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Low wind holds hourly UK spot power above GBP 1,000

28 Nov 2022 11:41

Photo: Eon

Photo: Eon

28 Nov 2022 11:41

(Montel) Hourly UK spot power prices were set to remain above GBP 1,000 on Tuesday, with low wind generation and cold temperatures propping up levels. 

Day-ahead prices for Tuesday’s evening peak at 17:00-18:00 GMT (16:00-17:00 CET) cleared at GBP 1,066/MWh on the Nord Pool N2EX spot auction, while the 18:00-19:00 time slot cleared at GBP 1,205.70/MWh on Epex Spot. 

Nord Pool’s day-ahead auction for Monday’s 17:00-18:00 time slot cleared at GBP 1,000 on Sunday. 

“We were due a spike but this is rather excessive,” said Latif Faiyaz, head of energy trading at Northern Gas and Power.

Low wind power generation was the main driver, he said. “Wind has generally fallen off a cliff compared to where it has been over recent weeks.”

The increase in prices reflected the market’s nervousness about the potential for system tightness as colder periods approached, he added.

Last week, operator National Grid issued its first capacity market notice of this winter, predicting a spare generation margin of just 177 MW, after wind generation plunged to less than 3 GW. The notice was subsequently cancelled. 

Wind power generation in the UK was forecast at just 1 GW on Tuesday, after output peaked at around 20 GW last week, data from Montel’s Energy Quantified (EQ) showed. 

Wind generation was set to remain below average this week before trending higher by the weekend, according to EQ.

Meanwhile, temperatures in the UK should fluctuate around the seasonal average at the start of December but there was a “real risk” of temperatures falling thereafter to 5C below average or even lower, forecast SMHI. 

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