OFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014
|
|
- Joella Mildred Willis
- 8 years ago
- Views:
Transcription
1 OFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014
2 Statkraft providing Pure Energy Statkraft is Europe s largest generator of renewable energy Hydropower, wind power, gas power and district heating assets. Statkraft in the UK owns and develops on and off shore wind and hydropower assets Market leader independent long term PPA provider Over 2000MW under contract ROC and CfD Off-take contracts 2
3 The UK renewable support system is changing Renewables Obligation Top-up to the energy price for 20 years Generator exposed to the future electricity price Contract for Difference Fixed, index-linked Per MWh income for 15 years Designed to de-risk capital-intensive investments Index linked income Any surplus not retained
4 But much remains the same Legal PPA framework terms Route to market in place Terms Electricity market Participation, costs confirmed, investable State Aid Legal framework Sale and purchase approval received Return Grid Connection, operation adequate; index-linked Consenting/Financing Project costs, debt Energy industry Evolution, replacement
5 The first auction is imminent Deadline for applying: 29 th October Much smaller allocation than anticipated Offshore wind maybe just one project Wind and Solar PV will compete with each other - Paid as cleared not Bid - Will bids at the margin be sensible Tight timescales post allocation 5
6 Business as normal? With a few notable exceptions off-take under the CfD is very similar to off-take under the RO - Counterparty financial and credibility covenants - Tenor of agreements - Discounts against the Reference Price - Operations (registration, billing and settlement, information) - Contracts Much of this will continue to be driven by who (debt or equity) is funding the project 6
7 Off-take decision process Basis Risk Difference between hedging forecast and last usable forecast Priced into power price discount Imbalance Difference between last usable forecast and delivery Priced into power price discount Discount Discount covers basis and imbalance risks, operational costs, credit costs and profit Floor price option fees and working capital (ROCs) not required Index CfD difference is calculated on ta Day-Ahead Reference Price Doing anything else introduces risks (or opportunities) of not matching the index Term Strength and performance of off-taker Future view on basis and imbalance risks Availability of competitive off-take Credit Less payment obligations to support Off-taker of Last Resort caps Delivered Unpaid exposure 7
8 Basis risk an illustration Imbalance Re-trading Risk 8
9 Current Early 2020 s Late 2020 s Cost CfD basis risk Basis risk exists from day one, however, success of EMR (and the RO) in delivering renewables will drive up basis risk - Within day trading (from confirmation of reference price to Gate Closure) - Imbalance - Negative Prices Price the risk now or take it on later? Negative prices Intra-day trading Imbalance 9
10 CfD PPA Contract CONTENTS Clause Heading Page 1 DEFINITIONS AND INTERPRETATION 4 2 CONDITIONS PRECEDENT 34 3 COMMENCEMENT OF THE COMMISSIONING PERIOD 34 4 COMMENCEMENT OF THE COMMERCIAL OPERATIONS PERIOD 35 5 SALE AND PURCHASE 35 6 REGISTRATION & ACCREDITATION 36 7 TRANSFER OF BENEFITS 38 8 TRANSFER DEFAULT 40 9 BENEFIT REVOCATION REGOS & NEW BENEFITS PAYMENTS ALLOCATION ERRORS & ESTIMATES PAYMENT TERMS FLOOR PRICE SET OFF CREDIT SUPPORT EXTENSIONS METERING FORECASTS & DATA PROVISION MAINTENANCE, OUTAGES AND AVAILABILITY FORCE MAJEURE TERM & TERMINATION CONSEQUENCES OF TERMINATION INSURANCE LIMITATION OF LIABILITY REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS TRANSFER OF RIGHTS/OBLIGATIONS CHANGE IN LAW NOTICES CONFIDENTIALITY DISPUTE RESOLUTION GENERAL GOVERNING LAW AND JURISDICTION APPLICATION OF THE NATIONAL TERMS OF CONNECTION 91 SCHEDULE 1 AGREEMENT SPECIFICS 93 SCHEDULE 2 CONDITIONS, COMMISSIONING REQUIREMENTS AND OPERATIONAL REQUIREMENTS 95 SCHEDULE 3 PRICES & SHARING PERCENTAGES 97 SCHEDULE 4 FLOOR PRICE 103 SCHEDULE 5 FORECASTING REQUIREMENTS 106 SCHEDULE 6 - CONTACT DETAILS 110 SCHEDULE 7 - DIRECT AGREEMENT 119 SCHEDULE 8 - PARENT COMPANY GUARANTEE 143 SCHEDULE 9 BANK GUARANTEE 154 ROC References Removed Structurally a CfD PPA will look very similar to a ROC PPA - References to CfD legislation, processes and dates - Eligibility - Termination provisions and cross default - CfD Counterparty Credit - Settlement - Negative Prices - Ancillary Services 10
