Wholesale gas and electricity markets remain unsettled, due to ongoing global uncertainty. However prices have fallen overall by just over 14%, compared to this time last month.

TPG’s position remains unchanged: given the current level of market instability, it is not advisable to commit to long-term gas or electricity contracts. We will continue to monitor conditions and the effects on energy prices on a daily basis.

Gas: Gas prices fell yesterday, after reports Iranian linked ships had transited through the Strait of Hormuz, easing the market fear of the strictness of the US blockade. Markets are hopeful for the return of Qatari LNG to the UK and Europe, bolstering injections ahead of the winter. National Gas published its summer outlook report and confirmed the UK to have sufficient supplies to meet forecast under current conditions.   Power: Power prices were bearish yesterday, due to easing geopolitical risk premiums in the gas and oil markets combining with a fundamental softening of demand and rising supplies. Prompt prices softened due to a further rise in wind generation, making forecasts well above average.   Oil: Oil prices fell yesterday, on expectations of peace talks between the US and Iran to resume and supplies to be released from the Middle East. Carbon (EUAs): The ICE Dec-26 rose to €74.87/t yesterday. The contract opened this morning at €74.68/t.   Carbon (UKAs): The ICE Dec-26 closed upwards to £46.82/t yesterday. It opened this morning slightly higher at £46.95/t.

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