Renewable Subsidies Set to Top £12 Billion In 2024

From NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

CfD subsidies cost us all a record £2372 million last year.

Since the scheme started in 2016, the total cost has amounted to £9.7 billion.

Of last year’s £2.4 billion, wind power made up £2.0 billion, with biomass accounting for most of the rest.

With strike prices for new offshore wind agreed in last year’s AR6 CfD round currently standing at around £84/MWh, it is worth noting the market price used for calculating subsidies averaged £66/MWh last year.

Meanwhile ROC subsidies continue to climb, with Y/E March 2024 reaching a new high of £6883 million:

DESNZ only have ROC data to September 2024, but the 12 months to then work out at a cost of £7.7 billion at current prices.

And on top of that come Feed in Tariffs, the subsidy scheme for small scale renewable generators, which cost £1.8 billion in 2023/24.

Altogether the three schemes, CfD, ROC and FIT, are likely to have cost energy bill payers more than £12 billion during 2024, when all the data is in.

Since 2010, the combined cost has exceeded £90 billion.

Laughably OFGEM’s logo says they are making a positive difference for energy consumers.

You can say that again!!