The first of the three capacity auctions to be held on successive Tuesdays and Wednesdays this month was completed today.

As anticipated with the recent loss activity and subsequent pre-emption offers from core syndicates, there were some prices that were sharply down. An influx of capacity from a deceased unlimited member was also a factor in increasing supply of capacity to the auction. There was an increase in capacity tenders (sale orders) of more than 135% and in capacity subscriptions (buy orders) of more than 66%. More capacity was traded in Auction One this year than was traded in all three auctions in 2016.

Summary results are as follows:

 

 

2016 Auction One

2017 Auction One

2016

Auctions

One to Three

Capacity successfully traded

£29.3m

£76.1m

£66.7m

Subscription (buy) orders

£370.0m

£617.4m

£1,087.1m

Tender (sale) orders

£48.3m

£113.6m

£256.8m

Bilateral trades

0

0

0

No. of syndicates traded

19

19

19

Average price paid to acquire capacity

40.1p

15.5p

35.0p

 

The full results are available here.

The second auction will be held on November 7 and 8.