8th January 2026 Energy Price Alert – UK Gas & UK Electricity
There was limited movement in the wholesale gas and electricity markets on Wednesday, with the only noticeable movement occurring in immediate term contracts.
Wholesale prices remain low, but at the retail level unit prices are flat given the increases to standing charges.
October contracts continue to trade between 3 and 5% below April starts, with bigger differences on gas than electricity. October start electricity 1 and 2 year pricing is identical.
Gas: Most gas prices continued to rise yesterday, with low temperatures and wind output driving up prompt prices. Out on the curve prices continued to gain in value, despite losses earlier in the week.
Power: Most power contracts gained yesterday, backed by NBP movements and forecasts of low wind generation.
Oil: Oil prices fell by yesterday’s close. The US plans to reroute Venezuelan oil, increasing supply in an already laden market.
Carbon (EUAs): The ICE Dec-26 closed at €88.13/t yesterday. The contract has opened lower at €87.46/t this morning.
Carbon (UKAs): The ICE Dec-26 traded to £68.87/t yesterday. The contract opened at £68.55/t this morning.
