> the national wholesale price of power in the UK is based on the price of the most expensive thing in the market at any point
How much of the electricity demand goes through a bilateral agreement (or one where generation and retail are the same organisation, like EDF)? Also I seem to recall that the "pay the highest accepted bidder model" used to be argued as lowering the bids, resulting in a lower cost to the consumer!
While I sympathise with the notion of zonal pricing, there are side-effects to making the change, especially when power is intermittent e.g. https://www.uksteel.org/steel-news-2024/businesses-write-to-... . I'm not sure what the correct metric is.
> the national wholesale price of power in the UK is based on the price of the most expensive thing in the market at any point
How much of the electricity demand goes through a bilateral agreement (or one where generation and retail are the same organisation, like EDF)? Also I seem to recall that the "pay the highest accepted bidder model" used to be argued as lowering the bids, resulting in a lower cost to the consumer!