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Contracts For Difference (UK Energy)
Contracts for Difference (CfD) are the main market support mechanism for low carbon electricity generation in the UK. The scheme replaced the Renewables Obligation which closed to new generation in March 2017. It is administered by the Low Carbon Contracts Company (LCCC), which is owned by the UK Government. The scheme offers a fixed "Strike Price" to generators over a 15-year contract, which provides financial certainty, unlike the wholesale electricity market which can fluctuate significantly. With the contract for difference, if the market price for electricity drops below the Strike Price, LCCC pays the generator the shortfall, however if the market price rises, the generator must pay back the difference. The costs, or benefits, of the scheme are passed onto consumers via their electricity bills. The contracts are awarded using a reverse auction in annual "Allocation Rounds" (AR) where companies submit sealed bids for a project capacity and cost. Contracts are awarded to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renewables Obligation (United Kingdom)
The Renewables Obligation (RO) is a market support mechanism designed to encourage generation of electricity from eligible Renewable energy in the United Kingdom, renewable sources in the United Kingdom. There are three related schemes for the three Law of the United Kingdom#Legal jurisdictions, legal jurisdictions of the UK. In April 2002 the Renewables Obligation was introduced in England and Wales, and in Scotland as the Renewables Obligation (Scotland). The RO was introduced in Northern Ireland in April 2005. In all cases, the RO replaced the Non-Fossil Fuel Obligation which operated from 1990. The RO placed an obligation on licensed electricity suppliers in the United Kingdom to source an increasing proportion of electricity from renewable sources, similar to a renewable portfolio standard. This figure was initially set at 3% for the period 2002/03, and in 2010/11 it was 11.1% (4.0% in Northern Ireland). By 2020 it was almost half of all electricity in England, Wales and Scot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hornsea Wind Farm
Hornsea Wind Farm is a Round 3 wind farm which began construction in 2018. Sited in the North Sea off the east coast of England, the eventual wind farm group is planned to have a total capacity of up to 6 gigawatt (GW). The development has been split into a number of subzones. The 1.2 GW Project 1 gained planning consent in 2014. Construction of Hornsea One started in January 2018, and the first turbines began supplying power to the UK national electricity grid in February 2019. The turbines were all installed by October 2019 and the equipment fully commissioned in December 2019. With a capacity of 1,218 MW, it was the largest in the world on its completion. A second 1.4 GW Project 2 was given planning consent in 2016. First power was achieved in December 2021, and it became fully operational in August 2022 overtaking Hornsea One as the largest offshore wind farm in the world. In 2016 a third subzone was split into two projects Hornsea 3 and 4, with app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feed-in Tariffs In The United Kingdom
A feed-in tariff (FIT) is paid by energy suppliers in the United Kingdom if a property or organisation generates their own electricity using technology such as solar panels or wind turbines and feeds any surplus back to the grid. The FIT scheme was imposed on suppliers by the UK government, and applied to installations completed between July 2009 and March 2019. Timespan The FIT scheme entered into law through the Energy Act 2008 and commenced in April 2010, with backdated applications accepted for generation systems installed from July 2009 onwards. Payments were contracted for either 20 or 25 years. The scheme closed to new applicants on 31 March 2019. Scope The Feed-In Tariff applies to small-scale generation of electricity using eligible renewable technologies. To encourage development of these technologies, feed-in tariffs pay the generator a certain amount – even for energy which the generator themselves consumes. Electricity fed into the grid receives an additional exp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Policy Of The United Kingdom
The energy policy of the United Kingdom refers to the United Kingdom's efforts towards reducing energy intensity, reducing energy poverty, and maintaining energy supply reliability. The United Kingdom has had success in this, though energy intensity remains high. There is an ambitious goal to reduce carbon dioxide emissions in future years, but it is unclear whether the programmes in place are sufficient to achieve this objective. Regarding energy self-sufficiency, UK policy does not address this issue, other than to concede historic energy security is currently ceasing to exist (due to the decline of North Sea oil production). The United Kingdom historically has a good policy record of encouraging public transport links with cities, despite encountering problems with high speed trains, which have the potential to reduce dramatically domestic and short-haul European flights. The policy does not, however, significantly encourage hybrid vehicle use or ethanol fuel use, options ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2024 United Kingdom General Election
The 2024 United Kingdom general election was held on Thursday, 4 July 2024 to elect all 650 members of the House of Commons of the United Kingdom, House of Commons. The opposition Labour Party (UK), Labour Party, led by Keir Starmer, won a landslide victory over the governing Conservative Party (UK), Conservative Party under Prime Minister of the United Kingdom, Prime Minister Rishi Sunak, ending 14 years of Conservative rule. Labour secured 411 seats and a 174-seat majority, the fourth-best showing in the party's history and its best since 2001 United Kingdom general election, 2001. The party's vote share was 33.7%, the lowest of any majority party on record, making this the #Proportionality concerns, least proportional general election in British history. They became the largest party in England, Scotland, and Wales. The Conservatives suffered their worst-ever defeat, winning just 121 seats with 23.7% of the vote and losing 251 seats, including those of former prime minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Capital
