Weekly Energy Market Report: 17th - 21st August 2026
SMART ENERGY
Weekly Energy Briefing · UK
Week of 17 Aug – 21 Aug 2026 Latest settlement: 20 August 2026
Weekly review · Week 34 · 17 Aug – 21 Aug 2026
The week in review: gas firmed 6.9%, power firmed 4.8%
A day-by-day recap of how UK gas and electricity moved across the trading week of 17 Aug – 21 Aug 2026, and where that leaves businesses approaching renewal.
Bigger picture
Still high over the six months held
Key risk
Us-iran tensions escalate
The week in review
How the week actually moved
Not one day's snapshot — the whole week, day by day. Each line traces the front-month close from Monday to Friday, so you see the shape
of the week, not just where it ended.
Week of 17 Aug – 21 Aug 2026
Natural gas
The week in 5 days · p/therm
↑ 6.88%
vs last week
rose through the week · +6.6% Mon→Fri
Week avg
155.68 Week low
151.23 Week high
161.23
low 74.47Fri close · today ●161.23 high
Electricity
The week in 5 days · £/MWh
↑ 4.77%
vs last week
rose through the week · +3.0% Mon→Fri
Week avg
125.71 Week low
123.50 Week high
127.23
low 71.97Fri close · today ●127.23 high
What matters
One week rarely changes a renewal decision
The shape:
a week that fell then bounced tells you more than the net number.
Wider view:
the 6-month charts below show whether this week is a blip or a trend.
For buyers:
a good week doesn't reset your deadline — your contract end date still drives urgency.
Biggest move of the weekQ2-27
gas ↑ 10.25%
— the largest week-on-week swing across every contract we track.
Why prices moved
Forces pulling prices in both directions
A balanced view is more useful than a single prediction. These are the main influences in the latest report.
Pressure pulling prices lower
French nuclear constraints ease slightly
French nuclear unavailability is expected to average 14.2 GW in September, down from 20.4 GW in late August. The 3 GW Chooz plant remains offline due to water availability constraints on the Meuse river and is not expected to return until 4 September. Some relief is in sight as river levels recover.
Wind generation forecast improves
German wind and solar generation is forecast to average around 30 GW from Monday onwards, a substantial contribution. UK and German wind output is also expected to recover strongly as the heatwave breaks.
Heatwave breaking, cooling demand easing
Temperatures across the UK and northwest Europe have dropped below seasonal norms, reducing cooling demand and easing the amount of gas burned for power generation. This provides some counterbalance to supply tightness.
Risks that could push prices higher
Us-iran tensions escalate
The 60-day US-Iran interim ceasefire expired on Monday without renewal. President Trump announced a maximum pressure campaign against Iran, including oil smuggling sanctions and financial restrictions. The UAE suspended economic transactions with Tehran following missile incidents. Qatari LNG supplies through the Strait of Hormuz remain heavily constrained.
Norwegian production outages
Unplanned outages at Kårstø processing and Gullfaks field cut 36 million cubic metres per day this week. Scheduled maintenance is ramping up sharply in September, with offline capacity rising from 25 mcm/d to 70–100 mcm/d, and some days exceeding 100 mcm/d. This removes a major source of European supply during the critical months ahead.
European storage lagging targets
EU-wide storage sits at 61.8% full, but the picture is uneven and concerning. Germany is at 50.2%, the Netherlands at 42.8%. Both countries are well below pre-winter targets and will need record injection rates to catch up. Rehden, Germany's largest facility, sits at just 7.7% full.
Ormen lange outage extends
The extended outage at Norway's Ormen Lange field keeps 8.9 million cubic metres per day offline through February, removing a significant source of European supply during winter.
6-month direction
Was this week a blip or a trend?
The week-on-week number tells you the direction; these 6-month lines tell you whether it's part of a bigger move. Each tracks a rolling maturity — the near-term price, the next winter and the year ahead — so nothing breaks as contracts roll off. Hover for the value on any day.
Gas forward prices
Rolling maturities · p/therm
Near-term (Sep-26)
Next winter (Win-26)
Year ahead (Cal-27)
Each line is a rolling maturity — the near-term line always follows the current front month, so it never breaks as contracts roll off.
Power forward prices
Rolling maturities · £/MWh
Near-term (Sep-26)
Next winter (Win-26)
Year ahead (Cal-27)
Power tends to track gas; the chart shows how far the recent move has carried.
Your renewal window
Guidance grouped by how soon your contract ends
Timing urgency comes from your deadline; the market view comes from the forward contracts covering each renewal's supply period. Open your band for separate gas and electricity evidence.
Timing and value are different.
Wholesale prices are currently rising. If your contract ends within three months, still get live quotes now — your decision window is shortening. Later renewals have more time to monitor the market.
1–3 monthsSeptember–November 2026
Sep 2026Oct 2026Nov 2026
Get live quotes now
Gas is up 8.2–10.3% this week and up 10.7–14% over 30 days; electricity up 5.2–7.7% this week, up 5.9–10% over 30 days.
Your deadline creates the urgency. Use the current move to compare live supplier quotes now, but don't treat one falling day as proof the market has reached its bottom.
4–6 monthsDecember 2026–February 2027
Dec 2026Jan 2027Feb 2027
Review and compare
Gas is up 9.8–10.3% this week and up 10.7–14% over 30 days; electricity up 5.2–7.7% this week, up 5.9–10% over 30 days.
