T-4 Auction 2015 - Published Round Results
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 57724.948 MW De-Rated Capacity. This is figure is the Supply at the Auction Price Cap in Figure 1 below.
All prices are in 2014/15 prices.
The T-4 Capacity Auction 2015 has cleared in Round 12. There will be no further Bidding Rounds.
The Clearing Price is £18.00/kW.
The total quantity of De-Rated Capacity is 46353.569 MW
The full Provisional Results Report is available here.
The Provisional Results Report Appendix A is now available in .xlsx format here.
The Final T-4 Auction Results are available here.
The Auction Results will remain Provisional until the 22nd of December 2015 (Auction Results Day).