Centrica Down GBP 6 Mln on Race Bank Disposal
Centrica’s preliminary 2013 results have shown a loss of GBP 6 million on the disposal of the Race Bank offshore wind farm.
The company decided to sell the wind farm in December after failing to receive a letter of eligibility for transitional Feed in Tariff. This was followed by Dong Energy’s acquisition of 100% interest in the wind farm for GBP 50 million.
Centrica has impaired the carrying value of 4.2GW Celtic Array, in which they hold 50% interest, by GBP 25 million in the year.
Overall, renewables operating profit reduced to GBP 25 million (2012: £56 million), predominantly reflecting lower net profit on disposal during the year and the Round 3 impairment.
Offshore WIND staff, February 20, 2014; Image: centrica