Energy prices in Great Britain are to remain over £100/MWh annually, according to new research from Cornwall Insight.
This figure is significantly above the five year pre-2021 historic average of £50/MWh in winter and the even lower prices seen in pre-2021 summer, Cornwall Insight said.
Indeed, while its Benchmark Power Curve for the British Electricity Market shows prices will drop from the current level, they are expected to remain high.
In winter 2025, prices are predicted to rise to £150/MWh due to closures of nuclear power stations, delays to Hinkley Point C and increasing high-cost peaking capacity.
Cornwall Insight said that while renewable generation will rapidly increase to meet targets and help meeting rising demand, marginal gas-fired generation sets power prices, with gas set to remain the marginal fuel source for producing power throughout the remainder of the 2020s.
Read more: Current+
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