DECC/Ofgem’s joint annual ‘Statutory Security of Supply Report’ provides an assessment of the availability of secure, affordable electricity, gas and oil for meeting the needs of consumers.
This report discharges the Government and Ofgem’s respective obligations under section 172 of the Energy Act 2004 as amended by section 80 of the Energy Act 2011, including government’s obligation to report annually to Parliament on the availability of electricity and gas for meeting the reasonable demands of consumers in Great Britain (GB).
It also discharges the government’s obligation under certain EU Directives to monitor gas and electricity security of supply issues and publish reports.
The consultation on changes to Capacity Market regulations will ask stakeholder views on changes, in the light of evaluation evidence and stakeholder feedback, to tighten up our assurance that new build projects that receive agreements actually deliver on time and other technical simplifications and improvements. The Capacity Market is a key part of our transitioning electricity market, which will drive new investment in new capacity to help keep the lights on, as well as getting the best out of our existing power stations as we transition to a low carbon electricity future.
The Electricity Market Reform annual update sets out the successes of the first Contract for Difference auction, amounting to 2GW of new renewable electricity. It also highlights the successful conclusion of the first Capacity Market auction which contracted over 49GW of capacity.