June 20, 2018 / 2:45 PM / 3 months ago

SSE to enter Seagreen Scottish offshore wind project into subsidy auction

LONDON (Reuters) - British utility SSE SSE plans to enter its Seagreen wind project that lies off the coast of Scotland into Britain’s auction for renewable subsidies next year, it said on Wednesday.

FILE PHOTO: An SSE vehicle is parked outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne -

- Seagreen Wind Energy Limited, developing the project, is a 50/50 joint venture between SSE and Fluor Limited, the British operating arm of Fluor Corporation (FLR.N).

- The project initially received planning consent in 2014.

- “Since 2014, offshore wind technology has advanced significantly with larger and more efficient turbines able to generate additional power,” SSE said.

- The cost of producing electricity from wind farms has plummeted in the past few years, with the latest renewable auction clearing last year at a low of 57.50 pounds ($76) per megawatt hour (MWh).

- If built, the project would be capable of generating enough electricity to power up to 670,000 homes, SSE said.

- The next contracts-for-difference (CfD) subsidy auction will take place in spring 2019.

- Under the CfD scheme, winning projects are guaranteed a minimum price at which they can sell electricity.

Reporting By Susanna Twidale; Editing by Edmund Blair

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