23rd February 2026 Energy Price Alert – UK Gas & UK Electricity
On Friday we saw drops on both wholesale gas and wholesale electricity, for near-term contract starts as well as April and October start dates.
This is welcome news after recent increases, and may be attributed to the mild weather. We hope to see this continue, but as we are still in the Winter volatility can be expected over the next month.
Gas: Gas prices fell at the end of last week. Prices fell in the prompt due to mild temperatures (8.5°C) and high wind speeds (17.6GWs/day) over the weekend. Minimum risk premiums are being held for if a cold snap happens. Curve prices retreated from the previous gains as fundamentals remained bearish. The US’s Golden Pass LNG signalled plant ramp up, increasing supplies.
Power: Power prices fell last Friday. Prompt prices tracked the gas market and a forecast of an average 14.1GWs/day for wind generation over this week. Curve prices tracked the direction of bearish movements of the gas market whilst the bullish carbon market limited the decline.
Oil: Oil prices rose at the end of last week as investors were worried about military action against Iran to halt nuclear weapon development.
Carbon (EUAs): The ICE Dec-26 increased to €73.78/t. The contract opened this morning at €72.72/t.
Carbon (UKAs): The ICE Dec-26 rose to £47.62/t last Friday. It opened lower this morning at £47.11/t.