In economics and accounting, the cost of capital is the cost of a company's funds (both debt and equity), or from an investor's point of view is "the required rate of return on a portfolio company's existing securities". It is used to evaluate new projects of a company. It is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. Basic concept For an investment to be worthwhile, the expected return on capital has to be higher than the cost of capital. Given a number of competing investment opportunities, investors are expected to put their capital to work in order to maximize the return. In other words, the cost of capital is the rate of return that capital could be expected to earn in the best alternative investment of equivalent risk; this is the opportunity cost of capital. If a project is of similar risk to a company's average business activities it is reasonable to use the company's average co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floating Wind Turbine
A floating wind turbine is an offshore wind turbine mounted on a floating structure that allows the turbine to generate electricity in water depths where fixed-foundation turbines are not economically feasible. Floating wind farms have the potential to significantly increase the sea area available for offshore wind farms, especially in countries with limited shallow waters, such as Spain, Portugal, Japan, France and the United States' West Coast. Locating wind farms further offshore can also reduce visual pollution, provide better accommodation for fishing and shipping lanes, and reach stronger and more consistent winds. Commercial floating wind turbines are mostly at the early phase of development, with several single turbine prototypes having been installed since 2007, and the first farms since 2017. , there are 245 MW of operational floating wind turbines, with a future pipeline of 266 GW around the world. The Hywind Tampen floating offshore wind farm, recognized ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Orbital O2
Orbital Marine Power (formerly Scotrenewables Tidal Power Ltd) is a Scottish renewable energy company focused on the development and global deployment of floating tidal stream turbine technology. The company was founded in 2002, and has built and tested three different turbines. The floating turbine concept aims to reduce costs, as they can be towed to site and do not need large seabed foundations which can only be installed in the short periods of slack tide. The can also be towed back to shore for maintenance. The O2 is Orbital's first commercial turbine and represents the culmination of more than 15 years of product development in the UK. The 74 m long turbine is expected to operate in the waters off Orkney for the next 15–20 years with the capacity to meet the annual electricity demand of around 2,000 UK homes with clean, predictable power from the fast-flowing waters, while offsetting approximately 2,200 tonnes of production per year. In a further ground-breaking ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Magallanes Renovables
Magallanes Renovables, S.L. is a Spanish developer of floating tidal stream energy devices, set up in 2009. The company's head office is in Redondela, Galicia, with a UK subsidiary Magallanes Tidal Energy Ltd. based in Kirkwall. They have tested their concept at the European Marine Energy Centre (EMEC) in Orkney, Scotland at small scale in 2014, and at full-scale since 2019. In 2022, they were amongst the first tidal stream developers to be awarded market support for commercial projects in the UK, under the Contracts for Difference (CfD) scheme. Device concept The Magalanes ATIR is a floating platform, like a ship's hull, which is moored in place by lines at the bow and stern. Under the water, about below the hull, two three-bladed counter-rotating turbines are mounted at either end of a common driveshaft. These power the generators, which capture the energy of the tides flowing past. The design of the platform is modular, to make construction easier and cheaper. The hul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MeyGen
MeyGen (full name MeyGen tidal energy project) is a tidal stream energy plant in the north of Scotland. The project is located in the Pentland Firth, specifically the Inner Sound between the Island of Stroma and the Scottish mainland. It is currently being constructed in a phased manner. The first phase of the project uses four 1.5MW turbines with rotors which were installed submerged on the seabed in winter 2016/17. Meygen has been claimed to be the "world's largest tidal stream power project". There are plans for up to 400MW to be installed at the site. The project is owned and run by SAE Renewables (formerly called SIMEC Atlantis Energy, and prior to 2017 Atlantis Resources), although previously it was owned and run by Tidal Power Scotland Limited and Scottish Enterprise. The high speed of currents in the area, reaching up to , made the chosen site in the Pentland Firth well suited to this type of energy generation. History In October 2010, the newly named "MeyGen" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moray East Wind Farm
Moray East Wind Farm is an offshore wind farm located in the outer Moray Firth off the coast of Scotland. It is located adjacent to the Moray West Wind Farm, both of which are just south of the Beatrice Wind Farm. The wind farm is around north of the Moray coast, and from the coast of Caithness. The wind farm was consented in 2014 and construction began in 2019, The first power was exported in June 2021 and the farm reached full power output in April 2022. Technology The wind farm includes 100 Vestas V164-9.5 MW turbines for a total generating capacity of 950 MW. These have a diameter rotor, with a hub height of and a tip height of . The wind farm includes three offshore substations and uses three 220 kV AC export cables to transmit generated power to the national grid, connected via a new substation at New Deer. The cable landfall location is at Inverboyndie bay, west of Banff, Aberdeenshire, and the cables were pulled through ducts which extend offshore to minimise e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Triton Knoll
Triton Knoll Wind Farm is an 857 MW round 2 offshore wind farm off the coast of Lincolnshire, in the North Sea, England. RWE Npower Renewables were awarded the lease to the development area in 2003. The offshore elements of the wind farm of up to 1200MW power gained planning consent in 2013; RWE reduced the scope of the wind farm to 900MW or under in 2014, to reduce cost per MW. Statkraft became joint owner of the development in early 2015. The onshore and offshore electrical connection assets were given planning permission in September 2016. The Project is now owned by RWE (59%), J-Power (25%) and Kansai Electric Power (16%). Construction of the first turbine was completed in January 2021, and with the installation of substations at each end of an undersea cable, first power was announced on 1 March 2021. The final turbine of the 90 in the development was assembled on 17 September 2021, with an expected final completion in spring 2022. History The project was initially dev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
