Prices in the GB electricity market soared at the beginning of this month. The maximum day-ahead price in the market in the first week of March was £683 – more than three times the maximum day-ahead price of £191.55 seen in any day in March in the previous six years.
Britain’s exit from the EU has resulted in reduced trading on the electricity interconnectors between GB & Ireland and increased the frequency of extreme prices although the withdrawal agreement ensured that the SEM would remain intact.
A new ancillary service, dynamic containment, procured by National Grid to manage the frequency of Britain’s electricity system remains undersubscribed more than four months after its launch in October 2020, but is showing its potential as a useful new revenue stream for battery projects.
Negative power prices have swept across Europe in the first nine months of 2020, with excess power in the market resulting in consumers being paid rather than charged to use electricity. European countries on average saw negative day ahead prices almost 1% of the time.
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