Misplaced Pages

#295704

90-653: The London Array is a 175-turbine 630 MW Round 2 offshore wind farm located 20 kilometres (12 mi) off the Kent coast in the outer Thames Estuary in the United Kingdom. It was the largest offshore wind farm in the world until Walney Extension reached full production in September 2018. Construction of phase 1 of the wind farm began in March 2011 and was completed by mid 2013, being formally inaugurated by

180-561: A 60% increase in total wind generated power The first commercial wind farm was built in 1991 at Delabole in Cornwall; it consisted of 10   turbines each with a capacity to generate a maximum of 400   kW. Following this, the early 1990s saw a small but steady growth with half a dozen farms becoming operational each year; the larger wind farms tended to be built on the hills of Wales, examples being Rhyd-y-Groes, Llandinam, Bryn Titli and Carno . Smaller farms were also appearing on

270-603: A Contract for Difference in Round 3 or Round 4. The UK accelerated its decommissioning of coal power stations aiming for a 2024 phase-out date; achieving this on 30 September 2024 with the closure of Ratcliffe-on-Soar Power Station . Recent British nuclear power station building programs have encountered significant technical issues and project overruns that have resulted in significant increases in project costs. These issues have resulted in new UK nuclear projects failing to secure project financing. Similarly, SMR technology

360-653: A certain amount of electricity using renewable means (see Renewables obligations below). Wind turbine development continued rapidly and by the mid-2000s 2   MW+ turbines were the norm. In 2007, the German wind turbine producer Enercon installed the first 6   MW model (" E-126 "); The nameplate capacity was changed from 6   MW to 7 MW after technical revisions were performed in 2009 and to 7.5 MW in 2010. Growth continued with bigger farms and larger, more efficient turbines sitting on taller and taller masts. Scotland's sparsely populated, hilly and windy countryside became

450-431: A comprehensive review of audited accounts data for UK offshore windfarms, which found that levelised costs rose from around £60–70/MWh for early projects, to around £140–160/MWh by 2010–13, before stabilising. The Renewable Energy Foundation study also examined onshore wind costs, finding that capital costs had risen to around 2011 before declining slightly thereafter, while operating costs had risen steadily. Estimates of

540-487: A joint venture party in the scheme. Under the agreement, Masdar purchased 40% of E.ON's half share of the scheme, giving Masdar a 20% stake in the project overall. The resultant ownership was 50% DONG Energy, 30% E.ON UK Renewables and 20% Masdar. In March 2009, the backers agreed on an initial investment of €2.2 billion. Financing of phase 1 was achieved through the European Investment Bank and

630-481: A major expansion of offshore capacity to 60 GW by 2030 ,with 5GW from floating wind. One reason for this is to improve energy security . It's reported by industry experts TGS 4C Offshore that the UK is currently not on track to meet this target due to challenges within the permitting process, supply chain and strike prices, however with the recent change of government and allocation round 6 budget this could likely accelerate

720-586: A major plan to support Quebec businesses in 2009. It adopted a responsible investing policy in 2004 and signed the UN’s Principles for Responsible Investment in 2006. In 2009, Otéra Capital, a subsidiary of the CDPQ, was created to act as a leader in commercial real estate debt across North America. Otéra Capital offers innovative financing solutions for various real estate sectors, such as office, retail, industrial, multifamily, hospitality, and seniors' housing. In

810-486: A monthly capacity factor of 78.9%. It produced 2.5 TWh in 2015. During two days of January 2016, production varied from 3 MW to 619 MW. Its levelised cost has been estimated at £140/MWh. A second phase was planned which would have seen a further 166 turbines installed to increase the capacity to 1000 MW. However, the second phase was scaled back and finally cancelled in February 2014 after concerns were raised by

900-674: A popular area for developers and the United Kingdom's first 100   MW+ farm went operational in 2006 at Hadyard Hill in South Ayrshire. 2006 also saw the first use of the 3   MW turbine. In 2008, the largest onshore wind farm in England was completed on Scout Moor and the repowering of the Slieve Rushen Wind Farm created the largest farm in Northern Ireland. In 2009, the largest wind farm in

990-735: A public transit system on the Samuel-de-Champlain Bridge and a public transit system for the West Island (between downtown Montreal, Pierre-Elliot-Trudeau International Airport and the West Island). On 22 April 2016, CDPQ Infra unveiled plans for a new public transit project, the Réseau express métropolitain (REM). The REM will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue),

