RWE Acquires the 382 MW King's Lynn CCGT-plant in the UK from Centrica

Source Press Release
Company RWE AGCentrica plc 
Tags Asset Deals, Deals, Renewable Energy, Power
Date December 23, 2019

RWE Generation has acquired the gas-fired combined cycle power plant ("CCGT") in King's Lynn in Norfolk from UK energy supplier Centrica. The plant‘s capacity is 382 megawatts. The power plant will receive reliable, stable capacity payments until 2035 on the basis of a 15-years contract in the GB capacity market, which starts in October 2020. An extensive technical update was completed in November this year, where the plant has been equipped with a stateof-the-art new gas turbine. The generator, steam turbine and other components have been comprehensively overhauled. The highly flexible plant has an efficiency of 57 percent.

The acquisition includes RWE taking on more than 30 employees on the site. "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," stresses Roger Miesen, CEO of RWE Generation. The transaction is expected to be completed in the first quarter of 2020. The price is £105 Million."

We are proud that we were able to succeed in acquiring this asset and the expert staff. King's Lynn, as a highly flexible and efficient combined cycle power plant, fits perfectly with our existing
portfolio of gas and renewable power generation," said Tom Glover, Country Chair for RWE in the UK. With the acquisition of King’s Lynn the existing RWE gas portfolio in the UK reaches a total of 7.2 gigawatts. This makes RWE Generation one of the largest operators of gas-fired power stations in the UK.

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