Negative power pricing is becoming an increasingly common occurrence on the UK energy networks. Already in 2020, there have been 15 half hour periods where the cost of electricity fell into negative figures, according to Drax Electric Insights.
High wind over the weekend sent power prices plunging as a surge in UK wind generation triggered negative prices for a record length of time, according to National Grid.
Wind power returned last weekend following a relatively still period, sending spot prices into the negative for extended periods.
UK power prices turned negative for nine consecutive hours on Sunday in what’s been billed as an “extraordinary turn of events” for the country’s electricity system.
Instances of negative pricing in the Balancing Mechanism (BM) are here to stay and only set to become more prevalent over the next 15 years, forecasts from Cornwall Insight have suggested.
UK wholesale power prices dipped into negative pricing for more than six hours yesterday following an “unprecedented turn of events” in the country’s supply and demand profile.
Limejump is seeking to take on 1GW of active battery capacity by 2022 after laying claim to managing one of the largest centrally controlled battery asset portfolios in the world at 130MW.
Octopus Energy has taken the plunge and is now offering customers cash in exchange for taking excess electricity off the grid at times of negative pricing in an extension of its ‘transparent’ tracker tariff released last year.