SECTION 10

#1732772325296

1080-539: A regional distribution network, termed "embedded generation". In 2009 nearly half of wind generation capacity was embedded generation, but this is expected to reduce in future years as larger wind farms are built. Gaining planning permission for onshore wind farms continues to prove difficult, with many schemes stalled in the planning system and a high rate of refusal. The RenewableUK (formerly BWEA) figures show that there are approximately 7,000   MW worth of onshore schemes waiting for planning permission. On average,

1170-649: A sustainable office building project in Toronto. Its headquarters are located in Montreal , and it has offices in Toronto , Vancouver , New York , and Los Angeles . CDPQ Infra, a third subsidiary of the CDPQ, is dedicated to the development and management of infrastructure. At the time of its creation, CDPQ Infra was mandated by the Couillard government to evaluate two public transit projects for Greater Montreal :

1260-553: A wind farm planning application takes two years to be considered by a local authority, with an approval rate of 40%. This compares extremely unfavourably with other types of major applications, such as housing, retail outlets and roads, 70% of which are decided within the 13- to 16-week statutory deadline; for wind farms the rate is just 6%. Approximately half of all wind farm planning applications, over 4   GW worth of schemes, have objections from airports and traffic control on account of their impact on radar . In 2008 NATS en Route,

1350-430: Is a "key building block" for electricity generation it was unclear if the 2015 onshore planning restrictions would be eased. In 2022 three-quarters of the UK population supported further wind generated power in the UK and the majority would be happy for a wind farm to be built near them. In 2022, wind generation in the UK exceeded 20 GW for the first time, reaching 20.9 GW between 1200h and 1230h on 2 November 2022. This

1440-504: Is a public infrastructure project in greater Montréal that was proposed by the CDPQ at the request of the government of Quebec . In 2015, the CDPQ proposed a new model for infrastructure projects to the Quebec government, based on its expertise and financial capacity. It then created a subsidiary, CDPQ Infra, to manage major public infrastructure projects in Quebec and abroad. The REM is the first project of CDPQ Infra, which owns and operates

1530-460: Is a unique institution that plays a vital role in the economic and social development of Quebec and Canada. It is one of the largest and most diversified institutional investors in the world, investing in sectors including private equity, fixed income, real estate, infrastructure, and renewable energy, in Canada and abroad. It also supports Quebec-based companies with growth potential and contributes to

1620-472: Is currently being constructed, while another 4.8   GW of schemes have planning consent. In 2009, United Kingdom onshore wind farms generated 7,564   GWh of electricity; this represents a 2% contribution to the total United Kingdom electricity generation (378.5   TWh). Large onshore wind farms are usually directly connected to the National Grid , but smaller wind farms are connected to

1710-685: Is mostly away from deep water shipping lanes. It is north of the shallow cross estuary channel, the Fisherman's Gat and astride of the Foulger's Gat . The first phase consisted of 175 Siemens Wind Power SWT-3.6 turbines and two offshore substations, giving a wind farm with a peak rated power of 630 MW. Each turbine and offshore substation is erected on a monopile foundation , and connected together by 210 km (130 mi) of 33 kV array cables. The two offshore substations are connected to an onshore substation at Cleve Hill (near Graveney ) on

1800-597: Is not currently economically competitive with offshore wind in the UK. Following the Fukushima nuclear disaster public support for new nuclear has fallen. In response, the UK government increased its previous commitment for 40   GW of Offshore wind capacity by 2030. As of 2020, this represents a 355% increase over current capacity in 10 years. It is expected the Crown Estate will announce multiple new leasing Rounds and increases to existing bidding areas throughout

1890-671: The Prime Minister , David Cameron on 4 July 2013. The second phase of the project was refused planning consent in 2014 due to concerns over the impact on sea birds. The wind farm site is more than 20 kilometres (12 mi) off the North Foreland on the Kent coast. It is in the area between Long Sand and Kentish Knock , between Margate in Kent and Clacton in Essex. The site has water depths of no more than 25 m and

SECTION 20

#1732772325296

1980-579: The Royal Society for the Protection of Birds about its effect on a local population of red-throated divers . Round 2 wind farm British grid electricity in 2023 The United Kingdom is the best location for wind power in Europe and one of the best in the world. The combination of long coastline , shallow water and strong winds make offshore wind unusually effective. By 2023,

