tag:blogger.com,1999:blog-388954682024-03-19T21:42:10.915+00:00Redfield Consulting's blogRedfield Consulting has been providing strategic, commercial and economic support to companies in the renewables and carbon capture sectors since 2001.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.comBlogger122125tag:blogger.com,1999:blog-38895468.post-22861669095784924212018-05-18T17:27:00.000+01:002018-05-18T17:27:13.114+01:00Energy equivalence I thought it might be useful to have some figures on energy equivalence to hand.<br />
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According to https://www.investopedia.com/terms/b/barrelofoilequivalent.asp, a typical barrel of oil contains energy content of 1.7 MWh.<br />
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In perspective, the Beatrice offshore wind farm, currently in the latter stages of installation, has an installed capacity of 588MW, and might be expected to generate at a typical capacity factor of 45-50%. This would be equivalent to 588 *24 *50% = 7,350 MWh/day. This would be the energetic equivalent of an oil well producing 4,300 barrels of oil per day.<br />
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In March 2018, the Oil & Gas Authority said that UKCS production amounted to 1.63 million boe/day (https://www.ogauthority.co.uk/media/4647/projections-of-uk-oil-and-gas-production-and-expenditure-march-2018.pdf). In energy terms, that's 1.63 million * 1.7MWh = 2.8 million MWh/day.<br />
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With a typical 8 MW wind turbine generating 8 * 24 * 50% = 96 MWh each day, that suggests that to entirely replace UK oil and gas (from an energy perspective), we'd need 28,000 turbines. <br />
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Gosh.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-547533096577550572018-01-02T13:42:00.003+00:002018-01-02T13:42:52.647+00:00The energy quadrilemma?There's been plenty written and said about the energy trilemma - balancing security of energy supply, carbon impact and energy cost. <br />
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But there's another aspect of the energy problem which has been emerging recently - the impact on local economies of spending choices. I'm not sure it really rates high enough to be another horn of the energy problem (making an energy quadrilemma), but it does seem to be becoming part of the way policy makers think.<br />
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To give a couple of examples, BVG recently published a think piece in which they said that when assessing energy technologies, using the LCOE metric, consideration should be given on where the spend relating to the energy alternatives would happen, and that the effect of local spend (and associated multiplier effects) should be a factor in this decision making.<br />
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In a practical application, Wave Energy Scotland argues that part of the case for continuing to support wave energy technologies is that they have the potential to create jobs in areas of Scotland where employment is otherwise hard to find, poorly paid or both. They argue that paying a little more for wave energy, to enjoy the social benefits arising from local spending, is a factor in favour of wave energy.<br />
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In my view, it may be hard to justify a "social premium" in electricity costs for consumers, but if Governments feel that this is a more cost effective way to support local populations (when compared, say, with direct investment in enterprise and training, or in benefits), then it can't be too difficult to construct a mechanism under which Government pays these social costs.<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-90464456048271245252017-11-28T19:58:00.000+00:002017-11-28T19:58:26.233+00:00The Saudi Arabia of....I’ve heard about things being the Saudi Arabia of various kinds of energy too many times. Let's analyse that statement:<br />
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Saudi produces around 10 million barrels of oil a day - and a barrel of oil contains around 6 GJ.<br />
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Let's put that in scientific notation, as the zeroes will get away from us:<br />
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10^7 barrels at 6*10^9 J = 6*10^16 J/day.<br />
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Over one year, that equals 365 * 6*10^16 = 2.2 * 10^19 J/yr<br />
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Now let's look at wind farms: a 1GW Wind farm, operating at a capacity factor of (let’s be generous) 50%, over a year produces 8760 * 60 * 60 * 50% * 10^9 = 16 * 10^15 J/yr = 1.6 * 10^16 J/yr<br />
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Roughly speaking, dividing 2.2 * 10^19 by 1.6 * 10^16 = about 1400.<br />
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So we need 1400 x 1 GW wind farms to be energy equivalent to Saudi Arabia. With 12 GW already installed in Europe, and plans to get to around 230 GW by 2030, we're a long way off. And as for the tidal energy claim, I think it only stands up if we consider it a commentary on concentration of resources, not absolute levels.<br />
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John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-89269001679051167412017-11-22T16:45:00.001+00:002017-11-22T16:45:46.599+00:00LCOE - why it's unfair on renewables technologies and how wind is cheaper than you thinkI've been playing around with Levelised Cost of Energy and have seen that some arbitrary choices in its application can unfairly discriminate against renewables projects. Renewables projects are long term and have low operating costs, and high capex, whereas conventional thermal projects have lower capital cost as a proportion of total costs, and higher operating costs (because of their fuel costs).<br />
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LCOE is conventionally calculated as NPV(costs)/NPV(energy) - the discounted sum of costs divided by the discounted total energy production. Hidden within this are two critical factors - discount rate, and inflation rate. There's a third one, too, which is a bit more difficult to handle - uncertainty in fuel gas prices.<br />
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LCOE is usually calculated without any inflation and BEIS' most recent Electricity Generation Costs report applies a discount rate of 7.8% to gas, but 8.9% to offshore wind. On this basis, BEIS has CCGT's LCOE (exceeding carbon taxes) at £47/MWH, and offshore wind at over £100. <br />
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It gets interesting when you scale back the offshore wind costs, to get an LCOE equal to the recent strike prices under CfD2 of £57.50.<br />
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<u>Inflation</u><br />
Current HMG inflation forecasts are about 2-3% - and it seems that adding inflation at 2% to the BEIS figures increases the CCGT LCOE to £60/MWh and the offshore wind one to £64/MWh - a much closer gap.<br />
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<u>Discount rate</u><br />
Given that the revenue risk in offshore wind CfD projects is much mitigated by the CfD (and its Government backing), and there is real variability in future gas prices, it seems reasonable to use the same discount rate for CCGT and offshore wind. Especially if the offshore wind develop can mitigate capex risk through its contract structure. At the same discount rate, the offshore wind LCOE (in an inflation free work) falls from £57.50/MWh to £54/MWh.<br />
