2nd April 2026 Energy Price Alert – UK Gas & UK Electricity
Wholesale gas and electricity prices remain above average, driven by the ongoing situation in Iran and geopolitical instability.
TPG’s view remains that it is not advisable to lock into long-term contracts during this period of volatility, and we will continue to monitor market conditions.
Gas: Gas prices continued to decline yesterday as President Trump claims that the US’s “core strategic objectives” are nearing completion, vowing to “finish the job” over the next 2-3 weeks. This morning, prices have rebounded slightly, trading up on last night’s close.
Power: Most power prices fell yesterday, largely driven by bearish NBP movements. Wind generation is expected to increase this weekend, bringing further downside to the corresponding contracts. However, there are concerns that high wind speeds may lead to possible curtailment.
Oil: Volatility continued yesterday, with prices falling back below $100/bbl before recovering, driven by de-escalation hopes in the conflict between US & Iran.
Carbon (EUAs): The ICE Dec-26 rose to €74.64/t yesterday. The contract opened this morning at €73.66/t.
Carbon (UKAs): The ICE Dec-26 rose to £42.49/t in yesterday’s session. Opening this morning at £42.45/t.
