The Low Carbon Contracts Company (LCCC) and the Electricity Settlements Company (ESC) have published their annual reports and accounts for the 2023/24 Financial Year.
The reports outline the key work and accomplishments of both organisations over the past year.
Significant updates include:
CfD Portfolio Advancements
- Two new offshore wind projects became operational this year, boosting total generation capacity to 9.1GW.
- Hornsea 2, a 1.3GW offshore wind farm, reached its CfD Start Date in March 2024 and earned a Guinness World Record for being the largest-capacity offshore wind farm globally.
- Allocation Round 5 (AR5) resulted in 92 new CfDs, including almost 2GW of solar power and the first-ever geothermal projects, further diversifying the technology mix.
Capacity Market Progress
- ESC introduced Mock Stress Event reporting in November 2023, simulating Stress Event calculations and providing detailed Capacity Market Unit (CMU) reports. This automated system allows Capacity Providers to check the accuracy of their CMUs’ data and status.
- Data quality improvements and the automation of Satisfactory Performance Day (SPD) and Extended Performance processes, first implemented in 2022, are now in their second year and showing positive results.
- ESC has worked closely with the EMR Delivery Body (EMR DB) to develop and implement integrated Capacity Market (CM) procedures.
Read the full reports here: