Wednesday, 8 July 2026
UK power bullish: heatwave + nuclear outages + low EU storage lift curve
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than usual right now, mainly because the UK and much of Europe are in the grip of a third heatwave this summer, several power stations are broken or shut for repairs, and Europe's gas stores are unusually low going into winter. We expect prices to stay elevated or edge slightly higher over the next week or two unless the heatwave breaks and wind picks up.
What's affecting prices
- •Third UK heatwave of summer 2026 — pushing electricity demand sharply higher
- •Nuclear power stations offline — Heysham, Sizewell B and Hartlepool all out of service
- •France cutting nuclear output due to extreme heat — less cheap electricity available to import into the UK
- •European gas stores dangerously low for this time of year — about 49% full vs 60% a year ago
- •Middle East tensions easing slightly but LNG supply routes still uncertain
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.