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Home/GB Balancing Mechanism Summary – July 2019

GB Balancing Mechanism Summary – July 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 July report are:

  1. The average short system price for July rose marginally to £58.4/MWh, whilst the average long price rose by 12.7% to £27.8/MWh, coinciding with a 3.4% increase in wholesale prices to £40.7/MWh due to higher fuel and carbon prices.
  2. The system price peaked at £120/MWh on 25th July whilst the lowest price was -£66/MWh on 17th July.
  3. The proportion of hours where the system was long was 60%, up from the 49% seen in July and more consistent with what has been seen in other months in 2019.
  4. Offer acceptance volume in July decreased by 23.1% to 596 MWh but bid acceptance volume rose 2.1% to 587 GWh. CCGTs contributed 80% and 53% of the total bid and offer volumes, respectively.
  5. Monthly profits for gas recips under our simple trading algorithm decreased 51.7% to £1120/MW due to higher gas prices increasing marginal costs. Trading hours and number of starts decreased by 39.4% and 30.2% to 77 hours and 44 respectively.

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