Could Barrow Become Home to Britain’s Largest Energy Storage Hub?
May 28, 2026
UK Energy Market Summary to Friday 29th May 2026
Closing prices 29.05.2026
The NBP spot price increased by 0.8% to 3.82 p/kWh, as fresh U.S. military strikes targeting Iranian drone networks signalled that Middle East diplomatic efforts remain unstable, injecting a fresh layer of geopolitical risk into the prompt. With Europe relying on LNG imports to replenish storage stocks, which were still below 39% full, the Winter 2026 delivery contract also added 0.8% to 3.98 p/kWh.
British gas prices eased on Friday as a preliminary US-Iran agreement to extend the ceasefire by 60 days improved prospects for reopening the Strait of Hormuz. However, concerns over tighter LNG supplies to Europe this summer, amid stronger Asian demand linked to heatwaves and El Niño, limited losses. The NBP spot contract dropped by 1% to 3.78 p/kWh, while the Winter 2026 delivery contract dipped by 2.5% to 3.88 p/kWh.
At time of writing, European gas storage levels are 40% full, with the UK 19% full. European gas storage levels are trending at the low of the 5-year average. Over the past week, gas has accounted for 24.7% of the UK generation mix with wind accounting for 25.5%, solar 16.9% and nuclear accounting for 8.8%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices retreated on Friday as markets awaited confirmation of a potential US-Iran peace deal after President Donald Trump said he would make a final decision. Reports that Washington and Tehran had agreed to extend the ceasefire and resume nuclear talks raised hopes for the reopening of the Strait of Hormuz. Consequently, Brent crude fell by nearly 2% to $92.05 per barrel, while WTI crude declined by 1.7% to $87.36 per barrel.
European carbon prices increased on Friday, supported by a heatwave that boosted energy demand and raised outage risks at power plants. Markets also looked ahead to Monday’s TNAC release from the European Commission. Consequently, the EUAs expiring in Dec-2026 edged 0.6% higher to 80.63 EUR/tonne.