United Kingdom

United Kingdom

Prices fall under new trading agreement

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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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