Offshore wind

  • Press Releases

    Government’s renewable targets at risk as auction sees no bids for offshore wind

    The government has today unveiled the results of its fifth Contracts for Difference (CfD) auction (AR5), securing 3.7GW of renewable capacity. This is a marked reduction from last year’s secured capacity of 11GW, with government renewables targets potentially at risk. The auction, which saw developers able to bid on a...

  • Press Releases

    Ireland must accelerate renewables expansion to avoid falling short on climate targets

    Analysis conducted by Cornwall Insight Ireland has unveiled that Ireland must significantly increase its renewable’s procurement efforts if it is to meet its ambitious Climate Action Plan 2023 (CAP23) targets. Cornwall Insight’s All-Island forward curve analysis indicates that an additional capacity of nearly 1GW must be secured at every eligible...

  • Press Releases

    Increase in energy exports to the continent raises long-term GB power price predictions

    Cornwall Insight's latest report on the GB Power Market Outlook to 2030 has seen a rise in our projections for power prices in the latter half of the decade. Estimates indicate that prices are likely to remain above £100/MWh until 2030 and likely beyond. The predictions, from data modelled in...

  • Press Releases

    Soaring cost of capital threatens to derail expansion of renewable energy projects

    The rising cost of capital faced by developers of renewable energy projects, such as onshore wind and solar PV, may slow down the number of new projects and cause some already commissioned projects to become financially unviable. Data from Cornwall Insight’s report into capital costs and their impacts on the...

  • Press Releases

    Victoria must increase transmission capacity to meet offshore wind targets

    Data analysed by Cornwall Insight Australia has shown that Victoria will need to increase its transmission capacity in the South East by an additional 2GW by 2035 and 7GW by 2040 if it wants to capitalise on new capacity and help meet the state’s ambitious offshore wind targets. The Bass...

  • Press Releases

    Delays to onshore wind investment increase long-term power prices

    Note: Cornwall Insight Ireland release the 'All-Island Power Market Outlook 2023' on a quarterly basis. The increase in long-term power prices refers to the comparison with our Q3 Power Market Outlook released in October 2022. Data from Cornwall Insight Ireland’s fourth - ‘All-Island Power Market Outlook to 2030’ – has...

  • Press Releases

    Imposing a windfall tax on renewables generators would be disproportionate to profits

    The share price data of Oil and Gas companies (O&G), large electricity generators (GenCos), and Listed Renewable Funds, analysed by Cornwall Insight, has shown extending the windfall tax to include renewable generators would be disproportionate and unfair given the difference in profit. Cornwall Insight have also warned the impact of...

  • Press Releases

    Victorian Government announcement could help address supply gaps but raises questions for other investors

    The Victorian Government’s announcement on Thursday to resurrect the State Electricity Commission (SEC) may largely address supply gaps identified from recent Cornwall Insight Australia analysis. According to the proposal, the SEC will receive $1b of initial investment to deliver 4.5GW of renewable power, this should help address the supply gap...

  • Press Releases

    Increase in renewables sees winter energy prices drop below historic average by 2027

    Data from Cornwall Insight Ireland’s third 2022 - ‘All-Island Power Market Outlook to 2030’ - has forecast Ireland is set to reach its 80% renewable target by 2030, with the increased energy security helping to stabilise the market and lower long-term energy prices. The report covering both Northern Ireland and...

  • Press Releases

    Offshore wind crucial to stabilising the UK energy market 

    Data from Cornwall Insight included in our third 2022 - GB Power Market Outlook to 2030 - has forecast a drop in prices from late 2023, as gas prices fall from current peaks. Later in the decade, renewables play a key role in the levelling out of prices despite increased...

  • Press Releases

    Cap on the excess revenues of renewable generators risks deterring investment

    In response to the announcement of a consultation on a Cost-Plus-Revenue Limit which will put a cap on all excess revenues renewable generators are receiving. Tom Faulkner, Head of Assets and Infrastructure and Networks at Cornwall Insight said: “The introduction of a cap on the revenues of renewable generators is...

  • Press Releases

    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...

  • Press Releases

    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...

  • Press Releases

    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...

  • Press Releases

    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...

  • Press Releases

    Cornwall Insight responds to the publication of the energy strategy

    Gareth Miller, CEO at Cornwall Insight said: “The Energy Security Strategy is a very political document that raises as many questions as it answers. There are clear favourites and as much can be read in to what is in the Strategy as what is not. 15 months on from the...

