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UK Fines Wind Developer ~£33mn for Breaching Market Rules

POWER
Homepagemarkets-real-timeBulletUKBank Of England (BOE) Market News

UK energy regulator Ofgem has fined firm Beatrice Offshore Windfarm Ltd (BOWL) £33.14mn for breaching energy market rules regarding an offshore wind farm in Scotland, the regulator said today.

  • The company violated regulations by overcharging to reduce its energy output, resulting in increased costs for consumers, according to Ofgem.
  • Beatrice Offshore Windfarm overstated generation forecasts by between 6% and 10% from September 2021 through July 2022, according to Bloomberg.
  • The firm has accepted the fine and will make the payment.
  • Ofgem has also fined firms Drax Pump Storage, SEE generation, EP SHB and Dorenell Windfarm since the start of 2023 for similar reasons.
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UK energy regulator Ofgem has fined firm Beatrice Offshore Windfarm Ltd (BOWL) £33.14mn for breaching energy market rules regarding an offshore wind farm in Scotland, the regulator said today.

  • The company violated regulations by overcharging to reduce its energy output, resulting in increased costs for consumers, according to Ofgem.
  • Beatrice Offshore Windfarm overstated generation forecasts by between 6% and 10% from September 2021 through July 2022, according to Bloomberg.
  • The firm has accepted the fine and will make the payment.
  • Ofgem has also fined firms Drax Pump Storage, SEE generation, EP SHB and Dorenell Windfarm since the start of 2023 for similar reasons.