Energy companies Equinor and SSE Thermal announced today the acquisition of power generating company Triton Power for £341 million and unveiled plans to transition its key asset, the 1.2 GW gas turbine Saltend Power Station to hydrogen.
Triton Power provides power to the UK wholesale electricity market through its UK power stations. The company has a capacity of 1.35 GW and its combined output is sufficient to provide electricity for up to half a million UK homes.
Mick Farr, Chief Executive, Triton Power, said:
“This agreement will allow the Triton Power assets to continue to provide critical grid services and flexible power generation while building on the progress already made on decarbonisation.”
The 1.2 GW Saltend Power Station is a conventional combined gas turbine (CCGT) that uses natural gas. The main use of the power plant currently is to provide electricity during periods of low output from solar and wind. Equinor and SSE Thermal stated that they are planning to prepare the plant to use up to 30% hydrogen from 2027 and eventually increase it to 100%.
The hydrogen will be supplied from Equinor’s H2H Saltend hydrogen project, which will reform natural gas into hydrogen, and utilize carbon capture and storage to capture more than 95% of its CO2 content.
Irene Rummelhoff, Equinor’s Executive Vice President for Marketing, Midstream, and Processing said:
“This acquisition together with SSE Thermal demonstrates our commitment to building a broad energy partnership with the UK. We will continue to work to supply the UK market with reliable energy and to reduce emissions by offering a transition to hydrogen through our hydrogen project H2H Saltend.”
The plant will support the decarbonization of Humber, the UK’s largest industrial region, responsible for annual emissions of more than 12 million tonnes of CO2, and help make the switch from coal-based power.
The two companies are acquiring Triton Power from energy transition infrastructure investor Energy Capital Partners (ECP). Upon completion, Equinor and SSE Thermal will own the company through a 50:50 joint venture.
Catherine Raw, CEO of SSE Thermal, said:
“Flexible energy will be crucial as renewable energy scales up further over the coming years, providing important back-up and improving security of supply. But the real gain will be how we contribute to decarbonisation in the longer term, and we are particularly excited about the possibilities for hydrogen and carbon capture in Saltend.”
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