The UK gas spot price rose to a five-year high some unplanned outages in the North Sea, that left the UK market under supplied.
Stormy weather shut down Norway’s Nyhamna gas plant and Shell’s Ormen Lange field which primarily exports to the UK.
Reuters reported that the price of gas went up to 108p/therm which is the highest in five years.
The outage intensified the low supply of gas, due to the stock levels dropping over recent weeks, due to the unusually cold spell.
The spot power price also rose to £62.25/Mwh which is the highest in over a year.