UK Power Price Hits Highest Since June as Temperature Soars

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessUK Power Price Hits Highest Since June as Temperature SoarsUK power prices jumped to their highest since June as the grid prepares for another surge in temperatures this week.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — UK power prices jumped to their highest since June as the grid prepares for another surge in temperatures this week.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountDay-ahead power prices rose to £133.24 per megawatt-hour, the highest since June 23, according to data from Epex Spot. The jump comes as hot weather drives up electricity demand and strains power generation across Europe.Temperatures in London are set to rise to 33C (91.4F) on Wednesday and climb towards 37C on Thursday, according to the UK Met Office. That would be just 1 degree below the highest temperature recorded so far this year.Hot weather across Europe can quickly lead to spikes in the region’s energy markets as electricity demand from households and businesses rises with increased cooling needs. At the same time, supplies can be constrained, particularly from nuclear reactors in France, as high river temperatures limit the ability to cool equipment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againAmber heat-health alerts are in effect for England through Friday, with the hottest temperatures expected in southern and eastern parts of the country.The hot weather is affecting much of the continent, with Germany and France due to see temperatures near 40C in the coming days. France’s day-ahead power price for delivery on Wednesday rose to the highest in almost 4 weeks as the country faces more scorching weather. Hourly prices for Wednesday evening’s peak across Europe are due to reach €300 per megawatt-hour.On Wednesday evening, French power consumption is set to top 50 gigawatts, according to Bloomberg calculations, jumping about 5% from the peak on Friday, when temperatures were cooler.France’s high temperatures are increasingly affecting it’s nuclear fleet, a cornerstone of Europe’s electricity system that regularly exports power to neighboring countries. Sites are facing curbs as persistently high river temperatures limit the ability of some reactors to use river water for cooling.The country’s nuclear fleet is operating at about 60% of capacity on Tuesday, down from 65% on Monday, according to Bloomberg calculations using RTE data. Some reactors have been forced offline, while others are required to reduce output because of the extreme temperatures. The heat is set to persist, with a high-pressure dome driving temperatures up across the region this week before easing on Sunday.—With assistance from Joe Wertz.(Updates with details about the UK)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.