Balancing costs top £2bn
Grid balancing costs have risen by 25% this year, according to new figures.
Grid balancing costs have risen by 25% this year, according to new figures.
Analysis by the Nuclear Industry Association found that Britain hit the £2 billion mark for balancing faster than in any year since the 2022 energy crisis.
The NIA said costs have risen as gas-fired power plants continue to set the benchmark electricity price 97% of the time, the highest rate in Europe.
It said projections suggest balancing costs could double again by 2030 if the system remains dependent on fossil fuels, “highlighting the urgent need for more reliable, price-predictable nuclear power to reduce dependence on expensive gas”.
Chief executive Tom Greatrex said consumers were paying the price for historic underinvestment in nuclear.
“This is why decisions to invest in new nuclear projects like Sizewell C and a fleet of small modular reactors will deliver high-skilled employment, lower bills, strengthen energy security, and provide dependable, low-carbon electricity for generations.”