Ofgem published on
Wholesale electricity prices are 20–25 per cent. below prices that would have been produced under the Pool.
Market liquidity has been established with a threefold increase in the volume of trades, and a doubling of the number of contracts struck compared to this time last year under the Pool.
The National Grid Company is working well to keep the electricity system in balance. Its daily costs of balancing the system have halved, which will also benefit customers.
The impact of NETA on smaller generators continues to be a concern. Ofgem also published a report on the impact of NETA on smaller generators in the first two months of its operation. This report highlighted the areas where further action was needed to assist smaller generators. I have issued a consultation document aimed at addressing these concerns, and copies have been placed in both Libraries of the House.