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The Ofgem cap is based on a "typical household" using 11,500 kWh of gas and 2,700 kWh of electricity a year with a single bill for gas and electricity, settled by direct debit.
The highest subsidy price that was still awarded was 6.00 ct/kWh. [111] In a bid for onshore wind farm projects, an average payment of 5.71 ct/kWh was achieved, and 4.29 ct/kWh in a second bidding round. In 2019, there were bids for new offshore wind farms in the United Kingdom, with costs as low as 3.96 pence per kWh (4.47 ct). [112]
MSP kWh is the amount of electricity consumed at the 'meter supply point', which is the customer's meter. GSP kWh is obtained by multiplying the MSP kWh by the Line Loss Factor (LLF, a figure > 1) to include the amount of electricity lost when it is conducted through the distribution network, from the 'grid supply point' to the customer's meter.
Electricity prices are dependent on many factors, such as the price of power generation, government taxes or subsidies, CO 2 taxes, [1] local weather patterns, transmission and distribution infrastructure, and multi-tiered industry regulation. The pricing or tariffs can also differ depending on the customer-base, typically by residential ...
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In both years the United Kingdom was the fourth highest producer of electricity from gas. In 2005 the UK produced 3.2% of the world total natural gas; ranking fifth after Russia (21.8%), United States (18%), Canada (6.5%) and Algeria (3.2%). In 2009 the UK’s own gas production was less and natural gas was also imported. [60] [61]
English: Chart of UK wholesale spot price for natural gas. Data source given as "nationalgrid.com Prevailing View tool (system average price)". Date: 3 February 2023:
The National Balancing Point, commonly referred to as the NBP, is a virtual trading location for the sale and purchase and exchange of natural gas in the United Kingdom. [1] It is the pricing and delivery point for the ICE Futures Europe ( IntercontinentalExchange ) natural gas futures contract .