Negative electricity pricing, and carbon dioxide emissions from the UK’s power sector hit new records both over, and in the days leading up to the weekend of 23 and 24 May, according to UK utility company Drax’s Electric Insights monitoring agency.
Over the same period the drop in demand, enhanced by favourable weather for wind and solar generation saw electricity prices plummet to double the record-low of minus £52.03 in the early hours of Friday the 22nd of May, more than ten times lower than the price of minus £4.62/MWh recorded in December 2019.
Carbon emissions dropped to their lowest-ever recorded levels at just 33 grams of carbon dioxide per kWh, beating the 2019 record of 7 grams set in August.
The trend is set to continue according to Drax, as Britain progresses towards its legally-binding 2050 net zero carbon target, with carbon emissions from the sector dropping by approximately two-thirds in 2019, compared to 2010 figures.
The oversupply of renewable energy also saw day-ahead wholesale power prices fall to a new record throughout Friday, with prices falling as low as minus £9.92/MWh, whilst reducing demand for coal-powered generation.