New Electricity Trading Arrangements
- New Electricity Trading Arrangements
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New Electricity Trading Arrangements (NETA) is the name of the system under which electricity is traded in the United Kingdom's electricity market [1] [2].
Overview
The New Electricity Trading Arrangements (NETA) came into force on 27th March 2001. It is claimed that they are designed to deliver more competitive, market-based trading arrangements for electricity (similar to those in other commodity markets like coal and oil) while still maintaining the operation of a secure and reliable electricity system by the establishment of "close to real time" balancing arrangements.
NETA gives greater choice for market participants than the pool-based trading arrangements previously in place, which required virtually all electricity in England and Wales to be bought and sold directly through the pool.
The new arrangements are also expected to be more efficient than the pool, where prices failed to properly reflect a more competitive generation market and falling generation input costs.
BETTA
As of April 2005, NETA changed its name to the British Electricity Trading Transmission Arrangements, and expanding to become the single Great Britain electricity market of England, Wales and Scotland.[3]
See also
References
- ^ http://www.ofgem.gov.uk/Markets/Archive/The%20review%20of%20the%20first%20year%20of%20NETA%20A%20review%20document%20Vol%201.pdf
- ^ http://www.publications.parliament.uk/pa/cm200304/cmselect/cmpubacc/63/63.pdf
- ^ Ofgem archive on BETTA
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