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ENERGY

Siemens partners with Dong Energy for stake in Lincs wind project

German industrial group Siemens and Danish group Dong Energy said Wednesday they would boost cooperation in the offshore wind power sector with a jointly-held stake in the British project Lincs.

Published: 23 December 2009 12:19 CET
Siemens partners with Dong Energy for stake in Lincs wind project
Photo: DPA

Dong and Siemens will buy a stake of 50 percent in the 270 megawatt wind farm from the British power company Centrica for an estimated 50 million pounds (€55 million), a statement said.

The transaction is to be completed in January, it added.

Centrica would retain the remaining 50 percent and be the lead partner in the project, which is expected to provide enough electricity for 200,000 homes.

Siemens is to deliver wind turbines and grid connection equipment for the project, to be located in the North Sea, eight kilometres from Skegness, in eastern England, a statement said.

The 50 percent stake owned by Dong and Siemens “represents a capital investment of approximately €417 million,” the statement said.

Lincs is in the final stages of preparation before construction that is expected to begin in mid 2010 and run until 2012.

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

Published: 16 February 2024 10:45 CET
France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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