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GB Review of electricity market and open letter on the balancing market

Earlier this week, BEIS (The UK Government Department of Business, Energy and Industrial Strategy) opened a consultation on the Review of the Electricity Market Arrangement (REMA). The consultation document can be found here and closes on 10th October. The review investigates various changes to the Great Britain market, including the possibility of a separate clearing price for renewables and another for a move to nodal pricing.

Last week Ofgem (the GB National Regulatory Authority) issued this open letter, which looks at the very high prices in the GB Balancing Market(BM) on 24th November 2021. It concludes that while there is no evidence of a REMIT breach, there is an argument for short term interventions to prevent a repetition. The letter is published at the same time as this Balancing Market Review, published by the Electricity System Operator, covering the same incident.

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Published 23 November 2022