On 12 October, Regen published its response to BEIS’ Review of Electricity Market Arrangements (REMA) consultation, noting that market reform needs to be considered in conjunction with other key areas of reform. This includes measures such as the development of a clear Net Zero and Energy Security Delivery plan and bringing forward the investment that is needed in enabling infrastructure.
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On 3 October, Sustainability First published its response to BEIS’s Review of Electricity Market Arrangements (REMA) consultation.
On Monday 10 October, Elexon issued its response to the REMA consultation.
Recent challenges have emphasised the recurring importance of the energy trilemma, namely the need to decarbonise the energy system while ensuring energy security and affordability. The government announced its Review of Electricity Market Arrangements (REMA) in April 2022 to address these issues. In July, the government published a consultation paper for REMA, presenting a number of proposed reforms.
The Energy Industry is in danger of losing its licence to operate. Rightly or wrongly, it is being blamed for increases in the wholesale costs of gas and power which are largely beyond its control. Exposure to gas prices is driven by failures to rollout energy efficiency, late delivery of new nuclear and renewables and overexposure to the continent. These factors drive and exacerbate inflation which will likely be responsible for a recession as businesses and households reduce activity and spending in response to rising energy prices.