LONDON (Reuters) - British utility SSE (SSE) plans to enter its Seagreen wind project that lies off the coast of Scotland into Britain's auction for renewable subsidies next year, it said on Wednesday.
- Seagreen Wind Energy Limited, developing the project, is a 50/50 joint venture between SSE and Fluor Limited, the British operating arm of Fluor Corporation (N:FLR).
- The project initially received planning consent in 2014.
- "Since 2014, offshore wind technology has advanced significantly with larger and more efficient turbines able to generate additional power," SSE said.
- The cost of producing electricity from wind farms has plummeted in the past few years, with the latest renewable auction clearing last year at a low of 57.50 pounds ($76) per megawatt hour (MWh).
- If built, the project would be capable of generating enough electricity to power up to 670,000 homes, SSE said.
- The next contracts-for-difference (CfD) subsidy auction will take place in spring 2019.
- Under the CfD scheme, winning projects are guaranteed a minimum price at which they can sell electricity.
