE’s approach.

To read the full letter click here.