Latest Market Update - March 2026

Since our last update on 05/02/26, we had seen a steady decrease in the market price for electric, however, towards the end of last week we saw a spike in prices:

• This spike was caused by military drills by Iran made the market nervous around the ongoing concerns between the US and Iran. There is a passage called the ‘Strait of Hormuz’, which is controlled by Iran and used globally as a passage for LNG and oil tankers. The market is concerned that should a conflict begin Iran would close this passage causing disruptions to gas and oil cargoes.

• Also, a cold snap had been forecasted for late February which brought concerns around higher demand again and more aggressive storage withdrawals. This has now been revised, and milder weather forecasts are giving the market confidence to soften over supply and demand concerns.

• Tariff uncertainty, following Trump’s announcement of an initial 10% global tariff that could rise to 15%, continues to keep markets cautious, as unpredictability and speculation cloud the longer-dated outlooks for both gas and power futures.

• EU gas storage level is approximately 31% full as of the 24th February.

For those who are still yet to renew their energy contracts that are due to expire on or before 31st March, we advise signing a new contract by 10th March to provide ample time for a new supplier to arrange the transfer of your meters.

Electric 3-Month Market Price

Gas 3-Month Market Price