2014 Report details for project: FID Enabling for Renewables

Project name: FID Enabling for Renewables - there are 2 reports for this project: 2014, 2015
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Organisation: DECC (D11) - see all reports for this organisation
Report year: 2014 (data is from Sept 2013)
Category: Infrastructure - see all reports for this category
Description: The Electricity Market Reform White Paper set out the Government’s commitment “to work actively with relevant parties to enable early investment decisions to progress to timetable wherever possible, including those required ahead of implementation of the Feed-in Tariff with Contracts for Difference (FiT CfD)”. To deliver this commitment, DECC will enter into discussions with relevant developers with a view to considering what form of comfort might be given to support the taking of such investment decisions. The FID Enabling project gives effect to this commitment. The aim of FID Enabling for Renewables is to avert an investment hiatus in the deployment of renewable electricity generation caused by the announced reform of the electricity market, in the period between the publication of the EMR White Paper and the full implementation of the EMR CfD, expected in Autumn 2014. In particular it seeks to enable developers to take final investment decisions, or other critical investment decisions directly impacting on the time to commission the project, which would otherwise be delayed by the uncertainty caused by the transition to the enduring CfD regime. The project aims are as for the EMR CfD: to ensure that the UK can attract the investment in renewable electricity generation needed to meet its renewable and carbon emission reduction targets in the most cost-effective way as well as to have a secure, affordable, supply of electricity towards the end of this decade and in the longer-term. Supporting investment decisions through the project will contribute to two of DECC’s priorities: • Deliver secure energy on the way to a low carbon energy future • Drive ambitious action on climate change at home and abroad It will also contribute to wider Government objectives on jobs and economic growth.
DCA (RAG): Exempt FOI
DCA text: Data exempt under Section 43 and Section 35 of the Freedom of Information Act (2000)
Start date: 2012-12-17
End date: 2013-12-31
Schedule text: Start date represents the start of the project following the publication of the EMR Operational Framework in November 2012. End date represents the award of Investment Contracts to successful applicants. In Q2 2013/14 the FID Enabling for Renewables project was expected to end by December 2013. Since then the timetable for the final CfD contract (EMR Programme) has been extended and Ministers agreed that the FID Enabling for Renewables investment contracts should be based on final strike prices published in December 2013. This has resulted in a revised timetable for FID Enabling for Renewables, with contracts signed in April 2014.
Baseline: £1.86m
Forecast: £2.84m
Variance: 52.80%
Variance text: Project costs relate to the project team and external technical, legal and financial advisers. In Q2 2013/14 an overspend was forecast against the 20013/14 budget due to changes to the project timetable. Additional budget was sought in DECC's mid year review.
Whole Life Cost: £3.69m
WLCost text: The forecast above is whole life costs for the policy/delivery team only and excludes costs of CfD/investment contracts. The costs to successful applicants of building, operating and decommissioning their projects are also excluded.
Notes1: Data exempt under Section 43 and Section 35 of the Freedom of Information Act (2000)
Sourcefile: IPA_2014.csv

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