Tuesday, 30 June 2026
UK power easing on Hormuz progress but geopolitical risk & low EU storage cap upside
Prices may ease slightly2027 wholesale: £81.48/MWh
Energy prices are a little higher than they have been on average this month, mainly because a war in the Middle East earlier this year made it harder to ship gas to Europe, pushing prices up — but over the last few days prices have started to fall as peace talks have made some progress. Over the next couple of weeks prices could keep drifting down if those talks continue to go well, but they could jump back up quickly if the situation in the Middle East gets worse again.
What's affecting prices
- •Middle East peace talks easing gas shipping fears — prices falling
- •European gas storage well below normal for this time of year — keeping a floor under prices
- •Risk of new attacks on tankers near Oman — could reverse recent price falls quickly
- •Mild UK summer temperatures expected — low home heating demand, some relief on power prices
- •Low wind speeds across Europe this week — gas power stations working harder, pushing prices up slightly
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.