Friday, 22 May 2026
Gas-led softening continues; ME peace hopes vs. heatwave demand cut near-term pressure
Prices may ease slightlyCal-27 wholesale: £81.48/MWh
Energy prices have been falling a little over the past two days, mainly because there are signs that the conflict in the Middle East — which has been pushing up the cost of gas around the world since late February — may be closer to ending. However, prices are still well above normal and with Ofgem due to announce a likely increase in household bills by 27 May, and a hot Bank Holiday weekend arriving with little wind, the near-term picture remains uncertain.
What's affecting prices
- •Middle East peace talks progressing — gas prices falling from recent highs
- •Hot Bank Holiday weekend forecast, less need for heating, more solar power
- •European gas stores low — less gas saved up than this time last year
- •UK nuclear power stations partly offline for maintenance
- •Ofgem likely to announce higher household energy bills by 27 May
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.