Monday, 27 July 2026
UK power stays elevated on Middle East LNG risk & tight storage; near-term bearish day
Prices rising sharply2027 wholesale: £68.00/MWh
Energy prices are significantly higher than normal right now, mainly because fighting in the Middle East has reduced the amount of gas tankers reaching Europe, pushing up the cost of gas that powers much of UK electricity generation. We expect prices to stay high and possibly rise further over the next couple of weeks, especially if the situation overseas does not improve and as we head towards the colder winter months.
What's affecting prices
- •Middle East conflict cutting gas tanker supplies to Europe
- •European gas storage well behind last year's level
- •Several UK nuclear power stations currently offline
- •French nuclear power export cut by summer heatwave
- •Warm but low-wind UK weather reducing renewable output and boosting gas demand
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.