Sunday, 30 August 2026
UK power firmly bid as Norwegian gas cuts and thin storage lift winter contracts
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than normal right now, mainly because gas pipelines from Norway are being repaired and there is less gas stored across Europe than usual, which means less fuel is available to generate electricity this winter. Prices are likely to stay high — or push even higher — over the next couple of weeks unless the repair work finishes early or the weather stays mild.
What's affecting prices
- •Norwegian gas pipeline repairs cutting supply to the UK for weeks
- •Gas storage across Europe well below where it should be at this time of year
- •Nuclear power station (Heysham 2) going offline on 4 September
- •Iran conflict keeping global gas and oil prices elevated
- •Light winds across the UK this weekend reducing renewable electricity output
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.