Low Carbon Contracts Company & Electricity Settlements Company
The Low Carbon Contracts Company and the Electricity Settlements Company are both private limited companies owned by the Secretary of State for Business, Energy and Industrial Strategy (BEIS) and established to play key roles in the delivery of Electricity Market Reform (EMR), the biggest change to the electricity market since privatisation
Low Carbon Contracts Company (LCCC) is delighted to announce that six projects representing 5.5GW of offshore wind capacity have now passed their Milestone Requirement (MR). The MR is the first significant milestone in a CfD project’s journey to becoming operational, as it requires generators to demonstrate their commitment to delivering the project. The projects that have passed their MR are Dogger Bank (A, B and C), Sofia, Seagreen and Forthwind.
The projects were awarded Contracts for Difference (CfD) in the third Allocation Round of the scheme (AR3), as announced in October 2019. They are due to come online in the mid-2020s, and, once operational, will typically generate around 23.9TWh of low-carbon electricity annually – enough to power over 8 million homes.
For full details and comments from Neil McDermott, LCCC’s Chief Executive, please refer to our press release.