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renewables
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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...
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Press Releases
Cornwall Insight’s response to the announcement of the October price cap
Ofgem has today announced the October Default Tariff Cap (price cap) at £1,923 a year for a typical dual fuel consumer1 for the final three months of 2023. This is based on the regulator’s current definition of an average household's gas and electricity use2, and shows a 7% decline from...
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Press Releases
Embracing off-peak electricity use and home generation could save billions in energy costs
New analysis from Cornwall Insight and Smart Energy GB has revealed the substantial cost-saving potential of household flexible electricity initiatives such as time-of-use tariffs, smart meters, solar PV, and batteries. The data reveals national wholesale and system electricity costs could be cut by an annual £4.6bn in 2030 and £14.1...
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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...
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Press Releases
New forecast warns power prices to remain elevated until late 2030s
Cornwall Insight has unveiled its latest GB Power Market Outlook to 2030, revealing that power prices in Great Britain will not shift below pre-2022 levels until the late 2030s. The report cites the surging demand for power as the main driver behind this trend, as the move to electric heating...
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Press Releases
UK sees 70% rise in public charge-points for electric vehicles over past year
The UK now has one publicly accessible charge point for every 11.2 Battery Electric Vehicles (BEV) on the road, having seen a remarkable 70% jump in charge points over the past year. The figures, utilised in the calculation of the Electric Vehicle Country Attractiveness (EVCA) Index by Cornwall Insight and...
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Press Releases
Development of long-duration energy storage vital to achieving net zero targets
A new report, jointly authored by Cornwall Insight and global law firm DLA Piper, has highlighted the urgent need for financial incentives to speed up the development of long-duration energy storage systems, which are crucial for meeting the UK’s ambitious net zero goals. As more renewables enter the market, energy...
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Press Releases
Cornwall Insight responds to the announcement of the July 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. Dr Craig Lowrey, Principal Consultant at Cornwall Insight said: “Ofgem’s announcement that July’s Default Tariff Cap (price cap) will fall to an average1 £2,074 p/a, will undoubtedly...
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Press Releases
Staggering the shutdown of Eraring Power Station would lower impact on energy costs
New modelling from Cornwall Insight Australia reveals that a staggered retirement of the Eraring power station would reduce the impact on energy prices in New South Wales (NSW) and lower net imports. Unlike previous plant closures, Eraring will retire all four units simultaneously, with a scheduled shutdown of August 2025....
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Press Releases
Increase in Irish exports raises long-term power price projections
Cornwall Insight has raised its long-term predictions for power prices in Ireland as a projected rise in interconnector exports and reduced imports pushes up demand and costs. Ireland’s first 2023 - ‘All-Island Power Market Outlook to 2030’ – which looks at data modelled in the first quarter of the year,...
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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...
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Press Releases
NSW power prices to surge during peak periods after Liddell power station closure
According to findings by Cornwall Insight Australia, this week’s closure of Liddell Power Station is expected to drive up average power prices during peak periods in New South Wales (NSW). Prices, particularly in the summer1, are expected to be higher compared to the previous three years. As demand peaks during...
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Press Releases
Government will struggle to meet 2025 smart meter target
Data from Cornwall Insight on domestic energy supply has revealed that the government is likely to face a considerable hurdle in achieving its goal of 100% smart meter coverage by 2025. The smart meter analysis, which also looks at supplier installation figures and the annual tolerance levels1 set by BEIS,...
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Press Releases
Ireland leads Europe in growth of electric vehicles
Ireland has seen the highest growth in the electric vehicle (EV) market share rising an impressive 81.3% from 2021- 2022. The data taken from the new Electric Vehicle Country Attractiveness (EVCA) Index, developed by Cornwall Insight and law firm Shoosmiths, identified the year-on-year growth of large European countries with Ireland,...
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Press Releases
UK recognised as one of Europe’s top countries for Electric Vehicles
The UK has been ranked the 5th most attractive European country for Electric Vehicle (EV) market potential, according to the Electric Vehicle Country Attractiveness (EVCA) Index. The new Index developed by Cornwall Insight and law firm Shoosmiths identifies a range of factors1 from purchase subsidies to national EV charging targets...
