Wednesday, 17 June 2026
UK power elevated on Norwegian gas supply disruption & Hormuz LNG risk
Prices rising sharplyCal-27 wholesale: £81.48/MWh
Energy prices are noticeably higher than usual right now, mainly because a breakdown at a major gas facility in Norway has cut the amount of gas flowing to the UK, and ongoing tensions in the Middle East are keeping global gas supplies tight. We expect prices to stay above normal for at least the next week or two unless that Norwegian supply comes back online or there is a diplomatic breakthrough in the Middle East.
What's affecting prices
- •Gas supply cut: Norway's Troll field compressor failure removing ~30 mcm/d
- •Middle East conflict keeping global gas tanker routes disrupted
- •Less wind than normal over the past month, reducing cheap green power
- •Spot price running well above the monthly average — market is tightly supplied
- •Household energy price cap rising 13% on 1 July, signalling sustained cost pressure
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.