Tweets by @ePOWERrenewable

e-POWER auctions are usually run twice a year.

In these auctions, licenced electricity supply companies (suppliers) participate in a competitive bidding process for the right to receive electricity from renewable generating stations for a specified period (usually 6 months but can be 12 months).

Before each auction, NFPAS contacts licensed electricity suppliers, inviting them to register to participate in the auction.

Registered suppliers are given a username and security password to gain entry to the auction via the e-POWER website.

Registered suppliers can view the contracts on offer, then on the day of the auction, they log on to the e-POWER website and formally make bids for individual contracts.

Due to the competitive nature of the auction, large numbers of bids are made by suppliers and auctions can last several days.

Contracts are awarded to the supplier who submits the highest bid (in respect of each generating station), which is not bettered after a period of 2 hours. Successful bidders are then notified via email. Successful bidders obtain the right to receive electricity and any of its associated benefits (ROCs, LECs, REGOs) that may apply.

Bidding takes place over a secure internet service. During the auction, all participants are able to see current highest bids, and final bid prices, though all participants are anonymous.