Day-ahead wholesale electricity prices in the UK rose by 41% year-on-year according to data from analysts at Platts.

Natural gas prices are also up 36% year-on-year.

Electricity prices fell by 21% during December, while gas prices dipped by 3%.

Mild temperatures, strong wind generation and a lack of breakdowns at conventional power plants depressed power prices in December.

Wind weighs on spot prices

Anuradha Ramanathan, European Power Editor at S&P Global Platts, said: “The UK saw half hourly wind power production hit a new high early December, which weighed on spot power prices, while the country continued to remain a net exporter of power to France.”

Earlier outages at French nuclear power stations mean risk premium levels still remain high.

Forecasts for colder weather have also pushed up prices in early January.

> See Platt's statement