19th February 2026 Energy Price Alert – UK Gas & UK Electricity
Wholesale gas and electricity prices have risen since yesterday, for both near-term and further-out contract starts.
As mentioned yesterday we do expect volatility over the next month, but are hopeful for stabilisation/consistent slight reductions after that.
Gas: Prices found some bullish momentum yesterday with contracts gaining throughout the curve. Escalating tensions between the US and Iran combined with the Russia-Ukraine talks failing to come to a peace deal were a prominent driver. Markets have opened bullish this morning.
Power: Power prices gained yesterday with the exception of the weekend contract. Prices largely tracked NBP movements with geo-politics a main cause. This morning, prices are up on last night’s close
Oil: Oil prices shot up yesterday with geo-politics as the main driver, outweighing any over-supply concerns.
Carbon (EUAs): The ICE Dec-26 shot up yesterday, closing at €71.57/t. The contract opened this morning at €71.87/t.
Carbon (UKAs): The ICE Dec-26 gained modestly yesterday, closing at £47.55/t last night. Opening lower this morning at £47.31/t.
