5th February 2026 Energy Price Alert – UK Gas & UK Electricity
Wholesale Gas and Electricity prices showed slight increases in the immediate term on Wednesday.
April and October start date contracts also saw slighter higher increases than we have seen recently, particularly on the gas. These increases can be attributed to ongoing global political tensions and higher gas demands.
Gas: After recent losses, NBP contracts regained some value yesterday. A fall in demand due to milder weather meant that exports were required to help balance the system. This morning, early trading is up on last night’s closing price.
Power: Most power contracts rose in value yesterday, tracking gains in NBP markets. High wind forecasts pressured day ahead prices with that contract falling c.6%. For an outlook on price, as of last night’s close, please see the table at the bottom of the page.
Oil: Crude prices reached their highest levels since September yesterday. Talks between the US and Iran stalled after disagreements over the venue. Elsewhere, data released from the EIA showed a larger than expected decline in crude inventory.
Carbon (EUAs): The ICE Dec-26 closed at €82.92/t yesterday. The contract has opened at €82.75/t this morning.
Carbon (UKAs): The ICE Dec-26 traded to £62.18/t yesterday. Opening lower this morning at £61.55/t.
