Sunday, 17 May 2026
UK power elevated on Hormuz LNG squeeze, cold NW Europe & gas at 119p/therm
Prices rising sharplyCal-27 wholesale: £83.01/MWh
Energy prices are noticeably higher than normal right now, mainly because a conflict in the Middle East has blocked a major shipping lane that carries a big chunk of the world's gas supplies, pushing gas prices sharply higher across Europe — and when gas is expensive, electricity gets more expensive too. Over the next couple of weeks, prices are unlikely to fall much unless the shipping lane reopens or the weather warms up across Europe.
What's affecting prices
- •Strait of Hormuz largely closed — cutting off about one-fifth of world LNG shipments
- •Gas prices in Europe up more than 12% this week alone
- •Unusually cold weather across France and north-west Europe for mid-May
- •French nuclear power plants running well below normal capacity
- •European countries need to refill gas storage before next winter, but supplies are tight
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.