Friday, 15 May 2026
UK power stays elevated as cold snap, tight gas supply & Hormuz risk persist
Prices rising sharplyCal-27 wholesale: £83.01/MWh
Energy prices are noticeably higher than usual right now, mainly because the UK is going through an unusually cold spell for May, gas from Norway has been cut for repairs, and a conflict in the Middle East is blocking a key global shipping route for gas tankers. Prices should ease a little next week if the weather warms up as forecast, but the bigger supply concerns are unlikely to go away quickly.
What's affecting prices
- •Unusually cold weather for May across the UK and northern Europe lifting heating demand
- •Norwegian gas pipeline repairs cutting supplies into the UK this week and beyond
- •Middle East conflict blocking a major shipping route used by global gas tankers
- •European gas storage very low — UK sites only 21% full ahead of winter
- •Falling carbon permit prices offering a small offset to rising electricity costs
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.