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<u>Combination</u><br />
If you accept my points on both inflation and discount rates, the LCOE's for the technologies align at £60/MWh!<br />
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And that's before you consider the fuel price risk faced by CCGT projects (or the intermittency of offshore wind, to be fair).<br />
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But this does suggest that offshore wind isn't just miles cheaper than nuclear, it's also competitive with the backbone technology of CCGT!<br />
<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-18913422660229893932017-11-15T13:24:00.001+00:002017-11-15T14:17:19.362+00:00ITES 2017Busy this week attending the International Tidal Energy Summit. Ambitious title, but legitimate, because there are developers here from Scotland , Spain, United States and Wales.<div><br></div><div>There’s lots of discussion about how to reduce levelised cost of energy and whether it’s best to start small and innovate quickly or go large soon. </div><div><br></div><div>What do you think?</div>John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-30679195953109645152017-09-29T13:36:00.003+01:002017-09-29T13:37:10.255+01:00Redfield Tidal Report<attachment aria-label="Redfield Tidal Report flyer.pdf" class="Apple-web-attachment" id="<A418A40C-D280-49E1-8D9F-643393911A56@lan>" role="button" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; color: black; font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;" title="Redfield Tidal Report flyer.pdf" type="application/pdf"></attachment><br />
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<span class="" style="font-size: small;">Redfield Consulting is pleased to announce that its updated Tidal Energy Report is now available. Covering more than 150 tidal energy devices, and reviewing the top 20 in more detail, the report provides an authoritiative and objective overview of the current state of the tidal stream energy sector.</span></div>
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<span class="" style="font-size: small;">For device developers, it provides a review of the competitive landscape; for potential investors, it permits identification and high-grading of potential investment opportunities.</span></div>
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<span class="" style="font-size: small;">It is available as a pdf for £295+VAT, or in hardcopy for £350+VAT. More details are available in the flyer available at <a href="http://www.redfieldconsulting.co.uk/Redfield%20Tidal%20Report%20flyer.pdf">http:www.redfieldconsulting.co.uk/Redfield Tidal Report flyer.pdf</a></span></div>
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<span class="" style="font-size: small;">If you’d like to order, would like further information or have any questions, please contact Redfield Consulting, at <a class="" href="mailto:reports@redfieldconsulting.co.uk">reports@redfieldconsulting.co.uk</a></span></div>
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John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-27376273467955978132017-09-26T12:01:00.001+01:002017-09-26T12:01:41.033+01:00Scotrenewables updateA tweet from Scotrenewables claims 20MW output over 24 hours. With a 2MW device, that equates to a capacity factor of 20/(24*2) = 41.7% over the period.<br />
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The period was September 21/22, when the moon was new and tides were therefore at their springiest - especially as it's around the autumn equinox, when springs are at their springiest.<br />
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But either way, a capacity factor of better than 40% is comparable with offshore wind.<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-27939833748682469242017-09-25T10:00:00.000+01:002017-09-25T10:30:01.917+01:00State of play on offshore wind CfDs and RO projects<div style="margin-bottom: .0001pt; margin: 0in;">
<span style="background-color: white; color: blue; font-family: "arial"; font-size: x-small;">I thought that a list of wind farms and their financial support
arrangements might be useful:<o:p></o:p></span></div>
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<span style="background-color: white; color: blue; font-size: x-small;"><u><span style="color: black; font-family: "arial";">RO-accredited operational projects (per OFGEM ROC Register)</span></u><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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</xml><![endif]-->
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table.MsoNormalTable
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mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
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<td style="border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Generating Station<o:p></o:p></span></b></div>
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<td style="border-left: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">MW<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Country<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Commission Date<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Organisation<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Barrow Offshore Windfarm - A<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 90 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">01/01/2006<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Barrow Offshore Wind Limited<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">BLYTH OFFSHORE WIND FARM<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 2 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">01/02/2001<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">EON UK plc<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Blythe Offshore Wind Turbine WTG 2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 2 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">01/12/2000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">EON UK plc<o:p></o:p></span></div>
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</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Burbo Offshore Windfarm - A (31/01/07)<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 90 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">01/07/2007<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">SeaScape Energy Ltd<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Kentish Flats Ltd - A,C<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 90 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">01/08/2005<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Vattenfall Wind Power Ltd<o:p></o:p></span></div>
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</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">North Hoyle Offshore Wind Farm
- A<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 60 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Wales<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">28/10/2003<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Beaufort Wind Ltd<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Scroby Sands Wind Farm <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 60 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">01/05/2004<o:p></o:p></span></div>
