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Home/GB Balancing Mechanism Summary – August 2019

GB Balancing Mechanism Summary – August 2019

Aurora’s Flexibility Market Summary provide a concise monthly review of recent events in key markets for flexible technologies. The initial focus is on the balancing mechanism and firm frequency response (FFR) markets with more ancillary services markets to be added over time.

Key highlights from the August report are:

  1. The average short system price for August decreased by 6.5% to £54.6/MWh, while the average long price dropped to 20.2% to £22.2/MWh.
  2. The system price peaked at £110/MWh on 1st August whilst the lowest price was -£66/MWh on 31st August. August 30th saw 10 consecutive negative settlement periods.
  3. Offer acceptance volume in July decreased by 62.5% to 972 MWh whilst bid acceptance volume rose 25.9% to 740 GWh, the highest since March 2019. CCGTs contributed 83% and 54% of the total bid and offer volumes, respectively.
  4. Monthly profits for gas recips under our simple trading algorithm decreased 26.2% to £826/MW. Trading hours and number of starts decreased by 3.2% and 11.4% to 79.5 hours and 49 respectively.

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