When the European Court of Justice set aside GB’s Capacity Market (CM) in November saying it was illegal state aid, it took the industry entirely by surprise. Even those who were aware that the hearing had taken place, back in…
News
Moody’s downgrades SSE
by New Power •
Rating agency Moody’s has downgraded SSE’s rating from A3 to Baa1. It has also downgraded SSE’s hybrid notes (from Baa2 to Baa3). The rating agency began a review in September, after SSE’s announced losses in its energy trading division, and…
Perspective
OPINION: Lesson from the Capacity Market debacle: put your trust in markets, not regulation
by New Power •
Filippo Gaddo, head of economics, business and investor advisory at Arup, considers the implications of the European Court of Justice ruling that the Capacity Market represents unjustified State Aid On 15 November the European Court of Justice found that, in…
News
Wathegsr 2 wind farm changes hands
by New Power •
BayWare has sold its Wathegar 2 wind farm to the British Strategic Investment Fund LP (BSIF), which is managed by London-based specialist asset manager, Gresham House Asset Management. The wind farm has a capacity of 18.45MW comprising nine 2.05MW Senvion…
News
Sherwood biomethane plant sold to JLEN
by New Power •
BayWare has sold its Sherwood biomethane to JLEN The plant is in Nottinghamshire about 25 miles southeast of Sheffield and was BayWare’s first UK biomethane plant, co-developed with AcrEnergy. It has now been sold to the environmental infrastructure investment fund John…
News
RIIO2 will see cost of capital at 4%, says Ofgem
by New Power •
Ofgem has dramatically cut the level at which it allows energy networks to recover the costs of financing their networks during the next price review period. From 2020/21 energy networks will have an assumed cost of equity of 4% (subject…
Editor's blog
SSE and Npower and the failed merger: devil in the detail
by New Power •
The merger between retail functions at SSE and Npower has failed and maybe that’s no surprise. It’s perhaps the worst time for a merger of the industry’s big players – no matter how much both the players want the chance…
News
Hitachi signs deal to acquire ABB’s power grid business
by New Power •
Hitachi has signed a long-discussed plan to acquire ABB’s power grids business. Hitachi plans to initially acquire an 80.1% stake in the business and expects to close the acquisition in the first half of 2020, making Power Grids a consolidated…
News
SSE Npower retail merger falls through
by New Power •
Plans for a merger of Npower’s retail business and the domestic supply business of SSE Energy Services have fallen through. SSE said the merger is “not now in the best interests of customers, employees or shareholders to proceed with the…