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1 Gaelectric Holdings Plc Response Paper to: Consultation on Transition from the NIRO to CfDs and Grace Periods 14/04/2015 Public

2 1 INTRODUCTION Gaelectric Holdings Plc (Gaelectric) welcomes the opportunity to respond to the Department of Enterprise, Trade and Investment (DETI) regarding the transition from the NIRO to CfDs in Northern Ireland. Gaelectric strongly advocate the continuation of a supportive commercial and regulatory environment in Northern Ireland for renewable projects which to date has yielded very clear benefits to the NI consumer and NI communities alike. With this in mind we are particularly concerned with the timing of the recent release of the DETI discussion paper titled CFD Implementation in NI Strategic issues which questions the approach to support mechanisms in Northern Ireland beyond Whilst the CfDs bring with them increased challenges to the business model for renewables, Gaelectric accept the need for increased competition and continue to believe that Northern Ireland can and will be successful under the CfD framework, as has been the case to date under the NIRO support scheme. Specifically we believe that NI generators can compete with those in GB in competition and therefore support significant continued direct and indirect job creation in the sector, which has been identified as being important to achieving maximum benefits to the consumer for a renewable penetration up to 40% as set by the Northern Ireland Executive. However, given that the RO scheme is applied for at commissioning, and the allocation risk within CfDs will clearly prevent Final Investment Decisions until notification of success in the auction, it is clear to us that a hiatus in development in the 2017 financial year is inevitable. The lack of a transition period is the primary cause of this, and this must be addressed by DETI and DECC to ensure that NI generators can compete in an equitable manner. We look forward to engaging proactively with DETI and DECC throughout the process such that the particular characteristics of Northern Ireland renewable generation are adequately considered in the design of CfDs, with a view to ensuring success for Northern Ireland renewables in allocation rounds and also to maintain investment value for NI developers who have been affected by grid and planning elements outside of their control. We wish to highlight the need for a consistent level of engagement between DECC, DETI and industry. Specifically on the issue of the NIRO transition and grace periods, we welcome the effort of DETI to address these issues, and we understand that considerable effort and work has been undertaken in an attempt to facilitate the NI renewables landscape. Notwithstanding this we are concerned that a viable alternative has not been proposed following these discussions. Gaelectric support the need to ensure an equitable across the UK for CfDs, and we strongly believe this extends to ensuring that investments with reasonable expectations of operation in the NIROC era are not disadvantaged due to reasons beyond their control. To address the inequitable treatment of Northern Ireland renewables, whilst considering the need to protect UK consumers, we propose the following options, in order of preference; 1. To address the lack of transition for NI generators (note, this was not consulted upon with industry) which risks their ability to deliver under any scheme in the financial year 2017; For DECC/DETI to facilitate the participation of NI generators in a competitive allocation round with contract signatories no later than March Should option 1 be unrealisable at this point, as we believe to be the case; For DECC/DETI to enter into negotiated contracts based on standard CfD terms and 1 st round clearing prices, again with a completion date of no later than March Public Page 2 of 11

3 3. For DECC/DETI to facilitate an Enabling Financial Decision grace period focusing on projects which intend to deliver in 2017/18. Our focus in this response is option 3 given the nature of this consultation is to comment on the RO transition. We therefore propose an alternative approach to DETI to the 12 month grace period for grid/radar delays which aims to protect investments to the greatest extent possible within reason considering cost to the consumer. It is our view that the average delivery time from acceptance of grid connection to connection is now circa 25+ months. This is a characteristic of the NI market which must be considered in order to level the playing field for renewables in NI. We believe that a cap on volumes accepted (not time limited) into grace periods ensures that an upper limit of expenditure is achieved. This proposal has the further benefit of having upside to UK consumers in respect of cost given that further delays to operation would result in an erosion of tenor of support under the NIROC for these generators, and hence a lower outturn cost to consumers. The eligibility criteria needs to be considered with this approach, and projects which are facing delays with grid connection offers should not be disadvantaged. We request further consideration of this. We further request that DETI implement a pre-accreditation process for grace periods in Northern Ireland which gives an element of security for investors. It is important that a pre-accreditation process is set up as soon as reasonably possible considering the issues that NI generators have currently with having no dates for connection in their connection agreements. It is therefore likely that the steps to achieve accreditation may be iterative in nature, and therefore important that they can be addressed ahead of the closure date for the NIROs. Gaelectric, throughout the series of consultations and discussion papers which are live at present, also wish to explore the value of renewables to the NI economy. To that end, NIRIG have assessed that the economic impact of non-delivery of projects to the NI economy; Description 103MW (Drumquin) Preconstruction Clusters (180MW) All projects 676MW On site construction jobs ,555 Fulltime operational jobs Local Supply chain through 51m 88m 333m construction Lifetime Payments i.e. 25 years Rate ( 2015 rates) p.a. 2.06m 3.6m 13m Community Fund p.a. 0.5m 0.9m 3.3m Total over lifetime 64m 112.5m 407.5m Furthermore to support the position that NI renewables will contribute significantly to the economy going forward, in a 2012 study of renewables in the NI landscape, Redpoint 1 found that the renewables industry will employ a peak of 2,000 additional jobs in NI. It found that 584 ongoing jobs would be created by operation of windfarms up to the 40% target outlined in the SEF. The avoided welfare costs in the period were found to be approximately 100m (2011 terms). The study also indicated that in the planning and development of renewables sites a total of 2.65 jobs per MW would be created directly and a further 1.76 jobs per MW indirectly. 1 Public Page 3 of 11

