Peel and juice 1 orange, and add to a large saucepan along with the lemon peel, sugar and spices. Add enough wine to just cover the sugar, and heat gently until the sugar has dissolved, stirring occasionally. Bring to the boil and cook for 5 – 8 minutes until you have a thick syrup.
Turn the heat down, and pour the rest of the wine into the saucepan. Gently heat through and serve with the orange segments as a garnish.