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">EON UK plc<o:p></o:p></span></div>
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</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Gunfleet Sands I<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 108 <o:p></o:p></span></div>
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">24/07/2009<o:p></o:p></span></div>
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<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Gunfleet Sands II<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 65 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">24/07/2009<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">SeaScape Energy Ltd<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Beatrice Offshore Windfarm<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 10 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Scotland<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">08/05/2007<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">REPSOL SINOPEC RESOURCES UK LIMITED<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Rhyl Flats Wind farm<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 90 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Wales<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">15/07/2009<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Innogy Renewables UK Limited (Wind)<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Ormonde Wind Farm<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 148 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">18/08/2011<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Ormonde Energy Limited<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Thanet Offshore Wind Farm<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 298 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">02/07/2010<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Vattenfall Wind Power Ltd<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Robin Rigg Offshore Wind Farm (West)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 89 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Scotland<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">18/07/2009<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">EON UK plc<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Sheringham Shoal<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 315 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">02/09/2011<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Scira Offshore Energy Limited<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Gunfleet Sands Demo<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 12 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">26/08/2013<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">DONG Energy Gunfleet Sands Demo (UK) Ltd<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Walney Offshore Wind Phase I<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 182 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">13/01/2011<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Walney (UK) Offshore Windfarms Ltd.<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 25.0pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid white 1.0pt; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Greater Gabbard<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 500 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">23/02/2011<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
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<tr style="height: 17.0pt; mso-yfti-irow: 19;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
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<tr style="height: 17.0pt; mso-yfti-irow: 20;">
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 7 <o:p></o:p></span></div>
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<tr style="height: 25.0pt; mso-yfti-irow: 23;">
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 83 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Scotland<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">20/04/2010<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">EON UK plc<o:p></o:p></span></div>
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<tr style="height: 25.0pt; mso-yfti-irow: 29;">
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Gwynt y Mor<o:p></o:p></span></div>
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 570 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Wales<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 25.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">30/09/2013<o:p></o:p></span></div>
</td>
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Gwynt y Mor Offshore wind farm limited<o:p></o:p></span></div>
</td>
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<tr style="height: 17.0pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Inner Dowsing Offshore Wind Farm<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 90 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">20/04/2008<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Inner Dowsing Wind Farm Ltd<o:p></o:p></span></div>
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<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Lynn Offshore Wind Farm<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 90 <o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">15/03/2008<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Lynn Wind Farm Ltd<o:p></o:p></span></div>
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<td style="border-top: none; border: solid white 1.0pt; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 133.9pt;" valign="top" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">Race Bank<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 31.7pt;" valign="top" width="32"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;"> 565 <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; mso-border-top-alt: solid white 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="top" width="63"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">England<o:p></o:p></span></div>
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<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 95.0pt;" valign="top" width="95"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">08/06/2017<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid white 1.0pt; border-left: none; border-right: solid white 1.0pt; border-top: none; height: 17.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.7pt;" valign="top" width="191"><div class="MsoNormal">
<span style="background-color: white; color: blue; font-family: "verdana, geneva, arial, helveti" , sans-serif; font-size: x-small;">DONG Energy RB (UK) Ltd<o:p></o:p></span></div>
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<!--EndFragment--><br />
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="color: blue; font-family: "arial"; font-size: x-small;"><o:p style="background-color: white;"><br /></o:p></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<b><span style="background-color: white; color: blue; font-family: "arial"; font-size: x-small;"><br /></span></b></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<b><span style="background-color: white; color: blue; font-family: "arial"; font-size: x-small;"><br /></span></b></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><b><span style="color: black; font-family: "arial";">Contracts for difference - project name, capacity,
