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Home/GB Balancing Mechanism Summary – March 2018

GB Balancing Mechanism Summary – March 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.

Highlights of the March report include:

  1. Average short and long system prices for March rose to £102.86/MWh and £41.02/MWh respectively.
  2. During the cold weather at the beginning of March, spot and system prices spiked to £320/MWh and £990/MWh respectively.
  3. Coal provided a high proportion of accepted bid and offer volumes this month, 16% of offers and 25% of bids – the highest in over a year.
  4. Benefitting from the high prices in the cold snap at the start of the month, gas recip profits tripled compared to February and reached their highest level since winter 2016.
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