Nord Pool’s average day-ahead auction power price for August was the highest on record according to market analysis by the Nuclear Industry Association. The average price of £370/MWh for the month is 48% higher than the previous record of £250/MWh for March of this year, and 248% more than the average price of £106/MWh for August 2021.
The average day-ahead price record was broken three times during August 2022, with the highest price recorded at £571.09/MWh on August 26th, breaking the previous record of £539.39 set three days earlier on the 23rd. The final week of the month saw the average seven-day price for power break £500/MWh for the first time ever.
Commenting on August’s record prices, Tom Greatrex, Chief Executive of the Nuclear Industry Association said,
“These spiralling costs are a direct result of the UK’s sustained dependence on gas, which continues to threaten our energy security. They underline the very urgent need for new nuclear projects to be given the go-ahead, to cut bills and secure a firm source of clean, British, low-carbon power.
“When viewed over the full lifecycle, nuclear power is a good deal for consumers, it’s among the cheapest sources of power on the grid and far below the wholesale market price. That’s why getting on with decisions on new nuclear capacity is good for the consumer, the environment and energy security.”
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
- Britain’s nuclear power stations currently provide the cheapest energy on the grid.
- 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.
- Hinkley Point C, the only new nuclear power station under construction in the UK, is due to begin generating in 2027.
- 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.
For further information, please contact:
Iolo James, Media & Communications Manager