Bulb Energy, the privately financed energy supply company operating in the UK, engaged with Cornwall Insight to undertake a review of the REGO market within the UK, considering the historic REGO market and the impact the emergence of the REGO market had on developing new projects, along with a view on future prices as well as what the impacts would be if the REGO certificates were removed.
The work involved providing analysis of the REGO data from Ofgem Renewables and CHP Renewables Register, and generation data from the Digest of UK Energy Statistics (DUKES), along with forecasting using internal Cornwall Insight sources and external data obtained through Cornwall clients, most noticeably the Cornwall Insight Green Power Forecast which provides a detailed review of the existing market, providing analysis based on interactions with a number of parties heavily involved within the REGO trading market. This data has been used to provide a breakdown of the current REGO market, forecasts of future REGO Prices and to provide a long-term outlook for the REGO Market within the UK.
The work allowed Bulb to assess their position within the UK REGO market, assessing what approach they should take in the future. It also allowed them to determine the impact that the REGO scheme has on the development of renewable technologies in the country after the closure of the various subsidy schemes to smaller/medium-sized projects (such as the Feed-in Tariff and Renewable Obligation), and to determine the significance of the developing REGO certificate market.