11 CfD market operations Trading and re-trading of power Registration and reporting Interaction with Grid Interaction with the CfD Counterparty - Settlement - Information provision - Credit Comparisons with running a large power station - are independent generators willing or able? 11
12 Market requirements Financing market unlikely to rapidly change its view: Principally we are looking for a counterparty who purchases all power and related benefits for the duration of at least the debt term, removes those risks and uncertainties relating to power sales that a SPV with a project finance loan cannot manage well or at all (i.e. balancing, downside price protection), and has the capabilities and financial strength to manage and stand behind these obligations Gerard Pieters, NordLB DECC expects the PPA to be in place prior to CfD allocation: PPAs should be signed on a conditional basis before a strike price needs to be submitted, allowing independent generators to receive indicative financing terms from lenders, and reducing their cost uncertainties DECC's latest CfD consultation response 12
13 Route to Market for Pure Energy Statkraft still has a massive appetite for short and long term offtake (1-15 years) Route to market decision driven by; - Counterparty credibility - Sponsor and/or Funder view of long term risks (imbalance, basis, market activity) Contract very similar to ROC PPA Discounts broadly less - Lower working capital and credit costs - Potentially higher imbalance and basis costs 13
14 TAKK Tim Foster DIRECT +44 (0) MOBILE +44 (0) Switchboard +44 (0) Fax +44 (0) Statkraft UK Ltd 4 th Floor 41 Moorgate London EC2R 6PP United Kingdom
CFDS: POTENTIAL OPPORTUNITIES FOR HYDRO PROJECTS. John Puddephatt October 29th 2014
CFDS: POTENTIAL OPPORTUNITIES FOR HYDRO PROJECTS John Puddephatt October 29th 2014 Statkraft at a glance Installed capacity * 17 607 MW Power production (2013) * 55.9 TWh 97% renewable energy 3 600 employees
More informationContracts for Difference - the new support regime for low carbon generation
Contracts for Difference - the new support regime for low carbon generation James Taylor Raj Bavishi 11 November 2014 UK Incentive Regimes Small scale Feed in Tariffs and the Renewables Obligations have
More informationAnnex B: Strike price methodology July 2013
July 2013 URN 13D/189 Contents Introduction... 3 Overview of methodology for deriving a CfD strike price... 3 Strike Prices during the cross-over period with the RO (2014/15 2016/17)... 4 Comparison of
More informationElectricity Market Reform: Catering for smaller players and onsite generation under EMR. REA 27 March 2013 Chris Hemsley, DECC
Electricity Market Reform: Catering for smaller players and onsite generation under EMR REA 27 March 2013 Chris Hemsley, DECC Overall objectives and the role of independent renewables The Government s
More informationMaking CfDs work for renewable generators
Making CfDs work for renewable generators This is in two parts. 1 st a brief introduction to the Green Power Auction Market. 2 nd gives more detail on the structure and follows on. We consider this a critical
More informationEMR Update Hedging Your Bets
New Balls Please The UK Government s overarching energy policy intent centres on the need to decarbonise the economy in an affordable manner while maintaining a sufficient degree of energy security. The
More informationElectricity Market Reform Offtaker of Last Resort
Electricity Market Reform Offtaker of Last Resort A report for The Department of Energy & Climate Change 3 December 2013 Offtaker of Last Resort December 2013 1 Important Notice This final report (the
More informationRegulatory Briefing. Capital Markets Day. 17 October 2013
Regulatory Briefing Capital Markets Day 17 October 2013 Agenda Andrew Koss Director of Strategy Damien Speight Head Trader Renewables Obligation Contracts for Difference Levy Control Framework Capacity
More informationThis seeks to define Contracts for Difference (CfDs) and their relevance to energy related development in Copeland.
