Thursday, 6 August 2026
UK power elevated on Iran/Hormuz supply risk, nuclear outages & low wind
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than normal right now, mainly because a conflict in the Middle East has blocked a major shipping route for gas tankers, making gas harder and more expensive to get hold of across Europe — and because several UK power stations are currently shut for repairs while the wind has been weak. We expect prices to stay high and a bit unpredictable over the next couple of weeks, unless there is a peace deal or the shipping route reopens.
What's affecting prices
- •Middle East conflict blocking the main shipping route for gas tankers into Europe
- •Several UK nuclear power stations currently shut down for repairs
- •Less wind than normal expected across the UK and northwest Europe this week
- •Gas storage across Europe running about 10% lower than this time last year
- •Norwegian gas pipeline deliveries to the UK cut by an unexpected equipment fault
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.