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UK Power Prices Surge Amid Collapse of Wind Power

A sudden fall in wind output triggered a spike in power prices in the United Kingdom, the world’s second-largest market for offshore wind power.
At the Epex Spot SE, some hourly power contracts rose above £1,200 ($1,445.92) per megawatt-hour on Tuesday, according to Bloomberg. Power prices for the 7:30–8:00 p.m. slot on Monday traded at £486 at the Epex Spot. The day-ahead auction cleared at £384 per megawatt-hour, which is the highest rate since Aug. 31.
Wind-power generation, which was projected to hit a low on Monday, is only expected to perk up by Thursday, according to a Bloomberg model.
More than one-third of the UK’s electricity comes from gas, and the fuel is used to heat 85 percent of homes in the country. After Russia’s invasion of Ukraine, gas prices have more than tripled. Meanwhile, temperatures on Tuesday and Wednesday are predicted to be colder than earlier forecasts, which would raise demand for heating….