Ørsted Raises EUR 7.98 Billion In Oversubscribed Rights Issue
The title of this post, is the same as that of this article on offshoreWIND.biz.
This is the sub-heading.
Ørsted has completed its rights issue, raising DKK 59.56 billion (approximately EUR 7.98 billion) with a subscription rate of approximately 99.3 per cent, the company said on 6 October.
These two introductory paragraphs add more details.
Existing shareholders were offered new shares at DKK 66.60 (EUR 8.92) each. The demand for shares not taken up via the rights issue was “extraordinarily high,” according to the developer’s announcement of the Rights Issue results, and allocations were capped per application, meaning no subscriptions were required under the underwriting bank syndicate.
As reported in August, the company appointed a syndicate of BNP PARIBAS, Danske Bank A/S and J.P. Morgan SE as Joint Global Coordinators, next to Morgan Stanley & Co International, to jointly underwrite the rights issue for the approximately 49.9 per cent that would not be subscribed to by Ørsted’s majority shareholder, the Danish state (50.1 per cent).
I dread to think what spiteful punishment that Trumpkopf will inflict on Ørsted.
But the oversubscribed Rights Issue may be good news for the UK.
Ørsted has only one major project under development or construction in the UK.
But it is the large Hornsea Three wind farm, which has this opening paragraph on its web site.
Hornsea 3 Offshore Wind Farm will deliver enough green energy to power more than 3 million UK homes. An £8.5 billion infrastructure project, Hornsea 3 will make a significant contribution toward UK energy security, as well as the local and national economy.
Note.
- Ørsted are raising £7.98 billion and spending £8.5 billion, which must do something for the UK’s economy.
- Hornsea 3 will have a generating capacity of 2.9 GW.
- Ørsted are now delivering the world’s single largest offshore wind farm.
- Hornsea 3 will connect to the National Grid at Swardestone in Norfolk.
In Grid Powers Up With One Of Europe’s Biggest Battery Storage Sites, I describe how the 300 MW/600 MWh Swardestone BESS will be built, where Hornsea 3 connects to the grid.
As Swardestone will have 2.9 GW from Hornsea 3 and a powerful battery, I would expect someone will be looking to site a data centre or something with a need for a lot of stable electricity at or near Swardestone.
In Opportunity For Communities To Have Their Say On National Grid Proposals For Norwich To Tilbury Project, I talk about a line of pylons between Swardestone and Tilbury and show this map of the route.
This page on the National Grid web site has an interactive version of this map.
Note.
- The mauve line indicates the route of the Norwich to Tilbury project.
- Swardestone is at the Northern end of the project a few miles South of Norwich.
- Tilbury is at the Southern end of the project on the Thames estuary.
- The project connects Norwich, Ipswich, Colchester and Chelmsford to Hornsea 3 at Swardestone.
- I suspect the project will connect to Ipswich at the Bramford substation.
- The Sizewell nuclear site is to the North-East of Woodbridge and connects to the grid at the Bramford substation.
I know East Anglia well and I would suspect that Norwich, Ipswich, Colchester, Chelmsford and Southend-on-Sea could support one or more data centres.
Conclusion
I asked Google AI, who owns Hornsea 1 and received this reply.
Hornsea 1 is owned by a partnership including Ørsted, Equitix, TRIG, GLIL, Octopus, and Brookfield, with Ørsted also providing the operational management. A 2018 agreement between Ørsted and Global Infrastructure Partners (GIP) originally established the 50/50 joint venture for the project.
I then asked Google AI, who owns Hornsea 2 and received this reply.
The ownership of the Hornsea 2 wind farm is shared between several entities, including a 37.55% stake held by Ørsted, a 25% stake each by AXA IM Alts and Crédit Agricole Assurances, and a 12.45% stake held by Brookfield. The wind farm is located offshore in the UK’s North Sea, approximately 89 km off the Yorkshire coast.
In November 2019, I also wrote World’s Largest Wind Farm Attracts Huge Backing From Insurance Giant.
It does seem to me that Ørsted are past masters of developing a wind farm, then selling it on and using that money to develop the next wind farm.
The Rights Issue just makes that process easier.
Was Baldrick An Essex Man?
I have been looking at Network Rail’s page for Beaulieu Park station.
