Thursday, 14 May 2026
UK power spikes 39% above 30d mean as Hormuz LNG crunch and cold Europe drive gas surge
Prices rising sharplyCal-27 wholesale: £79.60/MWh
Energy prices right now are noticeably higher than they have been over the past month, mainly because a conflict in the Middle East has blocked a major shipping route that carries a big chunk of the world's gas supply, pushing gas and electricity prices up sharply. Over the next week or two, prices could stay high or go even higher if the conflict continues — though they may ease a little later in May as the weather in the UK and Europe warms up.
What's affecting prices
- •Middle East conflict blocking a key shipping route for global gas supplies
- •Much colder than normal weather in France and northern Europe this week, pushing up heating demand
- •Gas prices in Europe up roughly 34% compared to this time last year
- •UK day-ahead electricity price roughly 39% above last month's average
- •Uncertainty over whether a peace deal will be reached, keeping traders nervous
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.