Saturday, 8 August 2026
UK power firmly bid on gas supply fears; solar keeping spot soft intraday
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than they were a year ago, mainly because a conflict in the Middle East has disrupted the ships that carry gas to Europe, meaning there is less gas in storage than usual going into winter. Expect prices to stay elevated or drift a little higher over the next two to four weeks unless there is a breakthrough in the conflict or a spell of very windy weather.
What's affecting prices
- •Middle East conflict disrupting gas ships to Europe, keeping supply tight
- •European gas storage at an 18-year seasonal low, raising winter shortage fears
- •Asian buyers outbidding Europe for available gas cargoes
- •Strong sunshine reducing daytime electricity demand right now, softening spot
- •Warm, calm UK weather forecast — less wind means less free renewable power
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.