Day-ahead electricity prices in the GB market hit new highs in 2022.
That’s according to the latest report by EnAppSys which suggests average day-ahead electricity prices were nearly 70% higher last year compared to the previous year.
Energy experts note that prices were more than four times greater than levels seen in years prior to that.
They attribute this rise to problems reported with the French nuclear fleet – that meant that Britain was exporting more power to other countries through interconnectors.
It also contributed to Britain becoming a net exporter of electricity in the second, third and fourth quarters of 2022.
Paul Verrill, Director of EnAppSys, said: “Russia’s invasion of Ukraine led to a spike in gas prices in first quarter, with fluctuations in gas supply via the Nord Stream 1 and the subsequent indefinite discontinuation of supply resulting in very high gas prices in the third quarter.
“As a consequence of high fuel prices, day-ahead electricity prices jumped by 72.5% last year (against already record high prices in the previous year) in the on-peak and off-peak settlement periods.
“System balancing prices saw record high averages and peaked at a record £4,035.98/MWh on 24th January.”