Over the last few years and if the Cost per kW same relatively simple calculation is used, the auction results have led to new savings was capacity revenues of – too high to be • T4 2025/26 - £30.59/kW/yr – £459/kW/yr competitive • T4 2024/25 - £18/kW/yr – £270/kW/yr • T4 2023/24 - £15.97/kW/yr – £240/kW/yr • T4 2021/22 - £8.70/lW/yr – 130.5/kW/yr There is no reason to assume that the impact of energy efficiency measures is limited to only 4 years and there is more reason to assume that it has a similar, if not longer, duration as new generation.