A looming curtailment of UK-France interconnector capacity saw Baseboard electricity for Wednesday delivery in the UK bid up on Tuesday morning to trade at the highest level for a Day-ahead contract since February 2012.
The reported high of £66.50/MWh on the over-the-counter (OTC) market would mark the strongest closing assessment of a Day-ahead Baseload contract since early December 2010.
The baseload contract changed hands as high as £67.50/MWh on the OTC market on 8 February last year, although on that occasion, it was last assessed at £65.00/MWh, ICIS data shows.
A bullish equivalent NBP natural gas contract provided additional upside, with withdrawal capacity at the Rough long-range storage site set to be cut for four hours on Wednesday.
In addition, baseload for Thursday delivery also changed hands at £66.50/MWh on Tuesday, indicating that prompt strength could be more than a one-day affair on the power market.
UK electricity Day-ahead at 13-month high as capacity cut looms