UK power prices hit record high amid cold snap and lack of wind power

Severely cold weather has come with low wind speeds, creating perfect storm to drive wholesale costs up

UK power prices have hit record levels as an icy cold snap and a fall in supplies of electricity generated by wind power have combined to push up wholesale costs.

The day-ahead price for power for delivery on Monday reached a record 675 a megawatt-hour on the Epex Spot SE exchange. The price for power at 5-6pm, typically around the time of peak power demand each day, passed an all-time high of 2,586 a megawatt-hour.