EDF’s Hinkley Point C nuclear project is at greater risk of running 15 months behind schedule and could cost the firm up to £2.9 billion more than previously estimated, the French power giant has confirmed.
The “exceptionally low” results in today’s Contracts for Difference auction are proof that renewables are “blowing the competition of the water”, the green economy has said this morning.
The UK’s offshore wind sector has smashed records for price in the government’s third Contracts for Difference auction round, with prices running as low as £39.65/MWh.
Current policy is insufficient for previous emissions targets and must be ramped up if net zero is to be reached, the Committee on Climate Change (CCC) has said.
Renewables are a ‘no regrets’ solution to power gaps left by nuclear if provided support through the Contracts for Difference (CfD) scheme, according to a new report.
Industry trade body Energy UK has said renewables should be fast-tracked into the Capacity Market and new, ‘revenue stabilisation’ Contracts for Difference auctions put into place as part of the Electricity Market Reform’s (EMR) five-year review.
Consumers will have to foot a bill of around £1.5 billion over a 15 year period as a result of government changes to the Contracts for Difference mechanism which resulted in higher strike prices in the September 2017 auction.
The government has confirmed a further £557 million for renewables auctions ahead of tomorrow’s Clean Growth Strategy launch.
The Department for Business, Energy and Industrial Strategy has admitted that it is still locked in negotiations with the European Union over an exemption for energy intensive industries (EII) from costs added to electricity bills.