February 1, 2018 / 6:20 PM / 22 days ago

UK power capacity auction for 2018/19 clears at 5-10 pounds kW/year - national grid

(Reuters) - Britain secured 10.66 gigawatts of backup electricity capacity for 2018/2019 at 5-10 pounds/kilowatt (kW)/year, data on the National Grid auction website showed on Thursday.

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

Power plant owners are paid to make available backup electricity at short notice.

Reporting by Apeksha Nair in Bengaluru; Editing by Susan Fenton

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