Gigascale wind farm planned for Celtic Sea

UK developer Source Energie, in conjunction with ERM Dolphyn, is planning a new gigascale floating wind farm in the Celtic Sea.

The wind farm will be linked to offshore hydrogen production, with the green gas transported to shore via a dedicated pipeline.

Earlier this the company had already made public its intention to develop a 300ME hydrogen complex fuelled by wind off Wales called Dylan that could be online by 2028, with an expansion expected to follow in the 2030s.

The company is also is seeking to develop a separate gigawatt-scale wind farm to the south of Dylan, called Myrddin. The hydrogen will be sent to shore via pipeline, where it can be used for power generation, transport, industrial fuel and heating. 

 “Offshore wind is now more important than ever and Source Energie is excited to see the plans in the Celtic Sea become more tangible with The Crown Estate announcing the key target areas for large scale floating wind projects,” Source Energie CEO Kevin Lynch said.

“The Celtic Sea is a strategic location for power generation with optimal conditions for floating offshore wind projects.” 

 “The Dylan and Myrddin projects being advanced by Source Energie will enable Dolphyn to take a world leading position in offshore low carbon hydrogen production, helping the UK to achieve its net zero ambitions, whilst also improving its energy security,” ERM Dolphyn director Steve Matthews said.

“We are delighted that low carbon hydrogen is at the centre of The Crown Estate’s proposals for the Celtic Sea.”

Broker Launches 1/1 Auction Scheme

Aon has used the Monte Carlo Rendezvous to unveil a new auction system for the 1/1 reinsurance renewals.

The broker said the system will be a part of its efforts to drive the greater use of technology across the market.

It said its customers will feel the benefit of the system as it reduces the timeframe around pricing negotiations and contract certainty.

“The technology enables pricing options through blind-bidding for both non-concurrent (where reinsurers receive different pricing based on the quotes provided) and concurrent placements (where the technology identifies a consensus bid, so each reinsurer receives the same price for the layer),” it added.

The auction system will work via five core steps.

  • Mutually agreed contract wording is determined prior to the start of an auction to create contract certainty
  • Reinsurers enter a single, or multiple price points, and their corresponding capacity at each price point for the layer(s) in a blind-bid
  • The insurer provides their maximum auction price point, by layer, at which they are comfortable purchasing the capacity (this is completed via the Aon broker)
  • The algorithm identifies the clearing price at which to complete the placement at or below the insurer’s maximum price point
  • The bid is binding and accepted automatically. Insurers receive a summary of final terms with the line-up of reinsurers. Brokers will confirm final Signed Lines

Andy Marcell, CEO of Aon’s Reinsurance Solutions business, explained: “We constantly strive to transform the way we do business and enhance the placement experience for our clients. Our investment in technology gives insurers the power to choose how to secure robust reinsurance protection while continuing to benefit from their Aon broker’s commitment to client advocacy.”

The broker said its clients and partners will continue to access ABConnect Placements – the e-trading platform for Aon’s Reinsurance Solutions business – to participate in the auction.