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T-4 Auction (Delivery Year: 2025-26) - Published Round Results

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Capacity Market Rule 5.5.18 Requires the Auctioneer to Announce and Publish the following information prior to the start of each Bidding Round:

• ​​The Bidding Round Price Spread.
  
• ​​​The Potential Clearing Capacity at the Bidding Round Price Floor​ for that Bidding Round.​​​​​​​​​​
  
• Except in relation to the first Bidding Round, the Excess Capacity as at​ the start of the Bidding Round.​​​
  

​The Bidding Round Price Spread will be £5/kW for each Bidding Round, as described in the Auction Guidelines.  The "Potential Clearing Capacity" is identical to the demand curve at a given price. The Excess Capacity is the excess of supply over demand at a particular price. The Excess Capacity is rounded to the nearest 1 GW, where the Excess Capacity falls below 1 GW, "Below 1 GW" will be displayed. Once the (unrounded) Excess Capacity falls below zero, the Auction will clear, subject to Capacity Market Rule 5.9.

These values are displayed in the Table below and charted in Figure 1. They will be updated approximately10 minutes prior to the start of each Bidding Round. This coincides with the release of this information to Bidders.  

The Graph below shows the Rounded Excess Capacity added to the Potential Clearing Capacity, that is, the Remaining Capacity, or Supply. The supply will only be shown at a Bidding Round Price Cap/Floor, with a linear interpolation within a round.  Two curves will be shown, giving upper and lower bounds for the supply, given the rounding to the published Excess Capacity figures.

By Examining the Capacity Market Register, it can be verified that the Capacity Entering the Auction is 48581.332 MW De-Rated Capacity. This Capacity is the Supply at the Auction Price Cap in Figure 1 below.

All prices are in 2020/21 prices.​​​​​​​​

 The Auction has cleared in Round 9. The Clearing Price is £30.59 /kW/year.

The Final Results Report is available here.

The Final Results Report Appendix A is available in .xlsx format here .

All Auction results reports are available here.