High natural gas prices and low wind speeds have created a perfect storm for the day-ahead power prices in the UK, which hit a new record on Wednesday, beating the one set earlier this week. Natural gas still accounts for around 30 percent of the UK’s power generation, and with gas prices surging in recent weeks, power prices have also shot up. In addition, low wind speeds are making wind power generation less efficient, further straining the power supply. With surging natural gas prices and warm and still weather in the UK in recent days, the country fired up on Monday an old coal plant that was on standby in order to meet its electricity demand, the BBC reports . The UK has pledged to phase out coal-fired power generation by October 2024. Coal provided 3 percent of the UK’s power on Monday, compared to 2 percent averages in […]