• The auction cleared at £ 15.97/kW/year

The T-4 Capacity Market auction has completed, for delivery 2023/24. The UK Government’s Department for Business, Energy and Industrial Strategy (BEIS) has announced that the capacity auction has cleared at £ 15.97/kW/year and 43,749MW of capacity has been secured for the UK.

BEIS has released a provisional list of the UK assets that  have successfully secured an Agreement, which you can view here: https://www.emrdeliverybody.com/CM/Auction-Results-1.aspx. This information is still subject to Secretary of State approval.

RWE Generation are pleased and has secured Agreements for all of the sites that were entered into the auction, 6,544MW (derated capacity), with the exception of our distributed assets sites at Seal Sands (formerly Conoco Phillips) and Cheshire, and 2 x 20 MW new-build projects in Cheshire and Grimsby. This means we have 6,544MW of capacity agreements for the 2023/24 delivery year.

This result is fully aligned with our auction strategy. Seal Sands and Cheshire have Capacity Market agreements for delivery in 2021/22.

The reinstatement of the Capacity Market and successful auctions in January and February has provided stability for our generation business moving forward. We will continuously look for opportunities and cost savings across our business, as well as opportunities to develop.