This is the heading.
Network Rail and Essex County Council are working together to develop proposals for the first railway station to be built on the Great Eastern main line for over 100 years.
These two paragraphs outline the project and where the finance is being obtained.
The new station is part of a wider regeneration of the Beaulieu Park estate in Chelmsford with new road infrastructure and up to 14,000 homes.
Essex County Council, in partnership with Chelmsford City Council, successfully secured £218m of funding from the Government’s Housing and Infrastructure (HIF) fund together with £34m contributions from the South East Local Enterprise Partnership and the developers of Beaulieu, Countryside and L&Q.
These features of Beaulieu Park station are listed on the page.
- Three platforms with a central loop line and new tracks to enable stopping services to call at the station while allowing fast trains to pass through unimpeded
- Step free access to all platforms via 2 lifts
- Accessible toilets, baby change facilities, waiting area and space for retail/catering
- Ticketing facilities, with ticket vending machines and a gate line
- Pedestrian and cycle access routes to the station
- 500 spaces for cycle parking and storage
- A bus interchange including bus stands for local services
- Pick up and drop off area with dedicated taxi bays
- Parking for over 700 cars, 5% of which to be designated Blue Badge bays, and motorcycle spaces, as well as dedicated parking for station staff, emergency services, and a dedicated space for service access.
Note.
- How many other parkway stations, other than Ebbsfleet International station have 700 parking spaces?
- The parking at Whittlesford Parkway can only hold 377 vehicles.
- How many other parkway stations have an overtaking loop for faster trains?
Beaulieu Park is not your average parkway station!
I have a few thoughts.
Which Of The Current Services Will Call?
The Network Rail page says this about services.
It will provide additional access to the railway with regular connections to the capital (only 40 minutes from London Liverpool Street station) and other destinations in the east of England. New tracks will enable stopping services to call at the station while allowing fast trains to pass through unimpeded.
Note.
- Trains between London and Hatfield Peverel station typically take under forty minutes.
- Two fast trains per hour (tph) between Liverpool Street and Norwich via Colchester, Ipswich and Stowmarket pass through.
- Only one of the fast trains stops at Chelmsford.
- Four stopping tph, one to each of Braintree, Clacton-on-Sea, Colchester Town and Ipswich pass through.
If all the stopping trains stopped, Beaulieu Park would have the following services.
- Braintree – 1 tph
- Chelmsford – 4 tph
- Clacton-on-Sea – 1 tph
- Colchester – 3 tph
- Colchester Town – 1 tph
- Hatfield Peverel – 1 tph
- Ingatestone – 2 tph
- Ipswich – 1 tph
- Kelvedon – 2 tph
- London Liverpool Street – 4 tph
- Marks Tey – 2 tph
- Romford – 1 tph
- Shenfield – 3 tph
- Stratford – 4 tph
- Witham – 4 tph
All trains are new Class 720 electric trains.
I also feel, that Network Rail could be being cunning.
Suppose, the Liverpool Street and Norwich express, that doesn’t stop at Chelmsford, stopped instead at Beaulieu Park.
- This would give an hourly express service between Beaulieu Park and Norwich, which stopped at Colchester, Manningtree, Ipswich, Stowmarket and Diss.
- It would also enable two tph between Beaulieu Park and Ipswich.
The 700 parking spaces at Beaulieu Park now start to make sense.
- Both Ipswich and Norwich stations are within walking distance of the town centres and the football grounds.
- Ipswich station has a shuttle bus service to the town centre and the hospital.
- Both stations have several local train services.
Beaulieu Park station appears to have been designed as a Park-and-Ride station for the Great Eastern Main Line and all its branches.
Services To And From Lowestoft
In Making Sense Of The New East Anglia Franchise, I looked in detail at Greater Anglia’s promises.
In a section, which is entitled London – Lowestoft – Yarmouth Services, I said this.
There are going to be four direct services between London and Lowestoft each day. This probably initially means two trains to London in the morning peak and two trains back in the evening one.
When, I first moved back to Suffolk in the 1970s, I regularly caught a diesel-hauled train from Wickham Market to London for the day.
This is all motherhood and apple pie for those in Lowestoft wanting to go to London, but I suspect it isn’t the easiest service for a train operator to schedule efficiently and make money.
