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Energy prices to remain well above average up to 2030 +

Energy prices to remain well above average up to 2030 +: Research from Cornwall Insight looking at Great Britain’s (GB) Power Market out to 2030 has shown energy prices will remain in excess of £100/MWh annually. This is significantly above the five year pre-2021 historic average of £50/MWh in Winter and the even lower prices…
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Renewable electricity capacity to rise by 60% over 5 years

Renewable electricity capacity to rise by 60% over 5 years: The International Energy Agency (IEA) has now revised its forecast for the global renewable electricity capacity, predicting that renewable installations will increase by over 60% by 2026. The new report indicates renewables will have a record in 2021 with nearly 290GW forecasted to be commissioned…
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Offshore wind spurs generation placed under CfD scheme

Offshore wind spurs generation placed under CfD scheme: Research from Cornwall Insight shows that the role of Contracts for Difference (CfD) generators in the electricity market continues to expand, and Allocation Round 4 (AR4) to be held later in 2021 will only expand this role further. Key findings 2GW of installed capacity supported by the…
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CCGT plants help balance the market during price spikes

CCGT plants help balance the market during price spikes

CCGT plants help balance the market during price spikes: January saw the day-ahead baseload power price (for a 24-hour period) reach £100.0/MWh or higher on seven separate occasions including four consecutive days between 11 and 14 January, while imbalance prices reached a record high of £4,000.0/MWh. During this time, the vast majority of offer volumes…
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Price cap rises but is expected to increase further still

Price cap rises but is expected to increase further still: Commenting on today’s Ofgem announcement that the default price cap would increase by £96 to £1,138 for the six months effective from 1 April 2020, Robert Buckley Head of Relationship Development at Cornwall Insight, said: “This is a substantial increase which negates all of the…
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Ireland will need to more than double its renewables

Ireland will need to more than double its renewables capacity over the next 25 years to meet 2050 targets: Findings from Cornwall Insight’s ‘All-Island forward curve’ – a comprehensive market and asset-level power price modelling service – shows that Ireland will need to more than double its renewable capacity over the next 25 years if…
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Seven suppliers owe £34m in RO and FiT fees

Seven suppliers owe £34m in RO and FiT fees: Seven energy suppliers have been ordered to pay £34 million by Ofgem which they owe in Renewables Obligations (RO) and Feed-in Tariff scheme levelisation payments. Suppliers have to demonstrate under the governments’ RO scheme, they met their obligations by having sourced enough electricity from renewable sources…
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