E.ON UK Press Releases

07 September 2016 11:56
E.ON announces sale of transmission assets at Humber Gateway

E.ON has announced that it has signed an agreement for the sale of transmission assets at its Humber Gateway offshore wind farm to a consortium comprising Balfour Beatty Investments and Equitix[1].

 

Balfour Beatty Investments and Equitix were selected by Ofgem in September 2015 as the preferred bidder to own and operate the offshore transmission link. The divestment is necessary due to regulatory requirements relating to the ownership of transmission and generation asset.

 

The final sale price for the transmission assets is £162.9m. The annual revenue required to cover the transmission network charges that E.ON’s Humber Gateway will pay for the next 20 years, will be proportionally the lowest amongst all previous Offshore Transmission Owner (OFTO) transactions. Therefore, it is the most competitive OFTO assets disposal for an offshore wind farm developer in the UK to date.

 

Humber Gateway is one of several major renewable energy projects in E.ON’s portfolio in the UK, which also includes London Array, the world’s largest operational offshore wind farm, Blackburn Meadows Biomass Plant in Sheffield and the Rampion Offshore Wind Farm project currently in construction 13km off the Sussex coast.

 

The Humber Gateway wind farm, which remains 100 percent owned by E.ON, has 73 turbines located 8km off the Holderness coast and went into full operation in May 2015. It has a capacity of 219MW, which is enough electricity to power 170,000 homes[2] or around one and a half times the size of Hull.[3]

 

Ends

 

Notes to editors

[1] Balfour Beatty Equitix Consortium is a consortium comprising Balfour Beatty Investments Limited and Equitix Limited;

[2] Based on an average annual domestic household electricity consumption of 4,725kWh (DECC);

[3] Based on 2011 census data

 

For more information contact:

Scott Somerville: scott.somerville@eon-uk.com / 07889 771 804

Roxanne Postle: roxanne.postle@eon-uk.com / 02476 195 785

The information (including any forecasts or projections) contained in this press release (the "Information") reflects the views and opinions of E.ON on the date of this press release.  The Information is intended as a guide only and nothing contained within this press release is to be taken, or relied upon, as advice.  E.ON makes no warranties, representations or undertakings about any of the Information (including, without limitation, any as to its quality, accuracy, completeness or fitness for any particular purpose) and E.ON accepts no liability whatsoever for any action or omission taken by you in relation to the Information. Any reliance you place on the Information is solely at your own risk.  This press release is the property of E.ON and you may not copy, modify, publish, repost or distribute it. © E.ON 2016

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