Press Releases

  • Press Releases

    Summer 2022 price cap predicted to rise to £1,455

    Despite the Winter 2021-22 default tariff price cap being a new record at £1,277, the latest forecast from Cornwall Insight modelling indicates that the Summer 2022 cap will see a further increase of approximately 14% increase against the Winter 2021-22 cap – taking the Summer 2022 cap to £1,455 per...

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    New Top 5 TPI created as eEnergy purchases Utility Team according to Cornwall Insight TPI Index

    Cornwall Insight notes the proposed acquisition[1] of Utility Team by eEnergy Group plc announced earlier today. Both companies feature in Cornwall Insight’s Index of energy third party intermediaries (TPIs) serving industrial and commercial (I&C) customers. Based on the latest Index calculations at April 2021, Beond Group ranked at joint 16th...

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    EVs are predicted to increase electricity demand by 71.6TWh

    The latest figures from Cornwall Insight’s ‘Benchmark power curve’ forecasts that by 2040 EVs will contribute an additional 71.6TWh, this is a massive 31 times higher than the current level of demand for electricity from electrified transport and 25% of current annual demand which stands at 299TWh (excluding losses). According...

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    Wholesale power prices expected to remain high for the winter season

    The latest Cornwall Insight forecasts suggest winter wholesale power prices are to remain at their high levels, with the potential for price spikes in periods of high demand and low wind, as margins look tight for the winter ahead. The key driver of power prices will likely be gas prices...

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    Green certificate prices continue to rise amid BEIS proposals

    The latest research from Cornwall Insight's 'Green certificate survey' shows Renewable Energy Guarantees of Origin (REGOs) prices have risen significantly in recent months, with average reported prices of £1.35/REGO for Fuel Mix Disclosure (FMD) 2021-22 and £1.41/REGO for FMD 2022-23. This is 228% and 214% higher, respectively, than reported prices...

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    Growing interest in renewable electricity from SMEs

    Research from Cornwall Insight’s ‘TPI satisfaction survey’* found a growing interest in renewable electricity amongst businesses and Third-Party Intermediaries (TPIs). The ‘TPI satisfaction survey’ details TPIs’ views on the services they receive from energy suppliers. The 2020 edition asks which suppliers “meet TPI needs” best and how much they value...

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    Price cap rising to the highest level with further rises on the horizon

    Commenting on today’s Ofgem announcement that the default price cap would increase by £139 to £1,277 for the six months effective from 1 October 2021 for a typical domestic customer, Craig Lowrey, Senior Consultant at Cornwall Insight, said: “Despite serving as a means by which to curtail cost increases, the...

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    Up to 1900MW of wind eligible for RESS-2

    Cornwall Insight’s ‘Route to RESS service’ has examined the potential capacity of wind and solar that could enter the Renewable Electricity Support Scheme (RESS-2) auction in Ireland, with the analysis showing that approximately 1900MW (1800GWh) of solar and 1600MW (4800GWh) of wind is eligible to bid for the 3500GWh pot....

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    Does the number of EV tariffs match the EV burgeoning sales?

    Figures from the Society of Motor Manufacturers and Traders Ltd (SMMT) showed that combined, Battery Electric vehicles (BEVs) and plug-in hybrids (PHEVs) accounted for 17.2% of new car sales in June, with BEVs accounting for more than one in 10 registrations. Despite the boom in electric vehicle (EV) sales, Cornwall...

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    Renewable merchant finance unlikely to lead to mass capacity additions

    Merchant finance for renewables projects is unlikely to lead to mass capacity additions to the generation fleet, according to the latest insight paper from Cornwall Insight - Merchant renewables still face challenges. To gauge the market's temperature, Cornwall Insight surveyed 258 individuals across the industry on what type of merchant...

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    900,000 domestic customers impacted by SoLR over the last two years

    Analysis by Cornwall Insight shows that 1.7% of customers in the retail energy market have been with suppliers subject to the Supplier of Last Resort mechanism (SoLR) process. Between 2020 and 2019, 887,000 domestic customers were supplied by a company that exited the market via SoLR, and in 2021 alone,...

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    Network and policy reforms affecting private wire arrangements

    In recent years, many businesses have been able to save money by consuming power generated from their own sites. Many of these savings have arisen because some network and policy costs are avoided in comparison to purchasing electricity off the grid. As a result, these private wire arrangements have grown...

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    SME power prices reach record highs

    Small and Medium Enterprises (SME) power prices have continued to rise in Q221, reaching the highest level since our records began in Q212, according to the latest research from Cornwall Insight’s Pricing in the SME power market report. Over the past quarter, prices have increased by 5.82% to average at...

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    Renewables Gas Guarantees of Origins certificate prices continue to fall

    Results from Cornwall Insight’s latest Green Certificates Survey indicate the price of Renewables Gas Guarantees of Origin (RGGO) certificates continues to fall. Relative to the March 2020 survey, the average reported RGGO price has fallen 30% to ~£6/MWh for 2019 vintage RGGOs and dropped 15% to ~£7/MWh for 2020 vintage...

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    48.9GW of new renewables projects currently in the scoping stages

    Renewables projects labelled as “scoping” currently represents 50% or 48.9GW of the total viable pipeline capacity*, according to the latest analysis from Cornwall Insight. Of this 48.9GW "scoping" total, 38.6GW is from offshore wind, 5.0GW from battery projects, 3.0GW from onshore wind and 1.5GW from solar PV. This includes some...

