Chancellor Rishi Sunak delivered his Budget on 3 March, a year on from the start of the COVID-19 crisis and his second in the job. Headline announcements included, among others, a sovereign green bond, the UK Infrastructure Bank, a freeze in Carbon Price Support and £20mn for floating offshore wind. Our alert covers all the important announcements for the energy sector.
Related thinking
Commercial and market outlook
What to look out for in 2024
Cornwall Insight experts provide their predictions for the year ahead in this handy infographic. We have collated some predictions from across our knowledge base to provide a quick snapshot of what to look out for in the GB energy market in 2024. The key highlights include the global discussion on...
Low carbon generation
Q4 2023 All-Island Power Market Outlook to 2030 overview
This report provides an annual overview of trends for the All-Ireland Power Market out to 2030 using outputs from Cornwall Insight’s latest forward curve for the All-Island (AI) Single Electricity Market (SEM) covering Northern Ireland and the Republic of Ireland. This publication is based on comprehensive market and asset-level power...
Regulation and policy
Calm after the storm although transition begins to lag | 2023 year in review
This year saw a return to relative calmness after the energy shocks of last year, while governments are playing an increasing role as the rate of new renewable generation lags. Spot pricing was subdued compared to last year, with no significant unexpected outages that caused sustained price spikes. Higher levels...
Net zero corporates and ESG
Race to net zero: Rebuilding investor confidence in the UK
In our recent insight paper “Race to net zero: Rebuilding investor confidence in the UK”, published on 30 November, we discuss how increased macroeconomic pressures and rising international competition for capital have impacted the UK’s ability to secure investment in renewables and maintain momentum towards net zero. We also investigate...
Low carbon generation
Transforming the Energy Market: how change will work for consumers
The past two years have seen rocketing energy prices, as households and businesses grapple with bills far beyond pre-crisis levels. There is no way to turn back the clock, however, we can look to seize the many opportunities to reshape and future-proof the UK energy system, ensuring a brighter future...
Energy storage and flexibility
What is Liquefied natural gas (LNG) and how did it help UK and Europe this winter?
What is Liquefied natural gas (LNG)? Natural gas that has been cooled down to a liquid form is known as liquefied natural gas (LNG). The cooling process shrinks the volume of natural gas making it easier and safer to store and ship overseas. Natural gas is a fossil fuel which...
Low carbon generation
Government publishes Ireland’s Climate Action Plan 2023
This article is an extract from our Energy Spectrum Ireland service, which is a monthly publication and weekly news bulletin covering key developments in the Irish and Northern Irish energy sectors. If you are interested, we are currently offering a free trial which you can sign up to by filling...
Net zero corporates and ESG
Long-term regulatory and policy changes needed to avoid stalls to business decarbonisation
In light of the financial pressures faced by businesses from rising inflation and interest rates, tight supply chains and labour markets, alongside high energy bills, there is a high chance corporate investment in decarbonisation could be in trouble. In Cornwall Insight's latest Insight paper “Business net zero: Making progress in...
