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UK Government Revamps CfD Scheme to Propel Clean Energy Growth

November 20, 2024

The UK Government has reaffirmed its commitment to becoming a global leader in clean energy with significant reforms to the Contracts for Difference (CfD) scheme. Building on key initiatives such as the establishment of GB Energy and the transition to the National Energy System Operator (NESO), these changes aim to strengthen Britain’s renewable energy sector and streamline grid connection reforms.

The latest updates to the CfD programme, effective from Allocation Round 7 (AR7) onwards, underscore the Government’s focus on promoting clean energy technologies while addressing critical challenges within the sector.

Contracts for Difference (CfDs) are long-term agreements designed to mitigate market price risks for low-carbon electricity generators. Operated by the government-owned Low Carbon Contracts Company (LCCC), CfDs provide generators with a stable revenue stream by guaranteeing a fixed ‘strike price’ per unit of electricity, adjusted annually for inflation.

Key features include:

  • Strike Price Stability: Fixed through competitive auctions and indexed annually.
  • Market Protection: Ensures generators are compensated when market prices fall below the strike price, while safeguarding consumers by clawing back payments when market prices exceed it.
  • Decarbonisation Goals: Supports the UK’s carbon neutrality targets, enhances energy security, and aims to reduce energy costs for consumers.

From AR7 onwards, the phasing mechanism previously limited to fixed-bottom offshore wind will also apply to FLOW projects. This phased development allows projects to be built in stages, reducing delivery risks and facilitating deeper water installations with superior wind resources.

Initial rules for FLOW projects mirror those of fixed-bottom wind, including a 1,500 MW cap and a three-phase maximum, though these policies will be reviewed over time.

Repowering projects, involving the complete decommissioning and replacement of existing wind farms with modern technology, will now qualify for CfDs. Developers can apply for CfDs under standard terms for projects that meet specific criteria, such as:

  • High upfront capital costs.
  • A minimum operational lifespan of 25 years for the original asset.
  • Forward bidding allowed before decommissioning existing projects.

The Government expects this change to increase renewable capacity and extend the life of ageing wind farms.

To enhance the appeals process, a fixed timeline for appeals will be introduced from 2026, simplifying the current system and improving transparency.

While hybrid metering—enabling co-location with other assets such as battery storage—was explored, its implementation has been deferred pending further evaluation of market integration and regulatory adjustments.

The Government will retain the current Consumer Price Index (CPI) linkage for strike prices, despite concerns over pre-investment exposure to commodity price volatility.

  • Bootstraps: While recognised as a potential avenue for future CfD eligibility, further clarity on associated costs and regulatory frameworks is required before implementation.
  • Multi-Purpose Interconnectors (MPIs): Although CfD eligibility for MPIs was considered, ongoing policy reviews are needed to assess their feasibility within the CfD framework.

The CfD scheme continues to evolve, reflecting the Government’s commitment to bolstering the renewable energy sector. From expanding eligibility for repowered onshore wind projects to introducing phased development for FLOW, these reforms aim to replicate the success of AR6 in AR7.

Ongoing evaluations of hybrid metering, offshore infrastructure, and strike price indexation further highlight the Government’s dedication to addressing the complexities of transitioning to a cleaner, more secure energy system.

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