‘Weather bomb’ brings 50 per cent drop in energy prices as Storm Eowyn brings 100mph wind power boost

A powerful storm, named Storm Eowyn, is hitting Britain just as the country recovers from a period of very low renewable energy production, which had caused electricity prices to soar to seven times their usual levels before the pandemic.

Over 4.5 million people have received emergency alerts about the storm's arrival.

On Wednesday, wind power generation in Britain nearly stopped, forcing the country to rely heavily on gas-fired power plants, which provided over 70 per cent of electricity.

The combination of cold, dark weather and still conditions drove electricity prices up to nearly £250 per megawatt-hour in market auctions. Gas plants were paid over £500 per megawatt-hour during the evening when household demand peaked.

This period of low renewable energy, called "dunkelflaute" in German, is the third time it has happened this winter.

However, since yesterday, Storm Eowyn has brought a major change, with wind power generation increasing by 40 times.

Electricity prices for Thursday and Friday have already dropped more than 50 per cent to £107 per megawatt-hour and £84 per megawatt-hour, respectively.

Wind power is expected to rise from 0.4 gigawatts (GW) to 16GW by Friday morning.

This sudden change in energy availability has renewed calls for investment in "long-duration energy storage" solutions to help manage future fluctuations.

The UK's energy system operator estimates that storage capacity needs to increase more than five times, reaching between 11GW and 15GW by 2030.

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If the UK can build 20GW of storage capacity, it could save £24billion by 2050 and lower household bills by reducing reliance on expensive natural gas. The storm has already caused significant damage, including a tornado in Cornwall that tore through roofs and fences.

Barnaby Wharton, director at RenewableUK, emphasised the economic benefits.

He said: "A modern energy system which maximises the use of wind and solar offers the best deal to consumers as they are our cheapest forms of new power and they protect us from spikes in international gas prices."

Akshay Kaul, a director at energy regulator Ofgem, highlighted the current system's limitations, added: "We've seen this winter that when you have a period of still, cold, cloudy weather [that] batteries on their own, and [power] interconnectors on their own, are not sufficient."

Kaul also claimed that Ofgem is establishing a new funding framework to attract private investment in long-duration energy storage by 2030.

Lawrence Slade, ENA's chief executive, warns that Storm Éowyn is expected to be highly disruptive, with widespread weather warnings in place.

Electricity networks are ready with response plans, and customers are urged to prepare by visiting PowerCut105.com, call 105 for power cuts, check on those needing extra help, and share this information with others. If you encounter damaged power lines, stay clear and report it by calling 105 or 999 if there's immediate danger.

The Met Office's red warning indicates likely "substantial disruption to travel, energy supplies and possibly widespread damage to property and infrastructure".

Thousands of schools have been closed across affected regions. Drivers have been warned to stay off the roads during the dangerous conditions. The strongest wind gusts, reaching up to 100mph, are expected to hit Northern Ireland and southern Scotland on Friday