Wednesday, 1 July 2026
UK power surges ~25% above monthly norms on heatwave, French nuclear cuts & gas risk
Prices rising sharply2027 wholesale: £81.48/MWh
Energy prices are significantly higher than normal right now — mainly because a record-breaking heatwave across Europe has pushed up electricity demand sharply, while French power stations have had to cut output because rivers are too hot to cool them, and ongoing tensions in the Middle East have kept gas supplies uncertain. Prices may ease a little if a ceasefire holds and the heat breaks, but expect them to stay well above normal for at least the next one to two weeks.
What's affecting prices
- •Record European heatwave pushing electricity demand much higher than usual
- •French nuclear power stations cutting output because rivers are too hot
- •Low wind across the UK and northern Europe reducing clean electricity supply
- •Middle East conflict keeping gas supply routes through the Strait of Hormuz uncertain
- •Europe's gas storage tanks less than half full — well below normal for this time of year
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.