U.K. Power Jumps to Two-Year High as Natural Gas, CO2 Costs Rise
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U.K. power for next-day delivery rose to its highest level in almost two years as E.ON AG and RWE AG started oil-fed units while natural gas and carbon emissions permits gained, making electricity generation more costly.
Baseload power for tomorrow climbed as much as 14 pounds, or 23 percent, to 76 pounds ($119) a megawatt-hour, from 62 pounds on Dec. 3 for delivery today, according to broker data compiled by Bloomberg. That’s its highest level since Jan. 7. Baseload is delivered around the clock. The contract was at 75 pounds as of 4:30 p.m. in London.