8th Apr 2021 09:27
(Alliance News) - National Grid Electricity System Operator, a unit of National Grid PLC, has been ordered to pay GBP1.5 million by the UK energy regulator Ofgem over a licence breach in 2017.
National Grid ESO failed to provide unbiased and accurate 7-day electricity demand forecasts between April and October 2017, and did not have adequate controls in place at the time, Ofgem said.
Energy suppliers rely on forecasts to calculate how much electricity to generate and buy. Inaccurate forecasts can cost them money and lead to price rises for consumers, Ofgem said.
The fine was reduced from GBP2.1 million as National Grid ESO settled the investigation early.
National Grid ESO is a "legally separate business within the National Grid PLC family," according to its website.
Shares in National Grid were up 1.4% to 900.60 pence in London.
By Ivan Edwards; [email protected]
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