21st January 2026 Energy Price Alert – UK Gas & UK Electricity
On Tuesday wholesale Gas prices rose marginally, whilst the Electricity prices slightly dropped back. April and October start date contracts showed slight decreases for Electricity and slight increases for Gas.
Gas: Gas prices rebounded yesterday as contracts took in more premium due to President Trump’s push for Greenland, driving market sentiment. Despite this, the UK is expecting to receive 10 LNG cargoes in the near curve, keeping supplies high.
Power: Power prices decoupled from the gas market yesterday and fell. Higher temperatures and wind output (1-3°C above average, 16.2GWs/day) for week 5 has softened prices. Curve prices fell, tracking fundamentals, but the sentiment around Greenland resisted further declines.
Oil: Oil prices rose yesterday as the US threatened tariffs on its European allies over the acquisition of Greenland. Oil prices were also supported by a temporary outage at an oil field in Kazakhstan and expectations of a firmer global economic growth, increasing demand.
Carbon (EUAs): The ICE Dec-26 fell to €84.96/t yesterday, losing 5% of its value. The contract has opened at €84.43/t this morning.
Carbon (UKAs): The ICE Dec-26 continued to rapidly lose its gains yesterday, closing downwards at £64.28/t. This morning, the contract opened lower at £63.90/t.
