(Bloomberg) — New Year’s Eve is set for record-breaking temperatures in London as gusts of warm wind sweep across England, bringing much needed relief to an energy market facing an unprecedented crisis.

The temperature in the British capital could rise as high as 15 degrees Celsius (59 degrees Fahrenheit) on Dec. 31, according to a forecast from the U.K.’s national weather service. It’s likely to be even warmer in the southwest of the country, where the previous record for the warmest New Year’s eve in England was set in 2011.

“We can safely say it most likely will be London’s mildest New Year’s Eve on record,” said Craig Snell, a forecaster at the Met Office. “We can’t link one event to climate change, but a warmer climate will naturally infer it will be warmer and warmer.”

Surging and power prices in the U.K. this year caused a crisis among the country’s energy suppliers, with more than two dozen going out of business. To protect the consumers from high prices, the government has been in discussions with the sector. A private loan would be one option to help energy firms pay the costs of taking on customers from failed competitors. This will limit the sharp rise in electricity bills that began in April.

The unseasonably high temperatures across Europe and the U.K. are helping to lower short-term power prices, which have fallen from records. The lowest electricity prices since early November in Britain, Germany and the United Kingdom for Wednesday delivery was seen. 

Along with mild weather, strong wind speeds will drive Europe’s wide network of turbines to ease the need to burn expensive gas and coal. 

Rollercoaster Energy Market at The Mercy of Weather

Still, the brief respite is far from an indication that the region’s energy crisis is nearing the end. German power for next year, one of Europe’s benchmark electricity contracts, is up more than 300% this year, a sign that high prices are here to stay. 

Some industrial users are cutting production because of rising costs. One of Europe’s largest aluminum plants, run by Alcoa Spanish company (NYSE:) Corp. announced Wednesday that it will suspend production for two more years in order to deal with high energy prices. 

According to Investec Plc in the UK, households will see an 18-billion-pound increase ($24 billion), in energy bills for 2022. Analysts Nathan Piper and others have stated that natural gas prices rose nearly 400% in this year’s economic cycle. This means the price cap, which is the limit on what companies can charge customers, will increase 56% by April.

According to Met Office, the British weather is expected to cool down next week. This will bring more typical, lower temperatures in January.

The European Centre for Medium Term Wetter Forecasting predicts that London’s average daily temperature will return to around 5 degrees Celsius on Tuesday. Daily average temperatures for December 31 are 12.5 degrees Celsius and a peak of 14 degrees on that day.

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