20th February 2026 Energy Price Alert – UK Gas & UK Electricity
On Thursday there were increases in wholesale gas and electricity prices both in the near term as well as April and October start dates. We hope to see these prices rise less sharply over the coming weeks, subject to geo-political volatility.
On the Generation front costs continued to fall, down to £79.91/MWh from £85.71/MWh last week. Renewables were the main driver this past week with 41%, followed by fossil fuels at 36.9%.
Gas: Gas prices increased significantly yesterday after the US-Iran conflict sentiment dominated the market. Risk premiums were suddenly pumped back into prices despite fundamentals showing bearish signals.
Power: Power prices tracked the wider energy complex yesterday and rose across all contracts. In the prompt, the UK expects a strong wind output of 15.3GWs/day over the weekend, leading to less demand for gas fired generation.
Oil: Oil prices rose yesterday for the first weekly gain in three weeks. The US has threatened that Iran will suffer if the country does not agree a deal on its nuclear activity within a few days, sparking concerns of a renewed conflict in the region.
Carbon (EUAs): The ICE Dec-26 closed downwards to €71.34/t. The contract opened this morning at €71.41/t.
Carbon (UKAs): The ICE Dec-26 fell to £46.07/t yesterday. Opening lower this morning at £46.90/t.
