Saturday, 4 July 2026
UK power ~10% above week-mean; gas tightness, Euro heat & nuclear outages dominate
Prices rising sharply2027 wholesale: £81.48/MWh
Energy prices are noticeably higher than they have been over the past month, mainly because gas supplies from Norway have been cut for maintenance, European countries are using a lot of gas to cool their buildings during a heatwave, and several UK power stations are offline for repairs. Prices are likely to stay elevated or creep a little higher over the next one to two weeks unless the Norwegian gas flows return early or a change in the weather brings more wind to UK shores.
What's affecting prices
- •Norwegian gas pipeline maintenance cutting supply to the UK until 8 July
- •European gas storage critically low — roughly 8 percentage points below last year
- •Middle East tensions keeping gas prices elevated even as Iran talks progress
- •Multiple UK nuclear power stations offline at the same time
- •Hot, still weather across the UK reducing wind power output and boosting European cooling demand
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.