On 18 July, the government opened its consultation on the Review of Electricity Market Arrangements (REMA) in which it aims to identify reforms needed to ensure electricity market design is fit for the purpose of maintaining energy security and affordability for consumers as the electricity sector decarbonises.
Having alluded to the need for electricity market reform in several policy documents over the last few years, and following a commitment made in its April Energy Security Strategy, on 18 July the government published its Reform of Electricity Market Arrangements (REMA) consultation.
With power prices expected to remain high for the foreseeable future and increasing challenges to our energy supply, the energy trilemma – the need to deliver net zero while preserving our security of supply in a way affordable to consumers – is taking centre stage once again.