Heat Wave Triples UK Electricity Prices - Report
LONDON - UK spot electricity prices trebled yesterday after rising temperatures sparked a surge in the use of air conditioners and refrigerators, according to a report in The Financial Times.
Yesterday evening, electricity was trading at an average of 260 stg per megawatt hour, compared to a price of 81 stg per megawatt hour on Monday evening, according to the paper.
National Grid, which manages the UK's energy networks, issued an 'insufficient margin warning', and said there was a danger that the country's spare power generation capacity would be insufficient.
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But there will be at least one important and lasting difference this time round — and it has major market and geopolitical implications.
The oil price crash is a foretaste of where the whole energy sector was going anyway — and that is…
