Wednesday, 24 June 2026
UK power softens as US-Iran truce eases gas risk premium; storage deficit caps downside
Prices may ease slightly2027 wholesale: £81.48/MWh
Energy prices are a little lower than they have been over the past few weeks, mainly because fighting in the Middle East has eased and ships carrying gas are starting to move through a key waterway again, bringing prices down from their recent spike. However, gas storage across Europe is unusually low for this time of year, so prices are unlikely to fall much further and could rise again quickly if tensions flare up or the weather turns colder.
What's affecting prices
- •US-Iran peace talks reducing fears about gas supply through the Middle East
- •European gas storage 14% below its normal level for this time of year
- •Gas prices still well above where they were for most of 2025
- •Hot weather forecast across Europe pushing up demand for power
- •Qatar preparing to restart major gas export facilities within a month
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.