Tuesday, 7 July 2026
UK power elevated post-heatwave; French nuclear & tight EU storage cap near-term upside
Prices rising sharply2027 wholesale: £81.48/MWh
Energy prices are higher than usual right now, mainly because a big heatwave across Europe last week meant power stations — including nuclear ones in France — couldn't run at full speed, and there is less gas stored across Europe than normal due to disruption in the Middle East. Prices should ease a little as the hot weather passes, but could stay above normal for the next couple of weeks, especially if another warm spell arrives early next week as forecasters expect.
What's affecting prices
- •Less electricity coming from France than normal — their nuclear power stations had to cut output in last week's heat
- •Less gas stored across Europe than usual for this time of year, pushing gas prices up
- •Middle East conflict has blocked roughly one in five LNG shipments worldwide since March
- •Another spell of warm weather possible early next week, which would push up air-conditioning demand
- •Wholesale gas prices were already high heading into summer due to a cold winter drawing down European reserves
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.