Correction – estimated impact of BEIS loan and Q2 2021 out-turn

In our bulletin issued on 03 August 2021, Low Carbon Contracts Company (LCCC) announced it has repaid the BEIS loan of £75.1m using the proceeds of the CfD levies received from suppliers in Quarter 2 2021, and outlined the first estimate of out-turn demand and estimated impact of the loan over the quarter.

The bulletin stated, “Given the size of the loan, and the first estimate of out-turn demand as 69.4TWh, this equates to an estimated impact of £1.082/MWh over the quarter.”

However, this should have said: “Given the size of the loan, and the first estimate of out-turn demand as 64.9TWh, this equates to an estimated impact of £1.158/MWh over the quarter.”

We apologise for this error. The updated figures have been communicated to Ofgem this evening, however we understand that this change is unfortunately too late to be fed into their price cap.  

Please note, as with all other figures based on out-turns, the figure is liable to change in future (2021 values) due to expected later inclusion of Green Excluded Electricity and adjustments to settled metering in future quarterly reconciliations.