The wholesale gas and electricity markets remain highly volatile, mainly due to ongoing geopolitical tensions involving Iran and the wider Middle East. This uncertainty is causing rapid price movements, with suppliers continually adjusting their positions in response to changing market conditions.

Given the current instability, TPG’s view is that it would not be advisable to proceed with any contract movements at this time. Due to the unpredictability in the wholesale market, indicative pricing tables are not currently available.

Gas: Gas prices tracked the sentiment within the oil market after the US claimed that the war with Iran will be over “pretty quickly”. Supplies remain a concern as it is indicated that 17 Qatari LNG cargoes are currently held up within the Strait of Hormuz.   Power: Power prices tracked the wider energy mix and softened with the bearish sentiment. Strong wind generation of 15.2GWs/day in the prompt further supported the price declines in the Day ahead markets.   Oil: Oil prices fell by 11% yesterday after President Trump predicted a quick end to the war with Iran. However, oil supply recovery is expected to be slow.   Carbon (EUAs): The ICE Dec-26 closed at €72.91/t last night. The contract opened this morning at €73.50/t.   Carbon (UKAs): The ICE Dec-26 traded to £39.27/yesterday. It opened this morning at £39.60/t.

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