Under the 25-year CfD, awarded by Poland's Energy Regulatory Office, the project will receive payments covering any negative balance of electricity generated offshore and fed into the grid.
It means that Baltic Power will be compensated for the potential difference between the market price of electricity and the strike price set in the CfD.
In March 2021, Northland completed its acquisition of a 49% interest in Baltic Power from PKN Orlen. The project's construction activities are expected to start in 2023 and commercial operations are anticipated in 2026.
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