developer, CfD price, target commissioning date</span></b><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><br /></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><u><span style="color: black; font-family: "arial";">CfD introductory round (April 2014)</span></u><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: black; font-family: "arial";">Burbo Bank, </span><span style="color: #333333; font-family: "arial";">258MW,
DONG, £150/MWh, 2017</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Hornsea 1, 1.2 GW, DONG, £140/MWh, 2020/21</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Walney Extension, 660MW, DONG, £150/MWh, 2017/18</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Beatrice, 664MW, Repsol and SSE, £140/MWh, 2018/19</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Dudgeon, 400MW, Statkraft/Statoil, £150/MWh, 2017</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><br /></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><u><span style="color: black; font-family: "arial";">CfD Round 1 (February 2015)</span></u><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-family: "arial"; font-size: x-small;">East Anglia One, 714MW, Scottish Power, £119.89/MWh, 2017/18<o:p></o:p></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-family: "arial"; font-size: x-small;">Neart na Gaoithe, 448MW, Mainstream, £114.39/MWh, 2018/19<o:p></o:p></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><br /></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><u><span style="color: #333333; font-family: "arial";">CfD Round 2 (September 2017)</span></u><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Triton Knoll, 800MW, Innogy/Statkraft, £74.75/MWh, 2021/22</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
<div style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-variant-caps: normal; margin-bottom: .0001pt; margin: 0in; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;">
<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Moray Firth, £57.50/MWh, 2022/23</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
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<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
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<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
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<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
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<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
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<span style="background-color: white; color: blue; font-size: x-small;"><span style="color: #333333; font-family: "arial";">Hornsea 2, DONG, £57.50/MWh, 2022/23</span><span style="color: black; font-family: "arial";"><o:p></o:p></span></span></div>
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<span style="background-color: white; color: blue; font-family: "arial"; font-size: x-small;">There are a number of other projects under development at present which may, if they commission in time, be ROC-eligible (e.g. Rampion), or alternatively could apply for CfDs or operate on a merchant basis.</span></div>
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John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-4413577925736955272017-09-11T10:32:00.002+01:002017-09-11T10:32:50.509+01:00CfD Wow!The results of the 2021/22 and 2022/23 CfD auctions are out this morning and they show an amazing reduction in the strike price for new offshore wind projects.<br />
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Triton Knoll, a Round 2 project of 860 MW has a strike price of £74.75/MWh for 2021/22 start up, and the Round 3 projects of Hornsea 2 (1.4 GW) and Moray Firth East (1 GW) have both got strike prices of £57.70/MWh for 2022/23 start.<br />
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This is almost half the level in the first auction in 2015, and well below the level of strike price for the controversial Hinckley Point nuclear contracts. These contracts are also shorter term, representing much better value for consumers. The prices for offshore wind appear to be in free fall.<br />
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As seemed likely, there's no wave or tidal in the auction, as these technologies weren't allocated their own funding pot, and they really aren't ready to compete with offshore wind at this stage.<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-66873765856178137602017-09-04T08:46:00.003+01:002017-09-14T13:57:23.569+01:00Tidal devices - performance reviewFollowing the Scottish Renewables Marine Energy conference in Inverness, a couple of interesting performance metrics emerged.<br />
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Atlantis recently announced that the MeyGen project had generated 700 MWhr during August, apparently from 2 AndritzHydroHammerfest (AHH) turbines. We thought it might be interesting to extract an average capacity factor from these figures.<br />
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2 turbines at 1.5 MW - 3 MW installed capacity.<br />
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Number of hours in August: 31 * 24 = 744<br />
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Total potential output = 744 hours * 3 MW = 2.232 GWhr<br />
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Actual output: 700 MWhr<br />
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Capacity factor: 0.7/2.232 = 31.4%<br />
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This may be a slight over-estimate, as the third AHH turbine may have made a minor contribution late in the month following its re-installation, but even with that proviso, these are not bad figures for a full month (i.e. neaps and springs).<br />
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ScotRenewables made a similar claim - that its 2.0 MW SR2000 had generated 116 MWh over week. This equates to a capacity factor of 116/(24*2*7) = 34.5%, and we understand that this period was intermediate between spring and neap tide.<br />
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As runtimes extend and reliability improves, we hope to see these numbers go up too.<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-14814422179780182132017-01-12T10:16:00.001+00:002017-01-12T17:36:17.174+00:00Swansea Bay - greenish light at the end of the tunnelExciting news as it appears that the Government is leaning towards the Swansea Bay tidal lagoon. <br />
<br />
Rated at 320MW, the lagoon isn't a silver bullet for the UK's energy mix and carbon targets but it does offer a means of demonstrating the (already well-established) technology in the UK.<br />
<br />
There's talk of a strike price for a CfD of around £90/MWh, which makes the power cheaper than Hinckley point, and the technology is expected to operate for 120 years (and leave no nuclear waste!).<br />
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The company website states that the project will generate >530 GWh/yr and has installed capacity of 320 MW. This indicates a capacity factor of 18.9% (see <a href="http://www.tidallagoonpower.com/projects/swansea-bay/key-statistics/">www.tidallagoonpower.com/projects/swansea-bay/key-statistics/</a> for the company's data). As a capacity factor, this isn't high: onshore wind aims for 30%+ in England and up to 50% in Scotland, but ultimately it's the cost per MWh that counts.<br />
