Wednesday, 15 July 2026
UK power near 30-day high as Hormuz blockade re-escalation lifts gas sharply
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than they have been for most of the past month, mainly because tensions in the Middle East have flared up again and are threatening to disrupt gas shipments that Europe relies on — pushing gas prices up across the continent, which in turn pushes up electricity prices here in the UK. Prices could stay elevated or rise a little further over the next week or two, though they may ease back slightly if the situation calms down or if the spell of warm, sunny weather reduces heating demand.
What's affecting prices
- •Middle East conflict escalating again — US blockade on Iranian ports threatens gas shipments to Europe
- •European gas storage well below normal levels for this time of year, leaving markets nervous
- •Less wind than usual as warm, calm, sunny weather settles over the UK
- •Gas prices in Europe at a three-month high, pushing electricity prices up with them
- •Energy price cap rose 13% on 1 July, reflecting higher wholesale costs feeding through to bills
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.