UK power and gas prices tumbled in March

UK electricity and natural gas prices tumbled in March, by 15% and 20% respectively. That’s according to the latest data from S&P Global Platts, which suggests milder conditions, longer days and a […]

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By Jonny Bairstow

UK electricity and natural gas prices tumbled in March, by 15% and 20% respectively.

That’s according to the latest data from S&P Global Platts, which suggests milder conditions, longer days and a resuming of French power imports were the main reasons.

The power price fell from £49.35/MWh in February to £42.02/MWh in March, with similar declines in the price of gas from 51.39 pence/therm to 41.09 pence/therm.

While prices were down month-on-month they remain strongly up year-on-year.

This is the longer term price trajectory referenced by retail suppliers, several of whom have raised household gas and power bills in 2017.

With the near-term decline in wholesale gas price outpacing falls in the price of electricity, UK gas-fired power production increased to 10.63TWh in March from February’s 9.22TWh.

Generation from renewable energy and nuclear sources saw a jump of 14% month-on-month to total 13.63TWh in March.