Balancing and settlement company Elexon has said that 13 domestic energy supply companies are under ‘special ficus’ to ensure their estimates of customer usage remain within accuracy limits. Accuracy has been affected during Covid, for example because companies were unable to…
News
Mitsubishi + Chubu Electric consortium wins right to own and operate Hornsea One offshore wind connection
by New Power • • Comments Off
Diamond Transmission Partners is to pay £1.175B for a 25-year licence to own and operate the transmission line connecting Hornsea One to the onshore network. The company is a consortium comprising Mitsubishi Corporation and Japanese utility Chubu Electric Power. Hornsea One wind farm…
UPDATED: Nine networks appeal price determinations
by New Power • • Comments Off
The CMA has set the headline rate of return for water companies at 3.2%, compared with 4.67% in the previous price control period, approximately 3.6% proposed by the water companies and 2.96% proposed by Ofwat. The CMA said it had also provided increased allowances to pay for…
No plan for Net Zero, no plan for COP26: MPs plea for government clarity on low carbon agenda
by New Power • • Comments Off
The Public Accounts Committee has warned that the government still lacks a plan for how it will achieve Net Zero emissions by 2050, almost two years after it set the target. Departments do not consider the impact on Net Zero when taking…
BEIS wants to commercialise long-duration storage, calls for response to £68M funding plans
by New Power • • Comments Off
BEIS wants feedback by 12 March on plans for a competition to share funding of up to £68M among long duration energy storage technologies with the aim of accelerating commercialisation. The competition will open to applications in April-July, with projects going…
Moody’s downgrades Gwynt y Mor Ofto to Baa1, saying uncertain cable repair costs will drain reserves
by New Power • • Comments Off
Rating agency Moody’s has downgraded Gwynt y Mor OFTO PLC’s rating from A3 to Baa1, saying it has a continuing history of major cable faults, the cost of repairing and managing the faults is uncertain and the company will be drawing…
Production of key ‘rare earths’ set to increase in Europe as fears of China stranglehold drives search for new sources
by New Power • • Comments Off
Expanded production of so-called ‘rare earth’ elements will begin in March or April at Europe’s Silmet separation plant, Energy Fuels has announced. Such elements are needed for applications such as high-performance magnets used in renewable energy generation and electric vehicles,…
Coal falls to single unit in top-up Capacity Market auction that highlights growing pool of distributed generation
by New Power • • Comments Off
The ‘top up’ T-1 Capacity Market auction for next winter closed at £45. Consumers will pay to underwrite one 435MW coal-fired station – Uniper’s Ratcliffe 4 – and 6.12MW of diesel generation. But the largest contribution to the capacity contracted…
Gore Street will offer 90MW to Dynamic Containment market by 1 April, multiplying revenues with sub-second response
by New Power • • Comments Off
Energy storage owner Gore Street has announced that it is now participating in the National Grid’s new Dynamic Containment Service. Most of the group’s operational portfolio, which is ten operating battery assets in England and Wales totalling over 90MW, will be…
Ofgem agrees £10.7M redress from 18 suppliers who failed customers. Ovo, ScottishPower, Shell, British Gas all pay over £1M
by New Power • • Comments Off
Ofgem has warned that it will take enforcement action over suppliers who do not follow price protection rules, after it agreed redress totalling £10.7M with 18 suppliers who failed to meet required standard. They failed to meet rules which should…