4th March 2026 Energy Price Alert – UK Gas & UK Electricity
Wholesale gas and electricity prices are currently seeing high levels of volatility on a daily basis, due to the ongoing geo-political conflicts involving Iran and the Middle East.
Some Qatari LNG production facilities have temporarily closed down, pushing European gas prices higher in the immediate term.
TPG would not advise any movement at the moment, as the rates are changing so much each day. We expect such instability to continue until the conflicts calm down.
Gas: Gas prices continued to surge higher yesterday, across all contracts. The growing conflict in the Middle East continued to drive prices upwards. Qatari LNG cargoes remain offline as they can no longer deliver due to the Strait of Hormuz being closed. The graph below does not reflect the live market.
Power: Power prices continued to track the wider energy mix and rose yesterday. The below graph does not reflect the live market.
Oil: Oil prices rose by 5% yesterday to the highest price since January 2025 as the fighting between the US, Israel and Iran intensified, disrupting cargoes through the Strait of Hormuz. Prices have continued to trend upwards this morning.
Carbon (EUAs): The ICE Dec-26 rose to €73.33/t yesterday. The contract opened this morning at €73.62/t.
Carbon (UKAs): The ICE Dec-26 rose to £46.04/t yesterday. It opened this morning at £45.15/t.