2070-528: The 1990s, the CDPQ diversified its real estate portfolio and increased its equity allocation. It acquired the real estate assets of the Steinberg grocery chain in 1989 and merged its real estate subsidiary, Ivanhoé, with Cambridge Shopping Centres in 2001, creating Ivanhoé Cambridge. It also obtained a legislative change in 1997 that increased its allowable equity allocation from 40% to 70% of its assets. It also moved into infrastructure investment in 1999, with

2160-541: The 2010s, the CDPQ accelerated its pace of growth and expansion in Canada and abroad. In 2013 it created the Global Quality Equity Portfolio, which followed a new investment philosophy that favoured total returns, in-depth research, and investments in high-quality assets, anchored in the real economy. It combined all its real estate subsidiaries under one banner, Ivanhoé Cambridge, in 2011. It also established offices in several countries, such as

2250-745: The 2020–2030 period to achieve the government's aim of 40   GW. In 2023 the UK Government increased offshore wind planned by the UK by 2030 to 50GW, and has a pipeline of offshore wind power schemes of 100GW. In addition to the UK Round 3 auction, the Scottish Government and the Crown Estate also called for bids on potential sites within Scottish territorial waters. These were originally considered as too deep to provide viable sites, but 17   companies submitted tenders and

2340-410: The 30% stake previously belonging to E.ON. At the time of its construction, it was the largest offshore wind farm in the world. Offshore work began in March 2011 with construction of the first foundation. Turbines were supplied by Siemens Wind Power . Their foundations were built by a joint-venture between Per Aarsleff and Bilfinger Berger Ingenieurbau GmbH . The same company supplied and installed

2430-568: The BWEA, the Ministry of Defence and other government departments signed a Memorandum of Understanding seeking to establish a mechanism for resolving objections and funding for more technical research. Wind farms in the UK often have to meet a maximum height limit of 125 m (410 ft) (excluding Scotland). However, modern lower cost wind turbines installed on the continent are over 200 m (660 ft) tall. This planning criteria has stunted

2520-475: The CDPQ focused on building a bond portfolio that included predominantly Quebec government and Hydro-Québec securities. It made its first equity investment in Alcan Aluminium in 1967 and its first commercial mortgage loans in the same year. In 1971, it created the private investments portfolio, which included investments in Quebec companies. In the 1980s, the CDPQ entered into international markets and

2610-545: The CDPQ the top institutional investor in infrastructure based on asset size in the Global Investor 50 list. In 2005, article 4 of CDPQ's founding statute was amended to make the institution's mandate explicit: 4.1. The mission of the Fund is to receive moneys on deposit as provided by law and manage them with a view to achieving optimal return on capital within the framework of depositors' investment policies while at

2700-686: The CDPQ's various sectors. The CDPQ has three subsidiaries: Ivanhoé Cambridge , Otéra Capital, and CDPQ Infra. The subsidiaries' headquarters are located in the Jacques-Parizeau building in Montreal. Ivanhoé Cambridge is the real estate subsidiary of the CDPQ. It aims to invest in real estate assets including office space, shopping centres, and multi-residential buildings. Some of its biggest projects include CIBC Square in Toronto and Tours Duo in Paris. Otéra Capital, another subsidiary of

2790-461: The CDPQ, provides commercial real estate debt financing across North America. It has a portfolio of over C$ 29 billion in loans as of December 31, 2022. It offers various financing options for different real estate sectors, including office, industrial, retail, multi-family, hospitality, and seniors' housing. Otéra Capital also has a strong commitment to environmental, social, and governance (ESG) principles and has recently granted its first green loan to

London Array - Misplaced Pages Continue

2880-506: The CDPQ. CDPQ's portfolio is divided into four main categories of assets: The following table shows the geographic exposure of the CDPQ's overall portfolio, based on the country where the main place of business of the company or issuer is located or, in the case of real estate, the geographic location of properties: The eight largest depositors, listed below, represented 96.4% of the CDPQ's net assets as at December 31, 2022. (billions CAD) The CQDP has been criticized for investing in

2970-427: The Crown Estate initially signed exclusivity agreements with 9   companies for 6   GW worth of sites. Following publication of the Scottish Government's sectoral marine plan for offshore wind energy in Scottish territorial waters in March 2010, six sites were given approval subject to securing detailed consent. Subsequently, 4   sites have been granted agreements for lease. In 2022 Crown Estate announced

