Cold weather and supply concerns push day-ahead contracts to yearly highs
January saw the UK gripped by freezing temperatures, which drove short-term electricity and gas prices up to 11 month highs. The weather over February was, as forecast, just as cold. As a result day-ahead electricity and gas prices reached yearly highs.
Day-ahead electricity prices climbed over 2% to average £51.22/MWh and reaching £58.0/MWh on 25 February. Day-ahead gas increased similarly to a monthly average of 68.4p/th as a result of low gas storage levels and colder weather.