Strong bullish sentiment captured the UK gas and electricity prompt during Week 9.
Extremely high weather driven demand, the highest for 6 years pushed within-day gas prices to 350 p/therm and saw the Day-ahead price peak at 250 p/therm. Conditions 4-6 degrees below seasonal average and snowfall across the UK resulted in high demand which was exacerbated by outages to UK and Norwegian infrastructure.
The result saw National Grid issue its first Gas Day Deficit Warning on Thursday 1st March, with the risk to industrial users that gas supply could be cut National Grid was forced to purchase extra gas from localised suppliers and pleaded users to manage supply to avoid escalating the warning.
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