19th March 2026 Energy Price Alert – UK Gas & UK Electricity
The wholesale gas and electricity market continues to be see high levels of volatility, due to geo-political issues. The retail market is managing to avoid drastic changes at the moment, but the situation remains ongoing.
Gas: Gas prices shot up yesterday after large-scale escalation in the conflict between Iran and the US. Israeli strikes on Iran’s South Pars gas field, the world’s largest gas field, caused prices to surge. Iran has since launched retaliatory attacks on energy infrastructure in several Gulf states. Markets have risen significantly, against last nights close, upon opening this morning.
Power: Power prices tracked bullish NBP gains yesterday. Wind output is expected to remain muted over the remainder of the week, before picking back up to seasonal average next week. Similar to NBP, power markets this morning are extremely volatile, surging since last nights close.
Oil: Oil prices reached 4-year highs yesterday with Brent Crude closing at circa $107/bbl. Key drivers included attacks on energy infrastructure and strategic supply risks with the Strait of Hormuz remaining a choke point.
Carbon (EUAs): The ICE Dec-26 fell to €65.87/t last night. The contract opened this morning at €65.30/t.
Carbon (UKAs): The ICE Dec-26 traded to £36.79 yesterday. Opening this morning at £36.90/t.
