Power prices in Britain have spiked dramatically, with day-ahead auctions clearing at £731/MWh for today’s evening peak amidst what industry analysts have labelled a “perfect shoulder month storm”. Today’s (6 September 2021) baseload power price has reached a record high of £230/MWh, while power market analyst EnAppSys has noted also noted that the weighted average price in EPEX and N2EX markets for 18:00 today is the highest since 15 January 2021. “The high prices have been caused by a shortage of generation,” said Phil Hewitt, director at EnAppSys. “Nuclear plants are not all back online for the winter season yet, and three units at Heysham are due to come back over the next two weeks. “This combined with the some CCGTs still offline, Calon units still being mothballed, Drax coal units not participating today, low wind and high gas and carbon prices have resulted in a perfect shoulder month storm.” Wind generation is exceptionally low added consultancy LCP – producing just 3% of the maximum wind generation Britain’s power market has seen in the last 12 months. There is also reduced availability on the IFA1 interconnector, which has further contributed to tight market conditions and corresponding high prices.
Current 6th Sept 2021 read more »
Electricity and gas prices in UK and Europe hit records, Consumers in the UK and continental European are facing a growing price crunch for energy as wholesale electricity costs surpassed their highest ever level on Monday, boosted by low wind generation.
FT 6th Sept 2021 read more »
We are sleepwalking into a winter energy crisis. Britain is in the grip of a natural gas crunch that has triggered a sharp spike in prices, leaving millions of households grappling with soaring bills, and forcing energy-intensive businesses to consider curbing activity. The former has the potential to become a massive political crisis, the latter, an economic catastrophe that could derail the fragile recovery.
Telegraph 6th Sept 2021 read more »