7042
UK Set for $5.7b Power Bill to Keep Lights On
Energy

UK Set for $5.7b Power Bill to Keep Lights On

UK utilities for the first time bid for government payments to keep their power plants open and avoid blackouts on Tuesday.
Companies from EON SE to Electricite de France SA will compete to secure contracts to deliver power from the winter of 2018, with 25 percent more capacity on offer than is being sought. Payments may be as high as $5.7 billion under the terms of the auction, according to Bloomberg.
The tender is intended to encourage power stations to stay connected to the network and spur building of new plants as pollution rules force some coal-fed facilities to shut and previously unprofitable gas generators are mothballed.
The government seeks 48.6 gigawatts in the auction, or about 90 percent of peak demand. It is also aiming to incentivize 20 gigawatts of new power generation by 2030 through the contracts offered by the annual capacity mechanism auction.
Almost 65 gigawatts of power capacity has qualified for the winter 2018 sale, which can last as long as four days, according to National Grid Plc, the UK network operator running the auction.

 

Short URL : http://goo.gl/hGcjLx

You can also read ...

Oil Industry Bosses Will Discuss OPEC Policy
Key oil ministers and company executives will gather in Russia...
China, India Lead Solar Expansion
India and China are driving a rapid global expansion in large-...
Russia Eying Crimea Energy Resources
Russia should explore the Crimean continental shelf for...
Brent and WTI crudes stood at $79.39 and $72.47 per barrel on Tuesday.
Oil prices rose on Tuesday on concerns that Venezuela’s crude...
NISOC Efforts to Develop 4 Major Oilfields on Track
The National Iranian South Oil Company's efforts to boost...
NIOPDC to Export  8,000 Tons of Diesel
Close to 10,000 tons of diesel were exported to Iraq and...
Smart Electricity Meter Project Awaits Funds
The venture to complete the replacement of 450,000 old...

Trending

Googleplus