It is obvious that SSE have panicked on news of Ofgem’s announcement of an inquiry into the ‘Big Six’ that grew by bleeding us dry following privatisation of the electricity industry.
SSE and its shareholders are worried that following investigation by the Competition and Markets Authority (CMA) SSE will be broken up into smaller companies.
In addition SSE realise that the great wind subsidy scam that they have been ‘farming’ may well end following the CMA report due in 2016.
Reacting to the prospect of investigation they have already dropped their investment in over 1,000MW of wind farm projects and have reduced their involvement in others.
Furthermore SSE now sound less than enthusiastic about involvement the Beatrice project and have substantially reduced their share in this, which includes the Scottish landfall for the Shetland interconnector cable (should anyone be able to afford to lay one).
The CMA inquiry may well result in SSE pulling out of, or being forced to leave, the Viking Energy project.
An SSE pull-out would leave Shetland Charitable Trust and Shetland as a whole to pay the price of this disastrous gamble with the trust’s money and Shetland’s environment.
When will SIC councillors and SCT trustees wake up to the reality that the Viking Energy wind farm project is doomed?
It is now time to pull the plug on this and stop robbing Shetland pensioners of their money to prolong involvement in a project that is uneconomic now and can never be economic in the future without massive government and consumer subsidy.