Thursday, 23 July 2026
UK power sharply above seasonal norm — Middle East LNG shock dominates
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than usual right now, mainly because fighting in the Middle East has disrupted the ships that carry gas to Europe, making gas — and therefore electricity — much more expensive. We expect prices to stay high and remain jumpy over the next couple of weeks, with any news about the conflict likely to push them up or down quickly.
What's affecting prices
- •Middle East conflict cutting global gas ship deliveries — less gas arriving in Europe means higher prices
- •UK gas prices up nearly 90% compared to a year ago
- •French nuclear power stations off for repairs, reducing cheap electricity flowing to the UK
- •European gas storage below last year's levels going into the summer fill season
- •Hot, low-wind weather across the UK reducing wind power output and solar overnight generation
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.