3060-855: The Danish Export Credit Fund with £250 million. In 2013, in response to Ofgem "Offshore Transmission Owner" regulations, the consortium divested the electrical transmission assets of the wind farm (valued at £459 million) to Blue Transmission London Array Limited – an entity incorporated by Barclays Infrastructure Funds Management Limited ( Barclays ) and Diamond UK Transmission Corporation (a Mitsubishi Corporation subsidiary). In January 2014, DONG sold half its stake to Quebec public pension plan manager Caisse de dépôt et placement du Québec (" La Caisse "), and in 2023 sold its remaining 25% share to Schroders Greencoat for £717 million (£4.56 m/MW). Following RWE's takeover of E.ON's power generation in an asset swap in 2019, RWE now owns

3150-755: The EU's energy supply from renewable sources by 2020. Each EU member state was given its own allocated target: for the United Kingdom it is 15%. This was formalised in January 2009 with the passage of the EU Renewables Directive . As renewable heat and renewable fuel production in the United Kingdom are at extremely low bases, RenewableUK estimated that this would require 35–40% of the United Kingdom's electricity to be generated from renewable sources by that date, to be met largely by 33–35   gigawatts (GW) of installed wind capacity. In December 2007,

3240-621: The Fraser River and various stations along the route. The Canada Line opened to the public in 2009, on time and within budget. It has become an important part of the Greater Vancouver transit system, facilitating the movement of people and goods while contributing to the region’s sustainable growth and development. The CDPQ has investments across different sectors and geographies. Here are a few examples: Source: Source: The CDPQ ranked first among 59 global pension funds in

3330-502: The Government announced plans for an expansion of wind energy in the United Kingdom, by conducting a Strategic Environmental Assessment of up to 25   GW worth of wind farm offshore sites in preparation for a new round of development. These proposed sites were in addition to the 8   GW worth of sites already awarded in the two earlier rounds of site allocations, Round   1 in 2001 and Round   2 in 2003. Taken together it

3420-574: The Hull area on the east coast of England because it is close to other large offshore projects planned in coming years. The new plant began producing turbine rotor blades in December 2016. The plant and the associated service centre, in Green Port Hull nearby, will employ about 1,000 workers. During 2015, 40.4   TWh of energy was generated by wind power and the quarterly generation record

3510-535: The North Shore (Deux-Montagnes), and the airport through a unified, electrically powered and fully automated 67-km light metro system. The network represents an investment of approximately $ 5.5 billion, of which CDPQ Infra is committing $ 3 billion as the majority shareholder. On March 8, 2017, General Electric said it had agreed to sell GE Water for around US$ 3.4 billion to Suez Environnement in France and

3600-583: The Renewables Obligation Banding Review in 2009, offshore wind has received 2   ROCs to reflect its higher costs of generation. In Northern Ireland, a banding of 4 ROCs is available for small onshore turbines. Wind energy received approximately 40% of the total revenue generated by the Renewables Obligation, and ROCs provided over half of the revenue of the wind farms involved. The total annual cost of

3690-599: The Renewables Obligation reached £6.3   billion in 2019–20, of which 67% was for wind power. This cost was added to end-user electricity bills. Sir David King warned that this could increase UK levels of fuel poverty . The government closed the Renewables Obligation to new onshore wind power projects in 2016. Support for offshore wind was moved into the government's Contract for Difference (CfD) regime. Support for wind power under this programme rose to £1.7   billion in 2020, with £1.6   billion of that total shared between six offshore windfarms. In 2023 there

London Array - Misplaced Pages Continue

3780-433: The UK had over 11 thousand wind turbines with a total installed capacity of 30   gigawatts (GW): 16 GW onshore and 15 GW offshore , the sixth largest capacity of any country . Wind power is the largest source of renewable energy in the UK , but at under 5% still far less primary energy than oil or fossil gas . However, wind power generates electricity which is far more powerful in terms of useful energy than

3870-518: The United Kingdom went live at Whitelee on Eaglesham Moor in Scotland. This is a 539   MW wind farm consisting of 215   turbines. Approval has been granted to build several more 100   MW+ wind farms on hills in Scotland and will feature 3.6   MW turbines. As of September 2013, there were 458 operational onshore wind farms in the United Kingdom with a total of 6565   MW of nameplate capacity. A further 1564   MW of capacity

3960-400: The United Kingdom. 2001 saw 17 applications being granted permission to proceed in what has become known as Round   1 of United Kingdom offshore wind development. Offshore wind projects completed in 2010–2011 had a levelised cost of electricity of £136/MWh, which fell to £131/MWh for projects completed in 2012–14 and £121/MWh for projects approved in 2012–2014; the industry hopes to get

