Monday, 31 August 2026
UK power surges near 3-yr gas high; supply squeeze tightens into Q4
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are significantly higher than normal right now, mainly because gas prices have hit their highest level in over three years — partly driven by planned maintenance at a major Norwegian gas pipeline and a nuclear power station going offline next week. Expect prices to remain elevated and possibly rise further over the next two weeks as the heating season begins, unless large shipments of gas from overseas fill the gap.
What's affecting prices
- •Gas prices at highest level in over 3 years
- •Norwegian gas pipeline (Sleipner) maintenance cutting supply until 22 September
- •Heysham 2 nuclear reactor going offline 4 September, removing 660 MW
- •UK gas storage entering autumn at only 49% full
- •Low pressure and unsettled weather reducing solar output and boosting heating demand
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.