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renewables
-
Press Releases
Solar and wind to account for just 44% of power generation by 2030
Cornwall Insight's latest Benchmark Power Curve forecast shows that solar, onshore and offshore wind are currently on schedule to account for just 44% of Great Britain's electricity generation by 2030. This is a significant shortfall from the 67% needed for a fully decarbonised electricity system, as projected by our modelling experts....
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Press Releases
Delayed closure of Eraring forecast to cut NSW power prices by 40%
New power price forecasts suggest pushing back the closure date of Eraring power station from 2025 to 2027 will cut NSW power prices by 44%, dropping from a predicted $153/MWh to $86/MWh in 2026 - a fall of $67. The data included in Cornwall Insight’s NEM Benchmark Power Curve report...
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Press Releases
Cornwall Insight’s response to the King’s Speech
Kate Mulvany,Principal Consultant at Cornwall Insight said: "The King's speech provided some welcome clarity on the new government's plans to accelerate the green energy transition. “With such ambitious goals, the government will need to show quick progress to assure both industry and consumers that it will meet its manifesto promises....
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Press Releases
Rebalancing energy policy costs crucial to delivering a low-carbon future
Cornwall Insight and the MCS Foundation are delighted to announce the release of a new report ‘Policy costs in domestic energy bills’. The report examines the critical role shifting policy costs away from electricity bills could have to the decarbonisation of residential heating and the UK’s journey to a low-carbon...
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Press Releases
Price cap forecasts fall ahead of election
Cornwall Insight’s forecasts for the October-December 2024 Default Tariff Cap (price cap) have dropped to £1,723 a year for a typical dual fuel consumer1. This is a reduction of nearly £40 annually compared with our forecast in May. Despite the drop in the prediction, this cap level would still represent...
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Press Releases
Two thirds of renewables applications fail to get through planning stage
Between 2018 and 2023, the majority of applications to build renewable projects were unsuccessful in progressing through planning. Figures from Cornwall Insight’s Renewables Pipeline Tracker, show that 63% of projects were either abandoned, refused, withdrawn, or ultimately expired. The data reveals only 20% of projects remain in development statuses that...
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Press Releases
The Economic Viability of Decarbonisation by Electrifying Heat
A new report from Cornwall Insight, sponsored by the Confederation of Paper Industries (CPI), has outlined the challenges that energy intensive industries (EIIs) face in decarbonising their heat supply, typically natural gas-powered, when seeking to switch to grid-supplied electricity. This new report - Addressing the Cost of Electrification' - provides...
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Press Releases
Policy vacuum on long duration storage threatens Ireland’s renewables growth
Limited financial incentives, a lack of clear targets, and market design limitations are hindering the development of long duration energy storage (LDES)1 according to a new report from Cornwall Insight. The report, written in collaboration with the Climate Change Advisory Council, warns that barriers to storage development could slow down...
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Press Releases
Ofgem cut the price cap but bills forecast to rise this winter
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 July Default Tariff Cap (price cap) at £1,568 a year for a typical dual fuel consumer1. This is a 7% decrease from...
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Press Releases
Coal exit and workforce shortages keep short-term power prices high
The ongoing phase-out of coal facilities and the sluggish progress in launching new renewable energy projects, partly due to shortages in the skilled workforce, are poised to push electricity prices higher until 2030 as the next tranche of coal units retires. The latest NEM Benchmark Power Curve report from Cornwall...
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Press Releases
Irish power prices expected to drop as gas storage levels remain high
New forecasts from Cornwall Insight’s SEM Benchmark Power Price Curve indicate power prices are set to fall in 2024-25. Power prices are expected to drop from an average €106 per MWh during the previous 2023-24 fiscal year, to €91 per MWh over the 2024-2025 fiscal year, marking a 14% decrease....
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Press Releases
Hydrogen uncertainty could delay uptake of low-carbon heating
Without clear evidence on hydrogen's role in home heating, the development of other low-carbon alternatives could be delayed, according to a new report from Cornwall Insight. The Hydrogen Index1 report urges the UK government to ramp up research to conclusively determine whether hydrogen is a viable option for domestic heating,...
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Press Releases
Power price projections fall amid high European gas stocks
The latest projections from Cornwall Insight's Q1 Power Curve suggest that the recent drop in power prices is here to stay, extending all the way to the end of the decade. The new data shows a striking decline in projected prices, which bodes well for both households and businesses, offering...
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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’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 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
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
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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Media Mentions
The Energyst| Investment in renewables
Following the release of our Insight Paper ‘Race to net zero: Rebuilding Investor confidence in the UK’ Jamie Maule was interviewed in the Energyst. He highlighted concerns about international competition potentially hampering investments in UK renewables. He said, the UK isn't a lost cause, but we need sustained, long-term policies to...
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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
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
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...
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Press Releases
Reform of electricity network charges and balancing markets could fast-track energy transition
Reforming charges for using the electricity network and reviewing how generators and customers provide flexibility to the system, could accelerate cost-effective decarbonisation of the electricity system, and help GB meet its net-zero targets. A new report1, from Cornwall Insight in partnership with SSE, explores how rethinking the Transmission Network Use...
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Press Releases
Cornwall Insight release price cap forecasts for 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. Prior to the introduction of the October - December 2023 Default Tariff Cap (price cap), Cornwall Insight has announced its forecasts for 2024. Our new figures predict...
