KETEP 세계에너지시장정보

Executive Summary ................................................................................................. 1

Abbreviations and Disclaimers .................................................................................. 4

1.0 Historical and Economic Background of Offshore Wind in the UK .................................. 5

2.0 Transition from the Renewable Energy Obligation (RO) Regime ................................. 6

3.0 CfD Mechanisms: Reducing Investment Risk ........................................................ 7
 3.1 How They Work ................................................................................................. 7
  3.1.1 Bidding ........................................................................................................ 7
  3.1.2 Payment .................................................................................................. 9
 3.2 Bankability ................................................................................................ 11
 3.3 Policy Tools ................................................................................................ 12
 3.4 Limitations of CfDs ........................................................................................ 12
 
4.0 The Golden Age of Cost Reductions ................................................................ 13
 4.1 Economic Considerations ....................................................................................... 13
 4.2 Advances in Technology and Construction Methods .................................. 14
 4.3 CfD Bid Results ................................................................................. 15
 4.4 Details of CfD Awards ................................................................................ 17

5.0 Turning Points ................................................................................................ 19
 5.1 CPPA .................................................................................................... 19
 5.2 Project Cancellation ................................................................................. 19
 5.3 AR5 Failure ................................................................................................ 21
 
6.0 AR6 Policy Resetting ................................................................................ 21
 6.1 Bid Rule Changes and Bid Recovery ........................................................ 21
 6.2 AR6 Results ................................................................................................. 22

7.0 AR7 Reforms ................................................................................................. 23
 7.1 REMA ................................................................................................... 23
 7.2 Changes in AR7 ................................................................................. 25
 7.3 Introduction of the Clean Investment Bonus .................................................. 27
  7.3.1 Clean Investment Bonus (CIB) ........................................................ 27
  7.3.2 Background to the Introduction of the CIB ................................................. 28
 7.4 AR7 Timeline ................................................................................. 29
 7.5 Announcement of the Offshore Wind Budget ................................................. 30

8.0 The Future of CfD ................................................................................. 30
 8.1 Race to the Bottom ................................................................................ 30
 8.2 Constraint Payments .................................................................. 31
 8.3 Negative Pricing ................................................................................ 32
 8.4 Inflation ................................................................................................. 32
 8.5 Uncertainty ........................................................................................ 33
 8.6 Public Comments for AR8 ................................................................................. 33
  8.6.1 Prohibition of Re-bidding .................................................................. 33
  8.6.2 Contract Amendments for Floating Offshore Wind (FLOW) ................................. 33
  8.6.3 Introduction of New Technology Categories ................................................ 34
  8.6.4 Preventing Delays in the CfD Start Date ................................................ 34
  8.7 Summary ................................................................................................. 34

9.0 Comparison with Japan's FIP ................................................................. 35

10.0 Implications for the Japanese Offshore Wind Market ................................................. 37