- Sep 16, 2021 6:50 am GMT
"U.K. power for next day exceed 400 pounds ($553) a megawatt-hour at an auction on Monday, an all-time high. Wind generation is currently below normal, accounting for about 11% of all the electricity entering the grid. That’s leaving the market exposed to swings at a time five nuclear units are offline.
The U.K.’s ability to meet peak demand was already set to shrink this winter as coal and nuclear power stations close early. The outlook has worsened as low wind speeds have forced Britain to rely more on fossil fuels to produce power at a time Europe is facing a shortage of gas and coal prices are surging.
'It does feel that prices are overshooting,' Phil Hewitt, executive director of industry consultant Enappsys Ltd. 'Looking ahead, Wednesday and Thursday look even more volatile compared to tomorrow, so we suspect that this is not the end of the high prices for this week.'"
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