June 20, 2018 / 2:45 PM / 8 months ago

SSE to enter Seagreen Scottish offshore wind project into subsidy auction

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 -

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.

- 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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