SSE and Equinor to purchase Triton Power for £341m

SSE Thermal and Equinor have agreed to purchased Triton Power from Energy Capital Partners for £341 million as part of the companies’ hydrogen ambitions for the Humber region.

Triton Power operates the Saltend power station – a 1.2GW combined-cycle gas turbine (CCGT) and combined heat and power plant to the north of the Humber Estuary – that is expected to become a primary offtaker for Equinor’s planned H2H Saltend hydrogen production facility.

The H2H Saltend plant is one of the anchor projects for the East Coast Cluster, which combines the originally separate Zero Carbon Humber and Net Zero Teesside schemes. The amalgamated East Coast Cluster was selected by the government in October as one of the UK’s first net zero industrial clusters in line to receive funding for the construction of carbon capture and storage infrastructure.

SSE and Equinor are purchasing equal shares in Triton Power, which also owns and operates the 140MW Indian Queens open-cycle gas turbine plant in Cornwall and the decommissioned Deeside CCGT power station in North Wales. The latter has been repurposed to provide inertia to power grid as a service under a six-year with National Grid Electricity System Operator.

The companies said initial steps are already underway to convert the Saltend power station to run on hydrogen, with the target of blending hydrogen into the fuel mix at rates of up to 30% by 2027.

They said the acquisition of Triton Power will strengthen their existing shared portfolio as well as providing a platform for the development of further low-carbon projects. It already includes three other projects under development in the Humber region that will form part of the East Coast Cluster:

• The Keadby 3 CCGT project, which could be the UK’s first flexible power station fitted with carbon capture technology
• The Keadby Hydrogen project, which could be one of the world’s first power stations running on 100% hydrogen
• The Aldbrough Hydrogen Storage project, which could be one of the world’s largest hydrogen storage facilities

Catherine Raw, managing director of SSE Thermal, said: “Together with Equinor, we will explore every avenue to decarbonise Saltend and create new opportunities at other assets so they can play a continued role in a net zero future.

“We welcome our new colleagues and I look forward to working with them all as they play a critical role over the years ahead.”

Irene Rummelhoff, executive vice president for marketing, midstream and processing at Equinor, said: “We will continue to work to supply the UK market with reliable energy and to reduce emissions by offering a transition to hydrogen through our hydrogen project H2H Saltend.

“Contributing to flexible power supplies with low CO2 emissions to support weather-dependent renewable energy is essential to ensure energy security through the energy transition.”

Mick Farr, Triton Power chief executive, commented: “This agreement will allow the Triton Power assets to continue to provide critical grid services and flexible power generation while building on the progress already made on decarbonisation.

“I have been particularly impressed by the vision and commitment shown by SSE Thermal and Equinor in our discussions and believe they have the capabilities and knowledge required to allow our pipeline of clean energy projects to proceed at pace.”