Prices Hit Record Highs Amid Gas Shortage Warning and Plant Outages
Cold weather and high levels of gas demand causes National Grid to issue a gas deficit warning, leading to major price spikes. Higher gas prices and numerous power station outages drive power prices higher.
It was quite an eventful week last week with much colder weather conditions sweeping across the country. On Thursday, National Grid issued its first gas deficit when around around 14% of daily gas demand could not be met, sending near-term gas prices shooting upwards. Luckily, high levels of wind generation, meant power supplies remained relatively comfortable.