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renewables
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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...
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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
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 October Default Tariff Cap (price cap) at £1,923 a year for a typical dual fuel consumer1 for the final three months of...
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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....
