The wholesale gas and electricity markets continue to experience significant volatility, largely driven by ongoing geopolitical tensions involving Iran and the wider Middle East. As a result, prices are moving rapidly and suppliers are adjusting their positions in response to the uncertainty.

Given the current instability, TPG’s position remains that it would not be advisable to progress with any contract movements at this time. Indicative pricing tables are not currently available due to the unpredictability we are seeing in the wholesale market.

Gas: Marks opened lively yesterday morning, with large increases against Friday night’s close. Prices began to fall away as the day progressed, with positions being sold off. The market settled higher than Friday’s close. This morning contracts have shed further value against last night’s close.   Power: Power prices closed higher than last Friday’s settlement. Prices rallied early yesterday morning as Iran named its new supreme leader. Prices have opened below last night’s close, likely influenced by claims from US President Donald Trump that the conflict would end “very soon”.   Oil: Oil prices rocketed to over $100/bbl – their highest levels since 2022. Large distributors of oil have been forced to cut output due to the Strait of Hormuz remaining largely closed.   Carbon (EUAs): The ICE Dec-26 closed at €70.90/t last night. The contract opened this morning at €71.14/t.   Carbon (UKAs): The ICE Dec-26 traded to £38.86/yesterday. It opened this morning at £40.00/t.