15th May 2026 Energy Price Alert – UK Gas & UK Electricity
The wholesale Gas and Electricity markets are still proving unstable owing to the ongoing Iran War; we saw rate increases in both product areas as Thursday came to a close.
Included underneath the main table below is a snippet of the prices from 3 months ago. If we compare the figures for October 2026 contract start dates you can see there has been a stark increase in the rates, which is not what we would expect as we inch closer to the Summer months.
TPG’s view continues to be that contracts should not be signed at this time where it can be avoided, as we would hope that prices will settle somewhat if and when the geo-political situation improves.
On the Generation front prices have risen to £99.56/MWh since our last update on 1st May, where we last saw rates closer to £90/MWh.
Renewables are currently the main driver in this area with contributions of 43%, with fossil fuels following behind at 21%.
Gas: Gas prices rose in the prompt but fell in the curve yesterday. The risk premiums built into further out contracts for proposed strikes at Australia’s LNG plants have been outweighed by a slow return of gas from the US. A lack of direction from the geopolitics of the Middle East eased prices further. Early morning trades have opened bullish on the back of the news from the talks between the US and China.
Power: Power prices continued to align themselves to the gas market yesterday. The UK June premium continues to widen compared to its French counterpart as gas volatility continues to weigh on UK prices, whereas France is somewhat shielded by its nuclear output. The markets have opened stronger in the early trading window.
Oil: Oil prices have risen 2% after President Trump announced that he and China’s leader Xi Jinping agreed on Iran not being able to have nuclear weapons. Brent oil has risen 6% since the start of the week. Tehran has declared around 30 vessels have crossed the Strait of Hormuz.
Carbon (EUAs): The ICE Dec-26 closed at €75.08 last night. The contract opened this morning at €74.76/t.
Carbon (UKAs): The ICE Dec-26 traded to £51.73/t yesterday. Opening this morning at £51.50/t.
