A number of coal-fired power stations, that opted out of the Large Combustion Plant Directive (LCPD), appear to have exceeded operating expectations to take advantage of high summer power prices. Those stations that opted out have a 20,000 hour limit from the beginning of 2008 to end of 2015. Using up their 20,000 hours could see them close at any time before 2016 although all must close by this deadline. The estimated running rates were reported by Drax in its first half year results and suggested that Scottish Power’s 1150 MW Cockenzie plant had already used approx. 18% of its 20,000 hour limit (12.5% per year would see the plant run till the end of 2015). While the accuracy of the running rates is not clear, what is clear is the uncertainty the LCPD, which came into to force at the start of 2008, has had on the market. Traders are trying to assess plant availability – and with the opportunity costs of each station at different levels, it’s a challenge to anticipate capacity. Of course, there is then always to influence of price itself.