Severely cold weather has come with low wind speeds, creating perfect storm to drive wholesale costs up
UK power prices have hit record levels as an icy cold snap and a fall in supplies of electricity generated by wind power have combined to push up wholesale costs.
The day-ahead price for power for delivery on Monday reached a record £675 a megawatt-hour on the Epex Spot SE exchange. The price for power at 5-6pm, typically around the time of peak power demand each day, passed an all-time high of £2,586 a megawatt-hour.
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