Renewable energy Contract for Difference auction sees the costs of offshore wind and solar tumbling, says KPMG

Renewable energy Contract sees fall in the costs

Andy Cox, Head of Deal Advisory for Energy at KPMG comments on the first renewable energy Contract for Difference (CfD) auction results

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Andy Cox, Head of Deal Advisory for Energy at KPMG comments on the first renewable energy Contract for Difference (CfD) auction results:

“Strong competition for contracts has sent the costs of wind, particularly offshore wind, and solar tumbling. Coming on the back of falling wholesale prices, this is good news for consumers.  Interestingly, some solar projects are now beginning to approach grid parity, ie no subsidy needed, which has always been the end goal for the industry. But looking ahead, investors will also need some certainty about the budget and timing for future auctions.” 

- ENDS -

 

For further information please contact:

Ann Burton, Senior PR Manager, KPMG

T: +44 (0) 207 694 2024

M: +44 (0) 7747 564 737

E: ann.burton@KPMG.co.uk

KPMG Press office: +44 (0) 207 694 8773

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Andy Cox, Head of Deal Advisory for Energy at KPMG comments on the first renewable energy Contract for Difference (CfD) auction results:

 

“Strong competition for contracts has sent the costs of wind, particularly offshore wind, and solar tumbling. Coming on the back of falling wholesale prices, this is good news for consumers.  Interestingly, some solar projects are now beginning to approach grid parity, ie no subsidy needed, which has always been the end goal for the industry. But looking ahead, investors will also need some certainty about the budget and timing for future auctions.” 

 

ENDS

 

For further information please contact:

 

Ann Burton, Senior PR Manager, KPMG

Tel: +44 (0) 207 694 2024

Mobile: +44 (0) 7747 564 737

Email: Ann.Burton@KPMG.co.uk

KPMG Press Office: 020 7694 8773

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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