By Jaime Llinares Taboada
National Grid Electricity System Operator failed to provide accurate and unbiased demand forecasts in 2017, U.K. energy watchdog Ofgem said Thursday.
The British system operator, which is owned by National Grid PLC, didn't meet its obligation of providing seven-day-ahead power-consumption projections during a number of months in 2017, and it didn't have adequate controls in place to prevent this happening, Ofgem said.
As a result of Ofgem's findings, NGESO will pay 1.5 million pounds ($2.1 million) into Ofgem's voluntary redress fund.
In January 2021, Ofgem recommended separating the electricity system operator from National Grid to avoid potential conflicts of interest.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires