Britain's Power Auction Clears at Lower Price for 2029/30

Britain's latest electricity capacity auction for 2029/30 cleared at £27.10 per kW/year, securing 40.1 GW of capacity. Gas-fired generators received 19% of contracts, while import interconnectors took 17.3%. Auction prices fell significantly from £60/kW for 2028/29. Companies like SSE and Drax won contracts.

Britain's latest electricity capacity auction for the year 2029/30 concluded at a rate of £27.10 per kilowatt per year, as announced by the National Energy System Operator late on Tuesday.

Launched in 2014, the auction is part of a broader initiative to ensure sufficient power supply across the country by compensating providers for capacity readiness.

This year's auction price marks a substantial drop from the previous year's, which was set at £60 per kW/year for 2028/29. Major energy firms like SSE and Drax were among the successful bidders.

(With inputs from agencies.)