Power prices in Britain climbed to all-time highs last year with average day-ahead prices increasing by 235%.
The new Electricity Market report by EnAppSys suggests that was the combined effect of increased demand, lower renewable generation and increased gas-fired generation.
The study states that the average day-ahead price across both EPEX and Nordpool auctions rose in 2021 reached £118.29/MWh.
That compares to the price of £35.26/MWh the year before.
The energy analysts also stressed that system prices also increased significantly, with 2021 seeing a high of £4,037.80/MWh.
They noted that was the highest imbalance price seen since the £5,003.33/MWh in June 2001.
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