Utility Week - authoritative, impartial and essential reading for senior people within utilities, regulators and government
Issue link: https://fhpublishing.uberflip.com/i/292560
UTILITY WEEK | 11Th - 17Th AprIL 2014 | 23 Finance & Investment This week Renewables gains a 'national champion' Merger for National renewable Energy Centre (Narec) and Offshore renewable Energy Catapult The merger of the National Renewable Energy Centre (Narec) and the Offshore Renew- able Energy (ORE) Catapult has formed a "national champion" for the offshore wind, wave and tidal energy sectors. Narec, which has research, development and testing facilities in Northumberland, has combined with the ORE Catapult, which is one of seven elite technology and innovation centres established by the Technology Strategy Board. It is hoped the union will "accelerate the design, development and commercialisation of renewable energy technology", as well as attract overseas invest- ment, and "realise the enormous opportunity presented by the UK's offshore renewable energy resources". Andrew Jamieson, chief executive of the ORE Cata- pult, who will head the combined organisation, said: "We will play a leading role in ensuring the UK repli- cates the success of the oil and gas industries, creating many thousands of skilled jobs, contributing billions of pounds to the economy and ensuring the UK has a major influence on European policy, funding and offshore renewable energy development in the decades to come." Andrew Mill, who will step down as Narec chief executive and join the ORE Catapult board as a non- executive director, added: "Integrating Narec's world- class facilities and expertise with the ORE Catapult will create a unique and growing organisation, ensuring that regionally and nationally the UK is in the best possible position to capture the huge opportunity presented by wind, wave and tidal energy." MB ENErgY GIB invests £1.1m in hospital CHP unit The UK Green Investment Bank (GIB) has provided £1.1 million to help fund an energy efficiency project in a fourth NHS hospital. The Cheltenham General Hos- pital, managed by the Glouces- tershire Hospitals NHS Founda- tion Trust, has secured a total of £3.1 million of investment to finance a 1.3MW combined heat and power (CHP) unit. Alongside the GIB loan, the Trust has secured £1.1 million from the Aviva Investors REaLM investment fund – in which the GIB is a cornerstone investor – and £900,000 from the Depart- ment of Health. Once installed, the CHP unit will help cut the Trust's energy costs by 40 per cent, and its car- bon emissions by 30 per cent. Shaun Kingsbury, chief executive of the UK GIB, said: "Projects [like these] can help the NHS upgrade its facilities while improving the reliability and resilience of its systems." ENErgY Switchers help boost Good Energy growth Good Energy profits soared in 2013 on rising customer numbers and the sale of solar sites, the green energy supplier announced on Monday. Turnover increased 43 per cent from 2012 to £40.4 million. Earnings before interest, tax, depreciation and amortisation (Ebitda) rose by 85 per cent to £5.0 million. The supplier benefited from a spurt in switching to hit 40,000 electricity and 15,000 gas customers by the end of 2013. It also saw a 28 per cent growth in small-scale renewable gen- erators using its administrative services, to 59,000. Good Energy sold solar sites totalling 40.5MW and got plan- ning consent to build another 100MW of solar parks. Chief executive Juliet Daven- port said: "We are outperform- ing Britain's energy market, with customer numbers rising 32 per cent." rENEWAbLEs £6m of funding for Scots marine sector The marine energy sector in Scotland has been granted £6 million of funding to further develop new wave and tidal energy prototypes. Scottish Enterprise, a non- departmental investment agency of the Scottish Government, will award the money under the third round of the WATERS fund, in collaboration with Highlands and Islands Enterprise. The first two rounds of WATERS saw six marine energy developers benefit from £14.8 million of funding. Sky's the limit: union will 'realise opportunity' babcock shares picked up on 31 March as its subsidiary Cavendish Nuclear won part of a £6 billion nuclear clean-up contract. The Nuclear Decommissioning Authority named Cavendish Fluor partnership its preferred bidder to take control of 12 UK nuclear sites on 1 september. The partnership will own the sites, including sizewell and hinkley, and bring in its own executive team. site licensees Magnox and rsrL continue to provide the workforce. 1,500 1,450 1,400 1,350 1,300 1,250 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Stock watch BaBcock 4 March - 4 april BaBcock april 2013 - april 2014 1 Apr 2013 10 Mar 17 Mar 24 Mar 31 Mar 4 Apr 1 Apr 2014