4050-487: The United States, Mexico, Brazil, France, India, China, Singapore, and Australia. In 2015, CDPQ Infra, a subsidiary of the CDPQ, was created to act as a principal contractor for public infrastructure projects. CDPQ Infra is responsible for all phases of a project: planning, financing, execution and operation. It aims to foster the effective delivery of modern, efficient, and sustainable infrastructure projects that meet

4140-399: The board of directors is separate from that of president and chief executive officer. The Quebec government appoints members of the board of directors, upon consultation with the board. The CDPQ's board of directors has defined a profile of expertise and experience required for its independent directors. The executive committee is composed of the president and CEO and the senior officers of

4230-602: The build out to 2030. The world's first electricity generating wind turbine was a battery charging machine installed in July 1887 by Scottish academic James Blyth to light his holiday home in Marykirk , Scotland. It was in 1951 that the first utility grid-connected wind turbine to operate in the United Kingdom was built by John Brown & Company in the Orkney Islands . In the 1970s, industrial scale wind generation

4320-471: The chief executive of DONG Energy (now known as Ørsted A/S ), the UK's largest wind farm operator, predicted that wind power could supply more than half of the UK's electricity demand in the future. He pointed to the tumbling cost of green energy as evidence that wind and solar could supplant fossil fuels quicker than expected. By 2020, climate change concerns led to greater public support for wind turbines, but despite government policy stating onshore wind

4410-413: The construction of Highway 407 in Toronto. In the 2000s, the CDPQ faced the worst financial crisis since the stock market crash of 1929, which resulted in a loss of $ 42.5 billion in 2008. Following the crisis, the CDPQ adopted a series of measures to increase its effectiveness, refocus on its core competencies, and strengthen its risk management in order to better sustain long-term yields. It also launched

4500-409: The cost down to £100/MWh for projects approved in 2020. The construction price for offshore windfarms has fallen by almost a third since 2012 while technology improved and developers think a new generation of even larger turbines will enable yet more future cost reductions. In 2017 the UK built 53% of the 3.15 GW European offshore wind farm capacity. In 2020, Boris Johnson pledged that, by the end of

4590-563: The creation of jobs and wealth in the province. Over the years, the CDPQ has expanded its scope and scale, managing the funds of other public and parapublic pension and insurance plans, such as the Government and Public Employees Retirement Plan (RREGOP), the Pension Plan of Management Personnel (PPMP), and the Fonds d’assurance automobile du Québec. It has also diversified its portfolio, investing in different asset classes and markets around

SECTION 50

#1732772325296

4680-450: The creation of jobs and wealth in the province. It strived to generate positive impacts for society and the environment. In 2022, Global SWF, a publication that covers sovereign wealth funds and other long-term public investors, awarded the CDPQ its 2022 Fund of the Year award. The next year, Infrastructure Investor magazine, which focuses on the global infrastructure investment market, ranked

4770-517: The decade, offshore wind would generate enough energy to power every UK home. At the start of 2022 there was a total of 11.26 GW of installed offshore wind capacity. During 2022 an additional 3.2 GW of capacity was added with the commissioning of the Moray East , Triton Knoll and Hornsea Project Two wind farms. A further 13.6 GW of capacity is either under construction (Neart Na Gaoithe, Sofia, Seagreen & Doggerbank A) or has been awarded

4860-618: The development of onshore wind in the UK. From 2002 to 2015, windfarms were subsidised through the Renewables Obligation where British electricity suppliers were required by law to provide a proportion of their sales from renewable sources such as wind power or pay a penalty fee. The supplier then received Renewable Obligation Certificates (ROC) for each MW·h of electricity they have purchased. The Energy Act 2008 introduced banded ROCs for different technologies from April 2009. Onshore wind receives 1   ROC per MWh, but since

4950-495: The fully electric and automated light rail system that will serve Greater Montréal. CDPQ Infra is responsible for all aspects of the REM, from design and construction to financing and maintenance, as well as the procurement of rolling stock and systems. CDPQ Infra also follows environmental and social standards and communicates and consults with the public and stakeholders. The REM project has several expected outcomes, including improving

5040-466: The goal of providing transit options connecting downtown Vancouver to Vancouver International Airport and Richmond . InTransit BC won the public-private partnership contract for the Canada Line project. The consortium provided financial backing and expertise in infrastructure development and transportation. The project involved the construction of a new SkyTrain line, which included tunnelling under