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    Current market for new-build renewables doubtful in meeting net zero target

    The current market and options available for new-build renewables are inadequate to keep the UK on track to its net zero target. According to National Grid Future Energy Scenario (FES), the UK needs approximately 87-113GW (scenario dependent) of renewables capacity by 2030 and 197-231GW by 2050. That is an annual...

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    More than 65% of households are now supplied by green energy companies

    According to the latest research from Cornwall Insight, households with ‘green’ suppliers – those only offering electricity tariffs backed by Renewable Energy Guarantee of Origin (REGOs) certificates – rocketed from less than 20% in 2017 to 65% 2021. This percentage would be even higher if green tariffs from suppliers that...

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    Price cap predicted to rise by over £100/year

    The latest forecast from Cornwall Insight indicates that the default tariff price cap will increase by more than £100 for the Winter 2021-22 cap to around £1,250 per year for a typical dual fuel direct debit customer – from its current level of £1,138.  Dr. Craig Lowrey, Senior Consultant at...

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    Electricity policy costs disincentivise the household transition to low carbon technologies

    The application of policy costs onto the electricity bill is a significant disincentive to electrify and transition to newer low-carbon heating technologies, according to a new insight paper from Cornwall Insight - Who pays for supporting the net zero transition? Funded through customer electricity bills The costs of decarbonising the...

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    Cornwall Insight Green Certificates survey | REGO prices 50% higher than January

    Renewable Energy Guarantees of Origin (REGOs) prices are on the rise, according to the latest results from Cornwall Insight’s Green Certificates survey. In fact, reported average REGO prices have increased for Fuel Mix Disclosure (FMD) years 2020-21 up to 2023-24, with averages up to 50% higher than the January 2021...

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    Cornwall Insight comments on the launch of the UK ETS scheme

    The first auction for the UK Emissions Trading Scheme (UK ETS) was held last week on 19 May 2021, between 12:00-14:00, hosted by the Intercontinental Exchange (ICE). The auction cleared at £43.99/t, providing a total carbon price of £61.99/t. Following the launch of the first UK Allowance (UKA) auction, Laura...

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    Half of EVs still eligible for Plug-in Car Grant despite cut to threshold

    In March this year, the government reduced the Plug-in Car Grant by £500 to £2,500 for cars priced £35,000 (previously £50,000). However, despite the cut to the Plug-in Car Grant by the government, more than half of the current electric vehicle (EV) models are still eligible for the grant. Katie...

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    High wholesale prices and negative pricing events forecasted to grow

    Research from Cornwall Insight’s Benchmark Power Curve, which forecasts the power market to 2045 under different net zero scenarios, highlights volatility in the wholesale power market is set to increase. Its central case scenario predicts that the standard deviation of hourly wholesale prices could reach £41.8/MWh by 2030. In the...

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    Cornwall Insight PPA Market share survey | Increased interest and competition boost market

    The Power Purchase Agreement (PPA) market for renewable assets continues to be highly competitive, according to the latest survey results from Cornwall Insight’s PPA insight service. In fact, the PPA market for renewable generation assets has seen a significant rise in the £/MWh value achieved by generators, particularly in the...

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    Scotland sees the largest increase in renewable pipeline capacity

    According to Cornwall Insight's 'Renewables pipeline tracker', most regions across Great Britain (GB) showed a net increase in total pipeline capacity between April 2020 and March 2021. Displayed by distribution network operator (DNO) region for visualisation purposes and accounting for projects due to connect to the transmission network, Central and...

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    Brexit impacts | Divergent electricity prices

    Since the start of the year, as a result of Brexit, Great Britain's (GB's) internal and cross-border trading has been temporarily decoupled from European power exchanges. This is expected to result in less efficient trades; interconnector flows and divergent electricity prices between power exchanges. Research from Cornwall Insight examining the...

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    Cornwall Insight appoints Emeka Chukwureh as Head of Energy Market Development

    Cornwall Insight, an energy consultancy, research, and analytics company, is pleased to announce the appointment of Emeka Chukwureh as Head of Energy Market Development to its Irish team. With responsibility for research and market development strategy in Cornwall Insight's Irish business, Emeka will play a key role in supporting its...

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    Demand for DNO flexibility services predicted to gather pace

    Cornwall Insight examines the Energy Network Association’s (ENA) forecast for Distribution Network Opeators (DNO) flexibility service procurement over the next 10 years. These latest forecasts show more than 1.3GW requirement across all services in DNO regions in 2021. The largest share of the requirement (636MW) is attributed to the Dynamic...

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    TPIs revenues fall by 18% due to COVID-19

    Third-party Intermediaries (TPIs) have seen a decrease in growth in both the Small and Medium Enterprise (SME) and Industrial & Commercial (I&C) sectors, as a result of COVID-19 and general market uncertainty, according to Cornwall Insight’s Annual TPI report. This led to a target revenue pool for TPI’s of £335mn/year,...

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    Cornwall Insight comments on the Energy White Paper

    Commenting on the government's release of the Energy White Paper, which sets out plans to decarbonise the UK's energy system, Gareth Miller, CEO of Cornwall Insight, said: “The Energy White Paper maps out the biggest change to the energy markets since the Electricity Act of 1989. Many of the headlines...