Gas-fired power stations and gas storage propelled SSE’s half-year profits to £450 million but the operator has one eye on the low-carbon future as it plans 2GW of carbon capture and hydrogen storage capacity.
The electricity infrastructure company said it invested almost four times (£1.7bn) as much as it made in profits in the first half of its financial year, according to its interim results.
By SSE’s own estimates, if the system investment required to meet 2030 targets had been delivered by 2022, around £30bn would have been saved in UK expenditure on gas this year, according to Alistair Phillips-Davies, SSE Chief Executive.
“We therefore know cheaper, cleaner and more secure energy is coming, it just needs to be built and SSE is building at pace,” he said.
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