RWE has bought a gas-fired combined cycle power plant (CCGT) in Norfolk from energy supplier Centrica in a deal worth £105 million.
The 382MW King’s Lynn power station will receive capacity payments until 2035 under a 15-year contract in the Capacity Market which starts in October 2020.
The facility is said to be “highly flexible” and has an efficiency of 57% following a major redevelopment – it was formerly mothballed in 2012 when the plant became uneconomic to run
The acquisition includes RWE taking on more than 30 employees on the site and takes its total gas portfolio in the UK to a total of 7.2GW.
Roger Miesen, CEO of RWE Generation said: “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.”