Wholesale energy costs in UK fall as French nuclear supplies boost eases blackout fears

The price of electricity faced a more dramatic drop in the European power markets, falling from a record £675 a megawatt-hour earlier this to a low of £353. Meanwhile, in France, power prices fell by 5 percent while in Germany they fell by 7 percent.

The cold snap that has hit the UK over the past week has sent electricity prices to record highs, particularly as the country has been hit by cold, dry days, with very slow winds that have resulted in wind energy generation plummeting. 

These low wind speeds had a huge impact on wholesale electricity prices, with energy and commodities expert Javier Blas tweeting on Sunday: “UK wholesale day-ahead electricity prices surge to a **record high** as cold, dry and calm weather cripples wind production and sends demand soaring.

“On the EPEX platform, UK baseload for Monday clears at £674 per MWh, while the evening peak load clears £2,000 per MWh.

READ MORE: Expert warns millions of remote workers face blackouts this winter

Article source: https://www.express.co.uk/news/science/1709551/energy-crisis-wholesale-gas-electricity-costs-french-nuclear-boost-blackout-fears