July 2, 2019 / 11:33 AM / 22 days ago

CORRECTED-InterGen's UK $126 mln Spalding extension gas power plant starts operation

(Corrects last bullet point to show Sev.en Energy is a joint shareholder not Ontario Teachers’ pension plan.)

LONDON, July 2 (Reuters) -

* InterGen’s 100 million pounds ($126 million) Spalding extension gas power plant in the northeast of England has begun commercial operation, the company said on Tuesday.

* Construction of the 300 megawatt (MW) plant began in March 2018 and it has a 15-year capacity market agreement.

* It has been built next to InterGen’s existing 880 MW Spalding gas-fired power plant.

* The capacity market - which pays power producers to be available during times of high demand - was suspended in November 2018 due a European Court ruling.

* An InterGen representative said the company was hopeful the capacity market would be reinstated as soon as possible.

* “If it is not reinstated, then we expect electricity prices to increase significantly in the short to medium term as existing power plants retire earlier than expected,” InterGen said.

* InterGen is jointly owned by Sev.en Energy, China Huaneng Group and China’s Guandong Yudean Group. ($1 = 0.7920 pounds) (Reporting by Susanna Twidale; Editing by MarkPotter)

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