13/07/2023
10:00 - 13:30 UK Time
CMS, Cannon Place, 78 Cannon Street, London EC4N 6AF
Non-Member: £90.00 (excl. VAT)
Member: £45.00 (excl. VAT)
These changes could impact cost and reliability for customers, returns for investors and even new investments in energy systems. Given further consultation is due in Autumn 2023 and the high stakes involved, this controversial topic is pressing.
Join us in person for this timely discussion.
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10.00 Registration, tea and coffee
10.30 Welcome from chair | Paul Spence, Director of Strategy and Corporate Affairs, EDF Energy
10.40 Industry perspectives | Emma Pinchbeck, Chief Executive Officer, Energy UK
10.55 Demand side participation and locational pricing | Rachel Fletcher, Director Regulation and Economics, Octopus Energy
11.10 Investor and asset owner perspectives | James Samworth, Partner, Schroders Greencoat
11.25 Panel session | Speakers TBC
12.30 Closing remarks from the chair | Paul Spence, Director of Strategy and Corporate Affairs, EDF Energy
Followed by a buffet lunch and networking
Speakers
James Samworth
Partner, Schroders Greencoat
Emma Pinchbeck FEI
Chief Executive Officer, Energy UK
Rachel Fletcher FEI
Director Regulation and Economics, Octopus Energy
Paul Spence
Director of Strategy and Corporate Affairs, EDF Energy
At its launch, the Review of Electricity Market Arrangements (REMA) was described by the UK Government as the “biggest electricity market reform in a generation” It was formally announced in the Energy Security Strategy published on 7 April 2022.
REMA will consider the changes to wholesale electricity markets required to achieve decarbonised power sector in 2035 (subject to security of supply) – this will require a massive reduction in gas use.
After a consultation in July 2022, DESNZ published a summary of responses on 7 March 2023, which ruled out only a few options. Further consultation is expected in Autumn 2023.
The REMA programme is likely to be taken forward by the next Government after the General Election.
The highest profile issue politically remains decoupling power prices from gas prices; other hot topics for the industry include locational pricing, wholesale market liquidity and the design and scale of low-carbon support mechanisms.
The possible changes have huge implications for new investment into the energy system, the cost and reliability of the supply of energy to customers and the returns for existing and future investors.
The interactions with current arrangements are complex and there are risks of intended and unintended consequences
The high stakes mean that the topics attract strong – and sometimes opposing – views which we will aim to explore with panellists during this important and timely debate.