  • Press Releases

    Solar pipeline has grown 298% since 2020

    Between April 2020 and March 2022 Cornwall Insight’s Renewables Pipeline Tracker report has shown the total capacity of solar PV projects classed as either “application submitted” or “awaiting construction” has increased by 298%, while the equivalent for onshore wind has risen by 17%. This overall growth translates into an average...

  • Press Releases

    Summer energy prices in Ireland to remain above seasonal average until 2029

    Research from Cornwall Insight looking at the All-Island Power Market outlook to 2030, has shown that gas prices across both Northern Ireland and the Republic of Ireland will vary significantly between the seasons, with the summer months seeing much higher prices, despite the lower demand. Between 2022 and 2030 modelling...

  • Press Releases

    Ireland must streamline consent for offshore renewables if it wants to meet climate targets

    Cornwall Insight is calling on the Irish government to use the development of its new Maritime Area Consent (MAC) regime to streamline the process for offshore renewables and help get Ireland back on track for meeting its climate targets. The process for marine area consent has been dogged with delays for many years....

  • Press Releases

    £285mn of government funding for renewables but strong competition means developers are considering alternative options

    Applications for the government’s largest ever Contracts for Difference (CfD) auction have closed with applicants competing for a slice of £285mn a year worth of investment in a wide range of both established and less established renewable technologies. Allocation Round (4) is loosely aiming to secure around 12GW of new...

  • Press Releases

    Incidents of price cannibalisation of renewable assets on the rise

    Research from Cornwall Insight Australia shows that the growth of variable renewable energy (VRE) generation significantly impacts their captured price. In fact, in FY18, 98% of the grid-scale solar generation volumes captured prices above $50/MWh. However, this has reduced to 12% in FY21. On top of this, wind and solar...

  • Press Releases

    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...

  • Media Mentions

    Daily Express | Scottish policy

    James Brabben Wholesale Manager at Cornwall Insight was quoted in the Daily Express discussing renewable energy in Scotland. He explained there may be issues on the energy agenda Scottish politicians would like to control, but that might not be possible because policies are made elsewhere. Discussing the Contracts for Difference...

  • Media Mentions

    Engerati | Wind pipeline misses target

    Our figures showing the total offshore wind capacity would reach only 29.7GW by 2030 was featured in Engerati Assuming all prospective sites with seabed leasing are built, the current pipeline will fall well short of the 40GW by 2030 target recently reiterated by government. In fact, this would start falling...

  • Press Releases

    Current offshore wind pipeline falls short of 40GW by 2030 target

    Latest figures from Cornwall Insight’s ‘Renewables pipeline tracker report’ show that even if all current offshore wind sites with leasing are developed in the coming years, total offshore wind capacity would only reach 29.7GW by 2030. The report currently tracks 22 sites across both floating and fixed foundation technologies, with...

  • Press Releases

    Up to 17GW of renewables eligible for CfD AR4

    Cornwall Insight’s Renewable Pipeline Tracker service has examined the potential capacity that could enter the Contract for Difference (CfD) Allocation Round (AR) 4, with the analysis showing there is currently 17GW* of technologies likely to be eligible to bid. This analysis is based on Cornwall Insight’s unique tiering system in...

  • Press Releases

    Ireland will need to more than double its renewable capacity over the next 25 years to meet 2050 targets

    Findings from Cornwall Insight's 'All-Island forward curve' – a comprehensive market and asset-level power price modelling service – shows that Ireland will need to more than double its renewable capacity over the next 25 years if it is to meet net zero emissions by 2050. The below table shows how...

  • Press Releases

    This winter could see 1.3GW of new wind come online

    Forecasts using Cornwall Insight's 'Renewables pipeline tracker' report shows that a total of 1.3GW of new wind capacity could come online this winter. This is ~5% rise in total capacity, which could reach 25.4GW. The below graph highlights the forecast growth of wind capacity to March 2021. Lucy Dolton, Analyst...

  • Press Releases

    Great Britain could become net exporter of power by 2040s

    Interconnection with EU nations, regardless of trading arrangements post-Brexit, will continue to play a pivotal role in driving wholesale power prices and system flexibility in the future. Modelling of the GB and EU markets by Cornwall Insight shows that increased interconnection through the 2020s and 2030s could provide a route...

  • Press Releases

    New competition for upcoming Capacity Market auctions

    Research from Cornwall Insight’s Capacity Market Forecast highlights that the recent changes in Capacity Market (CM) rules and the technology mix will see greater competition and change in the technology entering* the T-4 auction in March 2021 compared to the previous T-4 auction. Forecasted changes to the technology mix entering...