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UK Energy Market Summary to Friday 1st August 2025
Closing prices 01.08.2025
Lower Norwegian flows helped boost British gas prices on Wednesday, after an unplanned outage at Norway’s Karsto gas processing plant slashed flows by 16.5 mcm/day. As a result, the NBP spot price edged 0.4% higher at 2.8 p/kWh. Stronger demand from Asia and rising concerns that stricter sanctions on Russia may further limit European gas supply.
British spot gas closed unchanged on Thursday at 2.8 p/kWh supported by steady fundamentals. On the forward curve, the Winter-25 delivery contract edged up slightly to 3.2 p/kWh, while concerns over global supply disruptions underpinning market sentiment.
At time of writing, European gas storage levels are 69% full, with the UK 35% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 23% of the UK generation mix with wind accounting for 22%, solar 10% and nuclear accounting for 15%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Crude oil prices gained over 1% on Wednesday, driven by anticipation around U.S. President Donald Trump’s deadline for Russia to halt its war in Ukraine. Additional support came from tariff threats targeting nations that continue to purchase Russian oil.
European carbon prices ended slightly lower on Thursday, with analysts suggesting that only major news events could push EUAs out of their current range. December-25 EUAs eased 0.3% to 72.66 EUR/tonne.