Headlines – UK Wholesale Gas and Electricity Prices
Latest news on UK wholesale energy market trends, with weekly, monthly, and yearly price updates on gas and electricity (day-ahead and year-ahead), coal, EUA carbon, UKA carbon, and Brent crude oil, plus key cost movements.
Most power and gas contracts were mixed last week, as improved economic outlooks following the US and China reaching a deal on temporarily halting trade tariffs between the countries supported higher prices, while above-average temperatures alongside strong solar production across GB limited the upside. Day-ahead gas rose 6.7% to 79.71p/th, following outages across the UK and Norwegian Continental Shelves across the week, with maintenance at Gullfaks and Ormen Lange reducing flows from the Norwegian Continental Shelf. Reductions to gas imports were further supported by maintenance across the UK Continental Shelf, with an outage at St Fergus NSMP reducing total flows available for imports into GB. Day-ahead power fell 0.3% to £82.86/MWh, finding downward influence from strong solar generation alongside periods of increased wind output, however stronger losses were limited by higher gas prices. Moreover, June 25 power was up 4.5% to £75.75/MWh, and July 25 power rose 5.4% to £76.30/MWh as drought concerns over the summer months raise concerns over renewable and nuclear output. Most seasonal gas contracts boosted last week, up by 0.2% on average, while both winter 25 and summer 26 gas increased 0.9% and 0.7% respectively, lifting to 93.90p/th and 81.40p/th. Opposing this, most seasonal power contracts declined this week, down on average by 0.6%, as winter 25 remained level at £84.30/MWh, while summer 26 fell 0.3% to £71.00/MWh.
Baseload wholesale electricity price
Forward curve comparison
- Day-ahead power fell 0.3% to £82.86/MWh, following strong solar generation alongside periods of increased wind output.
- However, June 25 power climbed 4.5% at £75.75/MWh and July 25 power increased 5.4% to £76.3/MWh.
Annual October contract
- Q325 power moved 0.6% lower to £77.40/MWh.
- The annual October 25 contract lost 0.1% to £77.65/MWh, 2.6% higher than the same time last year (£75.65/MWh).
Peak wholesale electricity price
Forward curve comparison
- Day-ahead peak power was up 8.6% to £80.10/MWh, opposing the movement seen across its baseload counterpart.
- June 25 peak power gained 4.7% at £78/MWh, and July 25 peak power increased 5.9% to £79.4/MWh.
Annual October contract
- The annual October 25 peak power fell 0.5% to £89.15/MWh.
- This is 8.7% lower than the same time last year (97.65/MWh).
Seasonal power prices
Seasonal baseload power contracts
- Most seasonal power contracts fell last week, down on average by 0.6%.
- Winter 25 power remained level at £84.30/MWh, while summer 26 fell 0.3% to £71.00/MWh.
Seasonal peak power curve
- All seasonal peak power contracts declined last week, down 0.5% on average.
- Winter 25 and summer 26 peak power dropped 0.3% and 0.4% respectively, falling to £99.25/MWh and £73.90/MWh.
Commodity price movements
Oil and coal
- Brent crude oil registered gains across the reporting period, rising to a two-week high of $66.34/bl on 14 May due to improving sentiment regarding the ongoing global tariff trade war, particularly between the US and China.
- On 12 May, the US and China reached a deal on temporarily halting trade tariffs between the countries. This supports Brent crude oil prices due to improved outlooks for global economic growth, and oil demand by extension.
- However, oversupply concerns continued to weigh on the market as the US reportedly proposed a new nuclear deal to Iran during the fourth round of negotiations – a significant development in the ongoing diplomatic efforts.
- Moreover, in the week ending 9 May, US crude Inventories rose by around 3.5 million barrels to 441.8 million barrels, against the market prediction of a 2 million barrel decrease, further limiting stronger gains.
- The IEA published its Oil Market Report for May 2025 noting that global oil demand growth is projected to slow from 990 thousand barrels per day (kd/d) in Q125 to 650 kb/d for the remainder of 2025.
Carbon (UK and EU ETS)
- Prices across the carbon markets recorded diverging movements across the week, with EU ETS prices rising 2.6% to average €72.64/t, while UK ETS carbon saw losses, down 2.9% to average £50.16/t.
- EU ETS carbon prices found support from weaker wind generation across both Germany and France throughout the reporting period, increasing reliance on more carbon intensive forms of power generation, bolstering EUA demand alongside higher Dutch TTF prices compared to the week previous.
- The lack of this week’s fortnightly Polish EUA auction also provided slight support to carbon from the supply side.
- As a result, EU ETS carbon reached the highest level seen since 19 March 2025 at £73.47/t on 15 May.
- UK ETS carbon started the week at £52.45/t, the highest level seen since July 2023, before registering losses, ending the week at £48.42/t due to strong solar generation and above-average temperatures reducing gas demand across GB.
Wholesale price snapshot – Friday-on Friday
