Friday, 19 June 2026
UK power easing sharply on Iran deal hopes, but hot weather and Hammerfest outage cap downside
Prices fallingCal-27 wholesale: £81.48/MWh
Energy prices have been falling this week — mainly because a peace deal between the US and Iran looks close, which could mean more gas ships are able to sail through the Middle East again and bring more gas to Europe. However, a hot spell arriving across the UK and Europe right now is pushing up demand for electricity (for cooling), and one major gas plant in Norway has broken down, so prices are unlikely to fall much further in the next week or two — expect them to stay roughly where they are, or drift slightly lower if the peace deal holds.
What's affecting prices
- •US-Iran peace deal moving toward signing — could reopen the Strait of Hormuz and let more gas tankers through
- •Gas prices falling fast this week — down around 9% since Monday
- •Hot weather alert across southern England raising electricity demand for cooling
- •Norway's Hammerfest gas plant has broken down, tightening European supply
- •EU ban on short-term Russian pipeline gas kicked in on 17 June, adding longer-term supply uncertainty
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.