Power prices at all time high following serious fire at Sellindge interconnector site in Kent, UK
Yesterday’s fire at the key UK power converter station used to import power from France knocked out two thirds of power received through it (2GW). Great Britain (being a net importer) has 6GW of electricity interconnector capacity, with France being its biggest supplier via two cables that run across the English Channel.
The impact of the damage is significant. With the demand for energy increasing as we head into Autumn, balancing the grid to keep the lights on is going to be costly. The relaxation of lockdown rules and return to normality after COVID-19 has meant energy prices in the UK had already been rising steadily throughout 2021. This rising demand for energy set against a backdrop of this additional outage has created a set of unparalleled circumstances for both suppliers and customers alike.
What will this mean for you?
- Prices may be volatile and inflated for a number of weeks
- Contract renewal prices are currently high - though market experts predict that they should return to normal levels once the cable has been repaired
What can NFU Energy do to help?
- If you have a contract ending in October or before, please talk to us so that we can give the best advice on what you should do and minimise the increases in cost.
- For those with contracts ending later in the year, Energy Suppliers are restricting pricing and advising to wait for the market to recover before they offer prices.
- To keep abreast of any changes, please sign up to our newsletters Energy Weekly and Energy Byte for regular updates on changes in the market.
- If you haven’t already, register your supply details with our Contracts Team so we can give you the best advice on prices, in advance of your renewal. You’ll have no obligation to take the prices we offer you, so there really is nothing to lose by signing up!
If you have any questions regarding the above then please call us on 024 7669 8885, we are here to help and guide you.