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London — Calon Energy directors have sầu retained control of two 850-MW combined cycle gas turbine plants in the UK placed inlớn administration last year, with new funding deemed sufficient khổng lồ keep them in a dormant state until market conditions improve sầu, administrator Interpath Advisory confirmed to S&P. Global Platts.

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In August last year Severn Power nguồn in South Wales and Sutton Bridge in Lincolnshire were taken out of the generation market while the administrator (then KPMG) sought to lớn recover costs for creditors. Since then KPMG has sold its restructuring business to lớn Interpath Advisory.

"Both Sutton Bridge Power nguồn Generation và Severn nguồn Generation exited administration at the over of March, via a Company Voluntary Arrangement, và control has been handed baông chồng to lớn the directors," an Interpath Advisory spokeswoman told Platts May 12.

Interpath had worked alongside management lớn develop new business plans for the power stations" operating companies, Interpath Advisory said.

Calon"s primary secured creditor, Beal Bank USA, has provided GBP4.9 million ($6.88 million) to lớn meet operating costs và expenses of the preservation process for an initial period, and the directors have sầu appointed NAES Power nguồn Solutions Limited khổng lồ operate and maintain the power stations.

"We underst& the directors plan lớn continue khổng lồ hold the power station assets in a dormant state, under a preservation plan until such a point where market conditions are such that the decision is made to lớn return the power station lớn an operational state," the administrator said in a final report dated March 26.

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Calon directors were not immediately available to lớn bình luận on when the power stations might return lớn service.

Window of opportunity

A return to lớn service for Severn Power và Sutton Bridge in time for Winter 2021-22 was possible given a lead time of two to three months to re-commission the assets, said S&P Global Platts Analytics" head of European power, Glenn Rickson.

"Our baseline view is that UK Clean Spark Spreads get progressively lower over the next two lớn three years, so if the plants aren"t economic now then they will be even less so in a couple of years," he said.

Two big "decision points" in the near future that might accelerate a return would be the launch of the UK Emissions Trading System, & the T-1 Capathành phố Market auction in the first quarter of 2022, he said.


Baglan inkhổng lồ receivership

Meanwhile, Baglan Operating Limited, another Calon company that owned the 582-MW Baglan Bay CCGT, was placed into official receivership in late March.

"My officials will work with the insolvency service và partners over the coming period to lớn tư vấn the company và its employees," Ken Skates, Minister for Economy, Transport và North Wales, said in a written statement March 24.