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Share Price: 518.50
Bid: 516.00
Ask: 517.50
Change: 2.50 (0.48%)
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Open: 516.50
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Low: 515.00
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Britain signs up old coal units as back-up in case of winter power crunch

Thu, 18th Aug 2022 16:52

LONDON, Aug 18 (Reuters) - Britain is turning to old coal-fired power units as a "last resort" in case other sources cannot provide enough electricity through the winter as the country faces a wider energy crisis.

Several European governments have requested that back-up power be made available from idled coal plants or those due to close due to lower gas flows from Russia as a result of disputes triggered by its invasion of Ukraine.

Britain's National Grid said on Thursday it had signed contracts with power generators Drax Group and EDF to extend the life of four coal-fired power units at two plants for the upcoming winter.

The available capacity will only be used a last resort to ensure security of supply if needed, National Grid's Electricity System Operator (ESO) said, adding that negotiations continue with a third generator for a fifth coal unit.

"These contracts are only intended to be used when all commercial options have been exhausted within the Balancing Mechanism," the ESO said.

A total of 1,940 megawatts (MW) will be made available from two coal units at EDF Energy's West Burton A plant, which were due to close this September and two at Drax's plant in Yorkshire, which ceased commercial operations last year.

The rest at Drax's plant have been converted to biomass.

The ESO said the upfront cost is expected to be between 220 million pounds and 420 million pounds and the coal-fired units will be available until the end of March 2023. (Reporting by Nina Chestney in London and Amna Karimi in Bengaluru; Editing by Krishna Chandra Eluri and Alexander Smith)

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12 Dec 2022 12:55

UK's National Grid cancels standby notices for two coal units despite cold snap

LONDON, Dec 12 (Reuters) - Britain's National Grid on Monday cancelled standby notices for two coal units of Drax Group, a few hours after issuing the requests, as a cold snap gripped the country but high nuclear output and wind speeds reduced the chance of energy shortages.

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12 Dec 2022 12:34

UK's National Grid cancels standby notice for two coal units

Dec 12 (Reuters) - Britain's National Grid cancelled standby notices for Drax Group's two coal units on Monday, according to Elexon's website.

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12 Dec 2022 10:19

Coal-fired plants put on standby as cold snap intensifies

(Sharecast News) - National Grid has ordered two coal-fired generators be readied for use after temperatures plunged across the UK.

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8 Dec 2022 09:48

LONDON BROKER RATINGS: JPMorgan cuts Travis Perkins; BofA likes IAG

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

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1 Dec 2022 10:01

Rotork names former Drax CEO Dorothy Thompson as next chair

(Alliance News) - Rotork PLC Thursday said it appointed Dorothy Thompson as independent non-executive director & chair designate.

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22 Nov 2022 10:09

LONDON BROKER RATINGS: Credit Suisse cuts Vodafone; Citi likes BP

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

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21 Nov 2022 10:09

LONDON BROKER RATINGS: Panmure and Goldman Sachs cut boohoo from 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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21 Nov 2022 07:54

LONDON BRIEFING: Compass and Virgin Money announce new share buybacks

(Alliance News) - Covid-19 worries in China have damped market sentiment at the start of the week.

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19 Nov 2022 22:00

Sector movers: Power generators boosted by Autumn Statement, Oil and Gas drag

(Sharecast News) - Interest rate sensitive construction and utilities shares paced gains at the end of the week following the Chancellor's well-received Autumn Statement the day before.

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18 Nov 2022 12:21

Barclays sees 'compelling value' in UK utilities after Budget clarity

(Sharecast News) - Barclays said on Friday that the "energy tax overhang" was gone, as it welcomed the clarity brought by Chancellor Jeremy Hunt's announcement on windfall taxes in this week's Autumn Statement.

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18 Nov 2022 09:49

LONDON BROKER RATINGS: Goldman Sachs raises Tritax Big Box to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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17 Nov 2022 18:27

UK hits power firms with windfall tax, hikes oil company levy

Windfall tax on oil and gas companies rises to 35%

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17 Nov 2022 17:27

Miners drag Europe's STOXX 600 lower; German shares rise after Siemens' profit beat

German DAX index outperforms

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17 Nov 2022 17:16

UK shares slip after Hunt's new budget raises taxes, squeezes spending

Jeremy Hunt hikes taxes, squeezes spending

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17 Nov 2022 17:01

LONDON MARKET CLOSE: FTSE 100 ends lower despite post-budget rebound

(Alliance News) - London's FTSE 100 made a stellar recovery in the final hours of trading after suffering early afternoon malaise in the wake of the Chancellor's autumn statement.

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