George Grant is managing director of Stag Energy, and a director of Watt Power, which has two peaking gas-fired plants with development consent orders that can join this year’s auction. His view on its project finance potential is that “the jury is still out”.

He says: “The Capacity Market has broadly created a financeable structure, but it is still three years away from operation (2018) and therefore the actual impact in system operation and wholesale electricity prices is yet to be tested.