Latest Market Update - September 2026
UK wholesale gas and power prices fell at the end of last week, supported by warmer weather forecasts, stronger wind expectations and some easing of geopolitical risk.
While the movement offers some relief for energy buyers, uncertainty remains. European gas storage is below normal seasonal levels, supply constraints continue and geopolitical developments remain a potential driver of energy markets as winter approaches.
What’s moved?
UK day-ahead gas fell from 190.00p/th to 179.30p/th, while UK day-ahead baseload power saw a sharper fall from £161.23/MWh to £130.14/MWh.
Forward prices also eased across the market, with Winter-26 gas falling from 189.48p/th to 182.16p/th and Winter-26 power moving from £152.32/MWh to £147.81/MWh.
What’s driving the market?
Warmer weather and stronger wind are reducing expected demand across Europe and lowering the amount of gas required for UK power generation.
However, European gas storage remains around 70.4% full and below normal seasonal levels, leaving the market sensitive to colder weather and potential supply disruption.
Norwegian gas supply also remains restricted by maintenance and reduced output, while UK nuclear outages are increasing reliance on alternative sources of generation. Although some geopolitical risk has eased, international developments remain a potential driver of oil and gas prices.
What does this mean for energy buyers?
The market continues to be pulled in both directions. Favourable weather and stronger wind generation are helping prices, while lower storage levels, supply constraints and geopolitical uncertainty mean volatility could return quickly.
Rather than trying to identify the exact bottom of the market, organisations should focus on understanding their exposure, upcoming contract requirements and appetite for price risk. A clear procurement strategy can help provide greater visibility and control over future energy costs.
How can Dukefield Energy help?
We support organisations with energy procurement and tendering, market monitoring, contract and portfolio reviews, billing validation, metering, supplier management and reporting.
Our team can help you review your current position and procurement options to develop an approach aligned with your organisation’s requirements.
If your gas or electricity contracts are approaching renewal, get in touch today to review your current position and explore your procurement options.
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