Beatrice’s Missing Output–The Plot Thickens!

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From NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

I’ve now got some more information concerning the “missing” 551 GWh of output at Beatrice Offshore Windfarm in their y/e March 2022.

You will recall that their Annual Accounts listed output as 2084.7 GWh, but the amount they declared to the LCCC for CfD purposes was only 1533.6 GWh.

Andrew Montford has provided data on the constraint payments to Beatrice, and for that year they were paid £33.1 million for constraining output of 539.9 GWh. In other words pretty much all of the missing output was constrained, i.e. not exported to the transmission network.

The constraint payment to Beatrice averages £61.42/MWh. Yet their guaranteed strike price via CfD was £164.73/MWh at that time, so they certainly would not have given up that revenue just for the constraint payments.

And, as we know, they did not give it up. Let’s do a few sums.

  • The revenue from the 1533.6 GWh, which was declared for CfD, would have been £252.6 million, at £164.73/MWh
  • The total revenue listed in the Annual Accounts was £392.9 million.
  • Constraint payments were £33.1 million.
  • Therefore other income, that is excluding CfD and constraints, amounted to £107.2 million, and equates to £198.55/MWh, based on the constrained 539.9 GWh.

In short then, Beatrice has not only received £33 million from constraint payments, it appears to have sold all of that output anyway. Worse still, the price they received from that sale was higher than their strike price.

The mystery now is just where that missing electricity went.