Contracts for Difference and Electricity Market Reform LEAD OFFICER: REPORT AUTHOR: John Groves Denice Gallen Summary and Recommendation: This seeks to define Contracts for Difference (CfDs) and their
More informationIndependent Renewable Energy Generators
Route to Market Q&A 1. Why won t the CfD-FITs provide a route to market for independent generators? 2. Why won't the problem be resolved with the introduction of CfDs? 3. Why won't the proposed voluntary/market-led
More informationEnvironment and energy briefing from Burges Salmon published in the March 2014 issue of The In-House Lawyer:
Environment and energy briefing from Burges Salmon published in the March 2014 issue of The In-House Lawyer: Electricity market reform: an update on contracts for difference Electricity market reform:
More informationPOLICY FEEDING RENEWABLE. How the Energy Bill might affect green electricity suppliers and also renewable generators
FEEDING RENEWABLE POLICY How the Energy Bill might affect green electricity suppliers and also renewable generators Holly Tomlinson Regulation and Compliance Analyst for Ecotricity 18 th January 2013 Contents
More informationThe levy control framework (LCF) & contracts for difference (CfD) allocation what it means for the low-carbon generation mix
The levy control framework (LCF) & contracts for difference (CfD) allocation what it means for the low-carbon generation mix Gareth Redmond 24 th September, 2014 Paid for through energy bills costs passed
More informationContracts for Difference Round Guidance
30th June 2014 Contracts for Difference Round Guidance Contracts for Difference Allocation Round 1 2014 CFD Round Guidance 3 rd October 2014 National Grid Delivery Body Page 1 CFD Allocation Round Guidance
More informationDisclaimer: All costs contained within this report are indicative and based on latest market information. 16 th March 2015
Disclaimer: All costs contained within this report are indicative and based on latest market information 16 th March 2015 FD SUMMARY The make up of the electricity bill is changing, with non-commodity
More informationELECTRICITY MARKET REFORM (EMR) & THE ENERGY BILL INENCO OVERVIEW
ELECTRICITY MARKET REFORM (EMR) & THE ENERGY BILL INENCO OVERVIEW February 2014 ELECTRICITY MARKET REFORM (EMR) & THE ENERGY BILL The Energy Bill is the government s flagship energy policy. There have
More informationHow Electricity Market Reform may affect independent renewable generators. Robert Buckley Cornwall Energy
How Electricity Market Reform may affect independent renewable generators Robert Buckley Cornwall Energy What we will talk about Current baseline RO & CfD FiTs Commercial implications some thoughts 2 Current
More informationGovernment response: EMR consultation on industry code and licence modifications
Government response: EMR consultation on industry code and licence modifications June 2014 Crown copyright 2014 Copyright in the typographical arrangement and design rests with the Crown. This publication
More informationWind and solar reducing consumer bills An investigation into the Merit Order Effect
Switch for Good Wind and solar reducing consumer bills An investigation into the Merit Order Effect Executive summary Concerns over the cost of renewable subsidy schemes have led to significant policy
More informationConsultation Response
Consultation Response Electricity Market Reform Contracts for Difference Consultation on changes to the CFD Contract & CFD Regulations The Law Society of Scotland s Response April 2015 The Law Society
More informationGE Energy Financial Services
GE Energy Financial Services Infocast ERCOT Market Summit 2014 Perspectives on Financing ERCOT Projects John D Jones February 25, 2014 GE Capital GE Capital Americas Corporate lending Equipment lending
More informationUK renewable energy an update
UK renewable energy an update 30 October 2014 Robert Hull, Managing Director Renewable energy key challenges 1 2 3 Costs to Climate change: Risks to security consumers: decarbonising of supply: short affordability
More informationAnnex A Feed-in Tariff with Contracts for Difference: Operational Framework
