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UK prompt power prices rebound as wind supply tapers off

London — Prompt power prices in the UK market bounced back Wednesday on tighteningsurplus margins following forecasts for less than 1 GW of wind powergeneration and lower nuclear availability, amid stable demand.

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Prices for baseload and peakload contracts for Thursday delivery jumpedmore than 7% each on Wednesday, with the base day-ahead up GBP2.50 atGBP36.50/MWh, and the peak adding GBP2.75 to reach GBP40.50/MWh before Platts11 am London time close.

On the N2EX and APX exchanges, the UK's base day-ahead auction clearedmore than 5% above the OTC price level at GBP38.51/MWh on Wednesday, datashowed.

According to National Grid, electricity demand is expected to peak ataround 1830 GMT in the UK and is likely to remain largely stable Wednesday andThursday at 48.9 GW and 48.7 GW respectively.

At the same time, however, peak wind power production is expected toplummet to 951 MW Thursday, down from a maximum forecast of 5 GW Wednesday,the grid data showed. Also, ongoing outages at EDF Energy's 525 MW Dungeness B21 and 595 MW Torness unit 2 reduced nuclear capacity to just shy of 7 GW.

This tightened the surplus margin expectation on Thursday to 6.6 GW, downfrom 7.5 GW for Wednesday.

At midday, nuclear and coal power stations generated the same amount ofelectricity, each contributing 6.7 GW of power to the grid, data showed.

Gas-fired power plants produced 19.2 GW of electricity, while windgeneration stood at nearly 4 GW.