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Electricity prices in the UK are breaking records due to the lack of wind


December, 10 2024
watermark Economic news

The lack of windy days can indeed pose serious challenges to the UK and European energy system as a whole, as wind generation plays a key role in achieving decarbonization goals. 


Reducing wind energy requires the use of alternative sources, often more expensive and less environmentally friendly, such as gas and coal. The cost of electricity supply contracts in the UK has reached £175.05 per megawatt hour, beating the maximum of January 2023.


Rising electricity prices may put pressure on consumers and businesses. In addition, this week the temperature in the north-west of Europe will be below the seasonal norm, which will increase the demand for heating.


The current situation highlights the importance of developing and implementing more sustainable and reliable energy storage systems, such as batteries and other technologies that can help offset fluctuations in renewable energy generation. In addition, it is necessary to continue the development of infrastructure and technologies that promote energy efficiency and reduce dependence on fossil energy sources.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.