Utility Point collapse updates: British electricity price increase to £475 per MWh

Price of electricity don up for UK afta one utility point cable between Britain and France don dey shut down sake of fire incident.

National Grid say one fire and planned maintenance for di site wey dey near Ashford in Kent mean say di cable go dey totally offline until 25 September.

Half of im capacity, or one gigawatt (GW) of power, go remain unavailable until late March 2022.

On Wednesday, British electricity prices don jump by 19% to £475 per megawatt hour (MWh).

Afta di fire, one electricity interconnector wey dey run under di English Channel no dey work, di National Grid tok inside statement.

Electricity interconnectors na high-voltage cables wey dey connect di electricity systems of neighbouring kontris and allow dem to share excess power.

One tok-tok pesin for National Grid electricity system operator wey dey balance power supplies for di UK, say dem go "continue to supply electricity safely and securely" despite di incident.

Di link fit carry up to 2GW of power and don begin import electricity from France in recent days, afta UK prices hit a record high of £540 per MWh for wholesale energy market.

Di jump in prices don dey generate concerns about inflation and how e go take affect businesses.

Dis concerns dey come as di kontri economy just start to recover from di worst effects of di coronavirus pandemic.

Analysts now dey closely watch how National Grid go take get di facility fully back online as winter dey come and pipo go need light.

"Our investigation dey go on and we go update di market wit any changes as e dey necessary," di National Grid tok.

Britain na net importer of electricity and be close neighbour to France wey be di biggest supplier of power through di interconnectors wey dey run under di English Channel.

Di IFA2 interconnector, wey be second link between Britain and France, dey currently operate at im full capacity and no dey affected by di problem.

Di 1GW connection na £700m shared investment wit French power firm RTE and di UK fourth power exchange wit continental Europe.

Existing UK interconnectors