Tuesday, 19 May 2026
UK power sharply elevated; Hormuz LNG disruption and cold May drive near-term spike
Prices rising sharplyCal-27 wholesale: £81.48/MWh
Energy prices are noticeably higher than usual right now, mainly because a conflict in the Middle East has blocked ships carrying gas, meaning less gas is available for Europe and the UK to buy — and it has also been colder than normal across Europe, so people have been using more heating. Prices should stay high for the next week or two, but may ease a little later in May as the weather warms up and winds pick up.
What's affecting prices
- •Middle East conflict blocking LNG ships, reducing gas supply to Europe
- •European gas tanks unusually low — only 36% full vs 50% normal for this time of year
- •Colder-than-normal May across the UK and Europe, keeping heating on longer
- •Less wind than usual, so more gas burned to make electricity
- •US LNG supply also reduced after maintenance delays at export terminals
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.