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UK's first power capacity auction procures less than planned

Reuters - UK Focus

LONDON, Dec 19 (Reuters) - Britain's energy ministry said on Friday the country's first auction under a new power capacity market mechanism had cleared at 19.40 pounds per kilowatt per year, with 49.26 gigawatts (GW) of capacity contracted to provide backup power in the year 2018/19.

The auction result slightly undershoots the intended capacity procurement of 50.8 GW.

Centrica (LSE: CNA.L - news) said in a separate statement that two of its gas-fired power plants had been successful in the auction.

(Reporting by Karolin Schaps; editing by Jason Neely)