1. The hook
11 April 2026. Wholesale power averaged £4.39/MWh across the day. Essentially free.
The day cost £124.42/MWh all in: £4.66 wholesale, £27.71 balancing, £92.05 policy.
Wind resource that day: 83% fleet load factor. One of the windiest days of the period.
The question the piece answers: how does free power cost £124?



