7th April 2026 Energy Price Alert – UK Gas & UK Electricity
Wholesale gas and electricity markets remain unstable due to ongoing global uncertainty, with prices fluctuating daily. Since Thursday, wholesale gas prices have increased by nearly 2%, while electricity prices have risen by around 4% compared to before the weekend.
However, looking at the broader trend, prices are still lower than they were last month. Wholesale gas prices are down nearly 8% compared to March, and electricity is approximately 13% lower.
Given this volatility, TPG’s view is that the market should be monitored on a day-by-day basis. At this stage, we would not recommend committing to long-term contracts.
Gas: Gas prices gained momentum during Thursday’s session with US President Donald Trump threatening to strike Iran’s core infrastructure. He further signalled that the US would hit Iran hard over the next 2-3 weeks. This morning, early market movement is similar to last Thursday’s close.
Power: Power prices gained in line with rises in NBP contracts, due to geopolitical tensions. Wind output is expected to remain above average for the remainder of this week. This morning, the power market is forming slowly.
Oil: Oil prices shot back up above $100/bbl on Thursday as tensions in the Middle East escalated. This morning, crude is currently around ~$115/bbl.
Carbon (EUAs): The ICE Dec-26 closed at €71.69/t last week. The contract opened this morning at €71.60/t.
Carbon (UKAs): The ICE Dec-26 finished trading £41.50/t last Thursday. It opened this morning at £41.30/t.
