National Grid’s UK power transmission profits slid more than 20% in the first half of its 2017/18 financial year, with the system operator (SO) continuing to prepare for its changing role in the power market.
National Grid has confirmed an overhaul of the grid balancing markets it operates, pledging to “rationalise” products such as frequency response and operating reserve.
Dieter Helm has pitched his vision for the future energy market, including a “significantly diminished” role for Ofgem as its responsibilities are largely redistributed.
The chief executive of Ireland’s transmission system operator has been poached by National Grid to head up what will become the UK’s new system operator company within the wider National Grid group.
National Grid must create a legally separate company to conduct its system operator (SO) duties and have it running by April 2019, Ofgem has said.