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UK inflation hits 3% in September, strike price hike for 2017 running at 2.6%


UK annual inflation hit 3% in September for the first time since March 2012, up from 2.9% in August, the Office for National Statistics said Tuesday.

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Monthly CPI as published by the ONS is used as an input in strike prices awarded to low-carbon projects under the Contracts for Difference regime.

Each calendar year the government's Low Carbon Contracts Company calculates an Indexation Adjustment, which becomes effective April 1.

The arithmetic mean of the monthly data from the ONS for 2016 was 0.7%.

For 2017 to end-September, the mean is currently 2.6%.

Strike prices for large CfD-backed power projects have been edging up since the regime began in 2012/13 with early agreements.

One of the early commercial agreements was for the Hinkley Point C nuclear power station.

LCCC data show the initial GBP89.50/MWh ($118/MWh) strike price for the plant (2012 money) has risen GBP7.64/MWh to GBP97.14/MWh.

This initial strike price assumes a second EDF project at Sizewell C proceeds. If not, the initial strike price rises to GBP92.50/MWh.

Meanwhile, the GBP105/MWh initial strike price awarded to Lynemouth power station (coal to biomass conversion) has since risen GBP8.39/MWh to GBP113.39/MWh.

Across the suite of 15-year CfDs agreed to date, some 6.6 GW have been awarded, with average initial strike prices rising from GBP107/MWh to GBP113/MWh.

The Hinkley contract is the exception as it runs for 35 years, adding 3.3 GW across two EPR reactor units.

--Henry Edwardes-Evans,
--Edited by Jonathan Fox,