Saturday, 16 May 2026
UK power sharply above monthly norms as gas surges on Hormuz LNG disruption
Prices rising sharplyCal-27 wholesale: £83.01/MWh
Energy prices are noticeably higher than usual right now, mainly because a conflict in the Middle East has blocked a key shipping route used to move gas around the world, making gas more expensive and pushing electricity prices up with it. We expect prices to stay elevated over the next couple of weeks unless there is a breakthrough in the conflict or the weather turns significantly windier.
What's affecting prices
- •Middle East conflict blocking major shipping route for global gas supplies
- •UK gas prices up over 12% this week alone
- •Electricity cables from Europe nearly full — limited room for extra cheap imports
- •Cooler, unsettled UK weather this week keeping heating and power demand elevated
- •Carbon pollution permit prices at multi-month highs in Europe, adding to generation costs
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.