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The technology has been well proven in any number of dams but also at La Rance tidal power station in France. La Rance, according to Wikipedia, has been in operation since 1966 - 50 years - and produces an average 57MW against installed capacity of 240 MW - 24% capacity factor).<br />
<br />
One concern we've heard voiced about tidal schemes in the Bristol Channel is that they could interfere with the resonant nature of the tidal movement in the area. Think of the water in the Bristol Channel as a tuning fork, but vibrating back and forth every tidal cycle and with the rotation of the earth providing a regular push to keep the system vibrating. By changing the volume of water, the resonance of the system could change and if the resonant frequency moved far enough from the frequency of the push, the whole system could break down.<br />
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In the case of the Swansea Bay project, this seems unlikely, as the proportion of the volume of water in the lagoon compared to the Bristol Channel upstream of the site is very small. We guestimate the surface area of the lagoon to be around 2 square miles and the area of the Bristol Channel upstream to be approximately 600 square miles. So even as an area proportion, the lagoon is 0.3% of the total. In terms of volume, it will be even lower as the average depth of the Bristol Channel is greater than the average depth in the lagoon. If the average depth is three times as much, the volume of water in the lagoon is 1/1000 or 0.1% of the total. It's hard to see that affecting the resonant frequency very much. Imagine trimming 1/10 of a millimetre off the tines of a tuning fork - the frequency it generates isn't going to change much.<br />
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It's a different story for a tidal barrage, of course, where much greater volumes are affected, and even the Cardiff project, which has an area of 70 km2 might be getting large enough to have an effect. We'll try to look at this more in the coming weeks.<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-42805251990887314952017-01-09T14:54:00.000+00:002017-01-09T14:54:01.665+00:00GE Oceade development suspended - opportunities at Raz Blanchard?According to a report in Tidal Energy Today (http://tidalenergytoday.com/2017/01/09/ge-drops-oceade-tidal-turbine-sinks-nephtyd-project/ and other, mainly French, press), GE has given up on the development of its 1.4 MW Oceade turbine and redeployed around 40 staff onto other projects (reportedly offshore wind).<br />
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This is a blow for the Raz Blanchard project, to the West of the Cotentin peninsula, where Engie had planned to deploy 4 of the units. As a result, it is reported that Engie has shelved the project.<br />
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<br />
GE's Oceade technology, acquired as part of its acquisition of Alstom, who got it from Tidal Generation Limited, had proven its technical potential at EMEC.<br />
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I suppose there may be an IP acquisition opportunity or the chance for another supplier to get in front of Engie to try to resurrect the project. OpenHydro are already planning deployment at Raz Blanchard, and Atlantis might look to step in with their own, or Andritz, turbines.<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-81210841399018280532017-01-03T14:28:00.001+00:002017-01-04T16:04:14.223+00:00Revisiting the Marine Current Turbines capacity factorSome while ago, in <a href="https://www.blogger.com/blogger.g?blogID=38895468#editor/target=post;postID=4065749398003922661;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=9;src=postname">this blog post</a> we calculated an apparent capacity factor for Marine Current Turbine's SeaGen in Strangford Narrows of 38%.<br />
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We've been rooting around in OFGEM's ROC database to see if there's further information available on SeaGen's performance.<br />
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Looking at the ROC register, which reports the number of MWh generated for ROC-accredited projects, it seems that the SeaGen achieved monthly average capacity factors of up to 58% in its best years.<br />
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This analysis is based on SeaGen having a capacity of 1.2 MW and is consistent with <a href="https://www.blogger.com/blogger.g?blogID=38895468#editor/target=post;postID=381921871720953454;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=6;src=postname">another blog analysis we did</a> of the capacity factor of the technology.<br />
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<img src="webkit-fake-url://4a1ac28c-2b4c-48c5-960b-5332fd4447c6/application.pdf" /><img src="webkit-fake-url://20df60de-6b82-4aaf-95aa-ffe87debccd5/application.pdf" /><br />
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This analysis begs some other questions though - what went wrong in 2011? and has the technology been abandoned since 2014? It also seems that the capacity factor was pretty variable, pointing to a lack of reliability - fair enough in a prototype technology.<br />
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We'll be using this approach to look at other technologies too, in the upcoming Redfield review of tidal technologies and its companion volume - Redfield review of wave technologies. Contact us for details: info(at)redfieldconsulting.co.uk<br />
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<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-58896926672840456932016-11-28T18:55:00.000+00:002016-11-28T18:55:04.893+00:00LCOE and ExcelHere's a funny thing that people might be interested to know.
I was building a model in Excel to play around with LCOE calculation - a topic to which I'll be returning - and I found out some interesting things about the Excel NPV function.
I found that if you're asking the NPV function to calculate the net present value of a sequence of cells, if there's an empty cell, the NPV function ignores the empty cells and moves on to the next occupied one. This can mean that late years are under-discounted if you've got empty cells. Filling the cells with zeros or a formula returning zero fixes the problem. I spent a while chasing this down, so hope this is useful.
I'm sure readers who have got this far know that Excel effectively assumes payments at the end of each year (i.e. the first year is discounted by a full year's discount rate). You may wish to correct for mid year cashflows, or even more precisely if your cashflows are well constrained in time.
The reason I've been doing this is that I'm looking hard at the LCOE function - which I'm not sure fairly evaluates long term projects, or projects with variable risk.
More on this over the next few weeks.
John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-16482395313406914152016-11-21T13:59:00.000+00:002016-11-21T13:59:05.736+00:00MultiplicationWhen we looked away from the wave and tidal marine energy sector in 2009, we were monitoring around 60 tidal energy and 60 wave energy conversion devices. We're now re-engaging with the sector and undertaking our initial screening research. Many of the devices we were watching in 2009 are still around, and some have made significant progress. Sad to say, some have gone by the wayside.
