In the first Capacity Market auction, held last week, the scheme largely failed to deliver new-build gas plants to meet market needs in 2018, according to provisional results released on Friday.
New gas-fired projects at Carrington, South Hook, King’s Lynn (Centrica), Damhead Creek (Scottish Power), Gateway (Intergen), Spalding (Intergen), Abernedd (SSE), and Thorpe Marsh all dropped out of the bidding, which cleared on Thursday, four days after it started. The auction cleared at a price of £19.40/kW/year, well below the generally expected level of around £25/kW/year.