28th November 2025 Energy Price Alert – UK Gas & UK Electricity
On Thursday wholesale gas and electricity prices continued to drop, even though the likelihood of a quick ceasefire in Ukraine dissipated. We are back in to the realms of pricing being affected by geopolitical, rather than market, conditions.
On the generation side; pricing last week was at £84.80/MWh which is broadly in line with the week before, and driven by fossil fuels accounting for 35% of total generation.
Gas: Prices fell again yesterday with mild and windy weather set to continue throughout next week. Hopes for peace between Russia and Ukraine continue, adding further bearishness.
Power: Most power prices fell yesterday, with wind forecasts above seasonal average for the coming fortnight. Out on the curve, prices largely tracked movements in NBP gas markets.
Oil: Oil prices settled slightly higher yesterday as the market weighs up the possibility of an end to the war in Ukraine. Expectations of a cut to US interest rates in December brought further support.
Carbon (EU ETS): The ICE Dec-25 rose to €82.21/t yesterday. The contract opened today at €82.33/t.
Carbon (UKAs): The ICE Dec-25 fell to £57.07/t yesterday. Opening this morning at £57.31/t.
