RWE Generation acquires King’s Lynn CCGT

RWE Generation has acquired the  King’s Lynn CCGT in Norfolk from Centrica at a price of £105 million.

The 382MW plant will receive capacity payments until 2035 on the basis of a 15-year contract starting in October 2020. It was refurbished and upgraded in a project completed in November 2019, including a new gas turbine . The generator, steam turbine and other components have been comprehensively overhauled, bringing its efficiency up to 57%. The transaction is expected to be completed in the first quarter of 2020.

“The acquisition of King’s Lynn power station strengthens our position as one of the largest operators of gas-fired power plants in Europe. We also reinforce our engagement in the attractive UK generation market. As a key enabler of security of supply, gas plays a key role in the transformation to a low carbon energy system,” said Roger Miesen, chief executive of RWE Generation.

“We are proud that we were able to succeed in acquiring this asset and the expert staff,” said Tom Glover, country chair for RWE in the UK. The acquisition of King’s Lynn makes the RWE gas portfolio one of the largest in the UK with 7.2GW.