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GB Renewables market summary – March 2021

Wind turbines - Aurora Energy Reseach

We are pleased to present our GB Renewables market summary report.

Highlights from March include:

  • Average power prices increased to £54.1 /MWh in March, equivalent to a £1.2 /MWh (or 2.3%) rise from February this year driven by higher demand and carbon prices. This represents a year-on-year increase of £25.6 /MWh (89.9%) due to the subsequent economic recovery from the crash caused by COVID-19.
  • The intraday market experienced 11 settlement periods with negative prices, which is the same amount as seen in February. Meanwhile, the day ahead market saw no negative price periods for the third month in a row.
  • Despite an increase in baseload prices, renewables experienced a decrease in both load factors and capture prices compared to February:
    *Onshore wind load factors fell by 7 p.p. to 36%, while offshore wind’s load factors fell by 14 p.p. to 45%.
    *Average capture prices for onshore wind fell to £47.7 /MWh, a decrease of £1.3 /MWh (3%) while offshore wind’s
    average capture prices also fell to £47.9 /MWh, equivalent to a month-on-month decrease of £1.1 /MWh (2%).
  • As wind generation was lower this month, accepted bid volumes for onshore wind fell from 432 GWh in February to 270 GWh this month, a decrease of 38%. This translated to a £12 million reduction in accepted bid payments.

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