Investment in New Energy Technologies Institute

Scottish and Southern Energy plc ("SSE") has agreed to become a partner in the new Energy Technologies Institute, the details of which have been announced by the Chancellor of the Exchequer. It will provide the Institute with up to £2.5m a year for five years.

The Institute's remit is to accelerate the development of secure, reliable and cost-effective low-carbon energy technologies towards commercial deployment. The Government has committed to provide 50% of the core funding of the Institute, with the balance being received from private sector investment. Its establishment is intended to secure a significant increase in investment on energy research and development in the UK.

The Chancellor of the Exchequer, the Rt Hon Gordon Brown MP, said: "I am delighted that SSE will be the first Scottish-based company to invest in the new Institute. I welcome the important role which it will play in the Institute in supporting the identification of key energy technology solutions."

Ian Marchant, Chief Executive of SSE, said: "I believe that the new Institute will help to transform the UK's energy technology research and will help to speed up the development and deployment of cost-effective and low carbon energy technologies. In this area, the interests of the UK and SSE clearly coincide: we need to identify new means of producing energy which will help to secure reliable and lower carbon supplies of energy. The launch of the Institute therefore marks a very positive step forward."

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Posted 03/11/06

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