In a joint release issued on Thursday 24 August, RenewableUK, Solar Energy UK, and Scottish Renewables announced the publication of a Cornwall Insight (CI) report that has found that a different approach in Ofgem’s aims to reform electricity markets could be achieved without risking investment in renewable energy. Recommendations in the report, which was commissioned by the three trade bodies, include reforming Contracts for Difference in an incremental and evolutionary way to deliver electricity at the lowest cost to consumers and maintain investor confidence. In the release, the trade bodies state that according to some analysts, Locational Marginal Pricing, being considered as part of the government’s Review of Electricity Market Arrangements (REMA), could increase the costs of reaching net zero by up to £87bn and undermine investor confidence.
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