But what's really got our attention is the multiplication of devices in the sector. We can now see around 130 tidal energy devices and more than 300 wave devices. We've undertaken our initial screening of the tidal devices to identify the top 20 or so, and are just beginning to do the same for the wave sector.
As a sneak peek, the shortlisted 24 tidal devices and companies include Atlantis, Andritz, Clean Current Power Systems, Flumill, Mako, OpenHydro, Scotrenewables, Tocardo and Verdant. In coming weeks, we will be undertaking our objective scoring to determine our views on technical and commercial feasibility for these devices and plan to publish the new Redfield Marine Renewables Review in early 2017. It's going to be in two volumes: tidal and wave.
We're looking forward to visiting the International Tidal Energy Summit in London later this week, and will report back with our impressions after that.
John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-40966576955767935952016-11-03T16:57:00.001+00:002016-11-03T16:57:23.266+00:00It's been a long time, but we're backAfter an extended break, learning about the oil services economy and spending some time trying to provide innovative services to reshape the offshore wind maintenance challenge, Redfield Consulting is relaunching.
We are looking forward to getting re-engaged with the offshore, wind and tidal industries, and in parallel, John Aldersey-Williams plans to undertake a PhD in the economics and policy of this sector, to understand its economic, socio-economic and green costs and benefits better and to boost the support we can offer to its players.
We're already realising how things have changed - a number of tidal developers are now developing significant projects, offshore wind is progressing at a truly industrial scale but the wave sector seems to have lost pace.
Over the coming weeks, we'll be catching up on this, and also developing a roadmap for funding for marine developers. It's good to be back.
John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-57615885375870615812010-02-20T14:23:00.001+00:002010-02-20T17:55:35.306+00:00OreconI saw a press report that ORECon was being wound up. Details are <a href="http://www.southwestbusiness.co.uk/news/Hard-times-force-energy-company-liquidation/article-1818241-detail/article.html">here</a>.<br /><br />The CEO said that the company had been negotiating to participate in the WaveHub project, and that it had been unable to secure funding.<br /><br />ORECon's technology is an Oscillating Water Column device, which uses multiple resonant feeder pipes to optimise energy capture. I wonder if there's any IP worth buying from the Liquidator?<br /><br /><br />Apologies for brevity - posted from my iPhone<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-3819218717209534542010-02-16T10:15:00.006+00:002010-02-16T11:20:34.598+00:00Hours on the clock<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinnks5QU7FmBbsn3GsEX9xsE9E4Z7T2s5nClPYiSmrWEpJ4gKUawvMQa2tdH-iYo1Nz3LG9-VQAfaTWWq8zAQMht1aN0Wz3RitoNNbJ8sglfPHtY3e2OgyYwnM07tsD0Ay3jnQ/s1600-h/MCTCF.gif"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 120px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinnks5QU7FmBbsn3GsEX9xsE9E4Z7T2s5nClPYiSmrWEpJ4gKUawvMQa2tdH-iYo1Nz3LG9-VQAfaTWWq8zAQMht1aN0Wz3RitoNNbJ8sglfPHtY3e2OgyYwnM07tsD0Ay3jnQ/s200/MCTCF.gif" border="0" alt=""id="BLOGGER_PHOTO_ID_5438799081815660946" /></a><br />Marine Current Turbines have now racked up 1000 hours of export to the National Grid, as reported <a href="http://www.oceanpowermagazine.net/2010/02/13/tidal-energy-turbine-exceeds-1000-hours-of-operation-feeding-to-the-grid/">here</a>.<br /><br />MCT claims an average capacity factor of 66% for the period of operation. We have calculated a capacity factor, based on ROC register figures, which shows a steady(ish) increase to around 25% in November 2009. This calculated CF does not make any allowance for downtime, availability of marine mammal onservers, or (crucially for MCT) the limitations imposed by daylight-only working.<br /><br />Since daylight in November is less than 50% of the time, and the trend is upwards, we can see that a claimed 66% capacity factor in December could be realistic.<br /><br />If true, it's excellent news for the company and the technology, as it's always all about cost per MWhr, and more MWhrs means a better metric.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-2759699454961589652010-02-16T09:08:00.003+00:002010-02-16T09:11:38.560+00:00More interesting marine recruitmentInteresting to see that Atlantis Resources is beefing up its management team too, with the hiring of Jim Forbes as Chairman of the UK business.<br /><br />Details <a href="http://business.scotsman.com/energyutilities/Tidal-energy-company-hires-39the.6074197.jp">here.</a><br /><br />So just like Aquamarine, there's a real strengthening of management teams going on in the space right now, and a real commercial focus on the new hires.