May 2023
Price: £95 PLUS VAT
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This conference looked at next steps for electricity market reform in the UK.
Following the launch of what is considered the biggest consultation on electricity market reform in a generation - last year’s Review of Electricity Market Arrangements (REMA) - it was a timely opportunity for key stakeholders and policymakers to assess potential outcomes for the wholesale market, particularly in light of the Government’s recent summary of responses to the consultation.
With the recently announced formation of the Department for Energy Security and Net Zero, delegates considered what immediate steps are needed to ensure that the electricity market is able to respond to challenges, including energy security, delivering affordable power to consumers, and effective decarbonisation as part of the transition to net zero.
They also examined potential pathways to increase system flexibility and support further renewable generators, the potential for the market to send operational and investment signals, as well as assessing the future of the Capacity Market and Contracts for Difference Scheme.
We are pleased to have been able to include keynote sessions with Harriet Dalrymple, Head of Strategy, Engagement and Delivery: Review of Electricity Market Arrangements, Department for Energy Security and Net Zero; and Ben Shafran, Head of Markets, Policy & Regulation, Energy Systems Catapult.
Overall, key areas for discussion included:
- REMA: progress - next steps - addressing key challenges for energy security, costs and low carbon power - implications for consumers and suppliers - priorities for innovation
- impact of reform: opportunities and issues for renewable generators - the transition to low carbon power - attracting investment - locational marginal pricing - new generation asset development
- regulation: assessing the role of locational investment and operational signals - increasing effectiveness - minimising system costs - options for delivery
- system flexibility: options for central dispatch - tackling barriers around intermittent supply - increasing grid and network capacity - balancing demand - plans for price signalling
- the Capacity Market and CfD scheme: options for reform - security of electricity supply - aligning changes with net zero ambitions
The conference was an opportunity for the stakeholders to consider the issues alongside key policy officials who attended from the CCS; CMA; DAERA, NI; DBT; Defra; Department for the Economy, NI; DESNZ; Department of the Environment, Climate and Communications, Ireland; DLUHC; DfT; Department of Enterprise, Trade and Employment, ROI; Department of Finance, NI; FCDO; HM Treasury; House of Commons Library; MCA; NIA; OBR; The Scottish Government; and the Welsh Government - as well as by parliamentary pass-holders from The House of Lords.
