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New York Poised to Close Last Coal-fire Power Plant

LCG, December 4, 2019--The last operating coal-fired power plant in New York is moving toward closure shortly. Last month, Somerset Operating Company, a subsidiary of Riesling Power LLC, submitted a request to the New York State Public Service Commission (NYSPSC) to waive the state's required, 180-day notice to close the Somerset Station, allowing the facility to be retired on February 15, 2020. Closure is contingent on approvals by both NYSPSC and the New York Independent System Operator (NYISO), which will evaluate if it will cause an adverse effect on grid reliability.

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Construction Commences on Enel’s Aurora Wind Farm in North Dakota

Enel Green Power North America, Inc. (“EGPNA”), the US renewable energy company of the Enel Group, has started construction of the 299-MW Aurora Wind Farm in North Dakota.

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Industry News

British Offshore Wind Project Announces Funding Agreement

LCG, June 8, 2012--Centrica Plc (CNA), Dong Energy A/S and Siemens AG (SIE) announced that they have completed a $660 million funding agreement for the 270-MW, Lincs off-shore wind project. The funding agreement is stated to be the first time banks have provided project finance to an off-shore, U.K. wind project that is under construction.

The banks providing non-recourse financing for the Lincs project include BNP Paribas SA, UniCredit SpA (UCG), HSBC Holdings Plc (HSBA), Nordea Bank AB (NDA), Lloyds TSB Bank Plc and Bank of Tokyo-Mitsubishi UFJ Ltd.

Centrica owns 50 percent of the project. Dong, a Danish utility, and Siemens Project Ventures GmbH each own 25 percent of the project. The total project cost is approximately $1,550 million, including about $390 million for the transmission link from the project to the shore.

Centrica is expected to receive 75 percent of the electricity generated and 50 percent of its Renewable Obligation Certificates, or ROCs, and Dong is expected to receive the remaining power output and 25 percent of the ROCs. The remaining 25 percent of ROCs will be sold to the market by the Lincs project company, Lincs Wind Farm Ltd.

The project is located about five miles off the east coast of England in the North Sea and is scheduled to commence commercial operations in the first half of 2013. The project includes 75 Siemens 3.6-MW turbines, which will be installed in approximately 32-50 feet of water. In April Centrica announced that 51 of the 75 foundations were complete. According to Centrica, the wind farm has a designed operational life of 20 years, after which the turbines can be decommissioned or new turbines installed for the rest of the 50-year lease.

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