Of course if the UK was willing to tap its own coal and onshore gas and had enough places to burn them, which could have been the case but isn’t, much of this eye-watering expense wouldn’t be needed. But foolish climate obsessions like costly so-called renewables and ‘net zero’ have dulled the minds of too many politicians so here we are. Expect more of the same.
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From September to November, the BM cost reached £967m, compared to £337m the same period last year, reports Energy Live News.
The crisis in the energy market has so far had many collateral damages – one of them, the cost of the Balancing Mechanism (BM) that soared by 234% during the three-month period, from September to November.
The BM is a tool used by the National Grid to balance electricity supply and demand in real-time. Where these two metrics are not balanced, participants submit bids to either increase or decrease their generation or likewise for consumption.
New research by the consultancy LCP suggests the BM cost has jumped to £967 million from the £337 million that it was in the same period last year.
The analysis suggests that the top ten most expensive days in the BM of all time have occurred in the past three months.
It also notes that the all-time peak was breached on 24th November, where the cost to balance the UK’s electricity network totalled £63.3 million, a leap of £18.6 million from the previous most expensive day recorded on 2nd November.
For November alone, the average daily cost of the BM was £16.4 million an increase of 192% from 2020 and 756% from 2019 when the average daily cost was £1.92 million, the report concludes.
Full report here.
via Tallbloke’s Talkshop
December 7, 2021 at 01:48PM
Iowa Climate Science Education 