Renewables Obligation Late Payment Distribution 2023 to 2024

Reports, plans and updates
Publication date
Company
Equinicity Limited Farringdon Energy Limited Hartree Partners Supply (UK) Limited Marble Power Limited Rebel Energy Supply Limited
Scheme name
RO

We redistributed the 2023-24 Renewables Obligation (RO) late payment fund on 13 December 2024. We paid a total of £14,278,973.00 to suppliers who presented Renewables Obligation Certificates (ROCs) this year. Suppliers received £5.81 per ROC presented after the redistribution of the buy-out fund. From the redistribution of the late payment fund, they have received an extra £0.14 per ROC. This means that the final recycle value for 2023-24 is £5.95.

Details of the late payments we received from suppliers (including interest) and the amounts we redistributed for each RO scheme are in Table 1 below (the amount redistributed also includes the remainder from the last late payment redistribution).

Table 1

Obligation Late Payments Made by Suppliers Late Payments Redistributed
England and Wales £14,096,882.51 £14,096,887.00
Scotland £182,094.16 £182,086.00
Northern Ireland £0.00 £0.00
Total £14,278,976.67 £14,278,973.00

We redistributed late payments to the suppliers on the same basis as the buy-out fund, i.e. in line with the proportion of the total ROCs they presented across the three schemes.

As with the buy-out fund, the amounts we redistributed are rounded down to the nearest pound.

Suppliers have until 1 September to present ROCs to us or until 31 August to make buy-out payments to meet their obligations. Suppliers who have not met their obligations in full by this date must make late payments by 31 October. Late payments incur a daily interest penalty, at an annualised rate of 5% + Bank of England base rate (so 5% this year). This is specified in RO legislation. 

Five supplier groups across six obligations failed to meet their obligation by the deadline of 1 September, as outlined in Table 2.

Table 2

Supplier Obligation outstanding (England & Wales) Obligation outstanding (Scotland) Obligation outstanding (Northern Ireland)
Equinicity Ltd £81,315.78 £0.00 £0.00
Farringdon Energy Ltd £356.00 £0.00 £0.00
Hartree Partners Supply (UK) Limited £609,514.29 £0.00 £0.00
Marble Power Ltd £11,108,573.49 £0.00 £0.00
Rebel Energy Supply Limited £2,235,273.99 £180,511.59 £0.00

Of the five supplier groups across six obligations who failed to discharge their obligation by the 31 August and 1 September deadlines, all six obligations were fully discharged by the late payment deadline of 31 October. 

All suppliers utilising the late payment window paid their remaining obligation in full by the late payment deadline of 31 October, as such there was no shortfall across any RO scheme. 

Contact: REcompliance@ofgem.gov.uk