Annex A Feed-in Tariff with Contracts for Difference: Operational Framework November 2012 Contents Executive Summary... 5 Document Overview... 9 1. Introduction... 10 The Energy Bill: The Legal Framework
More informationFINANCING PERSPECTIVE
C1 FINANCING PERSPECTIVE European Forum for Science and Industry Olivier Musset Energy Finance Société Générale DISCLAIMER This Presentation has been prepared by Société Générale Corporate and Investment
More informationIMPACT OF GB S ELECTRICITY MARKET REFORM ON INTERCONNECTIONS, CONSEQUENCES ON NORDIC MARKET Michel Martin, 3 April 2014
IMPACT OF GB S ELECTRICITY MARKET REFORM ON INTERCONNECTIONS, CONSEQUENCES ON NORDIC MARKET Michel Martin, 3 April 2014 PÖYRY MANAGEMENT CONSULTING ENERGY Pöyry offices (c) grafikdienst.com Pöyry Management
More informationEMR: Consultation on industry code and licence modifications
EMR: Consultation on industry code and licence modifications January 2014 Department of Energy and Climate Change 3 Whitehall Place London SW1A 2AW Telephone: 0300 068 4000 Website: https://www.gov.uk/government/organisations/department-of-energy-climate-change
More informationGaelectric Holdings Plc
Gaelectric Holdings Plc Response Paper to: Consultation on Transition from the NIRO to CfDs and Grace Periods 14/04/2015 Public 1 INTRODUCTION Gaelectric Holdings Plc (Gaelectric) welcomes the opportunity
More informationElectricity Market Reform: Update on Terms for the Contract for Difference
Electricity Market Reform: Update on Terms for the Contract for Difference December 2013 2 Department of Energy and Climate Change 3 Whitehall Place London SW1A 2AW Telephone: 0300 068 4000 Website: www.decc.gov.uk
More informationCAPACITY MECHANISMS IN EU POWER MARKETS
CAPACITY MECHANISMS IN EU POWER MARKETS Can we progress to bilateral energy options? Simon Bradbury Ultimately, European renewable targets mean that prices and dispatch patterns will be dictated by wind
More informationElectricity Market Reform. Consultation by DECC. Response by E.ON. Summary
Electricity Market Reform Consultation by DECC Response by E.ON Summary We recognise that Government needs to provide stronger incentives to build new low carbon generating capacity to meet the UK s specific
More informationANNEX B FEED-IN TARIFF WITH CONTRACTS FOR DIFFERENCE: DRAFT OPERATIONAL FRAMEWORK
ANNEX B FEED-IN TARIFF WITH CONTRACTS FOR DIFFERENCE: DRAFT OPERATIONAL FRAMEWORK 1 CONTENTS Introduction...3 Section A Price Setting...8 Section B CfD Allocation... 18 Section C CfD Terms Pre Commissioning...
More informationFRANCE: UPDATE ON THE SUPPORT MECHANISM FOR RENEWABLE ENERGY PROJECTS
BRIEFING FRANCE: UPDATE ON THE SUPPORT MECHANISM FOR RENEWABLE ENERGY PROJECTS SEPTEMBER 2015 ENERGY TRANSITION ACT ADOPTED ON 22 JULY 2015 NEW SUPPORT MECHANISM THE CONTRACT FOR DIFFERENCE CALCULATION
More informationProgress on market reform: EMR, the I-SEM and the TEM
Progress on market reform: EMR, the I-SEM and the TEM David Newbery Electricity Market Reform Belfast 28 th March 2014 http://www.eprg.group.cam.ac.uk 1 Disclaimer Although I am an independent member of
More informationContracts for Difference User Guide Issue 2
Contracts for Difference User Guide Issue 2 Guidance Document for CFD Applicants Issue 2 Contracts for Difference User Guide 3 rd October 2014 National Grid Delivery Body Page 1 Legal Disclaimer This User
More informationELECTRICITY MARKET REFORM SHAPING THE FUTURE GB POWER MARKET
ELECTRICITY MARKET REFORM SHAPING THE FUTURE GB POWER MARKET A Pöyry briefing note Electricity Market Reform (EMR) proposals, intended to deliver the transition to a decarbonised electricity sector, have
More informationPöyry Point of View: Shaping the next future. The value of within-day flexibility in the GB electricity market
Shaping the next future The value of within-day flexibility in the GB electricity market 1 Introduction The integration of renewable generation on the GB electricity system leads to a greater need for
More informationUK: Energy Briefing. February 2013
UK: Energy Briefing February 2013 Contents Introduction 01 The statutory regime 02 The objectives of wholesale market 02 liquidity The ʺsecure & promoteʺ generation 03 licence condition The ʺmandatory
