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As set out in the accompanying note to the Budget Notice[1], the reference prices we use for the CfD budget are an output from the Department\u2019s main power model and are characteristic of decarbonisation pathways that are net-zero consistent. Wholesale electricity prices are driven by many factors including electricity demand profiles, the plants that generate to meet this demand, as well as fuel price assumptions and carbon price assumptions. Changes in reference prices between rounds depend on the assumptions used in power modelling and the delivery years for each allocation round.<\/p>
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[1] The accompanying note to the Budget Notice can be found here:<\/p>