Monday, 15 June 2026
UK power firmly bullish: Norwegian supply shock & Hormuz LNG risk keep curve elevated
Prices rising sharplyCal-27 wholesale: £81.48/MWh
Energy prices are higher than usual right now, mainly because a broken piece of equipment in Norway has reduced the gas flowing to the UK, and ongoing trouble in the Middle East is making it harder to get gas delivered by ship from elsewhere. We expect prices to stay elevated over the next week or two unless the Norwegian repairs complete sooner than expected or the situation in the Middle East calms down.
What's affecting prices
- •Gas pipeline from Norway running low after equipment failure at the Troll field
- •Blocked shipping route in the Middle East reducing gas deliveries by tanker
- •Cooler-than-normal UK and European temperatures pushing up heating demand
- •Carbon permit prices jumping ahead of a major EU-UK policy meeting in July
- •UK household energy bills set to rise 13% from July — forward prices already reflecting this
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.