Emma Pinchbeck

You get benefits we don't even cost in that analysis, like improved air quality, improved health outcomes.

You avoid £40 to £130 billion worth of climate risk.

And climate impacts.

And then on top of that, you avoid these risks of volatile international fossil fuel price spikes.

It's about, I think we're at about 70% clean overall, including nuclear.

Yeah, like top end.

And then, of course, renewables are variable.

So it's the national energy system operator now, but markets.

Yeah, I mean, I'm an energy specialist of nearly two decades standing now.

And there are some things about the energy market where if you're just trying to explain them in the pub, people are like...

What the hell?

What pressure is this?

We should do the good faith, why do we have marginal pricing and what are the advantages of it, before you trap me into talking about alternatives.

But it's common in most commodity markets, first thing, and it is common across...

most major economies and power systems.

Critically, it's also common in Europe, who we trade energy with across the interconnectors, as well as gas and... Common doesn't always mean optimal, of course.

No, but the logic for it is this.

We have half-hourly markets, so every half-hour, a power plant bid in to provide power to the system, and the system operator stacks them in order of cost.

And they procure everything they possibly can as cheaply as they can down the bid stack.

And then where there is a gap, so the last plant available to meet need is the one that sets the price for the whole market.