Since our formation in 2004, Welsh Power has sought new opportunities created by an energy market that has seen significant change and challenge and in doing so deliver value for our partners. We believe our track record speaks for itself:
Uskmouth Power Limited
In 2004 with backing from Rutland Partners, Welsh Power acquired Uskmouth Power Limited, a 360MW coal plant which had not operated for two years. The plant was quickly brought back into service and was operated by Welsh Power until 2009 when it was sold to SSE. Rutland Partners successfully exited in 2006 when Welsh Power brought in new finance partners to fund the continued expansion of the group. Despite its age, Uskmouth became one of the most reliable plants in the UK and was a true turn around success for the Welsh Power team.
Severn Power Limited
In 2008 Welsh Power commenced construction on Severn Power Limited, an 850 MW CCGT plant near Newport which was developed by Welsh Power. Welsh Power raised in excess of £600m of debt and equity finance to fund the project. The contract to build the plant was awarded to Siemens who also entered a long term service agreement for maintenance and operation. RBS, ING and Calyon led the debt financing and the equity was provided by a group of financial investors.
The plant was sold to DONG Energy in 2009. Severn Power Limited is the only major gas plant that has been developed, financed and built by an independent energy company in the last 15 years.
Haven Power Limited
In September 2006, Welsh Power launched Haven Power, an electricity supply business for commercial and industrial customers, based in Ipswich. The business grew quickly and within 2 years Haven was a major independent energy supplier with some 25,000 SME customers, turning over £100m and with the systems and process to robustly manage the customer base. Welsh Power sold Haven to Drax Power plc early in 2009.
Haven Power is one of only a small number of successful energy supply start ups in the UK since privatisation of the sector in the 1990s.
Flexible Distributed Gas-fired Generation
In 2011 the Welsh Power team acquired the business in an MBO. The team embarked on a new phase focused on small scale distributed gas generation aimed at supporting changes in the underlying nature of the UK’s energy system. Over 2 years we built a portfolio of some 50MW of peak power plant which was sold to Alkane Energy Limited in 2014.
Now working with our financial partners we are building a new portfolio of flexible, efficient, distributed gas generating plant across the UK. We started construction on the first plant in 2014 and now have some 426MWs of plant either operational or under construction.
In 2018, the business became a fully employee-owned organisation providing the Group with a robust and aligned ownership structure from which to deliver the next stage of our growth.