Nord Pool’s average day-ahead auction price for power reached a record £539.59/MWh for Tuesday August 23rd, breaking the previous record of £500/MWh set the previous day for Monday 22nd August. It also takes the seven-day rolling price for power above £400/MWh for the first time ever to £415/MWh (August 17th to 23rd).
Commenting on the record prices, Tom Greatrex, Chief Executive of the Nuclear Industry Association said,
“These unprecedented costs are the price of the UK’s continued reliance on gas, which is wholly unsustainable and completely unaffordable.
“Record prices, coupled with repeated warnings this summer over electricity supplies, underline the urgent need for new nuclear projects including Sizewell C, Rolls Royce SMR and others to be given the go ahead – cutting bills while providing constantly available, reliable, low-carbon power, which is essential to stabilise the grid and boost energy security. We cannot afford to wait any longer.”
Notes to editors:
- Day-ahead auction prices are available from Nord Pool: https://www.nordpoolgroup.com/en/Market-data1/GB/Auction-prices/UK/Daily/?view=table
- The UK has five generating nuclear power stations, providing around 16% of the country’s electricity from 5.9 GW of capacity.
- Two further stations will retire by March 2024, and all but one will retire by March 2028.
- Nuclear has saved the UK 2.3 billion tonnes of carbon emissions, far more than any other source. The saving is equivalent to all UK emissions from 2015 through 2020.
About the Nuclear Industry Association
As the trade association for the civil nuclear industry in the UK, the Nuclear Industry Association represents more than 250 companies across the UK’s nuclear supply chain.
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