June 25, 2020 / 12:31 PM / 17 days ago

Britain intends to hold two power capacity auctions in September

LONDON (Reuters) - The British government said it intends to hold two power capacity auctions in September for securing backup electricity supplies for the future.

In a letter to National Grid, the Minister of State for Business, Energy and Clean Growth Kwasi Kwarteng said the government wants to hold an auction for securing power capacity for 2021/22 and for 2024/25 from Sept. 1.

Britain began capacity auctions in 2014, looking to head off future power shortages as coal plants close and as low electricity prices dissuade investors from building new capacity.

Plant owners are paid to make available back-up power at short notice.

Reporting by Nina Chestney; editing by David Evans

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