Trump & Energy: A Complicated Outlook for UK Wholesale Prices

Donald Trump is back, and with him comes a new chapter in global energy politics—one that could have profound implications for the UK’s wholesale energy market.

At the World Economic Forum in Davos, Trump assured European nations that the U.S. would guarantee LNG supplies to Europe. On the surface, this sounds like a win for energy security—especially given Europe’s successful pivot away from Russian gas after the invasion of Ukraine. But is the West simply trading one dependency for another? And what does this mean for UK gas and power prices?

If the past decade has taught us anything, it’s that energy is never just about supply and demand. It’s about power—political, economic, and strategic. Russia understood this all too well. Now, the U.S. does too.