17 June 2010

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EIB signs £250 million loan with DONG Energy for London Array wind farm

The European Investment Bank (EIB) has signed a GBP 250 million Loan Facility with DONG Energy, guaranteed by the Danish Export Credit Agency (Eksport Kredit Fonden, EKF) on the basis of deliveries from Siemens Wind Power and Per Aarsleff. The loan is part of the financing for the construction of the London Array offshore wind farm. The financing is in line with DONG Energy's strategy to diversify its funding on various loan types and to fund projects out of the parent company.

The first phase of the London Array wind farm has a capacity of 630 MW and is expected to begin operation in 2012 and be able to provide renewable energy for the London Olympics. Once completed it will be the world's largest offshore wind farm.

[full text]

More: European Investment Bank




Conclusions of the 18th EU Electricity Regulatory Forum in Florence - 10 – 11 June 2010


The Electricity Regulatory Forum, or Florence Forum, was set up to discuss the creation of a true internal electricity market. It is currently addressing cross-border trade of electricity, in particular the tarification of cross-border electricity exchanges and the management of scarce interconnection capacity.

Participants included national regulatory authorities, Member State governments, the European Commission, transmission system operators, electricity traders, consumers, network users, and power exchanges. Since 1998 the Forum has meet once or twice a year.


Conclusions and recommendations

The Forum's conclusions and recommendations touched upon the following six points. A brief overview is provided hereunder in respect of each of the areas:  

1. Regional Initiatives:

The Forum envisaged the development of a coherent roadmap, which should include a vision for regional initiatives, as well as the creation, for each region, of a structure where the Commission, Member States and the regulators/ACER would be represented. The Commission has the intention to adopt a Communication addressing these issues.

2. Internal Market: Codes, guidelines and implementation of the 3rd package:

The Forum appreciated the European Regulators' Group for Electricity and Gas (ERGEG) work on the draft framework guidelines and the related impact assessments on grid connection - the pilot -, capacity allocation and congestion management and the initial preparatory work on system operation. In addition, the Forum welcomed the activities aiming at market integration, needed in particular for the integration of wind and other renewable energy sources.

3. Market integrity framework and transparency:

During the Forum, ERGEG presented the status of its work on fundamental electricity data transparency. This work includes the drafting of guidelines together with the European Network of Transmission System Operators for Electricity (ENTSO-E). The drafting process will include a wide consultation of all stakeholders.

4. Infrastructure development:

In view of achieving the 20% renewables target, ENTSO-E and Eurelectric stressed the urgency for Member States to accelerate the permitting procedures so as to meet the 2020 targets. The Forum also welcomed the first ENTSO-E 10-year network development plan and its delivery already this year. A plan which requires further development and should be based on proper scenarios and market- and network modeling.

5. International Issues:

A paper on energy efficiency will be presented to the coming G-8 meeting.

6. Influence of renewables on electricity market:

The Forum welcomed the ongoing work on the influence of renewables on electricity markets which was presented by ERGEG, ENTSO-E (European Wind Integration Study), and Eurelectric. The Forum recognised that addressing the issues resulting from increased renewables in the market will require close cooperation between Member States, regulators and stakeholders. The Forum also took note of the Commission's intention to carry out a study next year on the impact of increased renewables on the internal energy market


[Full Text of the Conclusions of the European Electricity Regulatory Forum]


Further information can be obtained at: http://ec.europa.eu/energy/gas_electricity/forum_electricity_florence_en.htm


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