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Media Mentions
Renewable Energy Magazine| CFDs
Following our Insight paper on the implications of the rising cost of capital for the fifth round of the Contracts for Difference, Research Analyst Jamie Maule spoke to Renewable Energy Magazine on concerns rising capital could act to stifle competition and deter investors from the CFD round. Renewable Energy Magazine
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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...
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Press Releases
Cornwall Insight responds to the Spring Budget
Robert Buckley, Head of Relationship Development at Cornwall Insight: “Once again, a UK budget has seen some significant energy policy announcements that will stir up conversation and opinion across the country. It also shows how reining in energy prices is seen as key to restraining inflation. “The pre-budget announcement to...
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Press Releases
Integrated energy solutions could cut cost of UK wholesale market by 25%
Modelling from Cornwall Insight has shown that in 2035 widespread use of integrated energy solutions could save the UK's wholesale energy market £13bn per year, representing a 25% cost reduction. The data is included in the independent research paper ‘Integrate to Zero’ prepared by Cornwall Insight and commissioned by the...
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Press Releases
Europe’s gas storage levels forecast to finish winter higher than 2020
Modelling from Cornwall Insight suggests European gas storage levels will end this winter between 45-61% full, with an average of 55% and could reach 88-100% full by September 2023. The data, included in our insight paper ‘Crisis behind, challenge ahead: European gas storage levels for 2023’ shows this would be...
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Press Releases
Local Authorities in South East struggle to consult with communities on EV strategies
A new survey looking at the readiness of local authorities (LAs) for the mass adoption of electric vehicles (EVs) in the South East has found that only 18% of those surveyed had consulted with local businesses on an EV charge point strategy, while half had spoken to local residents1. The...
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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...
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Press Releases
Long-term regulatory and policy changes needed to avoid stalls to business decarbonisation
A new report from Cornwall Insight has set out a range of regulation and policy changes the government could examine if it wants to avoid a slowdown or stalling of business investment in decarbonisation. The report “Business net zero: Making progress in a challenging economy” warns that against a backdrop...
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Press Releases
Drop in power price predictions up to 2030 but prices to remain above pre-pandemic levels for next decade
New data from Cornwall Insight has shown a drop in our predictions for power prices up to 2030 as Europe secures alternative energy supplies to compensate for reduced gas flows from Russia. The data included in our fourth 2022 – GB Power Market Outlook to 2030 – has shown price...
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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...
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Press Releases
Smart meters have potential to play critical role in energy security
An independent research paper from Cornwall Insight, commissioned by Smart Energy GB, has set out the part smart meters could play in getting a grip on the energy crisis in Great Britain (GB). The paper – ‘Energy security and Smart Meters’– outlines how through empowering consumers to change how much...
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Press Releases
Co-location of energy could significantly cut the cost of expanding renewables
A new report from Cornwall Insight and national law firm Weightmans on the co-location of energy assets, entitled “Co-location, co-location, co-location”, has laid out the significant cost savings of using one grid connection for multiple renewable generation or storage assets. The report outlines how co-location could incentivise the development of...
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Press Releases
Average power prices to remain elevated for the next three years
Data from Cornwall Insight Australia’s Benchmark Power Curve (BPC)1 has forecast that from 2026, power prices in a neutral/base scenario will be, on average, ~$60-$100/MWh across all states in the National Electricity Market (NEM). This aligns with ~$40-80/MWh levels seen during 2021. The BPC has, however, forecast that the annual...
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Press Releases
Cornwall Insight responds to the Autumn Statement
Dan Atzori, Research Partner at Cornwall Insight: “The energy announcements from the government's Autumn Statement today will be felt across households, businesses and throughout the UK energy market. “The extension of the Energy Price Guarantee (EPG) from April 2023, albeit at the higher £3,000 per year for an average consumer,...
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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...
