Once the offshore wind farm is operational, Ørsted will handle the intra-day fluctuations in volume and prices balancing the power into the grid. Ørsted’s market exposure is limited to fluctuations in power prices on a day-to-day basis.
The agreement is similar to agreements that Ørsted has with partners in Ørsted’s own
portfolio of offshore wind assets.
The agreement with Innogy SE covers the first 15 years of generation from the offshore wind farm. The wind farm has a planned installed capacity of 860 megawatts (MW), and commissioning is expected in 2021.
Morten Buchgreitz, Executive Vice President, Ørsted Customer Solutions, says:
“Ørsted acknowledges innogy as one of the most successful European energy companies. As we do ourselves, innogy relies on the expansion of renewable energy to grow its business activities and fight climate changes. Therefore, I’m proud that innogy and its partner companies have entrusted us to handle a 15-year power purchase agreement. I’m very much looking forward to our cooperation.”
Hans Bünting, COO Renewables of innogy SE, says:
“With the signing of this PPA with Ørsted and the financial closure, which we've reached today, we're confident that our flagship Triton Knoll Offshore Wind Farm has robust, financial security at its heart. The successful delivery of this arrangement with Ørsted also demonstrates the continued success of innogy’s ability to forge valued, strategic partnerships as we continue to grow our offshore portfolio across the globe. While we may compete in some areas of renewables, I’m delighted that we've secured this cooperation with Ørsted and look forward to working closely with them in the future.”
Once fully operational, Triton Knoll Offshore Wind Farm will be capable of supplying power equivalent to more than 800,000 UK households annually.