Snapshot - 25 February 2026
UK wholesale energy markets softened on Tuesday as mild weather forecasts and healthy LNG supply continued to erode the risk premiums built during the winter. Prompt gas settled around 75 p/therm, with seasonal contracts shedding up to 1 p/therm along the curve. UK baseload power followed gas lower, with the day-ahead settling near £77/MWh and forward seasons dipping between £0.85 and £1.50 per MWh. European storage withdrawals have slowed sharply, though German and Dutch levels remain below multi-year averages, keeping a floor under summer injection pricing.
The wider commodity complex was also weaker. Brent crude eased to just below $71/bbl and coal gave back around $1.70/tonne on the calendar 2027 contract. Carbon markets showed signs of stabilisation: EUAs held above the €69 support tested in January and were trading around €71–73, while UKAs slipped towards £45.60/tonne. The spread between the two schemes remains wide.
Geopolitical risk continues to simmer ahead of the third round of US–Iran nuclear talks in Geneva on Thursday. A planned outage at Norway's Nyhamna plant from March will trim Langeled flows, and UK wind generation is expected to fall below seasonal normal from early March, which could support prompt prices. The UK nuclear fleet remains under pressure with several units offline or heading into planned maintenance, adding underlying support to forward power.
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