London pays record price for electricity due to heat wave

Last week, the UK recorded an all-time temperature record of 40°C.

Thus, Bloomberg reported that in order to provide electricity to residents of South London, British officials decided to purchase electricity for a record £9724.54 per MW.

In 2021, to avoid electricity shortages, the UK paid around £1,600 per MW for electricity imports.

But this time, the combination of extreme heat, storm inBelgium impacting solar power generation and maintenance of overhead power lines played a role, forcing the National Grid Electricity System Operator (ESO) to make higher-than-usual purchases to avoid possible blackouts.

Bloomberg notes that next time evenhigh prices may not be enough, and as an inevitable side effect of a warmer planet, residents may experience power outages.