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Energy / Viking not affected by SSE’s review of key investments

Viking compound. Photo: Shetland News

RECENT comments by the chief executive of SSE that the new windfall tax will force the energy giant to cut back its investment programme will have no impact on the Viking wind farm project.

The UK Government hopes to generate an extra £14 billion over six years by imposing a temporary 45 per cent windfall tax on low carbon energy generators who have been making huge profits on very high wholesale electricity prices.

Responding to the tax measure Alistair Phillips-Davies said the new windfall tax would hit the company as it means SSE has less to invest.

“We will have to review what we are spending,” he said in a radio interview at the weekend. “We will absolutely have to review some of our key investments, there is no doubt.”

A spokesperson for SSE Renewables, the owner of the £600 million Viking Energy wind farm, clarified on Monday that the 103-turbine project currently being built in Shetland will not be affected by any review process.

The wind farm is due to be operational by 2024.

“SSE is focused on providing the long term solutions to the energy crisis and the Viking wind farm project will play an important role in this as one of Europe’s most productive onshore wind farm when complete,” the spokesperson said.

They added: “Alistair’s comments on the impact of the Electricity Generators Levy pointed out that if the company has to pay more taxes in the future it will inevitably have less money to invest and therefore it is prudent to review the impact this might have on future projects.

“We are now discussing the details of the levy with the UK government, but SSE has been clear that we will invest more than we make in profits this decade.

“This includes a potential programme worth £15bn in Scotland and £24bn across the UK demonstrating our commitment to building a future homegrown energy system that is cheaper, cleaner and more secure.”

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