The country’s government aims to drastically reduce its exposure to volatile natural gas prices.
The UK has launched a review of its electricity market.The move would de-couple costly fossil fuel prices from electricity produced by cheaper renewables. Fossil fuel prices could be separated from the costs of electricity produced by renewables, radically reducing the country’s exposure to volatile global gas markets.
Under the current system, gas prices often end up dictating the wholesale electricity price, because it is often the last source of supply to meet demand. The ever-increasing participation of renewables in the system means over time, the Goverment believes cheaper electricity produced by renewables energy will determine the price more often.
The Review of Electricity Market Arrangements will seek views on how to address the challenges of higher global energy costs, the need to further boost energy security and to move the UK to a cleaner energy system. It also includes consultation on reforming the capacity market so that it increases the participation of low carbon flexibility technologies, such as electricity storage, that enable a cleaner, lower-cost system.The consultation forms part of the government’s comprehensive review of the electricity market, first announced in the British Energy Security Strategy .
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