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Energy potential must be maximised |
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Tuesday, 12 August 2008 |
Scotland must exploit its natural energy advantages, both in terms of fossil fuels like oil and gas, and renewable opportunities such as wind and tidal energy, in order to guarantee its economic future, First Minister Alex Salmond said yesterday.
Salmond made the comments at a reception for energy sector representatives at Duff House in Banff.
“While we are confident Scotland's economy is well placed to address the challenges presented by the current economic climate, the Scottish Government will do all we can to support key industries like the energy sector – which has the potential to make a significant contribution towards our goal of increased sustainable economic growth, despite international challenges. The value of our oil is an all time high yet we have still to reap the full benefits of our natural resources.
“A Scottish Oil Fund - a concept supported by over 80 per cent of people in Scotland – can deliver direct and long term benefits. The Norwegian Oil Fund, for example, was only created in the mid-1990s, with relatively small initial payments, yet is now worth some £200bn. With over half of the revenue from Scottish oil still to come, now is the time to develop a fund for future generations. We are making great strides in becoming a world leader in renewable energy and have the potential to generate 10 times Scotland's peak demand for electricity. In the last few weeks, we have announced a new biomass plant at Markinch, an extension to Crystal rig windfarm and the creation of Europe's largest windfarms in South Lanarkshire – an investment of around £800m in wind and biomass.”
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