Press Releases
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Press Releases
Wholesale price hikes and Ofgem updates raise price cap forecast
New Default Tariff Cap (price cap) forecasts from Cornwall Insight reveal a rise in predictions for both the July and October 2024 price cap periods against previous forecasts. Predictions for both quarters have risen by around 7%1, with a typical household2 now expected to pay £1,560 from July and £1,631...
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Press Releases
Rewarding households for flexible energy use could transform energy systems worldwide
Global analysis conducted by Cornwall Insight has unveiled the potential of rewarding consumers for embracing energy-efficient behaviours. Launched at this year’s Distributed Energy Show, the report - Integrate to Zero: Rewarding Consumers for Energy Flexibility: global market highlights – written in partnership with Integrate to Zero, examines a wide array...
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Press Releases
Cornwall Insight responds to the ESO ‘Beyond 2030’ report
Tom Faulkner, Head of Assets & Infrastructure and Networks at Cornwall Insight: “The report lays out the essential grid investments required to keep pace with the escalating electricity demand fuelled by the widespread adoption of heat pumps and electric vehicles. “With our sights set on a secure, low-carbon electricity grid...
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Press Releases
Cornwall Insight responds to the Government’s announcement on UK energy security
Kate Mulvany, Principal Consultant, at Cornwall Insight said: “Today’s consultation gets the UK one step closer to a secure and future-proofed energy landscape. Bolstering national power infrastructure and ensuring energy security will not only help insulate future bill-payers from global uncertainties, but also foster a sustainable path towards net zero....
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Press Releases
Response to the extension of the Energy Profits Levy
Kate Mulvany, Principal Consultant at Cornwall Insight said: “Increasing the duration of the oil and gas windfall tax (Energy Profits Levy) could be seen as positive for decarbonisation if the resulting profits are used to deliver the UK's net zero plan. Yet, without a solid transition strategy away from the...
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Press Releases
Cornwall Insight named one of UK’s leading management consultancies in latest FT awards
We are excited to announce that Cornwall Insight has once again been recognised as one of the leading management consultants in energy, utilities & environment by the Financial Times. This is the fifth time Cornwall Insight has featured on the list, which is based on feedback from clients and peers...
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Press Releases
Cornwall Insight responds to the announcement of the April price cap
Ofgem has today announced the April Default Tariff Cap (price cap) at £1,690 a year for a typical dual fuel consumer1. This is a 12% decrease from January’s cap set at £1,928 a year. A healthy flow of gas across the Atlantic, coupled with a relatively mild winter, has seen...
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Press Releases
Cornwall Insight’s final forecast for the April price cap
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Cornwall Insight has announced its final forecast for the April – June Q2 2024 Default Tariff Cap (price cap) following the closure of the observation window1 on...
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Press Releases
Cornwall Insight help Zenobē secure £147 million battery storage investment
Cornwall Insight acted as an advisor for Zenobē in securing a £147 million project finance debt for its Kilmarnock South battery storage project. This 300MW/600MWh project marks a key point in Scotland’s renewable energy journey, promising to reduce the amount of wind farm curtailment and avoid CO2 emissions by 3.4...
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Press Releases
Cheapest fixed energy tariff £130 more than April price cap forecasts
Households choosing to sign up to any of the fixed energy tariffs currently available, could end up paying around £130 more on average than the projected April Default Tariff Cap (price cap), according to Cornwall Insight’s Domestic Tariff Report. Our latest price cap forecasts1 show the cap dropping by 16%...
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Press Releases
Cornwall Insight key advisor in landmark Toucan Energy portfolio sale
Cornwall Insight acted as a key advisor in the successful sale of Toucan Energy's solar PV portfolio. The historic transaction marks the largest operational solar PV portfolio ever to change hands in the GB market. Boasting 53 solar PV assets, with a combined capacity of 513MW, the sale represents a...
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Press Releases
Price cap predictions continue to fall despite disruption in the Red Sea
Tensions in the Red Sea have failed to derail the prospect of lower household energy bills from April, as our latest forecast for the April 2024 Default Tariff Cap (price cap) indicates. Predictions have fallen £40 p/a since December, with a typical dual fuel consumer1 now expected to pay an...
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Press Releases
Germany to miss coal phase-out target by eight years
Germany's energy system is not expected to fully retire coal until the end of 2038 according to new projections. This challenges the coalition government’s commitment to phase-out coal by the end of the decade. The modelling, from Cornwall Insight’s North West Europe Benchmark Power Curve, casts doubt on Germany’s energy...
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Press Releases
Power prices drop in Ireland as EU increases gas reserves
Cornwall Insight have reduced their short-term power market price forecast for Ireland, with predictions for 2024 dropping by over 18%. This could bring welcome relief to homes and businesses struggling with soaring energy costs. Higher than anticipated gas storage levels in the EU have lowered fears of shortages this winter....
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Press Releases
GB power prices to remain high despite drop in short-term forecasts
Cornwall Insight have cut their short-term power market price forecast by 12%, with average costs for 2024 now predicted to be £113 per MWh1. The decrease in electricity price predictions is attributed to the higher than expected gas reserves in Europe, lowering fears of shortages this winter. The data, included...
