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Home/GB Balancing Mechanism Summary – December 2018

GB Balancing Mechanism Summary – December 2018

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 December report are:

  1. The average short system price for December rose to £83.97/MWh, while the average long price dropped slightly to £45.41/MWh.
  2. Negative spot and long system prices with no system price premium were seen on the morning of 8th December due to unusually strong wind.
  3. The proportion of hours where the system was long was the highest at 60% since May.
  4. Bid and offer acceptance volume in December remained similar at 886 GWh and 727 GWh respectively, with CCGTs contributing 44% and 70% of the total bid and offer volumes.
  5. The 10% increase in carbon price in December led to the 23% and 13% reduction in trading hours and profits of gas recips respectively.

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