5130-505: The government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. Its initial role was to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably while also contributing to Quebec’s economic development. In its early years,

5220-502: The hills and moors of Northern Ireland and England. The end of 1995 saw the first commercial wind farm in Scotland go into operation at Hagshaw Hill. The late 1990s saw sustained growth as the industry matured. In 2000, the first turbines capable of generating more than 1   MW were installed and the pace of growth started to accelerate as the larger power companies like Scottish Power and Scottish & Southern became increasingly involved in order to meet legal requirements to generate

5310-650: The largest offshore wind farm in the world; this was surpassed in 2018 by the Walney 3 Extension. The United Kingdom has been estimated to have over a third of Europe's total offshore wind resource, which is equivalent to three times the electricity needs of the nation at current rates of electricity consumption (In 2010 peak winter demand was 59.3   GW, in summer it drops to about 45   GW). One estimate calculates that wind turbines in one third of United Kingdom waters shallower than 25 metres (82 ft) would, on average, generate 40   GW; turbines in one third of

5400-435: The levelised cost of UK onshore wind are older. A 2011 study by the engineering consultancy Mott MacDonald put onshore wind costs at £83/MWh, below new nuclear at £96/MWh. In the UK's contract for difference auctions of 2017 and 2019, offshore windfarms made bids to supply the grid at strike prices much lower than anything seen before: £57.50/MWh in the 2017 auction and £39.65/MWh in the 2019 one. These values are below

5490-472: The mobility of commuters, reducing greenhouse gas emissions, creating thousands of jobs, supporting the development of electric transportation, and stimulating economic and real estate growth. Construction on the REM began in April 2018 and is planned to be completed by 2027. The first trains operated in 2023 between Brossard and Gare Centrale Stations. The REM will be one of the longest automated metro lines in

SECTION 60

#1732772325296

5580-425: The monopiles. Generators were installed by MPI and A2SEA , using an installation vessel TIV  MPI Adventure and a jack-up barge Sea Worker . Two offshore substations were designed, fabricated and installed by Future Energy, a joint venture between Fabricom, Iemants and Geosea, while electrical systems and onshore substation work was undertaken by Siemens Transmission & Distribution. The subsea export cable

5670-466: The needs of communities. CDPQ Infra also leverages the CDPQ’s infrastructure expertise and adopts international best practices to execute work on time and on budget. In a September 28, 2021, press release, the CDPQ announced its 2021 climate strategy, which included divesting the remaining $ 3.9 billion currently held in oil company assets, which represented 1% of its investment portfolio, by 2022. According to

5760-456: The north Kent coast, by four 150 kV subsea export cables, in total 220 km (140 mi). It is named after London because the power goes to the London grid. The smaller Thanet Wind Farm is to the south. The array is intended to reduce annual CO 2 emissions by about 900,000 tons, equal to the emissions of 300,000 passenger cars. In 2001 environmental studies identified areas of

5850-465: The now discontinued Non-Fossil Fuel Obligation (NFFO), leading to two wind farms , Blyth Offshore and Gunfleet sands . The NFFO was introduced as part of the Electricity Act 1989 and obliged United Kingdom electricity supply companies to secure specified amounts of electricity from non-fossil sources, which provided the initial spur for the commercial development of renewable energy in

5940-529: The ostensible windfarm costs outlined in the previous section, and have therefore been widely taken as evidence of a fundamental change in the economics of offshore wind power; in other words that technological advances have led to much lower costs. There has been no similar reduction in bidding prices from onshore windfarms. The lowest successful bid under the CfD regime has been £79.99/MWh. Historically, wind power had raised costs of electricity slightly. In 2015, it

6030-411: The outcome of its application process for ScotWind Leasing, the first Scottish offshore wind leasing round in over a decade and the first ever since the management of offshore wind rights were devolved to Scotland. 17 projects were selected with a capacity of 25 GW. Scotland has a target for 2030, made in 2023, of 11GW of offshore wind by 2030. This would represent an increase of 400% in offshore wind and

6120-646: The outer Thames Estuary as potential sites for offshore wind farms; the Department of Trade and Industry published the paper Future Offshore — A Strategic Framework for the Offshore Wind Industry , which identified the outer Thames Estuary as one of three potential areas for future wind farm development ( Round 2 wind farms ). The Crown Estate awarded a 50-year lease to London Array Ltd (a consortium of E.ON UK Renewables, Shell WindEnergy, and CORE Limited) in December 2003. A planning application

