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13 December 2022

UK energy prices surged as snow fell

The price of power traded at a record high of £620.28 per megawatt hour.

By Afiq Fitri

Power prices are surging as the snowy weather forces Britons to increase their heating use despite the rise in energy bills. The price of power traded yesterday at a record high of €722 (£620) per megawatt hour during peak periods, according to data from the European Power Exchange.

Prices in the UK are above those in France where energy traded at €626.85, while the cost of energy in the Netherlands, Austria, Belgium, Germany and Switzerland is considerably cheaper. As Britain faces an incoming “wind drought”, the cost of energy will increase even further.

According to the National Grid’s live tracker of the country’s energy generation mix, gas power stations provide the majority of the UK’s electricity (53.5 per cent), while nuclear energy contributes 12.8 per cent. Wind power currently accounts for just 9.2 per cent of the total energy mix.

[See also: Britain must finally shed its illusions of greatness]

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