United Kingdom

United Kingdom

Prices fall under new trading agreement

The electricity and gas regulator, Ofgem, maintains that introducing the new electricity trading arrangemenets (NETA) was the highlight of its year and marks a step forward for customers. In its annual report it claims that due to NETA, wholesale electricity prices fell by 15% during the year and continue falling, a number of power exchanges have been set up and there has been a three-fold increase in the volume of contracts traded. Its review of the disastrous impact on small generators and subsequent report are all part of the "bedding-down work" that Ofgem is still undertaking to ensure NETA works effectively, says energy regulator Callum McCarthy.

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