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Wholesale UK power prices fell for the second consecutive day on Wednesday as weakening gas prices and higher wind and solar expectations weighed on the prompt contracts.

The price of baseload power for Thursday delivery shed another GBP3 from the previous close to reach a nine-month low of GBP34.05/MWh, the weakest price since the contract was assessed at GBP30.50/MWh on September 8, 2016, according to S&P Global Platts pricing data.

The peakload counterpart eased GBP2.75 to close at GBP36.75/MWh.



The UK day-ahead auction outturned fairly in line with the OTC market on Wednesday at GBP34.27/MWh for the base and GBP36.44/MWh for the peak, exchanges N2EX and EPEX Spot data showed.

Forecasts for strengthening renewables generation with warm weather that reduces power demand for heating is likely to leave the system well supplied.

Wind output is expected to peak at nearly 6 GW on Thursday, while solar generation will remain strong at 6.7 GW, National Grid data showed.

Peak power demand is steadily falling, National Grid data showed, with Wednesday's forecast at 32.3 GW, down from Tuesday's actual peak demand of 33.7 GW, while 31.4 GW of demand was predicted for Thursday.

In addition to increased renewables supplies, falling gas prices weighed on the power market. Before midday, NBP within-day gas contracts fell 1.75 pence/therm from Tuesday's close to 31 p/th, while the day-ahead contract lost 0.5 p/th at 31 p/th.

At midday Wednesday, wind output was just shy of 2 GW, which saw gas-fired power production ramping up to 15.2 GW, Grid data showed.

Nuclear supplies were stable at 8.5 GW, while coal output slid to nearly zero in the first half of Wednesday.