UK Wholesale Energy, Gas, and Electricity Prices

Get the Latest UK Wholesale Energy Market Trends with Weekly Price Updates on Electricity, Gas, Coal, and Oil, Plus Key Cost Insights and Headlines.

Several factors influence the UK wholesale electricity prices including the intermittent nature of renewable energy, fuel costs, geopolitical events, weather conditions and supply and demand.

Staying informed about the latest trends in wholesale electricity and gas prices is crucial for organisations looking to optimise their energy procurement and energy risk management.

The TEAM energy wholesale gas and wholesale electricity price review is published weekly and includes:

Headline summary of the weeks wholesale gas and wholesale electricity price an overview of the latest price movements and factors influencing these changes	Brent crude oil prices
Wholesale Electricity Price UK	Coal prices
Baseload wholesale electricity prices	EUA Carbon prices
Peak wholesale electricity prices	UKA Carbon prices
Commodity Price Movements	Wholesale Gas Price and Wholesale Gas Price Snapshot.

UK Wholesale Gas & Electricity Prices – 31 March 2026

Headlines – UK Wholesale Gas Prices and Wholesale Electricity Prices

All power and gas contracts fell last week, as record breaking wind generation across GB limited requirements for gas-fired generation. Day-ahead gas fell 8.0% to 135.18p/th, following an increase in global LNG production rates as Train 5 at the Corpus Christi LNG expansion project is now operating at full capacity. Moreover, demand destruction and coal-switching in Asian markets acts to limit competition for LNG on the global market, further supporting losses. Day-ahead power dropped 45.0% to £67.64/MWh on 27 March, as decreases were further supported by expectations of warmer weather conditions moving into the week ahead, alongside the expected return of Heysham 1-1 from maintenance, increasing nuclear availability across GB from 82% to 91%. Throughout the week, NESO outlined that between 13:30 and 14:00 on 25 March, GB produced a record 23GW of electricity from wind powered generation. April 26 gas was down 9.6% to 135.95p/th, and May 26 gas decreased 8.9% at 136.40p/th. All seasonal gas contracts declined last week too, down by 5.3% on average, while both summer 26 and winter 26 gas dropped 8.3% and 5.8% respectively, subsiding to 135.48p/th and 139.98p/th. Likewise, all seasonal power contracts declined last week too, down on average by 3.1%, as summer 26 power decreased 4.2% to £101.35/MWh, while winter 26 fell 2.5% to £106.28/MWh.

Baseload wholesale electricity price

Forward curve comparison

Day-ahead power fell 45.0% to £67.64/MWh, following expectations of strong wind generation for 30 March, alongside reductions in gas prices.
April 26 power slipped 6.5% to £98.65/MWh and May 26 power decreased 4.3% to £100.20/MWh.

Annual October contract

Q226 power moved 4.7% lower to £100.55/MWh.
The annual April 26 contract lost 3.3% to £103.82/MWh, but remains 40.3% higher than the same time last year (£74/MWh).

Peak wholesale electricity price

Forward curve comparison

Day-ahead peak power was down 4.2% to £97.75/MWh, following its baseload counterpart lower.
April 26 peak power declined 5.2% to £100.20/MWh, and May 26 peak power decreased 4.5% to £100.25/MWh.

Annual October contract

The annual April 26 peak power contract fell 3.5% to £101.53/MWh.
Despite this, it remains 36.7% higher than the same time last year (£74.25/MWh).

Seasonal power prices

Seasonal baseload power contracts

All seasonal power contracts declined last week, down on average by 3.1%.
Summer 26 power decreased 4.2% to £101.35/MWh, while winter 26 fell 2.5% to £106.28/MWh.

Seasonal peak power curve

All seasonal peak power contracts declined last week, down 3.4% on average.
Summer 26 and winter 26 peak power dropped 4.2% and 3.4% respectively, falling to £101.80/MWh and £122.65/MWh.

Commodity price movements

Oil and coal

Brent crude oil saw decreases week-on-week, with prices dropping 2.2% to average $104.72/bl.
Saudi Aramco says it is securing energy supply by activating alternative shipping routes via the Red Sea port of Yanbu, as disruptions in the Strait of Hormuz continue following US and Israeli strikes on Iran.
Crude exports from Yanbu reached a five-day average of 3.66 million barrels, according to ship-tracking data, corresponding to roughly half of Saudi Arabia’s pre-conflict export volumes.
Moreover, we saw an announcement from the Iranian Foreign Minister stating that the Strait of Hormuz remains open to all vessels, except those of countries in conflict with Iran.
Similarly, US commercial crude oil inventories increased by 1.5% in the week ending March 20, according to data released by the EIA on Wednesday.
Inventories rose by 6.9 million barrels to around 456.2 million barrels, while market expectations had predicted a decrease of 1.3 million barrels.

Carbon (UK and EU ETS)

Gains were seen across both the EU and UK ETS throughout the week due to renewed policy confidence after the EU Council reaffirmed strong backing for the ETS and European Commission President Ursula von der Leyen signalled a de facto price anchor near €75.00/t, implied in the proposed €30 billion industrial investment fund.
As a result, EU ETS carbon rose 6.7% to average €70.97/t while UK ETS carbon rose 3.4% to average £38.06/t.
Moreover, gas-to-coal switching across Europe in order to limit exposure to volatile global gas market further supported higher prices across the reporting period, with EU ETS prices returning to above €70.00/t from 24 March.
Gains across the UK ETS were supported by lower temperatures across GB acting to increase heating demand, however stronger gains were limited by heightened wind generation on the system.
Higher prices are expected across the EU ETS over the coming weeks as countries across Europe shift away from gas-fired generation in favour of coal-fired generation due to ongoing gas market volatility.

Wholesale price snapshot – Friday-on-Friday

		Gas (p/th)		Electricity (£/MWh)		Coal ($/t)	EUA carbon (€/t)	UKA carbon (E/t)	Brent Crude ($/bl)
		Day-ahead	Year-ahead	Day-ahead	Year-ahead
Last Week	27 Mar 26	135.18	137.73	67.64	103.82	127.20	71.61	37.10	110.41
Two weeks ago	20 Mar 26	147.00	148.17	123.00	107.38	126.00	67.62	36.86	109.28
Four weeks ago	27 Feb 25	78.45	78.47	73.58	73.12	106.10	69.92	45.97	72.65
Last year	28 Mar 25	96.33	84.75	93.42	74.00	101.25	68.76	47.01	73.62
Year-on-year% change		40.3%	62.5%	-27.6%	40.3%	25.6%	4.1%	-21.1%	50.0%
12-month high		160.00	150.59	136.00	110.46	137.00	92.05	72.95	112.57
12-month low		66.90	65.6	18.03	68.50	89.70	61.05	34.75	58.80

Analysis provided by: Cornwall Insight

UK Wholesale Energy Prices – 23 March 2026

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. Last week, short-term losses were supported by...