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The Public Accounts Committee (PAC) has launched an inquiry into the early Contracts for Difference (CfDs).
The Department of Energy and Climate Change agreed eight investment contracts under the transitional Final Investment Decision (FID) Enabling process in April 2014.
This was the first support offered under the EMR programme and it will provide up to £12 billion of private sector investment and add 4.5GW of low-carbon electricity to Britain’s energy mix.
The contracts are for index linked strike prices for 15 years for offshore wind and biomass.
The inquiry, led by PAC chair, Margaret Hodge, will examine the business case supporting Decc’s decision to go early to select and award these contracts, in advance of the proposed approach for CfDs, and the risks to value for the consumer.
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