30th April 2026 Energy Price Alert – UK Gas & UK Electricity
The unpredictability in the wholesale gas and electricity markets continues, and Wednesday saw price rises in both areas.
TPG continues to monitor the situation on a daily basis, and our advise remains to avoid signing any long-term energy contracts where possible.
Gas: NBP contracts rebounded from recent losses yesterday, with some near curve contracts rising ~8%. These gains were supported by the continued closure of the Strait of Hormuz and unexpected outages at Norway’s Gullfaks field. This morning markets opened higher than last night’s close.
Power: Most power contracts gained in value yesterday, backed by strong NBP movements. The day-ahead contract shed value, backed by strong renewables output. Further out on the curve, falling carbon prices pressured some power contracts. This morning, early trading is up on last night’s close.
Oil: Oil prices are at their highest point since 2022. Brent Crude settled yesterday at ~$118/bbl. These gains have been largely driven by the Iranian closure of the Strait of Hormuz and the US blockade of Iranian ports.
Carbon (EUAs): The ICE Dec-26 traded to €73.2/t yesterday. The contract opened this morning at €72.81/t.
Carbon (UKAs): The ICE Dec-26 settled at £49.45/t last night, opening this morning at £49/t.
