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UK to reinstate power capacity market scheme after EU approval

Reuters - UK Focus
Updated

LONDON, Oct 24 (Reuters) - The British government said on Thursday it will reinstate its power capacity market scheme after the European Commission approved it.

The decision will mean the government can reinstate the mechanism for making payments to capacity providers, including around one billion pounds of payments which were suspended due to the standstill.

"The vast majority of the back payments will reach capacity providers in January 2020," the government said in a statement.

It added that three capacity auctions scheduled for early next year to secure power capacity out to 2023/24 will take place. (Reporting by Nina Chestney; editing by Jason Neely)