Wednesday, 13 May 2026
UK power surging ~10% above 30-day norm on Hormuz LNG squeeze & continental cold snap
Prices rising sharplyCal-27 wholesale: £79.60/MWh
Energy prices are noticeably higher than normal right now — mainly because a conflict in the Middle East is blocking a key shipping route for gas, which means less gas is getting to Europe just when countries need to top up their reserves before next winter. Prices are likely to stay elevated or drift higher over the next couple of weeks unless a peace deal is reached or the weather warms up significantly across Europe.
What's affecting prices
- •Middle East conflict blocking a major gas shipping route (Strait of Hormuz), reducing global gas supply
- •Europe needs to fill its gas stores for winter but is struggling to buy enough gas at the right price
- •Unusually cold weather in France and Germany this week — people using more heating gas than expected
- •UK weather also cooler than usual to start the week, keeping demand for heating higher
- •Oil prices above $107/barrel feeding through to gas market sentiment
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.