Wholesale electricity prices across Great Britain have fallen to their lowest level for a decade, as power demand slumped under tougher social distancing measures. Power prices were already low thanks to an oversupply of cheap gas and a mild winter, even before the coronavirus prompted the Government to shut down pubs, restaurants, shops and factories. When Prime Minister Boris Johnson announced mandatory social distancing measures on 23 March, power demand dropped by 10 per cent almost overnight, according to management consultants BCG and market analytics firm Aurora Energy Research. The rapid drop in demand pushed power prices down even further, to a decade low of £28 per megawatt hour (MWh). One MWh of electricity is roughly enough to power 2,000 homes for an hour. The trend has replicated across Europe as factories, shops and offices shuttered and workers stayed home in an effort to slow the spread of the virus. In Italy, power demand has dropped by 20 per cent.
iNews 1st April 2020 read more »