10 March 2021
STOR Power (“STOR”) is extremely pleased to confirm all eleven of its generation units that participated in the T-4 Capacity Auction in the UK have provisionally secured 15-year contracts for the delivery year 2024/25.
In total, STOR has secured contracts for 213MW of electricity generation capacity. With an average new-build gas distribution portfolio in the Capacity Auction having a capacity of just 48.5MW, the sheer scale of the STOR portfolio is significant in the market.
These provisional results are subject to approval by the Regulatory Authorities and are expected to be confirmed shortly.
Through this latest T-4 auction, NGESO has provisionally awarded a total of 40.8GW of capacity contracts to electricity generators and demand side response units at an auction clearing price of £18/kW/year.
Jon Antoniou, CEO of STOR Power, said:
“We’re delighted to have provisionally secured contracts for 213MW of our flexible generation units. As we transition from carbon intensive baseload power to a low carbon future powered by renewables, it is vital that we have the flexible generation infrastructure in place to support that change. Our amazing team of energy development specialists have ensured that this portfolio is of the highest standard and ready to build following on from securing CM contracts. It will be immensely satisfying to now see these built out and start delivering power and returns for our investors ahead of the delivery year.”