Nationalising power – Good or Bad?
The Chief Executive of SSE, Alistair Philips-Davies, says that nationalisation of power would make it harder for green energy projects to be built and could disrupt attempts to reduce carbon emissions.
For the upcoming general election, Labour has pledged to nationalise energy networks by setting up a state-owned company to develop and own stakes in offshore wind farms.
However, according to the SSE Chief Executive, nationalising energy infrastructure after the general election would make it more difficult to build renewable energy projects and would threaten the UK's ambitions to become net-zero-carbon emissions before 2050.
SSE owns various power stations and renewable energy assets, as well as operating a networks business to provide electric cabling and connections.
SSE recently revealed that in its half-year results to the end of September, its Energy Services division (Serving northern Scotland and central and southern England) had lost more than 300,000 customer accounts. Taking it down to 6.15 million.
The division made an adjusted operating loss of £7.4 million.
On top of this, the £500 million sale of SSE Energy Services to Ovo is subject to an investigation by the Competition and Markets Authority. A decision we can expect before the end of the year.
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