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-70650401516379671042010-02-10T09:53:00.001+00:002010-02-10T09:53:36.067+00:00Aquamarine recruitmentDid anyone else notice that Aquamarine just recruited Richard Round, former FD and briefly MD of Novera as their new Finance Director?<br /><br />This should strenghthen their fund raising capacity and demonstrates a new level of seriousness in the marine space. <br /><br />Exciting!<br /><br /><br /><br />Apologies for brevity - posted from my iPhone<br />John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-40853016255328366462010-01-13T17:42:00.006+00:002010-01-14T10:38:08.570+00:00UK 3rd Offshore Wind Round<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGg79XSIHd8kq8myj5Xf36oLt67WyE38maJAAVWawsUZWVA1IY44CQSUWYco1CplD3OvXJoT8nurAY_eXW2Os2LUBYcz_dtoMyQ297gAzu-pyf85hOJ_DAW6HZA5isYP1blafq/s1600-h/3rdround.gif"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 120px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGg79XSIHd8kq8myj5Xf36oLt67WyE38maJAAVWawsUZWVA1IY44CQSUWYco1CplD3OvXJoT8nurAY_eXW2Os2LUBYcz_dtoMyQ297gAzu-pyf85hOJ_DAW6HZA5isYP1blafq/s200/3rdround.gif" border="0" alt=""id="BLOGGER_PHOTO_ID_5426284339396252018" /></a><br />32.2 GW of potential new capacity has been identified under the Crown Estate's programme. From the Crown Estate website:<br /><br /><i>The developers who have signed exclusivity zone agreements are:<br /><br />1. Moray Firth zone, Moray Offshore Renewables Ltd which is 75% owned by EDP Renovaveis and 25% owned by SeaEnergy Renewables – 1.3 GW<br /><br />2. Firth of Forth zone, SeaGreen Wind Energy Ltd equally owned by SSE Renewables and Fluor – 3.5 GW<br /><br />3. Dogger Bank zone, the Forewind Consortium equally owned by each of SSE Renewables, RWE Npower Renewables, Statoil and Statkraft – 9 GW<br /><br />4. Hornsea zone, Siemens Project Ventures and Mainstream Renewable Power, a consortium equally owned by Mainstream Renewable Power and Siemens Project Ventures and involving Hochtief Construction – 4 GW<br /><br />5. Norfolk Bank zone, East Anglia Offshore Wind Ltd equally owned by Scottish Power Renewables and Vattenfall Vindkraft – 7.2 GW<br /><br />6. Hastings zone, Eon Climate and Renewables UK – 0.6 GW<br /><br />7. West of Isle of Wight zone, Eneco New Energy – 0.9 GW<br /><br />8. Bristol Channel zone, RWE Npower Renewables, the UK subsidiary of RWE Innogy – 1.5 GW<br /><br />9. Irish Sea zone, Centrica Renewable Energy and involving RES Group – 4.2 GW</i><br /><br /><br />The clear winners, as shown in the graph above, are the big 6 utilities (except for Eon and especially EdF who are complete absent), plus Vattenfall, which is increasingly becoming a member of the big 6.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-40657493980039226612009-11-05T07:49:00.006+00:002009-11-05T08:35:00.899+00:00MCT power curve - analysis<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVnWQJDOVbqPEVRV1MQRyAqHKQOaRIfFoPct2C68J6FnvhsCT_TjL7bmxZSeo9qcVAq5XXojeOxFPcy9e5LHtrAxhtcL-ihyphenhyphen1wn21CfOtJpUcrfnd4-OV4L0rCr-mWvyrluJoo/s1600-h/SeaGen_power_output_trace.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 120px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVnWQJDOVbqPEVRV1MQRyAqHKQOaRIfFoPct2C68J6FnvhsCT_TjL7bmxZSeo9qcVAq5XXojeOxFPcy9e5LHtrAxhtcL-ihyphenhyphen1wn21CfOtJpUcrfnd4-OV4L0rCr-mWvyrluJoo/s200/SeaGen_power_output_trace.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5400523828042284498" /></a><br />MCT has just published a power curve for its Seagen device in Strangford Narrows (see figure above and link <a href="http://www.marineturbines.com/3/news/article/26/marine_current_turbines_reveals_details_of_seagen_s_operating_performance/">here</a>). The curve shows a period of output at the design capacity of 1.2 MW, in what is described as a “medium tide”. This tide appears to have peaked at 3.1 m/s, which may be medium for Strangford, but is pretty impressive for most sites.<br /><br />We realised that it’s possible to drill into this curve to come up with some (very) theoretical ideas of the capacity factor which might be achieved by the technology. First we constructed a velocity lookup table by taking a ruler to the graph, which shows the power output (kW) at various stream speeds (m/s).<br /><br />m/s - Power<br />0 - 0<br />1 - 20<br />1.25 - 100<br />1.5 - 180<br />1.75 - 400<br />2 - 600<br />2.25 - 900<br />2.4 - 1200<br /><br />We then constructed a model which characterises a simplified tidal environment, with stream speed varying according to a diurnal cycle (sinusoidal variation over 24 hours, in 2 flood, 2 ebb tides) and a 28 day lunar cycle (again simple sinusoidal variation).<br /><br />We entered a maximum stream speed (peak rate achieved at spring tide) and a minimum stream speed (peak rate achieved at neap tide) and constructed a lookup on an hour by hour basis to estimate the power output over a month.<br /><br />Based on a maximum stream speed of 3.2 m/s and a minimum stream speed of 1.6 m/s (ie neap maximum is half as fast as spring maximum), we find that the average theoretical power output (assuming no outages) to be 450 kW, making the capacity factor 38%.