UK consults on major power market reform
Government eyes biggest overhaul of wholesale market for 20 years to support transition goals and break price link with gas
The UK government is consulting on a top-to-bottom redesign of the country’s wholesale electricity market aimed at better equipping it for the transition and tackling the energy affordability crisis by breaking the price link between power and natural gas. The scope of the initial consultation on the Review of Electricity Markets (Rema), which would be the biggest policy intervention in the market for 20 years, covers multiple aspects of the wholesale market from pricing to capacity markets, contracts for difference and balancing services. It also floats the idea of introducing incentives for consumers to draw energy from the grid at cheaper rates when demand is low or when wind and solar ge
Also in this section
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist