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GB renewables market summary – December 2020

This report presents a summary of GB market activity with a focus on renewables technologies.

Key findings in this report include:

  • Relative to November, average monthly baseload prices in December increased by £13.5/MWh (or 33%) due to an increase in transmission demand and gas prices by 10% and 18%, respectively
  • December saw several periods of low wind output alongside lower temperatures which resulted in National Grid ESO issuing Capacity Market notifications and turning to higher marginal cost generators. These periods saw wholesale prices in excess of £200/MWh
  • The instances of negative half hours in the intraday market in December reduced by 29 settlement periods to a total of 12, relative to November. However, the number of negative hours in the day-ahead market remained at four – the same as November
  • Average monthly load factors for offshore wind in December remained the same at 52%, relative to November; while those for onshore wind decreased by 2 p.p. to 32%. However, capture prices increased by 37% for both technologies – to £48.4/MWh for offshore wind, and £48.2/MWh for onshore wind
  • Onshore wind accepted bid volumes in the BM decreased by 371.4 GWh – equivalent to a drop of more than 56% relative to November. This decline in bid volumes led to a drop in cashflows of £27m

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