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…
Flash update
Budget in brief
by New Power •
Carbon Price Support rates frozen at £18 per tonne of carbon dioxide in 2022/23. “The government is committed to carbon pricing as a tool to drive decarbonisation and intends to set out additional proposals for expanding the UK Emissions Trading Scheme…
News
BEIS wants to commercialise long-duration storage, calls for response to £68M funding plans
by New Power •
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…
News
Moody’s downgrades Gwynt y Mor Ofto to Baa1, saying uncertain cable repair costs will drain reserves
by New Power •
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…
News
Production of key ‘rare earths’ set to increase in Europe as fears of China stranglehold drives search for new sources
by New Power •
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,…
News
Coal falls to single unit in top-up Capacity Market auction that highlights growing pool of distributed generation
by New Power •
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…
News
Gore Street will offer 90MW to Dynamic Containment market by 1 April, multiplying revenues with sub-second response
by New Power •
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…
News
Ofgem agrees £10.7M redress from 18 suppliers who failed customers. Ovo, ScottishPower, Shell, British Gas all pay over £1M
by New Power •
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…
News
Act now: ten days to respond to NGESO on frequency control options after 2019 blackout
by New Power •
Should a programme that is underwriting stability upgrades to distributed generation be extended for another year? The so-called Accelerated Loss of Mains Change Programme has already funded changes to hundreds of small power plants, which have had set-points changed so they…