13th November 2025 Energy Price Alert – UK Gas & UK Electricity
On Wednesday Wholesale gas and electricity prices were broadly stable, with some minor drops on gas and corresponding minor decreases on electricity. The psychological £80/MWh and 80p/Therm thresholds now look safe, with 2 year October ’26 contracts approaching £70/MWh and 70p/Therm.
Gas: Most NBP prices fell during yesterday’s session. Above seasonal norm temperatures pressure demand, although forecasts yesterday show temperatures falling as we enter December. Early trading this morning is down on last nights close.
Power: Some power contracts had slight gains in value yesterday. Gains in benchmark carbon contracts pushed front month prices higher. Further out on the curve most contracts remained relatively neutral, weighing up NBP losses.
Carbon (EU ETS): The ICE Dec-25 rose to €81.91/t yesterday. The contract has opened slightly higher today at €82.28/t.
Carbon (UKAs): The ICE Dec-25 continued to rise to £57.58/t yesterday. Opening this morning higher at £57.95/t.
