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 •
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…
Longread
From the archive: OFTO performance examined
by New Power •
In February 2017 New Power looked at early perfomance of Ofto connections. As Ofgem prepares to announce a shortlist of bidders to take ownership of the Burbo Bank Extension connection, Janet Wood takes a look at what the new owner can…
News
UPDATED: Nine networks appeal price determinations
by New Power •
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…
News
No plan for Net Zero, no plan for COP26: MPs plea for government clarity on low carbon agenda
by New Power •
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,…