Only by forking out more than 5,000% higher than the typical price per megawatt hour did the UK avoid homes and businesses going dark
Pedestrians pass illuminated skyscraper offices in the Canary Wharf business, financial and shopping district of London, UK. Picture: BLOOMBERG/SIMON DAWSON
On most days, the bottlenecks mean distorted costs. Sometimes, it results in sky-high prices with energy in short supply when it is needed. At other occasions, prices can tumble to zero, or go negative, when producers cannot sell their power into a congested transmission system. Increasingly, it puts the whole system at risk. Talk to most industry executives and you quickly get the sense that the country is sleepwalking into more blackouts.
The actual amount of electricity bought at the record price was tiny: enough to supply just eight houses for a year. More power was bought at slightly lower prices. The payments highlight desperation: buying across the channel was, for about 60 minutes, the only option to balance the system. If Belgium had not helped, the grid would had been forced to “undertake demand control and disconnect homes from electricity”, said a grid spokesperson.
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