U.K. Power Price Spike Raises Questions for National Grid
- Network operator paid EDF to stop nuclear unit as demand rose
- Regulators probing higher power price and cost to balance grid
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A spike in electricity prices last week in the U.K. is raising questions about how well the network operator is balancing the grid and at what cost to consumers.
Electricity prices surged to more than 10 times the average following a market warning from National Grid Plc on Sept. 15. The network manager said calm weather and warm temperatures were set to lower the supply buffer it keeps to ensure there’s enough power in the system. At the same time, the company was paying a nuclear station not to generate.