Economic growth and energy demand have typically risen in tandem. Given that the economy shrank by an estimated 20.4 per cent in April, and only grew by 1.8 per cent in May, electricity demand is unlikely to have increased in any meaningful way since the easing of lockdown on June 1st.
Effectively, the UK is expected to have used only as much power as in the 1960s during lockdown. This led to downward pressure on wholesale electricity prices, which were already on a downward trend due to a number of other factors.
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