UK's year-ahead capacity auction for winter 22/23 clears at GBP70-75/kW

The UK's one year-ahead (T-1) capacity market auction for 2022-2023 delivery cleared in the first round Feb. 15 at GBP75-70/kW/year ($102-95/kW/year), the highest price seen in the auctions to date, National Grid ESO's auction page showed.

More detailed results and a final price will be published at 7pm this evening, the body said.

Some 4.996 GW of de-rated capacity entered the T-1 auction, below the target volume.

On Jan. 25 Secretary of State for Business Kwasi Kwarteng upped the target volume in the auction from 4.7 GW to 5.36 GW due to "broader uncertainties" in the power market.

In March last year the T-1 auction for 2021/2022 procured 2.25 GW of de-rated capacity at a clearing price of GBP45/kW/year, the highest price yet in the mechanism.