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Home/GB Balancing Mechanism Summary – February 2019

GB Balancing Mechanism Summary – February 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 February report are:

  1. The average short and long system prices for February both decreased 17% relative to January, to £70.23/MWh and £36.99/MWh respectively, tracking the drop in wholesale prices as the weather grew warmer and gas costs fell.
  2. Volatility in the system price was reduced, with minimum long prices at £0/MWh on the 4th, 5th, and 25th of February. This is the first month since Nov-17 that the lowest monthly system price has been non-negative.
  3. CCGTs provided a higher proportion of bid-offer acceptances, at 56% and 87% for bids and offers respectively, compared to 41% and 66% in January. This compensated for reduced coal participation.
  4. Monthly profit for gas recips decreased 61% to £961/MW. Lower gas costs were outweighed by reduced wholesale and system prices, and trading hours dropped 46% to 56.5 hours.

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