Centrica to sell 30% of generation on N2EX
July 3rd 2012
Centrica Plc., parent company of British Gas has announced it has started to sell at least 30% of its day-ahead electricity generation on the N2EX exchange. The N2EX platform which is owned by Nasdaq and Nordpool, has been used by the firm since it was launched in January 2010. But they have only started selling at least 30 per cent of power via the platform this week.
The increased sales have been sparked after industry competitors Scottish and Southern Energy (SSE) and E.ON announced their plans to auction off day-ahead electricity production on the open market. Britain’s big six energy suppliers – EDF, Centrica, SSE, EON, RWE and Scottish Power – were criticised by Ofgem for high rises in energy bills in 2011 as the regulator pushed for more competition in the industry, pledging to break the “stranglehold” of the country’s “big six”.
“This new initiative will bolster the N2EX exchange and strengthen the industry’s drive to increase liquidity and improve market transparency” Centrica said in a statement.