Sunday, 5 July 2026
UK power sharply above weekly norm; Norwegian supply cut & low EU storage drive gains
Prices rising sharply2027 wholesale: £81.48/MWh
Energy prices are noticeably higher than normal right now, mainly because a gas supply cut from Norway has reduced the amount of gas reaching the UK and Europe, and gas storage tanks across Europe are unusually low for this time of year. We expect prices to stay elevated for at least the next week or two, with some risk of further rises if European storage doesn't rebuild quickly or if tensions in the Middle East flare up again.
What's affecting prices
- •Norwegian gas pipeline maintenance cutting supplies until 8 July
- •European gas storage tanks unusually low — less than half full vs normal 75%
- •Nuclear power stations offline in both UK and France, reducing available electricity
- •Hot weather across Europe pushing up electricity demand for air conditioning
- •Ongoing Middle East tensions keeping energy markets on edge
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.