4 Gaelectric also request further consideration of Biomass projects within the grace period structure given the timeframe for these projects to be delivered. Our experience of the biomass funding market is that it is less mature than that of the wind industry and banks tend not to offer non-recourse funding until such time as they can appoint alternative contractors to progress initial acceptance tests (these tests take circa 3 months to complete). Unless an Enabling Financial Decisions grace period is progressed in the very near term, it is likely that no further biomass projects can be considered in Northern Ireland under the NIRO given the time taken to complete initial acceptance tests, reach financial close and construct. A further 18 months is desirable for developers to progress biomass projects. The impasse in relation to grace periods decisions has impacted upon the investment decision capability for biomass plants and hence the requirement for a decision on an Enabling Investment Decisions grace period is key for the development of the industry. As an aside, Gaelectric believe the ongoing delay of cluster solutions and the lack of sight of a proposed COD for our projects and those of others in industry must be tackled as a matter of importance. We request that DETI give consideration to their involvement in such a process. Public Page 4 of 11

5 2 RESPONSE TO CONSULTATION 1. Do you agree that during the brief period between CFD opening and NIRO closure stations should be prevented from applying for the NIRO if they are unsuccessful in gaining a CFD? In principle we disagree that once an application is made for a CfD, generators are excluded from applying for accreditation under the NIRO. Under DECCs eligibility criteria, the rules are as follows; If an application for a project is unsuccessful in qualification or CFD auction, applicants will regain their choice of scheme and may opt for the RO (as long as they don t make a fresh application for a CFD and as long as their project does not already have a CFD or investment contract for any part of its generating capacity). The ability to opt for the RO is subject to the various deadlines and other criteria for applying for a grace period and for accrediting under the RO. 2 Therefore to ensure Northern Ireland remains in line with GB policy, we believe that at the point a generator s bid is notified as being unsuccessful, that generator should be afforded the opportunity to apply for NIRO accreditation, particularly where a generator will wish to avail of a grace period for its generation. The issue of whether there would be enough time for a generator to apply for ROC accreditation after a failed CfD attempt also fails to consider the unique issues presented to NI generators in the first instance. We believe there must be consideration for the specifics of the NI landscape. In line with this, it is of paramount importance to NI generators that there is access to allocations at the latest March The risk of delay to the current proposed timeframe will result in significant hiatus of development for NI generators between 2017 and Under the current proposals if a CfD auction ran to the latest possible timeframe (assuming it was signalled in October in the first instance), the generator would not be made aware of whether it is successful or not with a CfD application in advance of the closure of the NIRO. This is not in line with the stated aim of providing a choice of scheme for renewable generators. This is not an acceptable risk and fails to address UK government aims (as per 2011 White paper, Planning our Electricity Future) that renewable generators will be provided with a period of choice between ROs and CfDs and further to support the enabling of investment decisions ahead of the FiT CfD. As discussed previously, the CfD proposals do not facilitate early investment decisions and the delays to the programme in NI will in fact cause a hiatus in development. We request that DECC and DETI work with industry, without delay, to agree an acceptable solution. In summary, we do not believe it is correct to exclude generators from entering the NIRO until such time as the NIRO is closed, irrespective of their having previously bid into the CfD framework. It is worth noting that a project benefiting from a RO grace period may consider the CfD an adequate hedge against further grid delays, and benefitting from a RO grace period should not therefore be excluded from applying for a CfD contract. 2. Do you agree that the choice of scheme for new generating stations should take place at the point of application for a CFD? Gaelectric disagrees with the idea that the proposals in the consultation amount to a choice of scheme. As outlined in response to question 1, if a CfD allocation round ran to the latest timeframe, NI generators would have no access to an alternative should they be unsuccessful. Furthermore, the proposals seek to prevent NI 2 _Reform_Contracts_for_Difference_Frequently_Asked_Questions.pdf Public Page 5 of 11

