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Cash-Rich SSE Unveils Massive Wind Project
Thursday, May 21, 2009 11:03 AM


(Source: Evening Standard)trackingBy Robert Lea, Evening Standard, London

May 21--Just a day after Europe's biggest wind farm was switched on in Scotland, Scottish and Southern Energy today unveiled plans for an ever bigger wind project in the Shetland Islands.

SSE announced the plans as it unveiled record profits of £1.25 billion for the year to the end of March, thanks to its charging its nine million Southern Electric customers all-time high household energy prices which on average exceeded £100 month.

Consequently SSE was able to raise its dividend 9 percent to a record 66p for shareholders.

SSE said plans for 150 turbines on Shetland will produce more electricity for up to 500,000 homes, nearly double that to be produced at Whitelee, which was unveiled by arch-rival Scottish Power earlier this week.

The Shetland plans will cause a furore and will only be viable if an undersea cable is linked to the mainland to get the output connected to the National Grid. SSE's results indicate that the company is winning the battle to recruit customers by consistently charging lower electricity and gas rates than its five main rivals, notwithstanding Southern Electric's higher prices this year.

Over the year it has won 600,000 or 7 percent more customers compared to British Gas, whose customer numbers remain flat despite two price cuts in recent months.

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Copyright (c) 2009, Evening Standard, London

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