• Press Releases

  Cornwall Insight comments on the announcement of the October price cap

  Commenting on today’s announcement of the October Price Cap being set at £3,549 for a typical user, Dr Craig Lowrey, Senior Consultant at Cornwall Insight said: “The rise in the Default Tariff Cap (price cap) was unfortunately inevitable, as UK bills continue to be the victim of an unstable and...

• Press Releases

  Cornwall Insight release final predictions for October’s Price Cap

  Cornwall Insight are releasing our final predictions for October’s Default Tariff Cap (Price Cap) prior to Ofgem’s announcement on Friday 26th August. Predictions show a typical household1 will be paying £3,553 equivalent per year for their energy bills. As the observation window for Q4 (Oct-Dec 2022), the period of time...

• Press Releases

  Investment in renewable pushes power price projections down but they remain above the pre-2021 average for next decade

  Cornwall Insight’s latest - GB Power Market Outlook to 2030 – has shown greater investment in renewables by nations across the continent, which has resulted in lower price projections in GB from 2024 up until 2030. This is compared with our first report, published three months ago. Renewable investment has increased largely as...

• Press Releases

  Price cap forecasts for January rise to over £4,200 as wholesale prices surge again and Ofgem revises cap methodology

  New forecasts for the January Default Tariff Cap (price cap) from Cornwall Insight have risen by over £6501, meaning a typical household is now predicted to pay the equivalent of £4,266 a year for the three months to March 2023. Forecasts for the October cap have also seen a rise,...

• Press Releases

  Energy prices across Australia to remain high until 2026

  Research from Cornwall Insight Australia’s Benchmark Power Curve (BPC)1, which looks at power prices up until 2042, has forecast that all states in the National Electricity Market (NEM) will have an annual median price of around $200/MWh, up until FY2025. These high prices are expected to feed into bills over...

• Press Releases

  Businesses could see energy bills increase fivefold in October

  Businesses in the UK will see their energy bills rocket when new contracts are negotiated in October1 according to data from Cornwall Insight. Some will face bills five times their current price, as concerns over Russian gas supply, tight electricity markets in Europe, and a global disruption to Liquified Natural...

• Press Releases

  Price cap to remain significantly above £3,000 a year until at least 2024

  New forecasts for the Default Tariff Cap (price cap) from Cornwall Insight have shown a typical household’s energy bill will be well over £3,000 a year for the next 15 months, with the average bill over Summer 2023 (Apr-Sep) sitting at £3,649 – just over £300 per month. Experts at...

• Press Releases

  Cornwall Insight responds to the BEIS Committee report on Energy Pricing and the future of the Energy Market

  A report from the Business, Energy and Industrial Strategy Committee (BEIS) on Energy pricing and the future of the energy market, published today (26 July), has laid out a number of recommendations on how Ofgem and the government could lower consumer energy bills and reduce instability in the energy market....

• Press Releases

  Electricity demand close to outstripping supply during unprecedented heatwave

  Research from Cornwall Insight has shown that electricity system margins in Great Britain (GB) were very tight during the record-high temperatures seen earlier this week, with demand very close to overtaking supply. National Grid’s 1-hour forecast for de-rated margin (the difference between available generation and demand) was negative for two...

• Press Releases

  Swappable car batteries could accelerate UK’s transition to electric vehicles

  Swappable car batteries could play a vital role in the UK’s move to electric vehicles, while aiding the government’s plans to stop the sale of new petrol and diesel cars by 2030, according to a new report from Cornwall Insight and law firm Shoosmiths. The paper - Battery-as-a-Service: an underexplored...

• Press Releases

  Cornwall Insight’s reaction to the BEIS consultation on the Review of Electricity Market Arrangements

  Gareth Miller, Chief Executive at Cornwall Insight said: “Confirming the Review of Electricity Market Arrangements (REMA) opens the prospect of a complete overhaul of the electricity market in Great Britain, for the first time in over 20 years. The scope is very wide, and the perceived need for reform from...

• Press Releases

  Two thirds of energy industry professionals think the market needs to be drastically reformed, but say locational pricing is not the answer

  A survey conducted of over one hundred leading energy market professionals from across the investment and advisory community, by Cornwall Insight, from the attendees of its Financing Net Zero forum, has shown nearly two thirds (63%) of people working in the energy industry1 believe the UK market needs to be...

• Press Releases

  Battery storage to be a quarter of Ireland’s installed energy capacity by 2030

  Data from Cornwall Insight Ireland’s - ‘All-Island Power Market Outlook to 2030’ paper - has shown battery storage capacity will grow to become nearly a quarter (24%) of Ireland's installed energy capacity by 2030. The crucial technology will work to stabilise the network, as Ireland becomes more reliant on renewables...

• Press Releases

  National Electricity Market may be overwhelmed by increase in electric vehicle use

  Data analysed by Cornwall Insight Australia has shown the National Electricity Market (NEM) may become overwhelmed by peaks in demand caused by the charging of Electric Vehicles (EVs). Using data from the 2022 Integrated System Plan released by the Australian Energy Market Operator (AEMO), Cornwall Insight Australia have plotted expected...

• Press Releases

  On-site energy generation could wield significant savings for companies

  Research from Cornwall Insight, included in their report - ‘A corporates guide to decarbonising power’ - has demonstrated how on-site energy generation could help cut corporation energy bills and their carbon footprint. By moving the generation of energy to their site, or through engaging in a private wire arrangement -...

