SSE joint-venture wind farm receives development consent
Galloper offshore wind farm, the 50:50 joint venture between FTSE 100-listed renewable electricity and gas supplier SSE and RWE npower renewables, has received development consent from the Secretary of State for Energy and Climate Change, an update issued by SSE on Friday has disclosed.
Galloper offshore wind farm, the 50:50 joint venture between FTSE 100-listed renewable electricity and gas supplier SSE and RWE npower renewables, has received development consent from the Secretary of State for Energy and Climate Change, an update issued by SSE on Friday has disclosed.
The Galloper site is located 27km off the Suffolk coast, adjacent to the fully operational Greater Gabbard offshore wind farm, and has a potential capacity of up to 504 megawatts, according to SSE.
Jim Smith, Managing Director of Renewables at SSE, commented: "We very much welcome this decision which provides important reassurance about DECC's[the Department for Energy and Climate Change]commitment to offshore wind."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He added: "As well as having the potential to generate significant amounts of renewable energy, Galloper is a major infrastructure project that will bring investment and jobs into the UK."
SSE's share price was down 0.86% to 1,610p at 13:50 on Friday.
MF
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
26 million Brits at risk of retirement shortfall if state pension triple lock were to be scrappedCurrent projections of pensioner poverty assume the state pension triple lock will be in place for the next 50 years. Critics say this is unlikely and revised figures showing pension undersaving among millions more people give a truer picture of the crisis
-
Reeves calls on regulator to investigate steep private dental chargesThe chancellor has asked the Competition and Markets Authority (CMA) to look into the high costs of dental treatment amid concerns over rising prices which essentially locks people out of the system
