Sunday, 2 August 2026
UK power surges 16% above weekly mean as nuclear outages, tight EU gas storage and Middle East risk converge
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than normal right now, mainly because several large UK power stations are unexpectedly offline at the same time as gas has become much more expensive globally due to tensions in the Middle East. We expect prices to stay elevated over the next week or two, though a cooler weather shift and some early signs of calmer gas markets could take a little heat out of the market.
What's affecting prices
- •3.1 GW of UK nuclear power stations unexpectedly shut or in planned maintenance at the same time
- •Gas prices across Europe up roughly 40% in one month due to fighting in the Middle East disrupting supplies
- •European gas storage well below normal for this time of year, raising fears about next winter
- •Europe importing large amounts of UK power, leaving less room to buffer price spikes
- •UK cooling after a heatwave — wind may pick up, which could ease prices slightly
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.