Fossil fuel generation has more than halved over the last decade, hitting a new record low in 2020.
The volatility in the energy market has continued this week, with National Grid ESO issuing another Electricity Market Notice (EMN) while day ahead prices just to almost £1,500/MWh.
The imbalance price reached a high of £4,000/MWh on Friday evening, capping off a dramatic week in the energy market.
The first week of 2021 has been a turbulent one for the UK’s energy market, with price spikes and tight margins keeping traders on their toes.
It has been a tumultuous weekend for energy prices in the UK, with an unprecedented day-ahead clearing price for a Sunday of £350/MWh.
As lockdown restrictions have eased in Great Britain, electricity generation, demand and prices have all bounced back to pre-COVID-19 levels.
Great Britain saw 80 hours of negative pricing in the first nine months of 2020 as instances of negative day ahead prices more than double across Europe.
The UK’s electricity system price spiked to over £500/MWh last night (15 September) in response to low levels of wind generation.
National Grid ESO’s new Downward Flexibility Management service was brought into play this weekend to cut embedded generation, along with the Grid Code modification which was also approved.