Snapshot - 13 August 2026
UK and European energy prices rallied firmly on Wednesday before easing back this morning. A combination of heat across north-west Europe, very weak wind and a partial solar eclipse that removed solar output straight into the evening peak pushed UK day-ahead power to one of its highest settlements of the year, in the high £140s per MWh, while day-ahead gas added several pence to sit just under 150 p/therm. Prompt power is trading materially lower this morning as temperatures peak and generation availability improves.
The forward curve moved with the prompt rather than fading it. Winter 26 gas is now above 150 p/therm, up around 17 per cent in a week and roughly a quarter higher than a month ago, with the entire coming heating season priced above 150p. Winter 26 power gained around 12 per cent on the week. The drivers are supply-side as much as weather: Norwegian nominations have slipped, a long-running capacity loss at Ormen Lange runs into 2027, no LNG cargoes are scheduled into the UK this week, and European storage remains behind the five-year average with German sites below half full. Continental power moved harder than the UK, with French nuclear losing around 15 per cent of its capacity to heat-related constraints.
Elsewhere, crude was almost unchanged on the day at just under $89/bbl for Brent, caught between a very large US inventory build and official forecasts that Middle East supply will not fully recover before 2028. Coal firmed modestly and Asian LNG continued to outrun European benchmarks, which will keep cargoes pointed east. Carbon eased on both schemes, with UK allowances falling slightly faster than EU allowances and the UKA discount widening a touch. Sterling was steady against both the euro and the dollar.
This Snapshot offers a concise view of market trends. For comprehensive daily reports, strategic analysis and tailored advisory support, Lumley Consulting provides independent insight across gas, power and wider energy markets. Learn more about our premium subscriptions and consultancy services here.