We have determined the Interim Levy Rate (ILR) and the Total Reserve Amount (TRA) for the Quarterly Obligation Period from 1 January 2024 to 31 March 2024.
The amounts for Q1 2024 are:
ILR = £4.355/MWh
TRA = £559,042,630.40
In making this determination, we have noted the recent volatility in the power markets and are monitoring closely in case of significant falls below our forecast. Market prices for this calculation were taken as closing mid-prices on 13 September 2023 as shared in this update:
We will be monitoring market prices closely and will make an adjustment to the ILR and/or TRA if the prices move in such a way as to lead LCCC to expect over-collection or that the TRA and ILR may be insufficient to cover the CfD costs.
Note that once the quarter has started, the TRA can only be increased, while ILR can be increased or decreased.
For further detail on our calculations, please refer to our online CfD Levy Dashboards.
Please also visit the EMRS website for updates on the lLR & TRA for Q1 2024.
Upcoming events:
Quarterly Webinar:
Save the date for our next webinar! Our quarterly webinar is an opportunity to directly ask us questions about our forecasts. The webinar will take place on October 25th, where we will also compare the outturn in Q3 2023 with our forecasts and discuss the ILR and TRA for Q1 2024.
Register here to secure your spot.
If you have any suggestions or feedback on what else would be useful for us to discuss during the webinar, please send them our way via info@lowcarboncontracts.uk.
Supplier Engagement Event:
Calling all suppliers! LCCC is cordially inviting you to our Supplier Engagement Event scheduled for February 29th, 2024 (location to be confirmed).
We will be providing insights into our current activities, our plans for the future covering RAB, Ells, MHHS, DPA, Forecasting, Policy, and much more.
Additionally, we're excited to feature presentations from our special guests: EMRS, ICoSS, and Energy UK.
We hope to see you there!