UK power prices turn negative for nine hours, balancing costs spike during ‘extraordinary’ weekend

UK power prices turned negative for nine consecutive hours on Sunday in what’s been billed as an “extraordinary turn of events” for the country’s electricity system.

Unusually low demand, some 2GW below forecasts, combined with high wind generation to send prices spiralling, and National Grid was even forced into instructing onshore and offshore wind farms to turn down their generation.

Between the hours of 12:00pm and 9:00pm on Sunday 26 May, the UK endured an extended period of negative pricing, with wholesale power prices falling to as low as -£71.26/MWh.

National Grid Electricity System Operator’s daily balancing report for 26 May 2019 reveals that the SO paid more than £6.6 million on balancing costs, having spent just £300,000 the day before, providing an indication as to the scale of the volatility experienced on the system throughout the day.

At nine hours long, it amounts to the longest consecutive period of negative pricing the UK has encountered and has been described as “unprecedented” by energy tech company Limejump, which acts within the balancing mechanism.

Read more: Current News

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