UK Power Prices Soar To Records On High Gas Price, Lack Of Wind

High natural gas prices and low wind speeds have created a perfect storm for the day-ahead power prices in the UK, which hit a new record on Wednesday, beating the one set earlier this week. Natural gas still accounts for around 30 percent of the UK’s power generation, and with gas prices surging in recent weeks, power prices have also shot up. In addition, low wind speeds are making wind power generation less efficient, further straining the power supply. With surging natural gas prices and warm and still weather in the UK in recent days,…