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The UK’s wholesale price for electricity slumped further in January as record wind output and steadily falling gas prices continue to take a toll on market levels.
The price for electricity on the short-term market fell 7 per cent in December and a further 10 per cent in January, data from price agency Platts shows, as wind generators recorded their most productive month ever.
The average market price for electricity delivered the next day averaged just £39.14/MWh in January compared to £43.55/MWh in December. The January average falls around 17 per cent below the average in the same month last year.
In addition to stronger wind generation, which lower the market price because the technology receives payment through subsidies, wholesale gas prices have continued to weigh pricing levels down.
Platts data shows the short-term gas market at a 13 per cent discount from December’s levels and almost 30 per cent below the average price seen in January 2014. Gas for next-day delivery averaged just 46.14 pence per therm in January from an average of 65.11 pence per therm at the same time last year.
Renewable UK said on Tuesday that wind power output averaged a record 14 per cent of the total generation mix in January with records set for average output over half-hourly, weekly.
The month began with half-hourly wind power achieving a record stake of the total generation mix at 31 per cent on Friday 2 January and in the week from 5-11 January wind power exceeded its previous average weekly record to reach 1.119TWh of electricity generated, Renewable UK said.
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