•  Global Renewable News

Centrica signs landmark balancing and hedging contract for wind farm

November 9, 2017

The 650 MW wind installation Markbygden ETT in Sweden will be delivered and operated by the project sponsors GE and the Green Investment Group Limited (GIG), part of Macquarie Group.

Neas Energy, part of Centrica, has entered into a long-term route to market contract with the project sponsors based on a new and advanced balancing and hedging structure. 

"We are excited to have been chosen by the project sponsors to provide route to market services and deliver a pioneering solution for cross commodity hedging" explained Cassim Mangerah, Managing Director of Centrica Energy Marketing & Trading.

"Neas Energy has been active in Sweden for several years and this project re-affirms our commitment to the development of renewable infrastructure projects in the Nordic region."

The agreement includes a number of financial and physical cross-commodity products and services to manage the market price risks related to the Swedish subsidy scheme, in conjunction with balancing services to manage the sale of power production in the Nordic spot market.

Behind the services provided by Centrica is a 19-year fixed volume Power Purchase Agreement (PPA) between the project sponsors and a subsidiary of Norsk Hydro, one of the largest aluminium producers in the world. This makes the PPA for the Markbygden ETT wind farm the largest known corporate PPA in the world, adding to the more than 1GW of renewable energy procurement capacity purchased by European corporate off-takers in 2016.

Click here to read the full press release.

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