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Originally Posted by Chris
You’re completely ignoring the fact that the generating market is totally rigged right now. Ending the practice of artificially pricing all sources at the level of the most expensive does not then require an unregulated market to be put in its place. We have a regulator and we know what it actually costs to generate electricity from renewables or nuclear. There’s nothing to stop a cost plus fair profit system being imposed, for at least the duration of the emergency. It would require an Act of Parliament but it can be done.
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You would need the sort of energy market they have in the US, where prices can vary from moment to moment, depending on where the energy is coming from.
Eg
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National Grid paid £9,724 per megawatt hour, more than 5,000% than the typical price, to Belgium on Wednesday to prevent south-east London losing power.
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Which customers would get to pay that? Nearly £10/KWh(unit). That iirc is what happens in the US.