Sunday, 26 July 2026
UK power surges to ~£133/MWh as Middle East LNG crisis drives gas +44% in July
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than normal right now, mainly because fighting in the Middle East has disrupted gas shipments to Europe, pushing up the cost of the gas that powers many UK electricity plants. We expect prices to stay high over the next couple of weeks unless tensions ease or the weather turns cooler and windier.
What's affecting prices
- •Middle East conflict is blocking gas tanker shipments to Europe, pushing gas prices to multi-month highs
- •Europe's gas storage tanks are about 10 percentage points less full than this time last year
- •Less wind than normal across the UK this week means more gas-fired power stations need to run
- •Several UK nuclear power stations are offline for maintenance at the same time
- •Hot weather across Europe is boosting electricity demand for air conditioning
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.