Ofgem cuts cost of Hinkley Point C grid link by £60 million

25/05/2020 10:46 Electricity Market


The move will save UK consumers money on their bills over the 45-year cost period.

Ofgem has confirmed its decision to cut the proposed cost of the new Hinkley Point C grid link by £60 million.


The link, which is due to be completed in 2024, will connect the new nuclear power station to the nation’s electricity grid.


The energy regulator says the move will save UK consumers money on their bills over the next 45 years.


In October, it outlined a number of areas in which it deemed costs forecast by the National Grid Electricity Transmission (NGET) to be too high and proposed it would cut project spending by £80 million – it has now revised this figure following in-depth consultation and analysis.


NGET wanted to spend £716 million on the new link, but Ofgem’s decision today cuts that to £656 million, which it suggests is the lowest cost that the project can be effectively and efficiently delivered at.


Daily (02.07.2020): EUAs soared briefly above the €28-level on Wednesday, to hit 11-month highs amid speculative buying

02/07/2020 09:26:00

Crude oil futures gained ground on Wednesday amid a massive drawdown in U.S. crude stockpiles, suggesting that demand is improving. However, the surge in new coronavirus cases limited the market’s upside. Hence, Brent crude for September delivery rose by 88 cents, or 2.1%, to settle at 42.03 a barrel. At the same time, U.S. WTI crude gained 55 cents, or 1.4%, to end at $39.82 per barrel.


Statkraft to begin operations at hydropower plant in Albania

02/07/2020 09:16:00

Renewable energy generating company Statkraft announced this week that its Moglice hydropower plant in Albania will began commercial operations, delivering renewable power to the Albanian grid.


Daily (01.07.2020): The German Cal ’21 power at its highest level since the end of February, driven by economic optimism, higher carbon and coal prices

01/07/2020 09:48:00

Oil prices reversed previous gains on Tuesday as Libya prepares to resume crude exports, intensifying concerns over a possible oversupply on the market. Hence, Brent crude for August delivery, which expired yesterday, fell by 56 cents, or 1.2%, to settle at $41.15. The more-active September contract lost 58 cents at $41.27 a barrel. At the same time, U.S. WTI crude dropped by 43 cents, or 1%, to end at $39.27 a barrel. However, for the month, Brent and WTI gained 16.5% and 12.4% respectively.