Did a 45 miler yesterday in -3c and it did seem a lot harder. The course was relatively flat with some medium hills thrown in, but it felt a lot harder than it should have been. My Avg speed on most rides in the summer seems to be 16-18mph. In winter I'm averaging 15-16mph, so there is a noticeable effect. Yesterday was cold and wet, with the sort of light drizzle that just soaks you in minutes, and with the wind it was just sapping energy. Usually I don't get cold on rides, but the last 10miles was a real struggle, just nothing left in the tank, came close to a full on bonk.