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UK Energy Market Summary to Friday 21st March 2025
Closing prices 21.03.2025
British gas prices saw a strong bullish trend on Wednesday, driven by the failure of Trump-Putin talks to secure an unconditional ceasefire in Ukraine. Additionally, an unplanned outage at Norway’s Åsgard field provided further support to prices. Consequently, the NBP spot price jumped by 6.5% to 3.63 p/kWh. On the forward curve, the Q3 2025 delivery contract closed at 3.58 p/kWh, or a 6% gain.
UK near-term gas prices declined on Thursday influenced by a rise in wind generation and higher temperatures. Consequently, the NBP spot price settled 3.3% down at 3.5 p/kWh.
At time of writing, European gas storage levels are 34% full, with the UK 18% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 33% of the UK generation mix with wind accounting for 25%, solar 6% and nuclear accounting for 11%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices rose on Thursday, following new sanctions from the United States administration aimed at curbing Iran’s crude exports, as President Donald Trump seeks to negotiate a nuclear deal with Tehran.
European carbon prices reached a three-week high on Wednesday, with the December 2025-expiry contract increasing by 3% to 73.44 €/tonne.