Tuesday, 28 July 2026
UK power softens post-heatwave but gas stay elevated on Middle East/storage fears
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than usual right now, mainly because fighting in the Middle East has disrupted gas shipments to Europe, making gas much more expensive — and since gas-fired power stations set the price of electricity most of the time in the UK, electricity costs have gone up too. Prices may ease a little over the next couple of weeks if the conflict calms down, but they are likely to stay well above normal until Europe can refill its gas reserves ahead of winter.
What's affecting prices
- •Middle East conflict disrupting gas ship deliveries to Europe, pushing gas prices sharply higher
- •Europe's gas storage much lower than this time last year — less cushion for the winter
- •UK and Norway gas pipeline flows weaker than normal this week
- •Nuclear power stations at Heysham and Hartlepool partially offline
- •Wind generation expected to drop over the coming days, meaning gas stations will need to work harder
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.