At 7am tomorrow (26 February), National Grid will announce the results of the sealed-bid auction for the new Contracts for Difference (CfDs) mechanism, The Scotsman has reported.
CfDs are a part of the government’s electricity market reforms, which aim to decarbonise electricity generation, keep the lights on and minimise bills for consumers.
Under the first auction for the contracts, which will replace the current Renewables Obligation (RO) due to be phased out by 2017, developers of projects based on established technologies such as solar, hydro and wind have submitted bids containing the lowest guaranteed price they would accept per megawatt hour of electricity generated.
Awards will be made on a technology-neutral basis to the lowest bidders.
At an industry conference in Aberdeen last month, Scottish energy minister Fergus Ewing expressed confidence that at least one Scottish offshore project would be successful in the auction, although he was critical over how little influence Holyrood has had over the process.