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In an interesting development, on 1 August 2019, the Oil and Gas Authority (OGA, the oil and gas regulator) launched a restricted “out of round” offer for two blocks around the Northern North Sea Rhum Field.As mentioned above, production levels in the UKCS have been high compared to previous recent years, and the OGA is optimistic about the remaining reserves: in a recent report, the OGA estimated that “4 billion boe is yet to be discovered from the existing UKCS inventory of mapped prospects, with an additional 11 billion boe possible if exploration is extended to plays”.Ever since the clock started ticking on the timetable for the UK’s exit from the EU (which was originally scheduled for 29 March 2019 but is currently set for 31 October 2019), there has been a great deal of discourse about the impact of Brexit on the energy industry in the UK – and indeed, on security of energy supply. 3 Moreover, the recent tremors have further contributed to public distrust of shale gas development. Until now, the only business model that has been considered was a “full chain” model, where a power project, together with the carbon transport and storage infrastructure, would be supported under a Contract for Difference (the same model that is used for renewable energy projects).The Government is now considering a new model, where the chain would be split and there would be a new business model for the carbon transport and storage elment – that is, a carbon transport and storage operator would be responsible for developing and managing the transport and storage infrastructure in a specific region, with different users of the infrastructure charged a fee for using such infrastructure. Full legal advice should be taken from a qualified professional when dealing with specific situations. This means that even if the full budget of £65 million is not spent, the total capacity of all the projects awarded CfDs in CfD AR3 cannot exceed 6GW. Therefore, the new net zero target can only be achieved if the current Government, as well as subsequent Governments, can commit to a stable set of policies that will incentivise private sector investment in zero-carbon or low-carbon solutions across all industry sectors.As discussed in previous editions of this publication, the Government decided to close the small-scale renewables Feed-in Tariff (FIT) scheme to new projects, from 31 March 2019. While the scheme is being seen by the industry as “better than nothing”, and it is hoped that competition between suppliers will result in reasonably attractive tariffs being set, there is disappointment that the Government decided not to set a floor price for the tariff.A capacity market (CM) was implemented in the UK in 2014, as part of the Electricity Market Reform package (EMR), to address concerns about there being sufficient flexibility to deal with fluctuations in electricity demand and available supply. The last energy white paper was published over a decade ago, in 2007, and at that time it was prompted by a perceived need to address the so-called “energy trilemma” – that is, the need to reduce carbon emissions, while at the same time addressing energy security and affordability. While the consultations on these proposals closed in October 2018, no Government response has been published as at August 2019. suppliers).TNUoS charges have two elements – forward-looking and residual. In 2017 new offshore wind power became cheaper than new nuclear power for the first time. The UK is still heavily dependent on gas and vulnerable to fluctuations in world gas prices.Government figures show that low-carbon energy was used to generate more than half of the electricity used in the UK for the first time in 2018. It is to be assumed that the capacity cap is being imposed to allow less than £65 million to be spent if the target capacity is procured at sufficiently low strike prices.Once again, only “less established technologies” are eligible to compete. In the transport sector, electric vehicles are expected to play an important part in reaching the targets set by the Government.In particular, in its “Road to Zero Strategy”, the Government announced the policy that all new cars and vans should be effectively zero-emission by 2040.
However, the Government has also recognised that, in light of the uncertainty created by the judgment and standstill period, capacity providers (new-build projects in particular) may find it difficult to achieve compliance with these obligations by the set deadline in some instances. The consultation further notes that the reviews undertaken so far indicate that the RAB model, mentioned above in relation to nuclear power plant projects, may be appropriate in relation to carbon transport and storage infrastructure. This resulted in a pipeline of projects at different stages of planning and development. Previously the Climate Change Act 2008 set a target of an 80% reduction by 2050, but the Climate Change Act 2008 (2050 Target Amendment) Order 2019, which came into force on 27 June 2019, amended the legislation to impose the new target. Ibid. The legal action has been commenced by Banks Renewables, a renewable energy company, which has applied for a judicial review of the Government’s decision to exclude onshore wind and other established technologies from CfD AR3.No significant changes other than the ones already discussed above. Therefore, the technologies that are eligible to compete for CfDs in CfD AR3 are: offshore wind; RIW; Advanced Conversion Technologies (ACT) (with or without CHP); anaerobic digestion (AD) (with or without CHP); dedicated biomass with CHP; and wave, tidal stream and geothermal technologies.The budget notice also set out the administrative strike prices (which represent a cap on the strike price that may be awarded to a project) that apply to the difference technologies in CfD AR3, as set out in Figure 2. It seems that the Government has reserved any decisions on these controversial matters – not just because it has more pressing matters to deal with, but also because of more recent obstacles that have arisen in the path towards UK shale gas production. The Government also decided to make some changes to the CM regime (following a public consultation on the issues) to apply during the standstill period, to deal with arrangements applying to existing capacity agreements, as well as modified arrangements to procure capacity by a replacement auction.
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