Saturday, 29 August 2026
UK power spikes above £141/MWh on Iran-driven gas surge and approaching Oct cap rise
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than normal right now — mainly because conflict in the Middle East has sharply reduced the amount of gas flowing through a key shipping route, pushing up gas costs across Europe and the UK. Prices are expected to stay elevated, and will rise further for households in October, so if you can lock in a fixed energy deal now, it is worth considering.
What's affecting prices
- •War in the Middle East has choked a key gas shipping route, making gas much more expensive
- •Gas prices are at their highest level since early 2023
- •Ofgem has confirmed energy bills will rise again in October — up 4% overall
- •Windy, unsettled UK weather forecast may bring some cheaper wind power over the next week
- •UK government may delay its clean energy targets, adding long-term uncertainty to prices
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.