<br /><br />The model shows that output is sensitive to both maximum stream speed and the ratio between spring and neap peak rates. The table below shows the relationship between capacity factor and the maximum stream speed) assuming that neaps are limited to 50% of the maximum stream speed in springs. The month-average capacity factor for various maximum spring stream speeds is:<br /><br />m/s - CF (%)<br />2.8 - 28%<br />3 - 34%<br />3.2 - 38%<br />3.5 - 45%<br />4 - 53%<br />The table below shows how the capacity factor is influenced by the ratio between the maximum neap speed and the maximum spring speed based on a maximum spring stream speed of 3.2 m/s. The table shows maximum neap speed and month-average capacity factor.<br /><br />m/s - CF (%)<br />0.8 - 31%<br />1.2 - 33%<br />1.6 - 38%<br />2.1 - 45%<br />2.4 - 48%<br /><br />All of these power output estimates are wildly theoretical – and should be treated with extreme caution. Next we’re going to combine this power curve with some actual tidal data from tidal diamonds on charts to see how that looks.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-36249812465998197832009-10-30T17:50:00.004+00:002009-10-30T18:07:41.231+00:00Another data point in windfarm valuation<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoqShk7GkXixRhKdHyxapm1qY_AzUlM0-D4kkZ32zM5frgXKhL-y3tCN6htw3WyEbU6wjP3PdojstLh5yE5fOFTnV1kI0UTPVXaCbxiG0G9tgjTsl4rxndXJouY2r3SV7MFFUh/s1600-h/centrica.gif"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 137px; height: 28px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoqShk7GkXixRhKdHyxapm1qY_AzUlM0-D4kkZ32zM5frgXKhL-y3tCN6htw3WyEbU6wjP3PdojstLh5yE5fOFTnV1kI0UTPVXaCbxiG0G9tgjTsl4rxndXJouY2r3SV7MFFUh/s200/centrica.gif" border="0" alt=""id="BLOGGER_PHOTO_ID_5398455740019266482" /></a><br />By now, you will have seen Centrica's announcement on the sales of 50% interests in windfarms at Lynn, Inner Dowsing (offshore) and Glens of Foudland (onshore).<br /><br />The key section is here: <small>Centrica also announced that it has agreed the sale of a 50 per cent equity stake in its Lynn, Inner Dowsing and Glens of Foudland wind farms to the US-based investment management company TCW for a cash consideration of £84 million, and entered into agreements to raise approximately £340 million of non-recourse project finance facilities from a consortium of banks for these assets. The transactions value the wind farms at approximately £460 million in aggregate.</small><br /><br />Using a 10% discount rate, and what we think are reasonable electricity and ROC prices (£60/MWh and £37/MWh respectively), we see the values (100%) as:<br /><br />Glens of Foudland (26MW) - £35 million<br />Lynn (81 MW) - £134 million<br />Inner Dowsing (81 MW) - £134 million<br />Lynn (extension, 90 MW)- £181 million <br />Inner Dowsing (extension, 90 MW) - £181 million<br /><br />So we get a total of £675 million for 100% of the windfarms - a considerably higher number. We have to drop the power price to less than £40/MWh or increase the discount rate to around 15% to get the value to line up with Centrica's valuation.<br /><br />Also, Centrica announced that the 270 MW of Lincs would cost some £725 million - £2.69 million per MW installed. Not bad - less than the equivalent (announced) amount for Greater Gabbard. I wonder if this suggests turbine prices are weakening somewhat?John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-45240803654505034752009-10-07T08:32:00.006+01:002009-10-07T09:04:42.240+01:00Novera in playIf you've got shares in Novera Energy you'll have noticed that they leapt by 32% this morning as the company announced that it had rejected an offer from largest shareholder Infinis to make an offer for the remaining shares at 62.5pence.<br /><br />Using our Value of ROCs Model, we have valued Novera's assets, and applied a weighting of 100% to operational projects, 75% to projects under development, 25% to approved projects and 10% for projects in planning. We reach an asset value of around £312 million, and according to the last accounts, there is net debt of £112 million, making the net asset value £200 million or around £1.40 per share!<br /><br />Even if Infinis is atttributing no value to the wind portfolio, the asset value of £244 million would justify a share price of more than 90p/share. We're holding on.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0tag:blogger.com,1999:blog-38895468.post-77579081468348175942009-09-22T20:38:00.002+01:002009-09-22T20:45:39.130+01:00I don't believe it!Sad to report, Trident Energy's wave energy prototype which was being deployed off Southwold came off its barge and capsized. Details <a href="http://www.timesonline.co.uk/tol/news/environment/article6843520.ece">here</a> and the company's own take on things <a href="http://www.tridentenergy.co.uk/index.php">here</a>.<br /><br />Fortunately no injuries were sustained, and the damage to the device is being assessed.John Aldersey-Williamshttp://www.blogger.com/profile/14495181119904241117noreply@blogger.com0