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Former Ofgem chief joins Storegga board

© ShellScottish CCUS
The St Fergus Gas Terminal is the base for the Acorn CCS project.

Storegga Geotechnologies, the lead developer behind a north-east carbon capture and storage (CCS) project, has appointed Alistair Buchanan CBE as a non-executive chairman.

Mr Buchanan brings with him a “wealth of experience” having spent more than 30 years in the energy industry, 10 years of which was spent as chief executive of Ofgem.

While at the gas and electricity markets regulator, he led the creation of the regulatory structures for both the offshore wind industry and the total revision of the onshore network regulatory regime.

© Supplied by Camarco
Alistair Buchanan CBE

This experience will enable Storegga to provide “further assurance” to both the Department for Business, Energy and Industrial Strategy (BEIS) and Ofgem during future critical discussions on the shape of carbon and hydrogen markets, and the regulatory process to be adopted.

During his career, Mr Buchanan trained as a chartered accountant at KPMG and then went on to become an award-winning energy sector analyst and head of research for banks in New York and London.

Between 2008 and 2009, he was a non-executive director and member of the audit committee at Scottish Water.

Moreover, between 2018 and 2020, he was on the board of Thames Water, again as an independent non-executive director.

Mr Buchanan also sat on the boards of Durham University, his alumni, and Royal Holloway University.

He returned to KPMG in 2013 as a partner and served for five years.

Storegga is the holding company for Banchory’s Pale Blue Dot Energy, the driving force behind the Acorn CCS project.

The initiative is housed at the St Fergus gas plant, near Peterhead, and could become operational by the middle of the decade.

Dr Nick Cooper, Storegga CEO, commented: “We are delighted that Alistair has agreed to join the experienced management team of Storegga as non-executive chairman.

“Our board and senior team have the skillsets and experience to play a leading role in meeting the UK’s net zero commitments and in delivering shareholder returns. Alistair joins us at a time of acceleration in both the Acorn Project and our international initiatives.”

Mr Buchanan, said: “I look forward to leading the Board of Storegga at this exciting time in its development.

“The Company is pioneering carbon reduction and removal for the net zero world initially through its Acorn CCS, Acorn Hydrogen and Storegga Direct Air Capture projects.

“These are positioning the UK as a global leader in CCS solutions. I am looking forward to working with Nick and the team to deliver for all Storegga’s stakeholders.”

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