Www.sghmartineau.com Energy Market Reform in Great Britain The evolution of a market.

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Presentation transcript:

Energy Market Reform in Great Britain The evolution of a market

The evolution of a market The Electricity Pool NETA BETTA EMR

The Electricity Pool Government-sponsored initiative - privatisation Mandatory pool – Pooling & Settlement Agreement Pool pricing and capacity price Contracts for difference NFFO E&W only – separate arrangements for Scotland and NI

From Pool to NETA RETA process POOL successes Security of supply New investment Retail supply competition Pool failures High prices Gaming Inflexible governance

NETA Bi-lateral contracts OTC trading Power exchanges Balancing Balancing & Settlement Code Bids and offers Imbalance charges Renewable Obligation

BETTA Extension of NETA to Scotland Operation and development of GB Grid NGC’s role Scottish TOs

Need for (further) Electricity Market Reform? Twin challenges of climate change and energy security Decarbonising the ESI Diversifying energy supply Incentivising investment Step change in investment required Inadequate incentives under NETA

Key Features Contracts for Difference Replacement for the Renewable Obligation “Price Certainty” Role of the Counterparty The Capacity Mechanism Insurance Policy Contract Auction A more integrated European Market

New Limitations & Enhanced Monitoring Emissions Performance Standard Annual Limit “Grandfathering” Dash for gas? The Office of Nuclear Regulation An independent body Five areas of responsibility New Institutional Framework Administration and delivery of EMR Role of National Grid Role of Ofgem

Conclusions Continual need for market intervention Importance of price signals/incentives Regulatory risk

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