Record low price have been achieved in the CfD allocation round 3 auction, with clearing prices of £39.65/MWh for delivery year 2023/24 & £41.611/MWh for delivery year 2024/25, both in 2011/12 prices. 5.5GW of offshore wind, 0.3GW of remote island wind & a small amount of advanced conversion technologies was successful.  We had previously indicated that prices below the strike prices (£56/MWh & £53/MWh respectively for the two delivery years) for offshore wind were a possibility, but the clearing prices are significantly below the previous UK record low of £57.50/MWh (2022/23 delivery year) and are likely to surprise. SSE’s Doggerbank & Seagreen offshore projects were successful, but it was not awarded remote island wind, which could have implications for the Orkney transmission link. We now look for SSE to justify the economics of these prices.