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Share Price Information for National Grid (NG.)

London Stock Exchange
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Share Price: 882.00
Bid: 884.80
Ask: 885.00
Change: 9.20 (1.05%)
Spread: 0.20 (0.023%)
Open: 870.20
High: 886.20
Low: 869.20
Prev. Close: 872.80
NG. Live PriceLast checked at -

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Households paid to cut energy usage as cold snap bites

Mon, 23rd Jan 2023 13:15

(Sharecast News) - National Grid will pay some British households to use less power on Monday, the first time a new scheme will be put into practice.

The demand flexibility service, introduced to safeguard supplies and avoid blackouts, will run for an hour tonight between 5pm and 6pm. The scheme has been trialled but this is the first time it will be used in a live situation.

National Grid also said on Monday it had asked for three coal-fired generators to be warmed up in case they were needed during the cold snap.

Freezing weather is continuing to affect much of the UK, while light winds have affected wind generation.

But National Grid insisted supplies were not at risk. National Grid ESO - which operates the electricity system - tweeted: "This does mean electricity supplies are at risk and people should not be worried.

"These are precautionary measures to maintain the buffer of spare capacity we need."

The demand flexibility service, which was approved late last year by regulator Ofgem to run between 3 November 2022 and 31 March 2023, is open to customers who have smart meters and are with one of the 26 suppliers that have signed up for the scheme.

More than 1m households have signed up to the service, according to National Grid.

Customers can get discounts on bills if they use less electricity when the service is live, such as delaying using ovens or washing machines until after 6pm.

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