Tuesday, 23 June 2026
Spot power elevated on heat & low wind; gas curve easing sharply on US-Iran deal
Prices may ease slightly2027 wholesale: £81.48/MWh
Energy prices are higher than usual right now — the UK is in the middle of an extreme heatwave with very little wind, so power stations are having to work extra hard to keep the lights and air conditioning on. Over the next couple of weeks, prices should start to ease as the heatwave passes and because the main reason gas prices spiked earlier this year — a conflict in the Middle East that blocked key shipping routes — now looks like it is being resolved.
What's affecting prices
- •Extreme heatwave across England and Wales this week — Red weather warning in force
- •Very light winds during hot, high-pressure weather, pushing power prices up
- •US–Iran peace deal reopening Middle East shipping route, pulling gas prices sharply lower
- •Qatar preparing to restart LNG exports, adding more gas supply to Europe
- •Low European gas storage levels still providing a floor under forward prices
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.