Exclusive: Looming auction to earmark £1.5bn to put power generators on standby and keep the lights on
EP UK’s proposed new-build units at Eggborough could be worth more than £840m in subsidy payments over 15 years while VPI’s plans at Damhead Creek could bring in more than £750m, according to AuroraEP UK’s existing units are expected to be worth more than £64m a year, while Vitol’s trio of plants may account for more than £54m, based on last year’s prices – and prices are expected to rise in this month’s auction, in part due to inflation.
Marlon Dey, head of research for UK and Ireland at Aurora, said: “Gas remains essential for security of supply today, and keeping the lights on during a period of low wind and solar power. There is still a long way to go in order to scale up renewable power to reduce our dependency on gas further.
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