Released April 02, 2012 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- One of the U.K.'s leading planned carbon capture and storage (CCS) projects has moved forward with Samsung Group (Seoul, South Korea) securing the Engineering, Procurement and Construction (EPC) contract for the Don Valley Power Project in Hatfield, South Yorkshire.
Owned by the 2Co Energy (London, England), Don Valley is a planned 650-megawatt (MW) integrated gas combined-cycle (IGCC) plant which will be designed to capture up to 90% of its five million tonnes of CO2 emissions every year. Work on the plant will be carried out by Samsung C&T Corporation (SEO:000830) (Seoul, South Korea).
The South Korean giant has also agreed to take a 15% stake in the project. Construction on the 3.6 billion ($4.7 billion) billion power project is expected to kick off next year and the plant, which will be capable of generating enough power for around 1 million homes, will be commissioned at the end of 2016. Foster Wheeler Energy Limited (FWEL) was appointed as Project Management Consultant (PMC) in February. For additional information, see related February 7, 2012, article - Flagship U.K. Carbon Capture Project Moves Forward.
"Samsung's landmark investment is a major vote of confidence in the UK's potential to lead the world in carbon capture and storage technology," stated Lewis Gillies, Chief Executive of 2Co Energy Limited. "The Don Valley Power Project is the largest and most cost effective CCS project in Europe and Samsung's capability, strength and scale now make it Europe's most deliverable CCS project as well."
Mark Kenber, CEO of The Climate Group added: "With coal still dominating energy supply in many parts of the world, CCS is truly essential in the effort to curb global emissions. Large-scale projects like Don Valley are critical in demonstrating the full benefits and potential of CCS, cleaning up Europe's coal-fired power generation and unlocking a clean industrial revolution".
2Co Energy rescued the Don Valley Power Project, formerly the Hatfield Project, from administration in May, last year. 2Co bought owner Powerfuel Power Limited (Doncaster, England) and the CCS project after Powerfuel claimed it could not raise funds needed to construct the plant. For additional information see May 13, 2011, article - Leading U.K. Carbon Capture Project Saved From Administration.
Samsung's involvement in the CCS project comes as the U.K.'s Energy and Climate Change Secretary, Ed Davey, this week promised that the long awaited 1.2 billion ($1.6 billion) competition for CCS funding will be launched in the next few weeks. In a ministerial statement, Davey, said: "I am writing to inform you that during recess I will launch the CCS Commercialisation Programme - the Government's competition for CCS - and publish our CCS Roadmap. The focus will be on reducing the cost of CCS to enable cost-competitive deployment in the 2020s. The Roadmap will set out the strategic context and describe our approach to enabling commercialisation of CCS in the UK".
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Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Owned by the 2Co Energy (London, England), Don Valley is a planned 650-megawatt (MW) integrated gas combined-cycle (IGCC) plant which will be designed to capture up to 90% of its five million tonnes of CO2 emissions every year. Work on the plant will be carried out by Samsung C&T Corporation (SEO:000830) (Seoul, South Korea).
The South Korean giant has also agreed to take a 15% stake in the project. Construction on the 3.6 billion ($4.7 billion) billion power project is expected to kick off next year and the plant, which will be capable of generating enough power for around 1 million homes, will be commissioned at the end of 2016. Foster Wheeler Energy Limited (FWEL) was appointed as Project Management Consultant (PMC) in February. For additional information, see related February 7, 2012, article - Flagship U.K. Carbon Capture Project Moves Forward.
"Samsung's landmark investment is a major vote of confidence in the UK's potential to lead the world in carbon capture and storage technology," stated Lewis Gillies, Chief Executive of 2Co Energy Limited. "The Don Valley Power Project is the largest and most cost effective CCS project in Europe and Samsung's capability, strength and scale now make it Europe's most deliverable CCS project as well."
Mark Kenber, CEO of The Climate Group added: "With coal still dominating energy supply in many parts of the world, CCS is truly essential in the effort to curb global emissions. Large-scale projects like Don Valley are critical in demonstrating the full benefits and potential of CCS, cleaning up Europe's coal-fired power generation and unlocking a clean industrial revolution".
2Co Energy rescued the Don Valley Power Project, formerly the Hatfield Project, from administration in May, last year. 2Co bought owner Powerfuel Power Limited (Doncaster, England) and the CCS project after Powerfuel claimed it could not raise funds needed to construct the plant. For additional information see May 13, 2011, article - Leading U.K. Carbon Capture Project Saved From Administration.
Samsung's involvement in the CCS project comes as the U.K.'s Energy and Climate Change Secretary, Ed Davey, this week promised that the long awaited 1.2 billion ($1.6 billion) competition for CCS funding will be launched in the next few weeks. In a ministerial statement, Davey, said: "I am writing to inform you that during recess I will launch the CCS Commercialisation Programme - the Government's competition for CCS - and publish our CCS Roadmap. The focus will be on reducing the cost of CCS to enable cost-competitive deployment in the 2020s. The Roadmap will set out the strategic context and describe our approach to enabling commercialisation of CCS in the UK".
View Plant Profile - 1087990
View Project Report - 200002120
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
