Ofgem launches crackdown on excess balancing profits
Ofgem has given the final go-ahead to a new licence condition to prevent generators from obtaining excessive profits by signaling their intention to stop producing power during periods of scarcity and then charging extortionate prices to continue generating. The regulator originally proposed the new licence condition in November last year after balancing costs “rose alarmingly” to £1.5 billion over the winter of 2021.
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