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ARTICLE · 26 FEBRUARY 2024

The Energy Transition | New Balancing Reserve Service Approved By Ofgem

Osborne Clarke LLP
Osborne Clarke LLP
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Osborne Clarke LLP

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This week we look at Ofgem's approval of a new balancing reserve service, the government's international collaboration with Canada and other partners on fusion energy...

GlobalEnergy and Natural Resources
Yasmin Howes
Yasmin Howes
Johnny Hartrick
Johnny Hartrick
Jack Duffy
Jack Duffy
Luke Webb
Luke Webb
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This week we look at Ofgem's approval of a new balancing reserve service, the government's international collaboration with Canada and other partners on fusion energy, Ofgem's latest tender for the ownership of offshore transmission assets and more.

Ofgem approves new balancing reserve service

Ofgem has approved a new Balancing Reserve (BR) service which will go live next month. The service will allow the Electricity System Operator (ESO) to secure energy a day in advance rather than buying it on the day. The ESO will purchase energy from Balancing Mechanism (BM) generators that can generate more than 1MW and will commit to paying generators a guaranteed sum agreed at daily auctions for each 30-minute settlement period they participate in.

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