13 March 2003 – UK Energy regulator Ofgem announced today that the buy-out price for the second year of the Renewables Obligation will be set at £30.51 ($48) per MWh.
The buy-out price allows electricity suppliers to make up any shortfall between the amount of their obligation and the number of Renewables Obligation Certificates (ROCs) presented.
The Government set the buy-out price at £30/MWh for the first year of the Renewables Obligation. The buy-out price is then adjusted each year to reflect changes in the retail prices index.
The new rate will apply for the obligation period 1 April 2003 to 31 March 2004.