A new report which aims to make the energy market clearer and easier to understand while providing greater access to energy trading data has been released.
Energy UK today published the Wholesale Market Report, which shows power traded in the market – from the coming season to just a day ahead – so people can get a better picture of how average prices are changing over time.
It will be published on a monthly basis to show what is happening in the market in the short and long term, set out the wholesale price being paid for base load power and the differences in how energy is being traded in the short rather than the long term.
The report revealed total traded power in the months of November and December 2013 and January this year was three times higher than demand. Electricity generation in January was dominated by coal (40%), followed by gas (21%), nuclear (20%) and wind and hydro providing a total of 12% of electricity. Imports from the French and Dutch interconnectors provided the rest of the generation mix.
For season ahead prices, the price of electricity for delivery in summer 2014, as of 17th January this year, averaged at £49.3/MWh – similar to the average price for the previous summer.
Angela Knight, Chief Executive of Energy UK said: “The Wholesale Market Report is designed to shine a light on electricity trading and the price at which it is being traded. It shows the way prices vary from one maturity date to another and it is not surprising that, as the need to buy gets more urgent, the day ahead market shows much more volatility than the picture a season out.
“The Wholesale Market Report also shows there are ready and willing buyers and sellers and what is being bought and sold is easy to price and can trade without a significant price impact.”