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Cable fire from France soars UK electricity prices

In addition to uncertainty, recent breeze is weak, reducing the production of electricity from many UK offshore wind turbines.

Losing cables puts more pressure on the grid at the wrong time, analysts say. The price of natural gas, the fuel for plants that power during peak demand, is already at very high levels. Part of the reason is that mass consumption in China and elsewhere means that Europe is not building reserves for gas for the winter.

Natural gas futures rose more than 6% on Wednesday.

Catherine Newman, Chief Executive Officer of Lime Jump, said: A company that manages large batteries And other devices used to balance the power system.

This situation means that the British grid operator, National Grid, needs to operate standby power sources, such as highly polluted coal-fired power plants, and often has to pay a lot of money. increase.

As a result, energy prices It is even higher for consumers in the UK and elsewhere in Europe, where the effects of soaring natural gas prices are felt. Ofgem, the UK’s energy regulator, has already notified consumers that some standard energy tariffs will be raised by 12%.

The industry is also under pressure. “Exorbitant prices have forced some British steelmakers to shut down,” Gareth Stace, director of the UK Steel industry group, said in a statement Wednesday. Said. He said highs were a sign of an “unhealthy” energy market.

Consumers across Europe are under pressure from high energy prices. On Tuesday, the Spanish government faced political pressure, Announced measures to protect angry cconsumer.

Cable fire from France soars UK electricity prices

Source link Cable fire from France soars UK electricity prices

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