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Centrica plc has announced that it has entered into a long-term contract to trade and balance 76.7% of the electricity generated from the 950 MW Moray East offshore wind farm.
The company's Energy Marketing and Trading division has signed a Power Purchase Agreement (PPA) that covers all Balance Responsible Party (BRP) services and the trading of the power generated in the UK day-ahead market.
The PPA contract is for a 15-year period starting from commercial operation which is scheduled for 2022.
The wind farm is to be developed 22km from the east coast of Scotland and will have an annual production equaling the average electricity requirements of approximately 950,000 UK homes.
Moray East is currently owned by EDPR (33.3%), Diamond Green Limited, which is partly owned by a subsidiary of Mitsubishi Corporation (33.4%), ENGIE (23.3%) and China Three Gorges (UK) Limited (10%).
In 2017 the project won a Contract for Difference (CfD) from the UK Government to supply electricity at GBP57.50 (US$74.24) per MWh, less than half the price of power generated by offshore windfarms under construction today.