Would a train operator really want to start a full train at Lowestoft at say six in the morning and then have it wait around all day in London before returning in the evening?
The service hasn’t started.
Services To And From Cambridge Or Peterborough
At some time in the last decade, one of the predecessors of Greater Anglia, used to run a service to Peterborough via Colchester and Ipswich, so that travellers in Essex could catch trains to the North.
Given too that Cambridge has an employment problem, if a service was run, it might attract passengers.
The Class 755 trains Could Serve Bury St. Edmunds, Cambridge, Lowestoft, Newmarket, Peterborough And Yarmouth
Consider.
- A pair of Class 755 trains would leave Liverpool Street.
- They would use electric power to run to Ipswich.
- The trains would run in one of the paths of the current hourly Ipswich service.
- Like their all electric siblings; the Class 745 trains, they would probably run most of the journey at near 100 mph.
- At Ipswich the trains would split.
- One train would go to on to Lowestoft and Yarmouth and the other would go to Cambridge and Peterborough.
If passenger numbers felt it was a good idea, I’m certain, it could be timetabled.
The Chelmsford Avoiding Line
In Will The Chelmsford Avoiding Line Be Rebuilt?, I described the avoiding line, that used to be between the two tracks at Chelmsford station.
It probably saved a few minutes, by allowing fast expresses to pass stopping trains.
Effectively, a new avoiding line is being built at Beaulieu Park, a few miles from the original position at Chelmsford.
So will the fast expresses save a few minutes?
Could The Elizabeth Line Run To Beaulieu Park?
Consider
- The end sections of the Elizabeth Line seem to be busy, as I wrote in Very Busy Lizzie.
- The City of Chelmsford is between Shenfield and Beaulieu Park.
- Paddington and Reading is 35.9 miles.
- Liverpool Street and Hatfield Peverel is 35.9 miles.
So Beaulieu Park is actually closer to London than Reading.
Perhaps, at some time in a few years, passenger traffic between Beaulieu Park and Shenfield will be such, that the Elizabeth Line will be extended to Beaulieu Park.
The ideal service from Beaulieu Park would surely be two tph to Heathrow, as getting to Heathrow from East Anglia by train needs a change at Liverpool Street.
The only drawback is that to work effectively on the Great Eastern Main Line, a sub-variant of the Class 345 trains will be needed with a 100 mph operating speed. I wrote about these trains in Extending The Elizabeth Line – High Speed Trains On The Elizabeth Line.
But they may have the advantage of being able to take the fast lines between Shenfield and Stratford.
Conclusion
Beaulieu Park may just look like any other station to serve a housing development.
But it’s a lot more than that!
- It’s a Park-and-Ride for the whole Great Eastern Main Line and London.
- It should speed up expresses between London and Colchester, Ipswich or Norwich.
- It should improve local connectivity.
- It could take a lot of traffic off the nearby A12.
- It could give the City of Chelmsford its own local metro.
- It could give Heathrow a direct link to much of Essex.
- How much carbon will be saved by passengers?
We need many more well thought out Park-and-Ride stations.
Essex And Network Rail Get Planning For Beaulieu Station
This page on the Network Rail website is entitled Network Rail And Essex County Council Are Working Together To Develop Proposals For The First Railway Station To Be Built On The Great Eastern Main Line For Over 100 Years.
These are the first two paragraphs.
The new station is part of a wider regeneration of the Beaulieu Park estate in Chelmsford with new road infrastructure and up to 14,000 homes.
Essex County Council, in partnership with Chelmsford City Council and the South East Local Enterprise Partnership (LEP), successfully secured £218m of funding from the Government’s Housing and Infrastructure (HIF) fund together with £34m contributions the South East Local Enterprise Partnership and developer Countryside Zest to deliver the wider scheme.
These are some more points from the page.
- There will be three platforms with a central loop line and new tracks to enable stopping services to call at the station while allowing fast trains to pass through unimpeded.
- The station will have lifts.
- There will be a large number of parking spaces and secure cycle storage.
- There will be taxis and buses.
There is a comprehensive video that describes the new station, the new roads and the housing developments.
Finally, Chelmsford is getting the transport system it needs.
The Anonymous Widower 