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Review of electricity market design in Great Britain
AFRY study finds a move to locational pricing in UK electricity market would be high risk for little reward.
Over the past 15 months, AFRY has completed a review of electricity market arrangements in Great Britain, in response to a government consultation. Using its power modelling expertise, AFRY assessed proposals to switch to locational electricity markets. Changing to a zonal or nodal market could dent investor confidence and comes with little modelled benefit. Investor confidence is particularly important considering the recent offshore wind auction that received no bids, in the context of the target to decarbonise the power system by 2035 and the limited window to do so. Due to the risks associated with changing the market design radically, a more evolutionary approach to improving to market arrangements is recommended.
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