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Drax Group is buying a portfolio of 2,566 MW of assets following an agreement with Iberdrola, the Spanish parent of Scottish Power
.
Scottish Power said the sale meant it was the first integrated energy company
in the UK to switch entirely from coal and gas to wind.
The assets are understood to include pumped storage power stations in Cruachan, river hydroelectric power plants in Galloway and Lanark, four combined gas cycle turbine stations and a waste-to-biomass facility
.
Scottish Power said the deal would invest £5.
2bn over the next four years in renewables, enhanced grids and smart technology
.
It has 2,900 MW of offshore wind development projects, as well as 714 MW of East Anglia 1 wind farm, and is seeking additional development areas
for the next round of leases.
The company's CEO said: "This is a key shift for Scottish Power as we deliver on our long-term ambitions
.
We are leaving carbon generation for a renewable future, powered
by cheaper green energy.
We've shut down coal, sold natural gas and built enough wind to power
1.
2 million homes.
Every working day we invest more than £4 million to deliver cleaner, smarter electricity
to our customers.
Starting today, we can focus on making energy generation cheaper, reducing carbon emissions faster, building smart grids, and connecting customers to the future of renewable electricity for transportation and heating
.
”
Drax, which owns the largest power plant in North Yorkshire, UK, is trying to move away from coal by a national deadline of 2025 to phase out the most carbon-intensive power generation model
.
The move marks another move away from coal-fired power stations by Drax Group, which has converted four of its six generator sets to burn wood chips
.
The CEO said, "I am excited to have access to this unique and complementary portfolio
of flexible, low-carbon and renewable power generation assets.
”
He added, "This acquisition is of significant financial and strategic importance, providing material value
to our shareholders through long-term earnings and attractive returns.
We combine our existing operational expertise with the technical expertise of our new colleagues, and I look forward to what
we can achieve together.
" ”
:/, please indicate the source for reprinting)
Drax Group is buying a portfolio of 2,566 MW of assets following an agreement with Iberdrola, the Spanish parent of Scottish Power
.
Scottish Power said the sale meant it was the first integrated energy company
in the UK to switch entirely from coal and gas to wind.
The assets are understood to include pumped storage power stations in Cruachan, river hydroelectric power plants in Galloway and Lanark, four combined gas cycle turbine stations and a waste-to-biomass facility
.
Scottish Power said the deal would invest £5.
2bn over the next four years in renewables, enhanced grids and smart technology
.
It has 2,900 MW of offshore wind development projects, as well as 714 MW of East Anglia 1 wind farm, and is seeking additional development areas
for the next round of leases.
The company's CEO said: "This is a key shift for Scottish Power as we deliver on our long-term ambitions
.
We are leaving carbon generation for a renewable future, powered
by cheaper green energy.
We've shut down coal, sold natural gas and built enough wind to power
1.
2 million homes.
Every working day we invest more than £4 million to deliver cleaner, smarter electricity
to our customers.
Starting today, we can focus on making energy generation cheaper, reducing carbon emissions faster, building smart grids, and connecting customers to the future of renewable electricity for transportation and heating
.
”
Drax, which owns the largest power plant in North Yorkshire, UK, is trying to move away from coal by a national deadline of 2025 to phase out the most carbon-intensive power generation model
.
The move marks another move away from coal-fired power stations by Drax Group, which has converted four of its six generator sets to burn wood chips
.
The CEO said, "I am excited to have access to this unique and complementary portfolio
of flexible, low-carbon and renewable power generation assets.
”
He added, "This acquisition is of significant financial and strategic importance, providing material value
to our shareholders through long-term earnings and attractive returns.
We combine our existing operational expertise with the technical expertise of our new colleagues, and I look forward to what
we can achieve together.
" ”
:/, please indicate the source for reprinting)
/
