Thursday, 20 August 2026
UK power surges on near-zero wind and Hormuz LNG squeeze; nuclear crunch adds upside risk
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than normal right now, mainly because the wind has almost completely dropped across the UK this week, so power stations burning gas have had to pick up all the slack — and gas itself has become more expensive because a shipping blockade in the Middle East is stopping tanker deliveries reaching Europe. We expect prices to stay elevated and jumpy over the next couple of weeks until either the wind picks back up or the Middle East situation is resolved.
What's affecting prices
- •Wind generation collapsed to near-zero — gas plants had to cover almost everything
- •Middle East shipping blockade cutting gas tanker deliveries to Europe
- •Three UK nuclear power units offline or going offline this week
- •European gas storage filling more slowly than usual ahead of winter
- •Warmer-than-normal August reducing demand slightly, limiting how far prices spike
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.