More informationContracts for Difference: an EMR CfD Primer
Contracts for Difference: an EMR CfD Primer 1 Briefing note October 2015 Contracts for Difference: an EMR CfD Primer This primer briefing is the first in a series of briefings describing the principal
More informationConsultation on the draft Electricity Market Reform Delivery Plan
Consultation on the draft Electricity Market Reform Delivery Plan July 2013 URN:13D/139 Department of Energy and Climate Change 3 Whitehall Place London SW1A 2AW Telephone: 0300 068 4000 Website: www.decc.gov.uk
More informationInvesting in renewable technologies CfD contract terms and strike prices
Investing in renewable technologies CfD contract terms and strike prices December 2013 Crown copyright 2013 You may re-use this information (not including logos) free of charge in any format or medium,
More informationConsultation on changes to Feed-in Tariff accreditation
Consultation on changes to Feed-in Tariff accreditation Removing preliminary accreditation from the Feedin Tariff 21 July 2015 Department of Energy and Climate Change 3 Whitehall Place London SW1A 2AW
More informationForatom event 29 April 2015
Foratom event 29 April 2015 New nuclear in the UK and Electricity Market Reform Colin Parker Head of European Liaison - EDF Energy 1 April 2015 EDF Energy plc. All rights reserved. EDF Energy A UK energy
More informationina Crisis - Italy's Electricity Market Regulation
Electricity Regulation in the United Kingdom AIIFL Working Paper No. 10 April 2013 Asian Institute of International Financial Law Faculty of Law The University of Hong Kong www.aiifl.com April 2013 the
More informationOpening the CfD support scheme to non-uk renewables projects
Opening the CfD support scheme to non-uk renewables projects European Commission workshop, Brussels, 5 November 2014 Agenda 1. What is the CfD support scheme? 2. What may be the benefits of opening the
More informationFull Scale Program for Renewable Energy in Egypt
Full Scale Program for Renewable Energy in Egypt Contents Evolution of Egypt Needs of Electricity and its supply mix Renewable Energy Policy and Targets Renewable Energy Program Components Conclusions
More informationResponse to direct consultation questions
Consultation on proposals for the levels of banded support under the Renewables Obligation for the period 2013-17 and the Renewables Obligation (Scotland) Order 2011 Response by RenewableUK RenewableUK
More informationHow To Read The Unitholders Of The Kukon Island Power Station
E.ON s UK Consolidated Segmental Report for the year ended 31 December 2012 Introduction In accordance with the Electricity Generation Licence Condition 16 - Financial Information Reporting, and the Electricity
More informationHow To Write The Energy Bill
Implementing Electricity Market Reform (EMR) Finalised policy positions for implementation of EMR June 2014 Crown copyright 2014 URN 14D/221 You may re-use this information (not including logos) free of
More informationElectricity Market Reform: Amendment to Contracts for Difference (Definition of Eligible Generator) Regulations
Electricity Market Reform: Amendment to Contracts for Difference (Definition of Eligible Generator) Regulations Consultation on a proposed amendment to enable retrofit Carbon Capture and Storage projects
More informationEMR FiT CfDs: Thoughts on credit and payment frequency
Thoughts on credit and By email to: elec.marketreforms@decc.gsi.gov.uk Electricity Market Reform Team Department of Energy & Climate Change Dear Sir/Madam, ELEXON s thoughts on Electricity Market Reform
More informationDRAFT DELIVERY PLAN KEY FACTS
DRAFT DELIVERY PLAN KEY FACTS The draft EMR Delivery Plan sets out the detail of how the Government will drive investment in renewables while securing electricity supplies at lower cost to consumers. The
More informationDBSA RENEWABLE ENERGY FINANCING
DBSA RENEWABLE ENERGY FINANCING Development Bank of Southern Africa Presented by Madalo Minofu Project Preparation Specialist: DBSA Project Preparation Funds Division 2 June 2014 1 DBSA s Product Offering
More informationThe UK Electricity Market Reform and the Capacity Market
