REG - Centrica PLC - Centrica expansion in the Irish power market

CentricaAnnouncement

20/02/2025 07:15

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RNS Number : 7769X  Centrica PLC  20 February 2025

20 February 2025

Centrica plc

('Centrica' or 'the Company')

 

Centrica expansion in the Irish power market

Centrica announces the next phase of its investment programme in Ireland,
increasing its flexible electricity generation capacity by 50% to 1GW,
supporting Ireland's security of energy supply and facilitating system-wide
decarbonisation.

 

In January, Centrica's subsidiary Bord Gáis Energy ("Bord Gáis") secured a
10-year capacity market contract to deliver a 334MW Open Cycle Gas
Turbine ("OCGT") power station. The new power station in Galway will be
capable of running on biomethane or hydrogen blend fuel and will be a critical
piece of strategic infrastructure for Ireland. Revenues from the new power
station will be underpinned by a capacity payment of €56 million per annum.
Final Investment Decision ("FID") is expected in 2026, with commercial
operation in 2029.

 

Bord Gáis has also recently been awarded a 5-year capacity market contract
for the existing 445MW Combined Cycle Gas Turbine ("CCGT") Whitegate power
station in Cork.

This new capacity market contract will see Whitegate receive a capacity
payment of €50 million per annum from October 2028 to underpin future
revenues.

 

These are the latest examples of Centrica working with the Irish Government
and Regulator to find opportunities to invest for value in security of supply
infrastructure, building on the two hydrogen-capable, 100MW flexible gas power
stations in Athlone and Dublin which will commence exporting to the grid later
this year.

 

Commenting on the developments, Chris O'Shea, Centrica Group Chief Executive,
said: "These new contracts will underpin projects which will take Centrica's
total investment in energy security projects in Ireland to €1 billion in
just five years, delivering on our strategy to invest in flexible assets to
accelerate the energy transition and improve security of supply. We are
delivering critical strategic infrastructure that provides attractive returns
for our shareholders and reliable, affordable energy for our customers, and
stand ready to invest more in Ireland, a market we know well and like."

Ends/

 

Enquiries:

Investors and Analysts
E: ir@centrica.com (mailto:ir@centrica.com)

Media
T: 01784 843000
E: media@centrica.com (mailto:media@centrica.com)

 

 

Centrica plc is listed on the London Stock Exchange (CNA)
 Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654
 Legal Entity Identifier number: E26EDV109X6EEPBKVH76
 ISIN number: GB00B033F229

 

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