Wednesday, 29 April 2026
Bearish prompt on warm anticyclone; forwards stay firm on Hormuz/supply risk
Prices may ease slightlyCal-27 wholesale: £79.09/MWh
What's affecting prices
- •Anticyclonic high pressure suppressing wind and heating demand, pulling spot/prompt sharply lower
- •Strait of Hormuz near-closure disrupting ~20% of global LNG supply; US-Iran peace talks stalled
- •Nuclear constraints: Heysham 2 return delayed, Torness planned outages underway
- •Norwegian Vesterled pipeline maintenance continuing into early May, capping gas supply upside
- •Jul-26 price cap now forecast at £1,973 (+20% vs Apr) as wholesale gas risk premium embeds in forwards
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.