The final auction has completed today with a further £47m of capacity changing hands. Although the average price paid to acquire capacity was down by more than 50% to 10.01p, this is because more than half the capacity traded was on two syndicates with low auction prices (ERS syndicate 218 which traded at £20.2m of capacity at an average 0.11p and Apollo Syndicate 1969 which traded £7.1m at 1.01p). The average price of members’ capacity was up slightly at 26.3p (from 26.0p in Auction Two). This latter number is a much better indication of overall pricing trends as it weighted by the overall members’ portfolio and not by the amount of capacity traded in a particular auction on a particular syndicate.

At £181m across the three auctions in 2017, the total volume of capacity traded is the highest for any auction year since 2006.

The full results can be found here.

Separately, we have spotted an error in the schedules we posted earlier today as the forecasts for Syndicate 727 were not updated from a previous version. The corrected schedule is here in pdf format and here in excel format.