Thursday, 7 May 2026
Bullish: Hormuz risk + nuclear outages + low wind keep UK power elevated near-term
Prices rising sharplyCal-27 wholesale: £81.60/MWh
What's affecting prices
- •Strait of Hormuz / QatarEnergy LNG force majeure (extended to mid-June) maintaining elevated gas risk premium
- •Heysham 1 unit 2 54-day outage from 5 May + Heysham 2 / Sizewell B planned maintenance through May
- •UK wind generation collapsed ~60% to ~3.5 GW; solar also materially lower
- •Cooler-than-seasonal NW European temperatures lifting gas-for-power demand ~10 mcm/day on day-ahead
- •EUA prices firm at ~€75.97/t (+6.2% on the month), supporting gas-fired generation marginal cost
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.