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UK gas-fired plant given funding extension
- 7 years ago (2016-07-07)
Once completed, the project would help power more than 2 million homes.
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A spokesperson for Carlton Power said said that UK Energy and Climate Secretary, Amber Rudd, has agreed “that, in accordance with the capacity market rules, the termination date has been extended from 26 th September to the 19 th of December to enable the project to achieve financial close with its investors”.
A decrease in electricity demand and prices in the UK have meant that developers such as Carlton Power have struggled to find investors for new power plant projects.
The contract for the Trafford natural gas plant will be worth around £30 million a year for 15 years on top of revenues generated from selling electricity.
The UK has a legally binding target to reduce emissions by 80 per cent on 1990 levels by 2050.