GLEG UK Energy Market Update…
March 2, 2026
Why Energy Costs in the UK Are Among the Highest in the World
March 18, 2026
UK Energy Market Summary to Friday 13th March 2026
Closing prices 13.03.2026
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
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.