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Press Releases
New FCAS markets could deliver big profits for batteries
New forecasts from Cornwall Insight Australia reveal a lucrative and enduring role for batteries in the recently launched Very Fast Frequency Control Ancillary Services (VF FCAS) markets. The price forecasts show participants in the Raise-1 market are predicted to make an average of $9.64/MW/hr out to 2026 and $10.95/MW/hr in...
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Press Releases
Cornwall Insight key commercial adviser on sale of Red John Pumped Storage Hydro scheme
Cornwall Insight played a crucial role in advising Intelligent Land Investment (ILI) on the successful sale of the in-development Red John Pumped Hydro Storage Asset to Statkraft. With its 450MW capacity Red John is poised to be a significant contributor to the UK's journey to a net zero electricity system....
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Press Releases
Price cap predicted to fall by 14% in April
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Forecasts for the April 2024 Default Tariff Cap (price cap) show a fall of 14% in the second quarter of the year, with a typical dual fuel...
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Press Releases
Urgent measures needed to prevent vicious cycle of supplier failure and rising bills
In response to Ofgem’s announcement of a consultation on recovering bad debt, Dr Matthew Chadwick, Lead Research Analyst at Cornwall Insight said: “The energy price crisis has left millions of households struggling to pay their bills, even as prices have begun to fall. With government support all but ended for...
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Press Releases
Drastic dip in Ireland’s EV charge-point expansion
Ireland's year-on-year growth in publicly accessible charge-points for Battery electric vehicles (BEVs) has seen a substantial drop in Q323, falling by 111 percentage points compared to Q322. The data analysed for Cornwall Insight and law firm Shoosmiths’ Electric Vehicle Country Attractiveness (EVCA) Index1, has shown that despite previously holding the...
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Press Releases
Supporting renewables good for consumers
A new Cornwall Insight and RenewableNI report sets out how supportive Department for the Economy (DfE) policy can reduce the renewable electricity cost for consumers. ‘Supporting Renewables - Understanding policy impact on the cost to the consumers of renewable development in Northern Ireland’ investigated how DfE’s renewable electricity support scheme...
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Press Releases
Government needs to step up support for EVs to stop falling behind in transition
Setbacks in crucial support programs like the Rapid Charging Fund, cuts to electric vehicle (EV) passenger car purchase incentives for most consumers, and a rollback of petrol and diesel phase-out targets have seen the UK drop behind much of Europe in the race to grow EV fleets. The data analysed...
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Press Releases
Fierce global competition could jeopardise investment in the UK’s renewable energy sector
Growing competition for investment in renewable energy projects from the US and the EU, could divert crucial financing away from the UK and hinder the nation's journey to net zero, according to recent analysis by Cornwall Insight. The report ‘Race to net zero: Rebuilding Investor confidence in the UK’ highlights...
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Press Releases
Cornwall Insight responds to the announcement of the January price cap
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Ofgem has today announced the January Default Tariff Cap (price cap) at £1,928 a year for a typical dual fuel consumer1. This is a 5% increase from...
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Press Releases
Higher strike prices set stage for more competitive renewables auction
Commenting on the publication by the government of the rise in Administrative Strike Prices (ASPs) for the Contract for Difference Allocation Round 6: Tim Dixon, Senior Consultant, at Cornwall Insight: “The government's decision to boost strike prices ahead of next year’s renewables auction is a significant enhancement that will be...
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Press Releases
Cornwall Insight’s final forecast for the January price cap
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Cornwall Insight has announced its final forecast for the January – March Q1 2024 Default Tariff Cap (price cap) following the closure of the observation window1 on...
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Press Releases
Proactive investment and planning rule reform needed to strengthen energy network
Cornwall Insight’s response to the King's Speech announcing the government's intent to reform energy grid connections. Tom Faulkner. Head of Assets & Infrastructure and Networks at Cornwall Insight: “The government’s commitment to reforming energy grid connections is a crucial first step, but getting network reforms right is a complicated task....
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Press Releases
Price cap forecast to remain above current level until end of 2024
The predictions for the Default Tariff Cap in this piece are out of date please click HERE to find our most up to date forecasts. Forecasts for the 2024 Default Tariff Cap (price cap) have risen in response to growing volatility in the global wholesale energy market. Latest predictions, place a typical1...
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Press Releases
European LNG supply under pressure amid escalating competition and price surge
A new report from Cornwall Insight has exposed the challenges facing Europe's Liquified Natural Gas (LNG) supply, as growing competition from China and price rises increase pressure on the gas market. The analysis, focusing on LNG security over the upcoming winter, highlights that heightened Chinese gas demand, driven by economic...
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Press Releases
Irish power prices to rise in 2024 while renewables goals hang in the balance
A new report forecasting power prices out to 2030, has shown a jump in short-term prices. The data from Cornwall Insight’s All-Island Power Market Outlook to 2023, predicts prices will rise to nearly €190/MWh for 2024, three times the pre-2021 average. The increase in the near-term forecast has been...