6210-601: The private security industry. It became the main shareholder of Allied Universal and also invested in CAE Inc. Critics have derided the poor economic value of these choices. and the social and ethical problems that surround the industry. The holding of Allied Universal by the CQDP became more of a problem after the company acquired G4S , a firm that has been implicated in many controversies that led most public pension funds to divest from it. G4S holds parts of Policity Corporation,

6300-458: The rankings. The CDPQ ranked first in the 2023 edition of the list. The CDPQ's board of directors can have up to 15 members, two-thirds of whom must be independent. It is composed of its chair, the president and CEO, depositor representatives, and independent members. The board is responsible for establishing the CDPQ's main orientations and ensuring that the CDPQ adheres with all legislative and regulatory requirements. The position of chair of

6390-630: The real estate sector. It made its first transactions in global equities exchanges in 1983 and its first international private equity investment in Compagnie financière Martin Maurel, in France, in 1984. It also acquired its first office building, Place Delta in Sainte-Foy, in 1980, and its first international real estate acquisition, Centre de conférence Albert-Borschette in Brussels, in 1993. In

6480-405: The same amount of thermal primary energy. Wind generates more than a quarter of UK electricity , and as of May 2024 generates more than gas over a whole year. Polling of public opinion consistently shows strong support for wind power in the UK, with nearly three-quarters of the population agreeing with its use, even for people living near onshore wind turbines . The government has committed to

6570-555: The same time contributing to Québec's economic development. In June 2015, the CDPQ statute was further amended to specify that CDPQ "acts with full independence in accordance with this Act." CDPQ has five investment priorities: optimal performance, Québec economy, worldwide presence, sustainable investing, and technology. CDPQ has expanded its global presence by opening offices in key markets such as New York , London , Singapore , Mexico City , São Paulo , Paris , New Delhi , and Sydney . The Réseau express métropolitain (REM)

6660-434: The statement, the CDPQ was responding "to the markets, to science, and to the will of Quebecers who do not want their money to fuel the climate crisis." As of June 30, 2023, the CDPQ managed assets of C$ 424 billion, invested in sectors such as private equity, fixed income, real estate, infrastructure, and renewable energy in Canada and elsewhere. It also supported Quebec-based companies with growth potential and contributed to

6750-482: The trajectory of these figures can be made. A review of financial accounts published by the Renewable Energy Foundation in 2020 showed that UK offshore windfarm capital costs rose steadily from 2002 to around 2013, before stabilising and perhaps falling slightly. Operating costs have risen steadily up to the time of the study, but financing costs have fallen. This picture has been confirmed by

6840-427: The waters between 25 metres (82 ft) and 50 metres (164 ft) depth would on average generate a further 80   GW, i.e. 120   GW in total. An estimate of the theoretical maximum potential of the United Kingdom's offshore wind resource in all waters to 700 metres (2,300 ft) depth gives the average power as 2200   GW. The first developments in United Kingdom offshore wind power came about through

6930-811: The world, with a 67-km route and 26 stations. It will connect downtown, the South Shore , the North Shore , the West Island , and Montréal-Trudeau International Airport . The CDPQ was part of a consortium that developed and operated the Canada Line , a public transit infrastructure project in Metro Vancouver . The consortium, named InTransit BC, also included AtkinsRéalis (formerly SNC-Lavalin) and other infrastructure and transportation companies. The Canada Line project started in 2004, with

7020-548: The world. It has established offices in several countries, such as the United States , Mexico , Brazil , France , India , China , Singapore , and Australia . It has also acquired or partnered with several subsidiaries, such as Ivanhoé Cambridge (real estate), CDPQ Infra (infrastructure), and Otéra Capital (financing). The CDPQ was established by an act of the National Assembly on July 15, 1965, under

7110-425: Was a significant year for the offshore wind industry with 4   large wind farms becoming operational with over 1.1   GW of generating capability coming on stream. In the year July 2012 to June 2013, offshore wind farms with a capacity of 1.463   GW were installed, for the first time growing faster than onshore wind which grew by 1.258 GW. The offshore wind industry continued to develop in 2013 with what

