Hopefully, we can work towards co-operation with neighbouring countries to cut £1bn + off our bills
Quote:
Energy costs for consumers could be lowered by £1.1bn a year if the UK pursued greater co-operation with Europe on electricity trading and carbon pricing, according to an industry body.
Energy UK, which represents power generators and traders, said UK households were paying the price for “inefficient trading” arrangements since 2021, with electricity no longer exchanged through the EU market coupling regime.
As an EU member the UK had been part of the internal energy market regime, which created a single price by automatically balancing the needs between countries using computer algorithms to match bids and offers. But since leaving the EU single market in January 2021, the UK has moved to a back-up system that involves running daily auctions.
Traders — big suppliers as well as independent commodity and power businesses — are now being required to purchase or sell energy separately in each geographical market, adding to the complexity and cost of the system.
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https://www.ft.com/content/b0084b3d-...8-f753a6dab1c7