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    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

(ENR)
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Real-time Estimate Tradegate  -  05:11 2022-10-04 am EDT
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SCOTTISHPOWER - GREEN ELECTRICITY BOOST FOR UK AS WORK STARTS ON EAST ANGLIA THREE WINDFARM

08/12/2022 | 09:38am EDT

ScottishPower Renewables has kicked off the construction of its second windfarm off the Suffolk coast, which will deliver a green electricity boost for the UK.

East Anglia THREE, part of the East Anglia Hub, has a capacity of 1,400MW of green electricity - enough to power around 1.3 million homes and a significant portion of the government's target for 50GW of offshore wind by 2030.

The GBP6.5 billion Hub will deliver around 3GW of clean power in total. As well as making more green electricity in the UK for the UK, it will also deliver jobs and investment that will have a positive impact on the local economy.

The Hub projects - East Anglia ONE North, TWO and THREE - will support up to 7,000 jobs and 200 training opportunities across their development, construction and operations, as well as significantly support the UK supply chain.

Ross Ovens, ScottishPower Renewables' (SPR) Managing Director - Offshore, East Anglia Hub said: 'Energy in the UK has become a critical issue in recent months not just for those of us who work in the industry - but for everyone. And the solution is simple - more green electricity made in the UK for the UK. Not in 10, 15 or 20 years, but now.

'Net zero climate change ambitions, energy security and the rising cost of living all point to the need for speed in delivering a greener, more self-sufficient future. Starting construction on EA THREE takes us one step closer to that reality and it's great to see that happen so soon after the project's success in Allocation Round 4. It's a really exciting time for us and for the East of England.'

The initial focus of the EA THREE construction programme will be on the onshore converter station at Bramford in Suffolk - in partnership with Siemens Energy and Aker Solutions - and along the cable route, working with contractor, NKT.

Work on the construction access road at the onshore converter station has started and drainage and earthworks are expected to be completed by the end of the year. Highway works for the three construction compounds along the cable corridor are also underway, with three access roads and one compound expected to be complete by the end of August.

Mark Pilling, VP for HV Grids at Siemens Energy, said: 'At Siemens Energy, we recognise the scale and complexity of the energy challenges ahead and that we can't do it alone. Working in consortium with Aker Solutions, we're committed to delivering safe, sustainable, efficient solutions for the UK market.

'East Anglia THREE will see us work with our partners on creating the green electricity infrastructure for an offshore windfarm that will have a 1,400MW capacity, and with it the potential to power 1.3 million homes. This includes the construction of a HVDC converter station at Bramford. The project represents a significant step towards delivering on the UK's energy transition and progressing to a net zero future.'

NKT's Claes Westerlind, Executive Vice President and Head of HV Solutions Karlskrona, said: 'We are pleased to partner with ScottishPower Renewables by adding HVDC turnkey project capabilities and knowhow to the East Anglia THREE windfarm. Offshore wind is key for the green transition of the UK power supply and with the potential to supply over one million UK homes with green offshore wind energy, this project is an important step in connecting a greener world.'

East Anglia THREE will follow the same cable corridor as SPR's flagship offshore windfarm - East Anglia ONE - meaning there is no need to create new cable trenches.

EA One has given a huge boost to the local economy, supporting around 3,500 jobs at the peak of construction and 100 long-term skilled jobs. It's also delivered investment of around GBP145 million in businesses and the supply chain across the East of England.

Contact:

Lee-Ann Fullerton

Tel: 0141 614 4582

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AKER SOLUTIONS ASA 1.00% 40.52 Real-time Quote.71.86%
SIEMENS AG 3.35% 104.38 Delayed Quote.-33.90%
SIEMENS ENERGY AG 3.72% 11.985 Delayed Quote.-48.60%
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Sales 2022 28 287 M 27 828 M 27 828 M
Net income 2022 -497 M -489 M -489 M
Net cash 2022 1 755 M 1 727 M 1 727 M
P/E ratio 2022 -18,5x
Yield 2022 1,44%
Capitalization 8 262 M 8 128 M 8 128 M
EV / Sales 2022 0,23x
EV / Sales 2023 0,20x
Nbr of Employees 92 000
Free-Float 58,3%
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