Tuesday, 18 August 2026
UK power surges >£160/MWh as Hormuz LNG crunch, nuclear outages & low wind combine
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than normal right now, mainly because a large amount of the gas the UK and Europe need is stuck in the Middle East due to an ongoing conflict near a key shipping route, meaning gas is scarce and expensive — and that feeds straight into electricity costs. We expect prices to stay high or push even higher over the next week or two, unless the shipping situation improves or the weather turns windier.
What's affecting prices
- •Gas tankers from the Middle East are being blocked or delayed, cutting Europe's gas supplies
- •Several UK nuclear power stations are currently shut down for maintenance or safety checks
- •Very little wind across the UK this month means less free electricity from wind turbines
- •Europe's gas stores are well below normal levels for this time of year, raising winter supply fears
- •Heatwaves in France and southern Europe are using up more gas-fired electricity for air conditioning
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.