Posted on: 01/12/2015
Angus MacNeil, Chairman of the House of Commons’ Energy & Climate Change Committee, has written to energy regulator Ofgem asking it to investigate possible manipulation of the electricity market.
MPs on the committee are concerned that power stations began supplying less electricity on 4 November just hours after National Grid issued Notification of Inadequate System Margin (NISM).
Under the NISM, power stations were paid up to 50 times more than normal market prices to generate power.
The NISM was issued for the peak period between 4.30pm and 6.30pm.
Evidence to committee
MacNeil told the Daily Telegraph newspaper: “There is uncertainty around the events of 4 November, but it is crucial that Ofgem establish whether major electricity generators are manipulating power prices during periods of insufficient supply.
“We will be writing to the energy regulator to ensure that it examines such potential abuses of the system.”
News of the committee’s intentions came just hours after National Grid had given evidence to MPs on the security of Britain’s energy.
> Watch National Grid give evidence to the committee