Power firm SSE says backing renewables can help get Britain closer to energy self-reliance
The chief executive of British power firm SSE says a rapid build-out of renewable projects can help the U.K. to secure its energy security and bring costs down for consumers.
“Consumers everywhere across Europe have seen prices rise significantly,” SSE CEO Alistair Phillips-Davies told CNBC’s Arabile Gumede from the firm’s Viking Wind Farm in the Shetland Islands, Scotland.
“Across the U.K. and Ireland, markets that we really operate in, we’ve probably seen prices double over the last 18 months to two years, we can bring those costs down hugely by building more renewables, by getting the energy transition right in the sense of bringing energy home,” Phillips-Davies said.
“We don’t want to be importing oil and gas from far-flung places that we no longer want to deal with and where we no longer trust the regimes. Let’s get back to building our own infrastructure, relying on what we’ve got and making sure not only we get it a lot cheaper but also, we have got a lot more security of supply because we’re in control of it.”
Russia’s full-scale invasion of Ukraine in Feb. 2022 prompted a radical upheaval of Europe’s energy supplies. Moscow was formerly the region’s top supplier of oil and gas imports.
Many countries in Europe have since pledged to end or restrict oil and gas imports from Russia as part of a concerted bid to hamper Russian President Vladimir Putin‘s ability to finance the war in Ukraine.
U.K. Energy Security Secretary Grant Shapps reaffirmed the government’s plan to deliver greater energy independence last month, pledging to seek to power the country by switching to home-grown sources, including nuclear and renewables.
Asked whether the U.K. possessed enough wind energy to power at least most of the U.K., SSE’s Phillips-Davies replied, “I definitely think the U.K. has got a huge amount of natural resources. We’re up here in Shetlands now, the wind is blowing strongly, it is a very windy place all around the coast and shores as well.”
He added, “Although we’re here at a big onshore wind farm, what will be the most productive in the U.K., there are vast resources offshore as well. So, as we build more and more of that, I think we can drive closer and closer to that energy self-sufficiency — as long as we have enough storage and flexible backup for when the wind isn’t blowing and the sun isn’t shining.”
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JPMorgan Chase says it will invest $10 billion into industries critical for national security
JPMorgan Chase on Monday said it is launching a decade-long plan to help finance and take direct stakes in companies it considers crucial to U.S. interests.
The bank said in a statement it would invest up to $10 billion into companies in four areas: defense and aerospace, “frontier” technologies including AI and quantum computing, energy technology including batteries, and supply chain and advanced manufacturing.
The money is part of a broader effort, dubbed the Security and Resiliency Initiative, in which JPMorgan said it will finance or facilitate $1.5 trillion in funding for companies it identifies as crucial. It said the total amount is 50% more than a previous plan.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” JPMorgan CEO Jamie Dimon said in the release.
As the biggest American bank by assets and a Wall Street juggernaut, JPMorgan was already raising funds and lending money to companies in those industries. But the move helps organize the company’s activities around national interests at a time of heightened tensions between the U.S. and China.
On Friday, markets tumbled as President Donald Trump announced new tariffs on Chinese imports after the major U.S. trading partner tightened export controls on rare earths.
In the release, Dimon said that the U.S. needs to “remove obstacles” including excessive regulations, “bureaucratic delay” and “partisan gridlock.”
JPMorgan said that within the four major areas, there were 27 specific industries it would look to support with advice, financing and investments. That includes areas as diverse as nanomaterials, autonomous robots, spacecraft and space launches, and nuclear and solar power.
“Our security is predicated on the strength and resiliency of America’s economy,” Dimon said. “This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand and advancing technologies like semiconductors and data centers.”
The bank said it would hire an unspecified numbers of bankers and create an external advisory council to support its initiative.
This story is developing. Please check back for updates.
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