Wholesale energy prices on Monday hit the second-highest level since 2018.

The low wind speeds pushed energy prices to more than £2,000 per MWh.

Cornwall Insight said day-ahead power prices on Monday were over 300% higher than the same time last year.

The consulting firm said that the market might see prices climb even further next week.

In the last three months, soaring energy prices have forced suppliers either to increase their gas and electricity prices or exit the market.

Sam Peek, Analyst at Cornwall Insight, told ELN: “Power prices continue to take direction from particularly volatile near-term gas prices at the moment. The day-ahead gas price rose 17.50pence per therm on Sunday by way of example, with uncertainty surrounding Russian flows into Europe.”

“For power prices more specifically, we still have relatively tight supply margins heading into winter. Periods of lower wind output and correlated higher demand have seen power prices fluctuate significantly on a day-to-day basis.

“Just yesterday, day-ahead power prices dropped £75.50 per MWh to £174.50 per MWh on expectations of higher wind outturn today. This highlights the volatility we are seeing in wholesale power prices at the moment.”