INTERNATIONAL EXPERIENCES IN RENEWABLE ENERGY AUCTIONS (IEREA 2021) - THE UK EXPERIENCE

A five-day webinar series on experience sharing in renewable energy (RE) auctions including Denmark, India, Germany, the United Kingdom, and the United States, IEREA 2021 was organized by PECC3 with the support of the Center For Procurement Support (under the Public Procurement Agency, Ministry of Planning and Investment).

Along with climate change mitigation, RE is one of the UK's SDG priorities. Since 2015, RE has seen significant growth, owing to the government's proactive approach in establishing clear strategies and annual goals, backed up by attractive investment schemes for mid-sized projects.

In the UK, different renewable support schemes were available depending on the size of the project; large-scale generation, which was previously supported by the RO (Renewables Obligation), is now subject to the CfD bidding process.

In essence, the CfD price is pre-agreed at a certain level (the Strike Price), based on which the government-owned company (when the market price is lower) or generator makes the difference payment (when the market price is higher).

In terms of bid price, the UK is currently holding four allocation rounds for each technology category, or "pot": onshore wind and solar; remote island wind; and fixed bottom offshore wind.

Throughout the implementation process, the Low Carbon Contracts Company - a government-owned company - is established with the mission of shaping and implementing schemes that enable low-carbon investment at the lowest possible cost to consumers, while also acting as a power price forecaster to accelerate the UK's transition to Net Zero emissions.

After eight years of transitioning to and implementing the CfD scheme, the UK government gained valuable experience in RE development and made several recommendations for Vietnam's journey: early long-term ambition setting; integration into transmission; and legal framework flexibility to adapt to changing market conditions.

Once again, AKT's high-quality translation services yielded fruitful results. We are ecstatic to be at the top of the list of clients' minds as the industry leader in both offline and online interpretation.

Read more at: https://www.pecc3.com.vn/en/uks-experience-in-renewable-energy-auction/

--------------------------------------------------

AKT Service Co., Ltc. is Vietnam's leading Language Service Firm. We have over 20 years of experience in a variety of language-related fields, including translation, interpretation, Bilingual MC, language training, interpreter training, and cabin interpretation. AKT will provide valuable experience to all customers by using strictly selected staff members and professional, quick, and efficient processes.

To order us for your events requiring English – Vietnamese excellent Interpreters, Click here.