Outages & Incidents Cause Price Spike
Unplanned shutdown of major oil pipeline and other incidents send power and gas contracts shooting upwards.
It was a very eventful week last week, with a cracked gas pipeline off the North Sea and an explosion at the main gas hub pipeline in Austria. Since the UK transports so much gas through these pipelines, the effects were felt right across the gas and power market. Day-ahead power averaged £63.5/MWh on Tuesday, while day-ahead gas reached a four-year high of 78.0 pence per therm. Outside of the wholesale market, Elexon announced that transmission charges will vary depending on location and season from April onwards.