6 generators attempting to access the RO should they be unsuccessful in an auction which involves a notification ahead of the NIRO closure. Gaelectric believe that there must be flexibility and hence a choice of scheme should be supported for NI generators, even if this means that generators can apply for ROCs whilst already in the process of CfD application. It is clear that such a minimal transition period has disadvantaged Northern Ireland generators. We believe that NI generators could likely be further disadvantaged given that the implementation of CfDs in NI are proposed to take place in October 2016 at the earliest. The fact that there is no proposed longstop date under which NI generators will be in a position to participate in CfDs is of major concern, particularly given the challenging timelines to draft legislation. It is for consideration that dual application may in fact provide NI generators with an opportunity to simply maintain the commercial expectations, rather than represent a distinct advantage over GB generators. 3. Do you agree that the choice of scheme for additional capacity should take place at the point of application for a CFD? We refer to our answer to Q2 above as we disagree that point of application for a CfD should preclude all generation from applying under the NIRO. 4. Do you agree with the proposed registration process, eligibility and evidence requirements, for new additional capacity opting for the NIRO? Given that to date there has been no consideration for small scale Feed in Tariffs in NI, the CfD programme in Northern Ireland should accommodate projects of any capacity. We request further clarity on DETIs position in respect of progressing a small scale Feed in Tariff. 5. Do you agree with the metering and fuel measuring requirements proposed for Dual Scheme Facilities? Gaelectric have no concerns with this proposal. 6. Do you agree with the proposed arrangements whereby biomass co-firing stations or units will be able to leave the NIRO if successful in a CFD application as a biomass conversion? We believe this to be a sensible proposal. 7. Do you agree with the proposed retention of the current policy that the Fixed Price Certificate scheme will be in place in 2027? Given operational projects have already been financed on this basis; we believe it may be inappropriate to reopen the issue at this point. Notwithstanding this, if at a later point it becomes apparent that there is a risk to the value of Renewable Obligation Certificates in the years ahead of 2027; Gaelectric reserves its right to raise the issue of reviewing policy. Public Page 6 of 11

7 2.1 Grace Periods Gaelectric have supported NIRIG in their analysis of wind projects at a pre-commercial stage of development. Their findings indicate the following; By the end of 2014 financial year, there were circa 630MW of large scale onshore wind operational in Northern Ireland, representing circa 8% of total installed UK capacity. It is likely that this would rise to circa 1,045MW to 1,115.7MW (NIRO accredited) under the current proposals with a 12 month grace period. However some clusters such as Drumquin wishing to deliver during the financial year 2017 must also have a route to market. It appears that an Enabling Investment Decisions grace period should be extended (volume capped, not time limited) to provide a route to market for these projects. We believe there needs to be further consideration of how projects intending to deliver in the financial year 2017/18 can access a viable route to market under the RO given the investment which will have been placed to date. An appropriate solution for projects who wish to deliver in the financial year 17/18 (primarily Drumquin and perhaps a small number of Brockaghboy projects which do not receive planning in adequate time to reasonably deliver by March 17) would be to consider an Enabling Investments Grace Period which is not time limited, but rather volume capped. This would supplement the 12 month grid/radar connection grace period for projects under both cluster and unique connections, all of which have planning in place. The analysis undertaken by NIRIG and Renewable UK indicates that the cost of signing these projects up to an RO contract via an Enabling Investment Decisions grace period is likely to be capped at circa 11.5m (an increased cost of circa 2.1m over a CfD contract), which does not by any measure seem unreasonable. Gaelectric have yet to see the projected spend assumptions in respect of the RO scheme, however such information would support a meaningful engagement between participants, DETI and DECC. 8. Do you agree with the proposal to offer a 12 month grace period for NIRO accredited delays due to radar and grid connection? Gaelectric previously supported calls for a 24 month extension to ensure investment decisions would continue to be made despite considerable uncertainty in respect of delays to grid connections. We continue to believe there needs to be an element of greater flexibility given the uncertainty for generators in Northern Ireland intending to deliver in the 2017/18 financial year. Gaelectric partly agrees with this proposal in that it will satisfy a number projects, namely those with (or likely to have) planning permission (circa 486.9MW) which anticipate to deliver by March 2017 namely; Magherakeel -51.3MW (one more project can be developed in this cluster before line upgrades are required, the largest being 20.7MW. This is considered in total figure above) Tremoge 82.3MW Rasharkin 78.2MW Gort 58.6MW Unique Connections 80.3MW Slieve Kirk extensions 9.2MW Brockaghboy (with planning) c.56.5mw (note that a further 49.8MW are without planning however many of these will be in receipt of planning to enable pre March 17 delivery These are included in total figure above) Public Page 7 of 11

