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United Kingdom

United Kingdom

Statkraft signs 545MW offshore PPA with Dong

UK: Norwegian utility Statkraft has signed a £160 million offshore power purchase agreement with Dong Energy.

The deal is for 50% of the electricity produced on the Burbo Bank, Gunfleet Sands, Walney and London Array projects. The initial capacity of the projects is 127MW, which will rise to 545MW.

The contract runs for the next two years and is based on a variable spot price. Dong said the deal equated to £160 million based on current UK forward prices.

Speaking about the deal, Dong senior vice president of portfolio management Henrik Valgma said: "We are very happy about closing this deal with Statkraft which we see as an important and reliable counterparty going forward. The negotiations has been hard, but performed in a constructive and respectful way. This atmosphere, for sure, paves the way for more future cooperation."

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