The UK Electricity Market Reform and the Capacity Market Neil Bush, Head Energy Economist University Paris-Dauphine Tuesday 16 th April, 2013 Overview 1 Rationale for Electricity Market Reform 2 Why have
More informationEMR: Consultation on Balancing and Settlement Code subsidiary documents
EMR: Consultation on Balancing and Settlement Code subsidiary documents URN: 14D/108 April 2014 Department of Energy and Climate Change 3 Whitehall Place London SW1A 2AW Telephone: 0300 068 4000 Website:
More informationnpower EMR Explained Session The Energy Event 10 th & 11 th September 2013
npower EMR Explained Session The Energy Event 10 th & 11 th September 2013 Welcome Chris Billing, Head of Indirect Sales, npower Agenda > 13.30 Welcome & introduction Chris Billing EMR Pulse Survey Results
More information4. Comparison with DECC (2014) Estimated impacts of energy and climate change policies on energy prices and bills
Energy prices and bills - supplementary tables Contents: 1. Energy prices and bills 2. Assumptions 3. Scenarios to 2030 4. Comparison with DECC (2014) Estimated impacts of energy and climate change policies
More informationElectricity Market Reform:
Electricity Market Reform: Consultation on Low Carbon Contracts Company s and Electricity Settlements Company s operational costs 2015/16 Government Response January 2015 Crown copyright 2015 URN 15D/001
More informationEXPLANATORY MEMORANDUM TO THE CONTRACTS FOR DIFFERENCE (ELECTRICITY SUPPLIER OBLIGATIONS) REGULATIONS 2014. 2014 No. [XXXX]
EXPLANATORY MEMORANDUM TO THE CONTRACTS FOR DIFFERENCE (ELECTRICITY SUPPLIER OBLIGATIONS) REGULATIONS 2014 2014 No. [XXXX] 1. This explanatory memorandum has been prepared by the Department for Energy
More informationCorporate Summary. Company Background
Corporate Summary Company Background Energy Lease Pty Ltd is a new business, established in 2014 as a specialty financier and asset manager of solar energy systems and energy efficient equipment. The business
More informationWhat next for UK auctions of renewable Contracts for Difference?
What next for UK auctions of renewable Contracts for Difference? In February we saw the results of the first competitive auction for Contracts for Difference (CfDs), the primary support mechanism for incentivising
More informationElectricity Market Reform: Contract for Difference - Allocation Methodology for Renewable Generation
Electricity Market Reform: Contract for Difference - Allocation Methodology for Renewable Generation 5 August 2013 Contents Contents... 2 Overview... 4 PART 1... 6 Section 1 - Application... 6 Application
More informationFixed + Reflective Electricity supply contracts explained for large business customers
Fixed + Reflective Electricity supply contracts explained for large business customers 2/7 Fixed + Reflective explained We fix your electricity price, with a small tolerance on how much your electricity
More informationInvestec Power Finance. Solar Energy UK. Large-scale Solar Finance and Maximising your RoI
Investec Power Finance Solar Energy UK Large-scale Solar Finance and Maximising your RoI From start to finish: Construction finance and fundraising for new solar farms 8 October 2013 Disclaimer This document
More informationImpact Assessment (IA)
Title: Renewables Obligation Transition IA No: DECC0086 Lead department or agency: Department of Energy and Climate Change Other departments or agencies: Summary: Intervention and Options Total Net Present
More informationPower Generation. Lilian Macleod Power Supply Manager National Grid
Power Generation Place your chosen image here. The four corners must just cover the arrow tips. For covers, the three pictures should be the same size and in a straight line. This text box and image can
More informationG8 - Contracts for Difference Metering
PUBLIC G8 - Contracts for Difference Metering EMRS Guidance EMR Settlement Limited Version 1.0 12 October 2015 CONTENTS Change Amendment Record...4 1. Introduction...5 2. Purpose...5 3. What is the Electrical
More informationLEVELISED COSTS OF POWER FROM TIDAL LAGOONS. LEVELISED COSTS OF POWER FROM TIDAL LAGOONS A report to Tidal Lagoon Power plc.