• Press Releases

  Default Tariff Cap forecast climbs further as Ofgem announcement looms

  New forecasts from Cornwall Insight have seen the Default Tariff Cap for Q1 2023 (Jan-Mar) rise to £3,363 a year for an average domestic consumer, increasing significantly from the £3,003 figure released two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now...

• Press Releases

  GB sees largest ever renewable energy auction at low prices and low consumer costs

  Today, the government released the results for the fourth round of the Contracts for Difference (CfD) scheme, securing a record 11GW’s of renewable capacity across 93 projects, nearly double the 5.8GW awarded in the 2019 Allocation Round 3. The greatest capacity – almost 7GW – has been secured from new...

• Press Releases

  Smaller businesses could cut bills and their carbon footprint by teaming up to purchase their energy

  Data from Cornwall Insight, included in their insight paper ‘A corporates guide to decarbonising power’ has shown that small and medium sized enterprises (SMEs) looking to save money on energy bills, and increase their use of renewable energy, could save money by purchasing their energy jointly with other SMEs through...

• Press Releases

  Bowmark Capital backs buy-out of Cornwall Insight

  Bowmark Capital, the private equity investor, has backed the buy-out of Cornwall Insight, a leading provider of research, data and analysis to the energy sector. Cornwall Insight’s publications, analysis and consulting services enable its customers to understand complex policy change; ensure regulatory compliance; value their assets; and enhance their investment...

• Press Releases

  Cornwall Insight comments on its January Default Tariff Cap forecast rising to £3,000 for a typical user

  Data reported on Monday evening (20/06) from Cornwall Insight forecast that the Default Tariff Cap for Q1 2023 (Jan-Mar) will rise to £3,003 per year for a typical user, with the last quarter of 2022 Q4 (Oct-Dec) predicted to be £2,980. The rise means an average household will pay just...

• Press Releases

  Cornwall Insight Australia’s response to the suspension of the east coast National Electricity Market

  On 15 June the Australian Energy Market Operator (AEMO) made the decision to suspend the east-coast National Electricity Market (NEM). This was triggered by sustained high wholesale electricity pricing, which forced AEMO to cap the wholesale price, in turn prompting generators to withdraw capacity from the market. The suspension allows...

• Press Releases

  Windfarms able to access greater market revenues by delaying start of CfD contracts

  Data collated by Cornwall Insight has shown that offshore windfarms delaying the start of their CfD contracts with the government, could have made significantly greater profits since the start of 2022. Under a government’s Contracts for Difference (CfD) agreement, successful generators, are awarded a Strike Price for every unit of...

• Press Releases

  Increasing Electric Vehicle take-up will strain electricity distribution systems

  Data from Cornwall Insight Australia has shown the challenges facing local electrical distribution systems as more people make the switch to electric vehicles (EVs). The high and random energy consumption of EVs is causing voltage imbalances in residential areas, with imbalances likely to increase as more people make the switch...

• Press Releases

  The UK must provide more certainty to investors as it pushes forward with decarbonisation and energy security

  New research from Cornwall Insight and Transatlantic law firm Womble Bond Dickinson has laid out what the UK government must do to achieve an affordable, sustainable and secure energy system and reach its goal of Net Zero by 2050. The report ‘UK and the energy transition: Leading the way?’ analysed...

• Press Releases

  Price Cap predictions soar as EU sanctions on Russia cause volatility in the wholesale market

  Cornwall Insight’s forecast for the October (Q4 2022) Default Tariff Cap has increased to £2,879 for an average consumer, as Russian oil sanctions cause renewed uncertainty across the energy market. The predictions for the January (Q1 2023) Cap are even costlier rising to over £2,900 for the first time. While...

• Press Releases

  Windfall taxes are not the only solution to the energy crisis  

  Following the announcement from the Chancellor of the Exchequer that the UK government will be introducing a temporary, targeted energy profits levy, Dr Dan Atzori, Research Partner at Cornwall Insight said: “The energy market is in a state of transition, with geopolitical concerns threatening to undermine energy security and subsequent...

• Press Releases

  Cornwall Insight’s Price Cap predictions jump after Ofgem release new guidance

  Cornwall Insight’s forecast for the October (Q4 2022) Default Tariff Cap have increased to £2,790 for an average consumer, with the January (Q1 2023) Cap now rising to over £2,800. This is following updated guidance from Ofgem on their proposed shift to quarterly calculations, as well as recent developments in...

• Press Releases

  Cheapest fixed tariff energy deals £1,700 more than the Price Cap

  Research from Cornwall Insight using data compiled by Comparison Technologies, has shown the average price of the cheapest ten fixed price deals for new direct debit customers in April was £3,685 a year, £1,714 more than the current Default Tariff Cap. The research shows that despite Aprils £693 Cap increase,...

• Press Releases

  Renewables developers forced to raise project bids to protect themselves against financial risks

  Cornwall Insight and Wind Energy Ireland analysis has found that renewable developers in Ireland are being forced to place auction bids for projects which significantly exceed many other European countries, in order to protect themselves against several financial risks. In turn increasing consumer bills and potentially impacting the scale of...

• Press Releases

  Cornwall Insight’s preliminary Price Cap forecast under the quarterly review system

  Dr Craig Lowrey, Principle Consultant at Cornwall Insight said: “The shift to quarterly calculations and more allowance for the costs of stranding should wholesale prices fall were anticipated. The devil will be in the detail. With greater complexity comes greater risk of unintended consequences. It would have been useful to see more detailed evaluation...