Posted on: 05/02/2019
Octopus in networks investment
Eclipse Power, an independent electricity distribution network operator (IDNO), has sealed a “multi-million pound” funding deal with Octopus Investments.
Octopus is already the largest non-utility investor in onshore renewables in the UK and the largest commercial solar player in Europe.
IDNOs compete with incumbent network operators to connect customers to the grid.
Major new oil and gas find in North Sea
The new “Glengorm” reservoir beneath the North Sea could hold the equivalent of 250 million barrels of oil.
The oil and gas were discovered by Chinese operator CNOOC, French giant Total and Hungarian firm Euroil.
Glengorm has been hailed by analysts as the largest gas find in the UK since Culzean in 2008.
Battery storage funding boost
The Department for Business, Energy & Industrial Strategy has launched a £20 million competition to stimulate the battery storage market.
Three demonstration projects will begin operating by the end of 2021.
The batteries will need to have either a minimum capacity of 50MWh or a minimum output of 30MW.
Ofgem appoints supplier for Our Power Customers
The energy regulator has selected Utilita Energy to take on the 31,000 domestic customers left without a supplier following the collapse of Our Energy.
Ofgem said: “Utilita has committed to make significant improvements in its complaints handling and answering of phone calls by end of March – making it easier for customers to contact them.
“This will improve customer service both for Utilita’s existing customers, and incoming Our Power customers.”
SSE in £635m wind farm deal
SSE has agreed to sell a 49.9% stake in its Stronelairg and Dunmaglass wind farms to Greencoat UK Wind in a £635m deal.
The stakes equate to 160.6MW of capacity, with an average valuation for the two wind farms of around £4m per MW.
SSE said the sale was in line its strategy to create value from development and operation of renewable assets and recycle capital in the right opportunities.