LCCC and NnG submitted a dispute relating to the termination of NnG’s CFD to arbitration. The arbitral tribunal has made its decision in NnG’s favour under the dispute resolution procedure set out in the CFD. The details of the dispute are, and will remain, confidential as both parties are bound by the confidentiality obligations both within the CFD and the rules of the arbitration.
Notes to Editor
- Low Carbon Contracts Company Limited (LCCC) is the counterparty responsible for managing Contracts for Difference (CFDs) awarded to generators under the government’s CFD scheme.
- The Department of Business Energy and Industrial Strategy (formerly the Department of Energy and Climate Change) announced the first allocation round of the CFD scheme in 2014. The generator, Neart Na Gaoithe Offshore Wind Limited (NnG), was awarded a CFD under that allocation round and entered into its CFD with LCCC on 26 March 2015.
- LCCC issued a termination notice in relation to NnG’s CFD on 29 March 2016.
- NnG initiated a dispute, as per the dispute resolution processes set out in the CFD, in relation to the termination notice issued.
- The dispute was decided by an arbitral tribunal in accordance with the processes for dispute resolution set out in the CFD.
- LCCC is currently managing CFDs for 31 renewable projects covering a range of technologies, including offshore wind, onshore wind, solar, biomass and energy from waste.