A subsidiary of Drax (Drax Bidco) has beat a recent bid by Foresight Group to acquire battery operator Harmony Energy Income Trust (HEIT). Drax Bidco has offered 88p per share, valuing the company at £199.9 million. Last week Foresight announced…
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Cornwall Insight figures show boost to battery revenues from Quick Reserve product
by New Power •
Battery revenues have quadrupled since December 2024, according to recent analysis by Cornwall Insight, largely because of much higher revenues from grid stabilising reserve services. Such services were just 4% of revenues at the start of December 2024. But Cornwall…
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Ofgem allows early procurement to beat supply chain crunch
by New Power •
Ofgem has given the go-ahead for transmission network companies to procure equipment earlier to speed up network expansion. Huge investment is required in the electricity transmission network, but transmission owners face constraints in the supply of equipment and services also…
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Grangemouth low-carbon options set out in ‘Project Willow’ report
by New Power •
A feasibility study has set out nine options for its future of the Grangemouth site following the recent decision by Petroineos to decommission the oil refinery . A ‘Grangemouth Investment Team’, comprising the Scottish Government, UK Government, the Office for…
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CMA clears Iberdrola’s ENW acquisition
by New Power •
The Competition and Markets Authority (CMA) has cleared Scottish Power owner Iberdrola’s acquisition of an 88% shareholding Electricity North West. Iberdrola said it was part of its strategy to strengthen its networks business in countries with strong ratings, such as…
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Ofgem gives go-ahead for advanced procurement to allow quicker start to transmission build-out
by New Power •
Energy regulator Ofgem has given the go-ahead for transmission network owners to book supply chain capacity early, so that expansion of the high-voltage electricity grid can move forward faster. The new Advanced Procurement Mechanism allows GB’s three transmission owners (National…
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Western Gateway report supports tidal lagoons in Severn Estuary
by New Power •
A report written by an independent commission for the Western Gateway local partnership has supported investigating tidal lagoons in the Severn Estuary. The Commission called for tidal range options to be supported in a Tidal Range Energy National Policy Statement…
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Stockton car dealership uses rooftop solar to meet energy needs
by New Power •
Kia Stockton dealership, in Stockton-On-Tees, will in future meet around 45% of its energy needs from solar panels on its roof. The 601kW solar roof, projected to generate 538,000kWh annually, was developed by Ortus Energy in partnership with SSE Energy…
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Battery buy? Foresight Group agrees potential £190M bid for Harmony
by New Power •
Foresight Group LLP has said it is considering an offer for Harmony Energy Income Trust plc. The possible cash offer of 84.0 pence per share values the ordinary share capital of HEIT at £190.8 million and represents a 29% premium…