Chancellor visits Acorn at St Fergus Gas Terminal
The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, visited St Fergus Gas Terminal today, for an overview of the Acorn project, following the UK Government’s Spending Review announcement in June confirming £200 million of development funding.
The Chancellor was welcomed by Acorn General Manager, Nic Braley and North Sea Midstream Partners Chief Executive, Angela Fletcher, as well as Tim Stedman, CEO of Storegga, the lead developer of Acorn. The visit underscores the UK Government’s commitment to Scotland’s clean energy transition, and the vital role Acorn could play in safeguarding and creating thousands of jobs across the region.
The £200 million investment will support Acorn’s progress toward Final Investment Decision (FID), with the potential to safeguard up to 18,000 North Sea jobs and generate 15,000 new roles as Scotland transitions to a low-carbon economy.
Following a tour of the facility, including where the proposed Acorn facilities will be built, the Chancellor met with energy and trade representatives from the region including Acorn and Scottish Cluster partners.
Nic Braley, General Manager, Acorn, commented:
“We welcome the Chancellor’s visit and the UK Government’s commitment to supporting the Acorn project. The funding announced in the Spending Review is a critical step in enabling the development work needed to reach Final Investment Decision.
“Today’s visit is a strong signal of government confidence in Acorn. As we move forward, we remain actively engaged with both the UK and Scottish governments to define our development programme and secure the committed funding.
“Acorn has a central role to play in delivering the UK’s energy security, protecting vital jobs, and enabling a just transition for communities in Scotland and beyond.”
Chancellor of the Exchequer, Rachel Reeves, on today’s visit:
“We’re seizing the huge potential and opportunities that Scotland has on offer. Whether it’s in defence to keep the UK safe, or clean energy to power all corners of the country, this government is backing Scotland with billions of pounds of investment to grow the economy and create jobs.”