8 However this proposal will not suffice for projects that are likely to deliver in the financial year 2017/18, primarily driven by; Drumquin 103.9MW We believe that an option which caps the volume of entry of Enabling Investment Decisions grace period for these generators would support investor concerns whilst also acting as a cap on exposure for the Levy Control Framework. As per our response to Q.7, the maximum exposure is likely to be capped at ~ 11.4m (a 2.1m increase in what would otherwise be spent were these projects to clear at current CfD strike prices with a 31% load factor under 2017/18 reference prices). The eligibility criterion needs to be considered under this proposal. Given that the NIRO will close in 2037 irrespective, for each year a project is delayed, the contract tenor would erode and the exposure to consumers reduces. This therefore minimises the downside risk to consumers by introducing a capped exposure, i.e. a pre-agreed volume of generation pass through and once the cut off its reached, no more generators can be allowed entry into the grace period allocation, and this then represents the maximum exposure to grace period RO costs. We believe this offsets the need to use a time limited grace period. Again, it is worth noting that by capping the volume through the structure, the exposure on the RO is capped and consumers. Our proposal as set out above intends to address the very real concerns of the industry that the issue of delays to renewable projects that are outside the control of developers and the uncertainty of the access to CfDs in Northern Ireland will result in a hiatus in development and a risk to investments made to date. 9. Do you agree with the proposed grace period criteria and proposed forms of evidence for radar and grid connection? Gaelectric are particularly concerned with the issue of the value of grid connection offers in this process given there is a consistent lack of detail in these in respect of connection dates for generators. We urge DETI to therefore consider their options in ensuring that NIE begin to include connection dates in connection offers which can then be used as an acceptable level of proof to apply for a grid connection. This is a licence condition of NIE which is not being adhered to. We believe NIE should provide each developer with a letter confirming that the developer has satisfied all requirements when accepting a connection offer. This should then be adequate evidence to support a grid delay grace period. The eligibility requirement would therefore include a reasonable expectation of delivery. We support proposals to include a written declaration by the generator which signals the ability to fund completion by March 2017 date (for grid/radar grid connection only- enabling investment decisions grace period eligibility needs to be considered) in the instance that this is within their control (i.e. outside of the grid connection delay). Gaelectric support all measures which ensure that projects applying for a grace period are realistic and have shown the relevant commitments to prove intention to complete in a timely manner. Gaelectric request as a priority that DETI invoke a pre-accreditation process to ensure that generators do not find out at the last possible moment that they have been unsuccessful in gaining access to a grace period. Currently the proposal in the consultation paper is to apply to Ofgem from 1 st April It is our belief that investors will not be comfortable with the potential risks imposed on them given the concerns above in relation the value of grid connection offers for this process. We request that DETI and Ofgem agree a preaccreditation process which provides comfort to generators that subject to a first come first serve volume cap, the project will be awarded a grace period. This supports the investment decision process for developers in respect of these projects. Public Page 8 of 11

