Today, the System Operators published the final results for the second T-4 Capacity Auction (called T-4 2023/24) as approved by the Single Electricity Market Committee (SEMC).
The auction was successful in securing sufficient generating capacity, as determined by the System Operators, to ensure electricity security of supply across the island for the 2023/24 capacity year. The auction is a competitive process which allows for competition between new market entrants and existing capacity, with the cheapest generation secured to meet demand and keep consumer costs as low as possible.
The auction has secured a wide range of technology, new and existing, to meet the needs of the market. This includes new efficient and flexible generation that will respond to the changing market requirements, such as delivering lower CO2 emissions and accommodating more renewable generation.
This is the second T-4 capacity auction of the more competitive and efficient market arrangements which came into effect on 1 October 2018. Capacity auctions run on an annual basis and all market participants, including new investors, are able to participate.
The final auction results can be found on the SEMO website.