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UK Power Hits 11-Month High as Reliance on Europe Reaches Record

2024-11-05 09:43

Wedoany.com Report-Nov 5,  UK power prices jumped to their highest in almost a year as the country imports electricity from Europe at record levels.

The day-ahead price for delivery Tuesday reached £115.91 per megawatt-hour, a 9% increase. Low wind power across the UK and Europe means power prices in France and Germany are also reaching their highest levels in months.

The UK government has pledged to reduce bills for consumers, in part by relying less on purchases from abroad and more on domestic renewable sources. Britain’s power has been, on average, more expensive than that in France, Belgium, the Netherlands and the Nordics for much of the past two years.

Imports accounted for 16% of the supply through September, according to the Nuclear Industry Association. France’s 61 GW of nuclear power makes it the top foreign source for the UK, with Norway second due to its hydropower reserves.

“We shouldn’t have to rely on other countries to keep the lights on,” Tom Greatrex, chief executive of the nuclear lobby group, said in a statement. “We certainly shouldn’t leave our energy future up to their decisions.”

Wind generation is forecast to remain low this week, with gas generation making up more of the power mix, according to consultant Inspired Energy.

French day-ahead power prices rose 6.9% to €115.32 per megawatt-hour, the highest this year. The equivalent contract in Germany rose 31% to €164.79 per megawatt-hour.

Europe UK Power Grid Project

UK Power

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