WOOD Flash – Terna Energy: material financial impact from disruption in US wind parks’ energy generation
Texas, US, has been experiencing extreme weather conditions in the past week, fuelling abnormally increased electricity demand and shortage of supply. 40% of the state’s energy has been shut down, due to the extremely cold weather, causing energy generation infrastructure to freeze, unable to deliver energy to the grid. Terna Energy’s US operations have been affected severely by the weather, as wind turbines have frozen and have been unable to generate energy, resulting in it missing its energy delivery obligation under its energy hedged contracts. The company is still unable to calculate the exact financial impact from the contracted obligation, but we estimate it as significant, given the surge in the electricity price, to USD 9,000/MWh vs. a normalised average pool price of USD 50/MWh.Terna Energy is a vertically organized renewable energy sources group based in Greece. Co. is mainly engaged in the energy and construction sector. Co. is active in Wind Energy, as well as Hydroelectric Projects, Solar PV and Integrated Management of Waste to Energy and Biomass Projects. Co. is also engaged in the research for the operation and construction of projects related to other renewable energy sources (RES). Co. maintains a class 6 contractor certificate and its activity in the construction sector relates to the construction of private and public projects as a main contractor or subcontractor or through joint ventures.
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