18th February 2026 Energy Price Alert – UK Gas & UK Electricity
Since our last update last week Thursday prices have dropped, although the market is volatile.
We expect further volatility over the next month, and then some stabilisation/consistent slight reductions (subject, of course, to no external geo-political issues).
Gas: Gas prices fell yesterday. In the prompt temperatures and wind generation were both expected to rise in week 9, leading to less demand for gas-fired power. The curve continued to fall, tracking bearish weather fundamentals and geopolitics.
Power: Power prices also fell yesterday. A high wind forecast of 17GWs/day over the upcoming weekend softened prices in the prompt. Near curve contracts fell alongside the Gas market.
Oil: Oil prices slipped 2% yesterday after tensions between the US and Iran eased after Iran’s foreign minister said the countries had reached an understanding on their nuclear talks.
Carbon (EUAs): The ICE Dec-26 rose to €70.08/t yesterday. The contract opened, this morning, at €70.12/t.
Carbon (UKAs): The ICE Dec-26 closed at £47.16/t last night. Opening lower this morning at £46.81/t.
