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Home/GB Balancing Mechanism Summary – January 2019

GB Balancing Mechanism Summary – January 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 January report are:

  1. The average short system price for January increased slightly to £85.01/MWh, while the average long price dropped to £44.5/MWh.
  2. System price in January peaked at £195/MWh and average premium when system is short rose to £20.96/MWh, both reaching their highest since March 2018 due to cold weather.
  3. Both bid and offer acceptance volume decreased in January at 723 GWh and 515 GWh respectively, with CCGTs remaining the main contributor at 41% and 66% of the total bid and offer volumes.
  4. Benefitting from the high prices in the cold snap, monthly profit for gas recips increased 112% from December to £2,467/MW, the highest level since March 2018. This was also a result of decreasing gas prices which drove marginal costs down to £78.97/MWh.

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