Day-ahead doubles; annuals languid
The Big Freeze has had a huge impact on short-term UK power and gas prices, UK electricity prices more than doubling since mid-February, with the bulk of these gains happening over the last couple of days as the Siberian “Beast” weather front blasted into the UK. Longer term prices have however shrugged off the near-term drama, with many periods barely moving.
Short-term spikes to record high
Short-term UK gas prices have spiked to record levels over the last couple of days – Day-ahead and Within-day prices increasing by more than fivefold, as first the “Beast from the East” and then Storm Emma from the south-west sustained sub-zero temperatures across the country and pushed demand to 35 percent above seasonal norms while a cluster of unscheduled outages curtailed supply.
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