The economics of different generation technologies for frequency response provision

•The variation in cost for generators depending on loading level is considered.•Coal and combined cycle gas turbines (CCGT) generators are economically acceptable for part loading.•Frequency response payments cover part loading costs for coal, CCGT and nuclear.•Additional capabilities of pumped storage must be considered in cost comparisons.•System wide costs are optimised for the Winter peak and Summer trough in 2016 and 2020 Future Energy Scenarios.