Centrica Prepping Sale of Last Wind Asset

Centrica is currently developing plans to dispose of its 50% interest in the 270MW Lincs offshore wind farm, after which the British utility will complete the strategy to dispose of its interests in wind power.

The wind farm’s remaining share is held by DONG Energy (25%) and Siemens Project Ventures (25%).

Centrica started the wind asset disposal strategy in 2014 by stopping the development of Celtic Array offshore wind project, and disposing of its share in the Barrow offshore wind farm in December of the same year.

Then in February 2016, the utility sold its 50% share in the 220MW Glens of Foudland, Lynn and Inner Dowsing (GLID) wind farm joint venture, including the share in the 194MW Lynn and Inner Dowsing offshore wind farms, to the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock.

The wind asset disposal affected the company’s wind generation in the first six months of 2016. Centrica reported a 29% slide in wind power generation for the first six months of 2016 compared to the same period in 2015, mainly due to the sale of the GLID wind farms.

The company’s wind assets generated 309 GWh of power in the first half of 2016, as compared to 435 GWh in the first six months of 2015.

The utility’s last wind asset, the Lincs wind farm located five miles off the Skegness coast, had high availability at 96%, but generation volumes were slightly down compared to the same period in 2015, reflecting lower wind speeds.