Saturday, 1 August 2026
UK power surges on Middle East gas disruption & below-par EU storage
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 supplies to Europe, pushing up the cost of the gas used to generate much of Britain's electricity. We expect prices to stay elevated over the next couple of weeks unless the conflict eases or more gas ships arrive in Europe.
What's affecting prices
- •Middle East conflict cutting gas supplies coming to Europe
- •European gas storage well below normal for this time of year
- •Several UK nuclear power stations currently shut down for repairs
- •Hot weather across Europe burning more gas for air conditioning
- •Higher gas prices in Europe feeding directly into UK electricity costs
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.