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Energy Market Reform in Great Britain

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Energy Market Reform in Great Britain. The evolution of a market. The evolution of a market. The Electricity Pool NETA BETTA EMR. The Electricity Pool. Government-sponsored initiative - privatisation Mandatory pool – Pooling & Settlement Agreement Pool pricing and capacity price

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Presentation Transcript
slide1
Energy Market Reform in Great Britain

The evolution of a market

the evolution of a market
The evolution of a market
  • The Electricity Pool
  • NETA
  • BETTA
  • EMR
the electricity pool
The Electricity Pool
  • Government-sponsored initiative - privatisation
  • Mandatory pool – Pooling & Settlement Agreement
  • Pool pricing and capacity price
  • Contracts for difference
  • NFFO
  • E&W only – separate arrangements for Scotland and NI
from pool to neta
From Pool to NETA
  • RETA process
  • POOL successes
    • Security of supply
    • New investment
    • Retail supply competition
  • Pool failures
    • High prices
    • Gaming
    • Inflexible governance
slide5
NETA
  • Bi-lateral contracts
    • OTC trading
    • Power exchanges
  • Balancing
    • Balancing & Settlement Code
    • Bids and offers
    • Imbalance charges
  • Renewable Obligation
betta
BETTA
  • Extension of NETA to Scotland
  • Operation and development of GB Grid
    • NGC’s role
    • Scottish TOs
need for further electricity market reform
Need for (further) Electricity Market Reform?
  • Twin challenges of climate change and energy security
    • Decarbonising the ESI
    • Diversifying energy supply
  • Incentivising investment
    • Step change in investment required
    • Inadequate incentives under NETA
key features
Key Features

Contracts for Difference

The Capacity Mechanism

Insurance Policy

Contract Auction

A more integrated European Market

  • Replacement for the Renewable Obligation
  • “Price Certainty”
  • Role of the Counterparty
new limitations enhanced monitoring
New Limitations & Enhanced Monitoring

Emissions Performance Standard

New Institutional Framework

Administration and delivery of EMR

Role of National Grid

Role of Ofgem

  • Annual Limit
  • “Grandfathering”
  • Dash for gas?

The Office of Nuclear Regulation

  • An independent body
  • Five areas of responsibility
conclusions
Conclusions
  • Continual need for market intervention
  • Importance of price signals/incentives
  • Regulatory risk
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