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Forecasts show 46GW increase of renewables by 2030

Forecasts show 46GW increase of renewables: Forecasts from Cornwall Insight’s ‘Benchmark power curve’ suggests that up to ~46GW of new build renewable technology  ̶  ~11GW onshore wind, ~10GW solar and ~25GW offshore wind  ̶  may need to be developed by 2030 to keep pace with 2050 net zero targets.   This large-scale deployment of very…
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Comments on Ofgem’s price cap announcement

Cornwall Insight comments on Ofgem’s price cap announcement: Commenting on Ofgem’s announcement of the default price cap falling by 7% to £1,042 per year for the six months effective from 1 October 2020, Robert Buckley, Head of Relationship Development at Cornwall Insight, said:   “This is a dramatic reduction and sees the price cap fall…
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£85 Energy bills reduction forecast by Eon

£85 Energy bills reduction forecast by Eon:  An estimated reduction in energy bills of at least £85 from this Autumn has been announced by E.ON. Standard tariff customers across the UK are expected to benefit from a drop in energy bills by the energy supplier, equivalent to a 7.5% fall in energy prices, or almost…
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Wholesale prices rise as energy demand increases

Wholesale prices rise as energy demand increases: Research from Cornwall Insight shows that as energy demand has risen due to lockdown restrictions being eased, wholesale prices have also increased. In fact, the day-ahead power price (while typically remaining volatile) recently peaked at £33.10/MWh on 8 July; the highest price traded for the contract since pre-COVID…
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Energy switching activity spiked in June

Energy switching activity spiked in June: For the first time since lockdown June saw a spike in the number of customers who switched energy suppliers. That’s according Energy UK in their the latest reported figures, which suggests a 1% increase from June 2019, some 450,000 consumers switched energy provider in June this year. Around three…
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New Scrappage Scheme: What Lies Ahead?

New Scrappage Scheme: What Lies Ahead? New Scrappage Scheme: What Lies Ahead? As the UK government desperately seek ways to achieve their net zero carbon emissions by the year 2050, the automotive sector often finds itself on the receiving end of attention. Back in February, Prime Minister Boris Johnson announced plans to bring the ban…
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Customers face rising energy bills due to subsidy costs

Customers face rising energy bills due to increase in subsidy scheme costs: The COVID-19 lockdown and the resulting reduction in energy demand have seen the costs of supporting renewable subsidies increase both in terms of £/MWh and overall expected spend for 2020-21.   Research from Cornwall Insight’s ‘Third-Party Charges forecast’ highlights that as a result…
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Smart meter rollout significantly dented by lockdown

Smart meter rollout significantly dented by COVID-19 lockdown: Unsurprisingly, the COVID-19 pandemic has made the progress of the smart meter rollout uncertain. Research from Cornwall Insight looks at BEIS and Ofgem’s initial indications of future rollout levels compared to pre-pandemic expectations.   The below graph shows two COVID-19 impacted rollout profiles, based on recent assessments…
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Irish energy demand increase as lockdown is lifted

Irish energy demand increase as lockdown is lifted: Research from Cornwall Insight Ireland highlights that as the COVID-19 restrictions are lifted across Ireland, energy demand in the Single Electricity Market (SEM) has increased. Weekday demand has risen by 3% (3GWh) on average, with current weekday demand levels averaging 94GWh since the lockdown restrictions started to…
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Cornwall Insight on the increase in BSUoS charges

Cornwall Insight comments on the increase in BSUoS charges: The effects of the fall in energy demand due to the COVID-19 lockdown accompanied with a high penetration of renewables on the transmission system has seen the activity on the Balancing Mechanism (BM) increase.   This increase in accepted volume on the BM is reflected in…
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