Press Releases

  • Press Releases

    Businesses could see energy bills increase fivefold in October

    Businesses in the UK will see their energy bills rocket when new contracts are negotiated in October1 according to data from Cornwall Insight. Some will face bills five times their current price, as concerns over Russian gas supply, tight electricity markets in Europe, and a global disruption to Liquified Natural...

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    Price cap to remain significantly above £3,000 a year until at least 2024

    New forecasts for the Default Tariff Cap (price cap) from Cornwall Insight have shown a typical household’s energy bill will be well over £3,000 a year for the next 15 months, with the average bill over Summer 2023 (Apr-Sep) sitting at £3,649 – just over £300 per month. Experts at...

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    Cornwall Insight responds to the BEIS Committee report on Energy Pricing and the future of the Energy Market

    A report from the Business, Energy and Industrial Strategy Committee (BEIS) on Energy pricing and the future of the energy market, published today (26 July), has laid out a number of recommendations on how Ofgem and the government could lower consumer energy bills and reduce instability in the energy market....

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    Electricity demand close to outstripping supply during unprecedented heatwave

    Research from Cornwall Insight has shown that electricity system margins in Great Britain (GB) were very tight during the record-high temperatures seen earlier this week, with demand very close to overtaking supply. National Grid’s 1-hour forecast for de-rated margin (the difference between available generation and demand) was negative for two...

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    Swappable car batteries could accelerate UK’s transition to electric vehicles

    Swappable car batteries could play a vital role in the UK’s move to electric vehicles, while aiding the government’s plans to stop the sale of new petrol and diesel cars by 2030, according to a new report from Cornwall Insight and law firm Shoosmiths. The paper - Battery-as-a-Service: an underexplored...

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    Cornwall Insight’s reaction to the BEIS consultation on the Review of Electricity Market Arrangements

    Gareth Miller, Chief Executive at Cornwall Insight said: “Confirming the Review of Electricity Market Arrangements (REMA) opens the prospect of a complete overhaul of the electricity market in Great Britain, for the first time in over 20 years. The scope is very wide, and the perceived need for reform from...

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    Two thirds of energy industry professionals think the market needs to be drastically reformed, but say locational pricing is not the answer

    A survey conducted of over one hundred leading energy market professionals from across the investment and advisory community, by Cornwall Insight, from the attendees of its Financing Net Zero forum, has shown nearly two thirds (63%) of people working in the energy industry1 believe the UK market needs to be...

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    Battery storage to be a quarter of Ireland’s installed energy capacity by 2030

    Data from Cornwall Insight Ireland’s - ‘All-Island Power Market Outlook to 2030’ paper - has shown battery storage capacity will grow to become nearly a quarter (24%) of Ireland's installed energy capacity by 2030. The crucial technology will work to stabilise the network, as Ireland becomes more reliant on renewables...

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    National Electricity Market may be overwhelmed by increase in electric vehicle use

    Data analysed by Cornwall Insight Australia has shown the National Electricity Market (NEM) may become overwhelmed by peaks in demand caused by the charging of Electric Vehicles (EVs). Using data from the 2022 Integrated System Plan released by the Australian Energy Market Operator (AEMO), Cornwall Insight Australia have plotted expected...

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    On-site energy generation could wield significant savings for companies

    Research from Cornwall Insight, included in their report - ‘A corporates guide to decarbonising power’ - has demonstrated how on-site energy generation could help cut corporation energy bills and their carbon footprint. By moving the generation of energy to their site, or through engaging in a private wire arrangement -...

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    Default Tariff Cap forecast climbs further as Ofgem announcement looms

    New forecasts from Cornwall Insight have seen the Default Tariff Cap for Q1 2023 (Jan-Mar) rise to £3,363 a year for an average domestic consumer, increasing significantly from the £3,003 figure released two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now...

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    GB sees largest ever renewable energy auction at low prices and low consumer costs

    Today, the government released the results for the fourth round of the Contracts for Difference (CfD) scheme, securing a record 11GW’s of renewable capacity across 93 projects, nearly double the 5.8GW awarded in the 2019 Allocation Round 3. The greatest capacity – almost 7GW – has been secured from new...

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    Smaller businesses could cut bills and their carbon footprint by teaming up to purchase their energy

    Data from Cornwall Insight, included in their insight paper ‘A corporates guide to decarbonising power’ has shown that small and medium sized enterprises (SMEs) looking to save money on energy bills, and increase their use of renewable energy, could save money by purchasing their energy jointly with other SMEs through...

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    Bowmark Capital backs buy-out of Cornwall Insight

    Bowmark Capital, the private equity investor, has backed the buy-out of Cornwall Insight, a leading provider of research, data and analysis to the energy sector. Cornwall Insight’s publications, analysis and consulting services enable its customers to understand complex policy change; ensure regulatory compliance; value their assets; and enhance their investment...

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    Cornwall Insight comments on its January Default Tariff Cap forecast rising to £3,000 for a typical user

    Data reported on Monday evening (20/06) from Cornwall Insight forecast that the Default Tariff Cap for Q1 2023 (Jan-Mar) will rise to £3,003 per year for a typical user, with the last quarter of 2022 Q4 (Oct-Dec) predicted to be £2,980. The rise means an average household will pay just...

