Wednesday, 22 July 2026
UK power surges to ~£136/MWh spot as Iran-US war premium drives gas to 3-month high
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than normal right now, mainly because fighting between the US and Iran in the Middle East is threatening gas supplies to Europe, pushing gas — and therefore electricity — prices sharply upward. We expect prices to stay elevated and potentially rise further over the next week or two unless the conflict de-escalates or more gas ships arrive in Europe.
What's affecting prices
- •US-Iran military conflict threatening gas tanker routes through the Middle East
- •UK gas storage critically low — only about one-fifth full
- •Europe-wide gas storage well below last year's levels, making winter supply tight
- •Heatwave across the UK and Europe pushing electricity use much higher than normal
- •Nuclear power stations in the UK and France partially offline for repairs
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.