GLEG UK Energy Market Update…
March 2, 2026
UK Energy Market Summary to Friday 13th March 2026
Closing prices 13.03.2026
| Commodity | Day Ahead | Summer 26 | Winter 26 | Summer 27 | Winter 27 |
| Gas | 4.3 p/kWh | 4.2 p/kWh | 4.1 p/kWh | 2.9 p/kWh | 2.9 p/kWh |
| Electricity | 11.1 p/kWh | 9.5 p/kWh | 9.6 p/kWh | 7.2 p/kWh | 7.6 p/kWh |
British forward wholesale gas prices climbed on Wednesday after recent attacks on vessels in the Strait of Hormuz, a key route for around 20% of global LNG supply. As a result, the Q3 2026 contract surged by 5.3% to 4.2 p/kWh, while the NBP spot price increased by 5.6% to 4.2 p/kWh.
British forward wholesale gas prices continued to rise on Thursday, amid renewed Iran threats to escalate the war. Hence, the Q3 2026 contract closed at 4.1 p/kWh, or a 3% increase on the day. Similarly, the NBP spot price rose by 2.2% to 4.3 p/kWh, as weaker renewables generation boosted gas-for-power demand.
At time of writing, European gas storage levels are 29% full, with the UK 35% full. European gas storage levels are trending at the low of the 5-year average. Over the past week gas has accounted for 21.4% of the UK generation mix with wind accounting for 45.6%, solar 5.5% and nuclear accounting for 9.5%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
| Commodity | Summer 28 | Winter 28 | Summer 29 | Winter 29 | Summer 30 |
| Gas | 2.1 p/kWh | 2.3 p/kWh | 2.0 p/kWh | 2.3 p/kWh | 2.0 p/kWh |
| Electricity | 5.9 p/kWh | 6.7 p/kWh | 6.1 p/kWh | 6.8 p/kWh | 6.2 p/kWh |
Other Energy Markets
Oil prices hit new records high on Thursday as the Iran leaders pledged to keep the Strait of Hormuz shut. Hence, Brent crude jumped by over 9% to settle at $100.46 per barrel. WTI crude also ended higher at $95.73 per barrel, up around 10% on the day.
European carbon prices fell to more-than-a-week-low on Thursday, amid potential new EU reforms to loosen carbon supply rules for free allocations. Hence, the December 2026-expiry contract fell by 4.3% to 68.73 EUR/tonne.