GB Renewables Forecast – H2 2019
We are pleased to present our latest GB Renewables Forecast, H2 2019. This presents Aurora’s updated view on the state of Renewables in the GB power market, and includes our latest outlook on subsidy free business models, and regional differences in prices, production and capacity to 2040.
Key findings from the report include:
- The Contracts for Difference Allocation Round 3 secured 5.8 GW of low carbon projects at record low strike prices. Offshore wind was the big winner of the auction securing almost 5.5 GW of contracts
- The UK became the first major economy to pass in law an obligation to reach net zero greenhouse gas emissions by 2050. This will have profound impacts for the deployment of low-carbon technologies in GB
- The Capacity Market has been reinstated following the European Commission’s decision to reapprove the scheme. Renewables will be allowed to participate for the first time in the auctions early next year
- New build subsidy-free renewables capacity reaches 8 GW in 2030; this is a slight decrease in capacity since H1 2019 due to market updates including the entry of the Viking transmission link to Denmark and an additional 2.7 GW offshore wind capacity by 2040
- Onshore wind, offshore wind and solar PV capture prices are forecasted to average £47.6/MWh, £50.6/MWh and £51.1/MWh respectively across the forecast horizon
The report can be downloaded in PDF and the underlying data in Excel format from the download section of EOS.
If you would like to discuss the findings, please get in touch.