According to the United Kingdom’s energy regulator Ofgem, Beatrice Offshore Windfarm Limited (BOWL) has agreed to pay $42.3 million as a fine for breaching the energy market rules.
Beatrice represents a collaboration between SSE Renewables, Red Rock Power Ltd, a Scottish investor, The Renewables Infrastructure Group (TRIG), listed on the London Stock Exchange, and Equitix.
According to BOWL, the breach was accidental. However, the firm will ensure that required measures are taken to prevent such accidents from happening in the future.
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The operator of the 84-turbine, 588-megawatt Beatrice wind farm situated off the Scottish coast has acknowledged the breach. The operator accepted it violated one of the license conditions by charging excessive prices to remit the generation output when required.
According to a report by Renewables Now, Ofgem said that “generators must not submit bid prices which would result in them obtaining an excessive benefit in transmission constraint periods.”
The money will be transferred into Ofgem’s Redress fund. The fund was established to support initiatives to assist energy consumers. In 2023, it secured £ 77.2 million, all of which was paid to companies.
Since the beginning of 2023, the Redress Fund has received payments from four additional electricity generation companies:
- Drax Pumped Storage Ltd contributed £ 6.12 million.
- SSE Generation Ltd contributed £ 9.78 million.
- EP SHB Ltd contributed £ 23.63 million.
- Dorenell Windfarm Ltd contributed £ 5.53 million.