By Paul Homewood
CfD subsidies cost us all a record £2372 million last year.
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https://dp.lowcarboncontracts.uk/dataset/actual-cfd-generation-and-avoided-ghg-emissions
Since the scheme started in 2016, the total cost has amounted to £9.7 billion.
Of last year’s £2.4 billion, wind power made up £2.0 billion, with biomass accounting for most of the rest.
With strike prices for new offshore wind agreed in last year’s AR6 CfD round currently standing at around £84/MWh, it is worth noting the market price used for calculating subsidies averaged £66/MWh last year.
Meanwhile ROC subsidies continue to climb, with Y/E March 2024 reaching a new high of £6883 million:
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https://www.gov.uk/government/statistics/energy-trends-section-6-renewables
DESNZ only have ROC data to September 2024, but the 12 months to then work out at a cost of £7.7 billion at current prices.
And on top of that come Feed in Tariffs, the subsidy scheme for small scale renewable generators, which cost £1.8 billion in 2023/24.
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Altogether the three schemes, CfD, ROC and FIT, are likely to have cost energy bill payers more than £12 billion during 2024, when all the data is in.
Since 2010, the combined cost has exceeded £90 billion.
Laughably OFGEM’s logo says they are making a positive difference for energy consumers.
You can say that again!!
