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Bloomberg
K power firm Drax Group Plc agreed to pay a £6.1 million ($7.5 million) fine for breaching its license, after charging the grid operator excessive prices to reduce its generation.
The penalty comes as regulator Ofgem reviews the rules for Britain’s balancing market, where the grid fine-tunes electricity supply and demand. Ofgem is looking to reduce record balancing costs by curbing the excessive profits of generators.
At certain times when the grid was tight between 2019 and mid-2022, Drax’s pumped storage subsidiary secured “excessive payments†by entering inflated bids into system’s balancing mechanism, Ofgem said.