6th February 2026 Energy Price Alert – UK Gas & UK Electricity
On Thursday wholesale electricity prices remained stagnant in the immediate term, whilst wholesale gas saw rises. The theme remained the same for April and October contract starts; wholesale electricity prices saw a slight drop, however the opposite was the case with slight increases on wholesale gas prices.
On the generation side the past week saw the generation cost at a lower level than last week, down to £92.31/MWh compared to £102.06/MWh. Renewables remained the driving factor this past week at 44.4%, followed once again by fossil fuels at 26.7%.
Gas: Gas prices rose yesterday. In the prompt, an unplanned outage at Hatfield prevented withdrawals and is expected to be back online later tonight. Higher prompt demand due to the tensions between the US and Iran pressured the curve.
Power: Power prices fell yesterday as losses in the Carbon market outweighed the gains in the Gas market. The MetDesk has again revised the Sudden Stratospheric Warming (SSW) down to a 30% chance of occurring.
Oil: Oil prices fell 3% yesterday after the US and Iran agreed to hold talks in Oman today, easing concerns about another escalation in the Middle East and Iranian crude supplies. However, traders are sceptical of a reasonable deal being made.
Carbon (EUAs): The ICE Dec-26 returned to its bearish run and settled at €78.20/t yesterday. The contract has opened at €78.20/t this morning.
Carbon (UKAs): The ICE Dec-26 fell to £57.35/t yesterday. Opening lower this morning at £57.15/t.