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    Cornwall Insight Australia’s response to the suspension of the east coast National Electricity Market

    On 15 June the Australian Energy Market Operator (AEMO) made the decision to suspend the east-coast National Electricity Market (NEM). This was triggered by sustained high wholesale electricity pricing, which forced AEMO to cap the wholesale price, in turn prompting generators to withdraw capacity from the market. The suspension allows...

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    Windfarms able to access greater market revenues by delaying start of CfD contracts

    Data collated by Cornwall Insight has shown that offshore windfarms delaying the start of their CfD contracts with the government, could have made significantly greater profits since the start of 2022. Under a government’s Contracts for Difference (CfD) agreement, successful generators, are awarded a Strike Price for every unit of...

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    Increasing Electric Vehicle take-up will strain electricity distribution systems

    Data from Cornwall Insight Australia has shown the challenges facing local electrical distribution systems as more people make the switch to electric vehicles (EVs). The high and random energy consumption of EVs is causing voltage imbalances in residential areas, with imbalances likely to increase as more people make the switch...

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    The UK must provide more certainty to investors as it pushes forward with decarbonisation and energy security

    New research from Cornwall Insight and Transatlantic law firm Womble Bond Dickinson has laid out what the UK government must do to achieve an affordable, sustainable and secure energy system and reach its goal of Net Zero by 2050. The report ‘UK and the energy transition: Leading the way?’ analysed...

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    Price Cap predictions soar as EU sanctions on Russia cause volatility in the wholesale market

    Cornwall Insight’s forecast for the October (Q4 2022) Default Tariff Cap has increased to £2,879 for an average consumer, as Russian oil sanctions cause renewed uncertainty across the energy market. The predictions for the January (Q1 2023) Cap are even costlier rising to over £2,900 for the first time. While...

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    Windfall taxes are not the only solution to the energy crisis  

    Following the announcement from the Chancellor of the Exchequer that the UK government will be introducing a temporary, targeted energy profits levy, Dr Dan Atzori, Research Partner at Cornwall Insight said: “The energy market is in a state of transition, with geopolitical concerns threatening to undermine energy security and subsequent...

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    Cornwall Insight’s Price Cap predictions jump after Ofgem release new guidance

    Cornwall Insight’s forecast for the October (Q4 2022) Default Tariff Cap have increased to £2,790 for an average consumer, with the January (Q1 2023) Cap now rising to over £2,800. This is following updated guidance from Ofgem on their proposed shift to quarterly calculations, as well as recent developments in...

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    Cheapest fixed tariff energy deals £1,700 more than the Price Cap

    Research from Cornwall Insight using data compiled by Comparison Technologies, has shown the average price of the cheapest ten fixed price deals for new direct debit customers in April was £3,685 a year, £1,714 more than the current Default Tariff Cap. The research shows that despite Aprils £693 Cap increase,...

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    Renewables developers forced to raise project bids to protect themselves against financial risks

    Cornwall Insight and Wind Energy Ireland analysis has found that renewable developers in Ireland are being forced to place auction bids for projects which significantly exceed many other European countries, in order to protect themselves against several financial risks. In turn increasing consumer bills and potentially impacting the scale of...

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    Cornwall Insight’s preliminary Price Cap forecast under the quarterly review system

    Dr Craig Lowrey, Principle Consultant at Cornwall Insight said: “The shift to quarterly calculations and more allowance for the costs of stranding should wholesale prices fall were anticipated. The devil will be in the detail. With greater complexity comes greater risk of unintended consequences. It would have been useful to see more detailed evaluation...

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    UK Government must spend £20bn on energy battery storage to meet 2030 renewables targets

    Modelling from Cornwall Insight on Great Britain’s (GB) Power Market out to 2030 has shown that between 2025 and 2030 the government must spend nearly a fifth (18%) of its total energy technologies investment, which includes solar, wind, nuclear and Carbon Capture and Storage (CCUS), on energy storage batteries, if...

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    Cornwall Insight’s response to the Queen’s Speech

    Gareth Miller, CEO at Cornwall Insight:   ”The Energy Bill proposed in the Queen’s Speech today is a logical conclusion of policy development in the period since the net zero commitment was made in the summer of 2019. It accommodates support for the government’s preferred production technologies alongside more recent...

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    Rushing into reform of the electricity market risks significantly inflating costs

    The Review of Electricity Market Arrangements [REMA] announced by the government in its recently published Energy Security Strategy must be undertaken with a strong focus on protecting investor momentum if the government are to meet their net zero, energy security and consumer affordability objectives. REMAs remit is wide and includes...

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    Energy prices to remain significantly above average up to 2030 and beyond

    Research from Cornwall Insight looking at Great Britain’s (GB) Power Market out to 2030 has shown energy prices will remain in excess of £100/MWh annually. This is significantly above the five year pre-2021 historic average of £50/MWh in Winter and the even lower prices in pre-2021 Summer. Cornwall Insight’s Benchmark...

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    Hopes fade for a significant price cap drop in 2023 and 2024

    Cornwall Insight’s Default Tariff Cap predictions for the Summer 2023 and Winter 2023/24 periods have risen by 15% in just two weeks. The figures, compiled from data as of market close on 12 April, show predictions of £2,284 (£2,040 30/03) and £2,233 (£2,001 30/03) respectively for the two periods, representing...