GB electricity market reform: Implications for the offshore wind sector
Tuesday 5 March
13:30 – 17:00
17:00 – 18:00 – Networking Reception
One Glass Wharf
*Tickets – £55+Vat (Members), £95+Vat (Non-Members)
We invite you to join us on Tuesday 5th March to explore, discuss and debate the implications of electricity market reform on the offshore wind sector. We will be covering the practical implications of wholesale and CfD market reforms on offshore wind, including their impact on project risk and revenue.
Significant reforms to the UK’s electricity market that could have a significant impact on offshore wind and allied projects are on the horizon. The government’s Review of Electricity Market Arrangements (REMA) could result in a radical redesign of the GB wholesale market or, perhaps more likely, it could result in a more incremental but still far-reaching package of reforms based on existing market arrangements. Alongside the REMA programme there are a number of other important market changes going through various stages of the consultation and drafting process, including changes to the Contracts for Difference (CfD) scheme, the Capacity Market, network charging, balancing mechanism, flexibility markets, retail markets and grid connections.
As a key enabler for the net zero transition, the reforms aim to make the GB electricity market structures more attractive to investors, but also more dynamic, competitive and flexible, with efficient system operation and a fair value share with consumers. They could create more opportunities for innovation and revenue diversification but, inevitably, with change comes some degree of investment risk. And then there is the small matter of the upcoming general election which seems likely to accelerate the reform agenda.
This event aims to help the offshore wind industry and its stakeholders to navigate their way between the various reform packages, to better understand the options that are under consideration and how the outcome of policy decisions may impact existing and future projects. Delegates will hear from those that have been inside the various discussions and workshops, including the Regen markets team, and will have a chance to pose questions to policymakers.
This is a Regen thought leadership event, kindly sponsored by Burges Salmon.