The need for more timely information on the electricity market, particularly given the present "crisis", could create a case for major reconstruction of the market and the computer-based models that run it, says the Major Electricity Users’ Group (MEUG).
Commercial electricity consumers – and possibly even domestic consumers - need more information on electricity supply and demand, says Ralph Matthes of MEUG, especially bearing in mind that when the normal market fails they will be unknowingly paying high spot-market prices, “now well over 20 cents a kilowatt-hour”.
Development of technology should mean it is possible to give almost real-time notification to users of what they are spending on electricity, he says.
At present, figures on the cost of electricity do not get back to the user until 11am on the day after the electricity is used. Even this information is not available unless users subscribe to the Comit system of M-co, a system designed for those who want to buy and sell electricity, Matthes says.