9 We welcome further engagement with DETI on this proposal. 10. Do you agree with the policy rationale not to offer an equivalent to the 18-month grace period for dedicated biomass and dedicated biomass with CHP projects offered in GB? Gaelectric understand the 400MW cap was never intended for Northern Ireland and therefore an 18 month grace period is not being extended on this basis. Northern Ireland biomass projects however have been materially impacted by the impasse in relation to grace periods and the development of the CfD regime in Northern Ireland. Gaelectric have recently acquired Imperative Energy Limited, a biomass developer involved in the UK market. It is our experience that the debt funding market for biomass is much less mature than wind. We have found that banks tend not to offer non-recourse funding until such time as they have appointed an EPC contractor to complete initial acceptance tests (a circa 3 month test during which the plant must meet all pre-agreed performance tests such as availability, output, consumables usage etc.). The risk here is should there be a delay to resolution to an initial acceptance test in the early stage, a bank will not have enough time to appoint an EPC contractor to resolve any issues and complete deliver in advance of the NIRO closure. Given that a project would take two years to build, and the fact that rectifying potential issues following an initial acceptance test could take up to 12 months, the development of biomass projects have are stalling as a result pending outcome of the grace period. With projects well developed, it is considered too risky for a bank to involve themselves at present to financially close given a 12 month grace period, there is unlikely to be enough time for a bank to manage the inherent risks outlined above by utilising their step in rights and reappointing an EPC contractor to complete. We are therefore requesting an 18 month grace period for biomass projects in order to support the development of this industry in Northern Ireland. Public Page 9 of 11

10 3 CONCLUSION Gaelectric support the ongoing efforts of DETI to reach agreement with DECC over the appropriate policy positions for Northern Ireland generation under the EMR CfD framework. We continue to believe that in order to prevent a hiatus in development and support investor confidence, Northern Ireland will require policy direction that will deviate slightly from that of GB whilst retaining the overall budget considerations, and indeed perhaps improving the overall benefit to UK consumers. We believe we have achieved this with our alternative grace period proposal. The area of grace periods is a particular concern for the Northern Ireland renewables industry and this is primarily driven by the delays to grid connection and the risk of grid connection delays extending further with no sight of proposed connection timetables for generators which would otherwise enable them to make prudent investment decisions in the pursuit of both ROs and CfDs. This risk is further enhanced by the fact that the CfD programme, as proposed, is only available to Northern Ireland generators in October 2016 at the earliest. It is therefore without question that the renewables industry will face the risk of a considerable hiatus in development on new assets. Gaelectric have therefore proposed that the existing 12 months grid/radar connection grace period is progressed for projects intending to deliver in advance if the NIRO closure. For projects who cannot deliver by the NIRO closure and wishing to deliver in financial year 17/18, we have proposed an Enabling Investment Decisions grace period to support their development. This grace period would be volume capped and not time limited, and therefore the upper budgetary limit would be circa 11.5m. In May 2012, upon announcing the EMR measures for Northern Ireland, Minister Arlene Foster stated the following; I know that renewable energy will play an ever increasing role in contributing to Northern Ireland s long term security supply and decarbonisation objectives. Today s announcement will give investors and renewable energy developers the confidence to invest, bringing crucial supply chain jobs to Northern Ireland over the next 10 years. 3 Our concern is that the risks posed to developers which we have outlined above will be to the detriment of the Northern Ireland economy and the stable investment environment which DETI have endeavoured to achieve in recent years. Furthermore, DETI have released information regarding the benefit of renewables to the Northern Ireland economy (absent social and environmental benefits) which states the benefit renewables bring to the economy. We believe greater benefits can be achieved provided the CfD framework is developed in manner which at least allows NI generators to participate equitably to our GB counterparts. We hope that DETI will consider favourably the proposals contained herein, and we welcome any further discussion with DETI to clarify this position. In conclusion, whilst we have concerns with elements of the EMR programme in Northern Ireland, Gaelectric wish to reiterate our full support for the introduction of the CfD programme in Northern Ireland which we believe under the right framework can support Northern Ireland achieving its 40% renewable policy objective /news-deti foster-announces-electricity.htm Public Page 10 of 11

11 whilst also protecting the consumer from the potential for uncapped exposure in domestic and commercial bills as a direct result of over reliance on imported fossil fuel generation. Gaelectric is happy to discuss any element of this response with you should you required any clarifications. Please do not hesitate to make contact on the details below should you have any queries. Brian Kennedy Senior Power Markets Analyst Ph: bkennedy@gaelectric.ie Public Page 11 of 11

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