The early capacity market auction, for delivery next winter, cleared at £6.95/kW on Friday 3 December––significantly below most analysts’ expectations.
Around 54.4GW of capacity was procured, approximately 1.9GW of which was new build. In terms of technologies, just over 22GW of CCGT capacity was awarded contracts––accounting for 40% of the successful capacity overall––followed by around 10GW of coal, and nearly 8GW of nuclear power.
Energy minister Jesse Norman said: “Reliable power supplies are essential for businesses to thrive and succeed. Thanks to this auction, homes and businesses can have confidence in the availability of that electricity at the lowest possible cost.”
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