14th November 2025 Energy Price Alert – UK Gas & UK Electricity
On Thursday wholesale gas and electricity prices continued to drop. While there remains no discernible curve, longer term contracts are still representing better value than short term.
At a retail level, we continue to see single rate electricity contracts below 20p/kWh and dual rates at 22/15p/kWh. This is because the price reductions at a wholesale level are swallowed up by government imposed increases on network costs, with more to follow next year.
At an electricity generation level, the last week saw pricing at £69.93/MWh with renewables at 40%: fossil fuels up at 33% drove the higher pricing. We expect volatility in terms of generation prices through the Winter.
Gas: Gas prices fell yesterday as stable domestic consumption capped impact in the prompt, as temperatures continue to remain above average for this time of year. Forecasts of a potential cold snap in the next fortnight limited prices from falling further.
Power: Power prices fell yesterday, as bearish gas prices pressured power costs downwards. Unplanned outage at 640MW Torness 2 until 22 November provided some resistance to further declines. Curve prices continued to be influenced by the Gas market.
Oil: Oil prices rose 1% yesterday after a Ukrainian drone attack hit a major oil depot in Russia’s black seaport, a key outlet for Russian exports.
Carbon (EU ETS): The ICE Dec-25 fell slightly to €81.34/t yesterday. The contract has opened slightly higher today at €81.37/t.
Carbon (UKAs): The ICE Dec-25 continued its recent bullish momentum to £58.25/t yesterday. Opening this morning higher at £58.59/t.