LEVELISED COSTS OF POWER FROM TIDAL LAGOONS A report to Tidal Lagoon Power plc Contact details Name Email Telephone Patrick Mohr patrick.mohr@poyry.com +44 (0)1865 812256 Ali Lloyd ali.lloyd@poyry.com
More informationMarket reference prices
Market reference prices CfD Expert Group workshop 27 September 2013 Agenda Introduction / aims of the session Quick overview (10.00 11.30) Setting the intermittent reference price Setting the baseload
More informationSOLAR PROJECT FINANCING: Case Studies & Emerging Market Trends Rory Lonergan, Director Corporate and Project Finance. CEFC Mission
SOLAR PROJECT FINANCING: Case Studies & Emerging Market Trends Rory Lonergan, Director Corporate and Project Finance Clean Energy Finance Corporation CEFC Mission Accelerate Australia's transformation
More informationUK legislative framework for renewable energy
UK legislative framework for renewable energy 2015 Update Dominic FitzPatrick Partner, Head of Energy (UK) Last year s article for Clean Energy UK Finance Guide 2014 set out a comprehensive review of the
More informationContract for Difference for non-uk Renewable Electricity Projects
Contract for Difference for non-uk Renewable Electricity Projects August 2014 Crown copyright 2014 URN 14D/291 You may re-use this information (not including logos) free of charge in any format or medium,
More informationCurrent and expected contribution of RES-E in NA countries
Arab Republic of Egypt Ministry of Electricity & Energy New & Renewable Energy Authority (NREA) Current and expected contribution of RES-E in NA countries Ehab Ismail Ameen General Manager of Planning
More informationGovernment response to the CFD Counterparty and Electricity Settlements Company operational costs 2014/15 consultation
Government response to the CFD Counterparty and Electricity Settlements Company operational costs 2014/15 consultation Consultation on the operational cost levies June 2014 Crown copyright 2014 URN 14D/182
More informationElectricity market reform: policy overview
Electricity market reform: policy overview May 2012 Contents Introduction... 3 Electricity Market Reform... 6 The Move to EMR... 21 Costs and Benefits of EMR... 24 EMR in the Devolved Administrations...
More informationDuncan Burt Head of Commercial Operation National Grid. The Office of Gas and Electricity Markets 9 Millbank London SW1P 3GE
National Grid House Warwick Technology Park Gallows Hill, Warwick CV34 6DA The Office of Gas and Electricity Markets 9 Millbank London SW1P 3GE 16 June 2015 Duncan Burt Head of Commercial Operation National
More informationElectricity Market Reform: policy overview
Electricity Market Reform: policy overview November 2012 2 ELECTRICITY MARKET REFORM: POLICY OVERVIEW Presented to Parliament by the Secretary of State for Energy and Climate Change by Command of Her Majesty
More informationPolish RES support system from the perspective of offshore wind energy - current status and anticipated changes
Polish RES support system from the perspective of offshore wind energy - current status and anticipated changes Rafał Hajduk Legal adviser / Partner Norton Rose Fulbright Piotr Strawa i Wspólnicy, sp.
More informationFixed + Peace of Mind Electricity supply contracts explained for large business customers
Fixed + Peace of Mind Electricity supply contracts explained for large business customers 2/7 Fixed + Peace of Mind explained This contract guarantees your unit price will stay fixed in all but exceptional
More informationCase Study: The Accomplishments and Shortcomings of Australia s Renewable Energy Target: A Pure Market-Based Support Mechanism
RENEWABLE ENERGY INVESTORS AND FINANCIERS Case Study: The Accomplishments and Shortcomings of Australia s Renewable Energy Target: A Pure Market-Based Support Mechanism Lessons for Other Jurisdictions
More informationKEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA
KEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA AFRICA UTILITY WEEK CONFERENCE Yesufu Longe Alonge Head, Power Procurement & Power Contracts
More informationNon-Merchant Independent Power Projects: An Excellent Source of Yield and Duration for a De-risking Strategy
Non-Merchant Independent Power Projects: An Excellent Source of Yield and Duration for a De-risking Strategy Louis Bélanger, CFA, FRM Managing Director, Stonebridge Infrastructure Debt Fund The Stonebridge
More informationCFD Auction Guidance 25 September 2014
CFD Auction Guidance 25 September 2014 This Guidance is intended for information only, it remains subject to change and is not legally binding. This Guidance does not constitute legal or investment advice
More informationKiwi Energy NY LLC 144 North 7 th Street #417 Brooklyn, NY 11249 1-877- 208-7636 www.kiwienergy.us
Kiwi Energy NY LLC 144 North 7 th Street #417 Brooklyn, NY 11249 1-877- 208-7636 www.kiwienergy.us Natural Gas / Electricity SALES AGREEMENT Customer Disclosure Statement Page 1 Price: Variable rate per
More informationNOTICE: For details of the project history please look under the Work Plan section of this website.
