Formal Response to RO Consultation

LEI: 213800ZPBBK8H51RX165

3 December 2025

GREENCOAT UK WIND PLC

(the "Company")

Formal response to RO Consultation

Schroders Greencoat submits response to the Government consultation on changes to inflation indexation in the Renewables Obligation scheme

Schroders Greencoat, in its capacity as the Investment Manager for Greencoat UK Wind PLC, has submitted its response to the UK Government's consultation on potential changes to the inflation indexation in the Renewables Obligation ("RO") scheme.

The response highlights, among other items, the following:

i. The proposals set out in the RO consultation will not have the desired impact of reducing consumer bills. Instead, it will drive up consumer costs by increasing the cost of capital to finance new infrastructure. 

ii. There has already been an increase in the cost of capital as a result of the RO consultation which can be seen in the share prices of the listed renewables funds. This will increase the cost of the energy system which will ultimately be borne by consumers.

iii. The need to preserve grandfathering and, the principle of avoiding retrospective change such that the UK's reputation for predictability, stability and reliability in the way it treats investors, should be preserved. There are precedents within other parts of the regulated utility sectors where the principle of neutrality has been observed.

iv. The Government has not allowed sufficient time for a fulsome consultation which creates further uncertainty for investors.

v. These types of interventions risk the achievability of the Government's Clean Power Mission and wider infrastructure investment targets.

vi. Accordingly, neither option set out in the consultation should be pursued.

vii. The RO should continue to use RPI until 2030 and then switch to CPIH as clearly signalled to investors already by the UK Statistics Authority.

viii. Other options, such as the introduction of a voluntary Contract for Difference, can reduce consumer bills and not impact investor confidence. This is where the Government should turn their attention.

Schroders Greencoat and UKW look forward to engaging further with Government. The full Schroders Greencoat submission into the consultation is available on the following link.

For further information, please contact:

Greencoat UK Wind PLC

Stephen Packwood

Matt Ridley

John Musk (Investor Relations) 020 7832 9425

[email protected]

Headland 020 3805 4822

Stephen Malthouse

Charlie Twigg

[email protected]

Ocorian Administration (UK) Limited Company Secretary

Josh Finlay 028 9693 0219