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UK day-ahead power prices rise on wind slump, outages

London — UK day-ahead power contracts posted gains Monday as a planned outage on the French-UK electricity interconnector and forecasts for decreasing wind supply tightened surplus margins.

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At the 11 am London time market close, the baseload day-ahead power price jumped more than 9% from the previous close to GBP36.65/MWh, while the peakload prompt price rose 10% to GBP39.25/MWh.

According to network operator National Grid, wind power production is expected to more than halve Tuesday to 2.3 GW, down from Monday's peak wind forecast of 5.7 GW.

Further on the supply side, French electricity imports into the UK dropped by half the 2 GW IFA interconnector capacity due to a planned outage, which began Monday and is expected to end April 29, the grid data showed. French imports stood at 998 MW on midday Monday.

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Also, a planned interim outage at EDF Energy's Hunterston B unit 8 reactor 4, which was taken offline Friday, further reduced supply from nuclear fuelled power stations. At midday Monday, nuclear power generation stood at 6 GW, down from 6.4 GW last week.

Demand is expected to peak at 39.2 GW Tuesday evening, falling by around 1 GW from Monday's demand expectations, the grid data showed.

Gas-fired power plants generated nearly half of the UK's power supply Monday, contributing nearly 18 GW of electricity to the system, the grid said, while wind power generation stood at just shy of 5 GW Monday.

Coal-fired power stations produced 2.7 GW of power at midday Monday, the grid data showed.