NOTICE: This Exposure Draft is available to show the historic evolution of the project. It does not include changes made by the Board following the consultation process and therefore should not be relied
More informationCfDs at Regen SW. Experience of a developer who received a CfD and lessons for bidding strategy and scheme design. James Rowe
CfDs at Regen SW Experience of a developer who received a CfD and lessons for bidding strategy and scheme design James Rowe About Hadstone Hadstone Energy is a developer of UK solar parks and was founded
More informationThe UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1. In association with
The UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1 In association with U.S. RENEWABLE ENERGY FINANCING AND REGULATORY OUTLOOK 2015 2 ORRICK US renewable energy
More informationSubsidising Biomass Electricity - Contracts for Difference and what they mean for dedicated and converted biomass power stations
January 2014 Subsidising Biomass Electricity - Contracts for Difference and what they mean for dedicated and converted biomass power stations New Government support for renewable electricity, and hence
More informationElectricity Market Reform: Consultation on Proposals for Implementation
Electricity Market Reform: Consultation on Proposals for Implementation October 2013 2 Electricity Market Reform: Consultation on Proposals for Implementation Presented to Parliament by the Secretary of
More informationA guide to managing foreign exchange risk
A guide to managing foreign exchange risk CPA Australia Ltd ( CPA Australia ) is one of the world s largest accounting bodies with more than 122,000 members of the financial, accounting and business profession
More informationQuestions raised on committee updates in EMR
Item Raised Question ELEXON Response by: 1 ISG153 Re: Creation of Subsidiary Company for EMR work What will it cost ELEXON to create the new subsidiary company? What happened to the subsidiary that was
More information2014 No. 0000 ELECTRICITY. The Contracts for Difference (Allocation) Regulations 2014
Draft Regulations laid before Parliament under section 6(8) of the Energy Act 2013, for approval by resolution of each House of Parliament. D R A F T S T A T U T O R Y I N S T R U M E N T S 2014 No. 0000
More informationEnergy Act 2013 CHAPTER 32. Explanatory Notes have been produced to assist in the understanding of this Act and are available separately
Energy Act 2013 CHAPTER 32 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately Energy Act 2013 CHAPTER 32 CONTENTS PART 1 DECARBONISATION 1 Decarbonisation
More informationFixed + Protect Electricity supply contracts explained for large business customers
Fixed + Protect Electricity supply contracts explained for large business customers 2/7 Fixed + Protect explained We fix your unit price, with a generous tolerance on how much your electricity use can
More informationUnderstanding and Managing Interest Rate Risk
Understanding and Managing Interest Rate Risk Finance & Treasury April 2008 CPA Australia Ltd ( CPA Australia ) is the sixth largest professional accounting body in the world with more than 117,000 members
More informationINFORMATION FOR ALTERNATIVE ELECTRIC SUPPLIERS
On June 5, 2000, new legislation entitled the Customer Choice and Electricity Reliability Act, 2000 PA 141 (Act 141) and 2000 PA 142, became effective. Section 10a (2) of the act provides that the Michigan
More informationSolar Cloud. Application for Individual Retail Exemption 1 Legal Name Share My Solar Pty Ltd. 2 Trading Name Solar Cloud
Solar Cloud Application for Individual Retail Exemption 1 Legal Name Share My Solar Pty Ltd 2 Trading Name Solar Cloud 3 Australian Business Number: 45 164 838 288 4 Registered Postal Address Suite 502,
More informationElectricity Market Reform Contract for Difference: Contract and Allocation Overview
Electricity Market Reform Contract for Difference: Contract and Allocation Overview August 2013 EMR: Contract for Difference: Contract and Allocation Overview Version 1.0 Contents Energy Market Reform
More informationElectricity Generation Costs
October 2012 Introduction Electricity generation costs are a fundamental part of energy market analysis, and a good understanding of these costs is important when analysing and designing policy. DECC regularly
More informationPension Funds and other Infrastructure Investors Interested in Nuclear New Build?
OECD Nuclear Energy Agency Workshop The Role of Electricity Price Stability and Long- Term Financing for Nuclear New Build Paris, Thursday 19th September 2013 Under Which h Conditions Are Pension Funds
More informationAudit issues when financial market conditions are difficult and credit facilities may be restricted
Bulletin 2008/01 Audit issues when financial market conditions are difficult and credit facilities may be restricted THE AUDITING PRACTICES BOARD The Auditing Practices Board Limited, which is part of
More information