UK day-ahead power prices fell further Thursday, extending a three-day losing streak as increased wind power supply coupled with lower demand ahead of the weekend and milder weather conditions weighed on the prompt market.
At the Platts 11 am London time close, baseload power for Friday delivery was down GBP6.40 to GBP33.60/MWh, while the Friday peakload power price closed at GBP38.25/MWh, GBP9.25 below the previous assessment.
UK's base day-ahead auction settled a touch higher than the OTC contract at GBP33.90/MWh, whereas the peakload auction value outturned below the OTC trade at GBP36.88/MWh, according to data from the N2EX and APX exchanges.
National Grid expected peak power demand to fall to 47.5 GW Friday, from Thursday's 52.9 GW.
Actual power demand on Wednesday reached a maximum 51.2 GW at 1730 GMT, falling short of initial estimates of 52.3 GW, grid data showed.
In addition to falling demand, supply was set to strengthen on the back of increased nuclear availability and forecasts for higher wind power generation.
National Grid expected peak wind production to hit 7.1 GW Friday, about 1 GW higher than the forecast for Thursday.
EDF Energy said the 595-MW unit 1 at its Hartlepool nuclear power station returned to service at 2045 GMT Wednesday.
The power unit had been shut down for planned refuelling and to allow boiler spines cooling modifications, which have been completed at both Heysham 1 and Hartlepool.
Wind farms in the UK produced 3.5 GW of electricity at midday Thursday, accounting for more than 7% of the energy mix, while nuclear power generation stood just shy of 8 GW, the grid said.
Combined thermal power generation was seen at more than 33 GW at midday, with gas-fired plants producing 44% of the electricity, while coal plants generated almost 27% of power in the UK, the grid data showed.
Tight supply and colder-than-normal weather conditions in Continental Europe saw imports into the UK from France and the Netherlands drop to zero at midday Wednesday.
