SSE unveils £33bn investment plan to unlock clean, secure, affordable energy and support economic growth

• Launch of transformational, fully-funded £33bn five-year investment plan.
• Investment in a cleaner, more secure and more affordable energy system will help unlock much-needed economic growth.
• Around 80% of the plan is allocated to grid upgrades, helping more homegrown power reach more homes, businesses and communities more of the time.

SSE plc has announced a £33bn fully-funded five-year investment programme, to transform the UK’s electricity infrastructure and deliver long-term benefits for society.

The “Transformation for Growth” plan will see a major ramp-up of SSE’s capital investment over the next five years, with 80% directed towards regulated electricity networks and the remainder into renewables and flexible generation technologies.

SSE plans to invest around £22bn in its electricity transmission network in the north of Scotland, the majority of which will support 11 well-established projects, part of the Pathway to 2030 programme, that will expand and strengthen the existing infrastructure. These vital network upgrades will eliminate bottlenecks and connect clean, homegrown energy to the areas where it’s most needed.

Around £5bn will be invested in SSE’s distribution networks in the north of Scotland and central southern England. This investment will help to support huge centres of growing demand from homes, businesses and communities, as well as enabling the connection of low-carbon technologies in these areas.

The remainder of the investment will support renewables and flexible generation technologies, including delivering projects such as Dogger Bank, which is currently under construction and will become the world’s largest offshore wind farm when operational. Over the next five years, SSE’s “Transformation for Growth” plan will help to unlock wider economic growth. SSE already supports 67,000 jobs directly and through its supply chains and with this ramping up of investment, that number is expected to increase significantly.

Martin Pibworth, Chief Executive of SSE plc, said:

“Today’s transformational investment plan will help build a cleaner, more secure and more affordable energy system. Upgrading the UK electricity network offers a once-in-a-generation opportunity for accelerated investment that is underpinned by secure UK Government regulatory frameworks. It will unlock much-needed growth across the wider economy and support thousands of jobs over the course of the plan.

“Our focused, disciplined and comprehensively funded investment plan will improve lives, whilst creating sustainable value for our shareholders and society for decades to come.”