The House of Lords EU Environment sub-committee has released a new report, in part detailing its views on electricity pricing and trading post-Brexit. The sub-committee is urging the government and the EU to focus on improving cross-border electricity trading arrangements across the market timeframes, stating it is concerned that consumer electricity prices could increase due to the inefficiency of the initial cross-border electricity trading arrangements between Great Britain and continental Europe and the island of Ireland, as well as the uncoupling of GB’s two power exchanges. GB left the EU Internal Energy Market as the end of the Brexit transition period, with this having contributed to a series of high prices over the last few months, including the maximum day ahead price in the first week of March hitting £683/MWh. This has also led to a decrease in the use of interconnectors in Ireland’s single electricity market, with the average utilisation in January falling 150MW.
Current 23rd March 2021 read more »