7200-475: Was an effective windfall tax. The economics of wind power are driven by factors such as the capital, operating and finance costs, as well as the operational performance or capacity factor . These factors are in turn affected by issues such as location, turbine size and spacing and, for offshore windfarms, water depth and distance from shore. Operating costs and performance change over a windfarm's life, and several years of data are required before an assessment of

7290-549: Was estimated that the use of wind power in the UK had added £18 to the average yearly electricity bill. This was the additional cost to consumers of using wind to generate about 9.3% of the annual total (see table below) – about £2 for each 1%. The building of UK wind farms has been supported through the Renewables Obligation and, since 2016, by price guarantee support through the Contracts for Difference regime too. The 2018 levelised cost of electricity (LCOE) of offshore wind

7380-490: Was estimated that this would result in the construction of over 7,000 offshore wind turbines. In 2010, 653   MW of offshore wind came online. The following year, only one offshore wind farm, phase   1 of the Walney Wind Farm , was completed in 2011 with a capacity of 183   MW. On 28 December 2011 wind power set a then record contribution to the United Kingdom's demand for electricity of 12.2%. 2012

7470-521: Was first proposed as an electricity source for the United Kingdom. An article on wind power costs from the period suggested that the capital cost per installed kilowatt would be in the range of £150 to £250, but that with inflation this would be competitive, and predicted that lower-cost new windmill designs would soon be available. In 2007 the United Kingdom Government agreed to an overall European Union target of generating 20% of

7560-469: Was followed in 2023 with a record 21.6 GW on 10 January during a period of strong winds. The total offshore wind power capacity installed in the United Kingdom at the start of 2022 was 11.3   GW. The United Kingdom became the world leader of offshore wind power generation in October 2008 when it overtook Denmark . In 2013, the 175-turbine London Array wind farm, located off the Kent coast, became

7650-460: Was generated by wind power (an average of 3.2   GW, about 24% of the 13.5   GW installed capacity at the time), which contributed 9.3% of the UK's electricity requirement. In the same year, Siemens announced plans to build a £310   million ($ 264   million) facility for making offshore wind turbines in Paull, England, as Britain's wind power capacity rapidly expanded. Siemens chose

7740-577: Was in the range £100–150/MWh. However, in recent CfD auctions, strike prices as low as £39.65/MWh have been agreed for offshore wind projects, which has led to an assumption that there has been an equivalent reduction in the underlying costs. Due to the structure of the contract for difference arrangements wind generators pay the government when power prices exceed the strike price. Wholesale power prices averaged £57/MWh in 2018 and £113/MWh in 2021 before spiking above £400/MWh in 2022. Caisse de d%C3%A9p%C3%B4t et placement du Qu%C3%A9bec The CDPQ

7830-943: Was once the largest wind farm in the world, the London Array , becoming operational with over 630   MW of generating capability coming on stream. During 2013, 27.4   TWh of energy was generated by wind power, which contributed 8.7% of the UK's electricity demand. On 1 August 2013, Deputy Prime Minister Nick Clegg opened the Lincs Offshore Wind Farm. On commissioning the total capacity of wind power exceeded 10   GW of installed capacity. In 2014, Prime Minister David Cameron said that people were "fed up" with wind turbines being built close to homes; onshore wind subsidies were removed and in 2015 planning rules changed to give local authorities strong controls on wind turbine development, greatly reducing onshore deployment. During 2014, 28.1   TWh of energy

7920-432: Was set in the three-month period from October to December 2015, with 13% of the nation's electricity demand met by wind. 2015 saw 1.2   GW of new wind power capacity brought online, a 9.6%   increase of the total UK installed capacity. Three large offshore wind farms came on stream in 2015, Gwynt y Môr (576   MW max. capacity), Humber Gateway (219   MW) and Westermost Rough (210   MW). In 2016,

8010-524: Was submitted in 2005, which was approved in December 2006. Planning permission for the onshore electricity substation was granted in November 2007. In May 2008, Shell announced that it was pulling out of the project. It was announced in July 2008 that E.ON UK and DONG Energy would buy Shell's stake. Subsequently, on 16 October 2008, London Array announced the Abu Dhabi based Masdar would join E.ON as

8100-465: Was supplied by Nexans and array cables by JDR Cable Systems. The array cables and the export cables were installed by VSMC. The wind farm started producing electricity at the end of October 2012. All 175 turbines of phase 1 were confirmed fully operational on 8 April 2013, and the wind farm was formally inaugurated by the Prime minister David Cameron on 4 July 2013. In December 2015 it produced 369 GWh,

#295704