SSE JV and Fluor reach agreement over construction of windfarms

FTSE 100-listed utilities group SSE and Fluor have reached agreement on all of the outstanding claims relating to the construction of the Greater Gabbard offshore wind farm.

FTSE 100-listed utilities group SSE and Fluor have reached agreement on all of the outstanding claims relating to the construction of the Greater Gabbard offshore wind farm.

The main claim related to the quality of up to 52 upper foundations supporting turbines and the quality of up to 35 lower foundations supporting the same turbines at the Greater Gabbard Offshore Winds (GGOWL) site, a 50:50 joint venture between SSE and RWE nPower.

All 140 turbines at the Greater Gabbard offshore wind farm have been energised and operational since September 2012, SSE said.

In the six months to March 2013, the wind farm was operationally available to generate electricity for 87% of the time and the group said that this would be forecast to increase to over 90% during 2013/14.

"GGOWL is now confident about the long-term structural integrity of the disputed foundations," a statement from SSE reported.

Iwan Tukalo, General Manager at GGOWL, said: "The agreement between GGOWL and Fluor is a positive development, bringing to an end the contractual dispute between the two parties.

"It is also encouraging that the wind farm has performed well since it was energised and our focus remains on ensuring it is a safe, efficient asset that makes a significant contribution to achieving the UK's targets for renewable energy."

MF

Recommended

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022