Wholesale Gas and Electricity prices have risen slightly over the last few days, but are only back at the levels they were one week ago as opposed to the spikes seen at the beginning of February.

TPG’s view is that we can consider this to be a temporary blip, and expect the downward pressure that has applied since February to resume once there is clarity about the situation in Ukraine.

Gas: There were further gains throughout the curve yesterday with geopolitical tensions and lower temperatures driving price. An uptick in wind output is expected to fall away again towards the end of the week, leading to an increase in gas for power generation.   Power: Prices rose in line with NBP movements yesterday. The Russia – Ukraine peace talks being held in Saudi Arabia, coupled with the early morning drone strikes aimed at energy infrastructure were a key market driver. This morning, most contracts are trading down on last nights close.   Oil: Prices gained yesterday as non-USD buyers took advantage of the currency’s recent decline. The ongoing uncertainty of trade tariff impacts continue to cause volatility.   Carbon (EU ETS): The ICE Dec-25 dropped to €68.24/t yesterday. This morning the contract is trading down at €67.83/t.   Carbon (UKAs): The ICE Dec-25 closed at £38.50/t last night. Currently, the contract is trading slightly down at £38.40/t.

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