Power prices in Europe were an average of 14% lower in November than they were last year, according to the latest price assessments from Platts.

However gas and power bought a day in advance were an average 2.1% more expensive in November 2012 than the month before in continental Europe.

Europe’s overall drop in prices wasn’t the case in the UK which bucked the continent’s trend for the year. While power prices increased during November 2012, at £48.73 per MWh they were also 5% higher compared to November 2011, when prices were £46.41.

Henry Edwardes-Evans, Platts European power editor said: “European power and natural gas price movements in late 2012 continue to reflect a crosscurrent of factors. Near-term power prices can be lifted by cold snaps for short periods but oversupply and weak underlying demand appear to be quickly reasserting themselves.”

As for natural gas prices alone, in continental Europe they were higher in November than last year. UK gas prices last month rose 12.9% from November 2011, when the average price was 58.15 pence/therm.