Aurora’s Flexibility Market Summary provides 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 from October include:
- The average long system price for October decreased 5.0% to £17.2/MWh, while the average short price stayed at £53.3/MWh, 45% and 23% lower than the average for the past 12 months for long and short respectively
- The peak system price of £100/MWh was seen on 4th October, the same peak price that was seen in September. The lowest system price was -£70/MWh on 27th October
- The proportion of hours where the system was long was 45%, the lowest value of 2019
- Offer acceptance volume in October increased by 21.7% to 1102 MWh whilst bid acceptance volume rose 44.8% to 1136 GWh. CCGTs contributed 80% and 52% of the total bid and offer volume respectively
- Monthly profits for gas recips under our simple trading algorithm increased 24.6% to £1681/MW. Trading hours increased by 26.1% to 140 hours whilst the number of starts dropped slightly to 70
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