⌄
Evidence confidenceMedium
⚠ December leans on Cal-27 only, so it has less seasonal visibility.
GasNear the top
Rising
This week
Up 9.8–10.3% 30 days
Up 10.7–14%
low 62.66Cal-27 · today ●118.48 high
Evidence:
Cal-27, Q1-27, Sum-27, Win-27
ElectricityNear the top
Rising
This week
Up 5.2–7.7% 30 days
Up 5.9–10%
low 65.12Cal-27 · today ●99.24 high
Evidence:
Cal-27, Q1-27, Sum-27, Win-27
What this means
Start reviewing the market and compare 12-, 24- and 36-month options. You have time for a considered decision, so weigh the certainty each term buys rather than chasing a perfect day.
7–9 monthsMarch–May 2027
Mar 2027Apr 2027May 2027
Prepare and monitor
Gas is up 5.1–10.3% this week and up 9.6–11.2% over 30 days; electricity up 3.5–7.4% this week, up 4.8–6.1% over 30 days.
⌄
Evidence confidenceMedium
GasNear the top
Rising
This week
Up 5.1–10.3% 30 days
Up 9.6–11.2%
low 57.84Sum-27 · today ●107.16 high
Evidence:
Sum-27, Win-27, Q2-27, Sum-28
ElectricityNear the top
Rising
This week
Up 3.5–7.4% 30 days
Up 4.8–6.1%
low 59.74Sum-27 · today ●88.93 high
Evidence:
Sum-27, Win-27, Q2-27, Cal-28
What this means
Get usage and site details ready, monitor the relevant forward contracts and use indicative quotes to understand the range. No need to force a decision while visibility is adequate.
10–12 monthsJune–August 2027
Jun 2027Jul 2027Aug 2027
Plan ahead and watch
Gas is up 5.1–10.3% this week and up 9.6–11.2% over 30 days; electricity up 3.5–7.3% this week, up 4.8–6.1% over 30 days.
⌄
Evidence confidenceMedium
GasNear the top
Rising
This week
Up 5.1–10.3% 30 days
Up 9.6–11.2%
low 65.81Win-27 · today ●105.37 high
Evidence:
Sum-27, Win-27, Sum-28
ElectricityNear the top
Rising
This week
Up 3.5–7.3% 30 days
Up 4.8–6.1%
low 74.51Win-27 · today ●89.88 high
Evidence:
Sum-27, Win-27, Cal-28
What this means
Plan your procurement timetable and stay informed. Far-dated products can hide seasonal detail, so a firm buy-or-wait instruction would be false precision at this stage.
The honest read
Gas and power are not moving together. That makes any single read of the market less reliable.
And wholesale is only part of a quote — non-energy charges, credit, volume and shape all move the final rate. The practical decision is how much further movement your business can tolerate before its contract deadline.
If prices ease further
Wind, milder weather and diplomacy help
If geopolitical tensions ease or diplomatic progress is made on the Strait of Hormuz, the supply risk premium could unwind quickly, pulling prices lower. A sustained period of cooler weather and strong wind generation could also ease power prices and reduce gas-for-power demand, easing some of the upward pressure on the curve.
If prices rise again
Low storage leaves little cushion
If tensions in the Middle East escalate further or the Strait of Hormuz is disrupted, LNG flows to Europe could tighten sharply, pushing gas and power prices higher still. Alternatively, if Norwegian maintenance runs longer than scheduled or another major facility goes offline, near-term supply could tighten enough to push front-month contracts even higher.
Fixing buys budget certainty. It does not prove that a business has predicted the market correctly.
Where the week ended across every contract — kept for readers who want the detail.
Open gas and electricity forward tables Monthly, quarterly, seasonal and annual contracts · week-ending close
View data ⌄
Gas
p/therm
Contract
Price
Day
Week
30d
Sep-26
month
161.23
↑ 3.10%
↑ 8.59%
↑ 10.90%
Oct-26
month
161.90
↑ 2.87%
↑ 8.45%
↑ 11.47%
Nov-26
month
164.92
↑ 2.84%
↑ 8.23%
—
Q4-26
quarter
164.58
↑ 2.86%
↑ 8.32%
↑ 11.44%
Q1-27
quarter
160.58
↑ 3.19%
↑ 9.76%
↑ 14.01%
Q2-27
quarter
109.21
↑ 4.43%
↑ 10.25%
↑ 10.58%
Win-26
season
162.60
↑ 3.02%
↑ 9.02%
↑ 12.68%
Sum-27
season
105.19
↑ 4.54%
↑ 10.25%
↑ 10.71%
Win-27
season
102.98
↑ 3.23%
↑ 9.80%
↑ 11.25%
Sum-28
season
72.74
↑ 1.74%
↑ 5.05%
↑ 9.56%
Cal-27
calendar
118.48
↑ 3.89%
↑ 10.03%
↑ 11.98%
Cal-28
calendar
81.51
↑ 1.92%
↑ 6.18%
↑ 9.66%
Cal-29
calendar
68.46
↓ 0.08%
↑ 1.35%
↑ 4.92%
Electricity
£/MWh
Contract
Price
Day
Week
30d
Sep-26
month
127.23
↑ 0.90%
↑ 3.88%
↑ 4.34%
Oct-26
month
127.66
↑ 2.44%
↑ 6.36%
↑ 6.74%
Nov-26
month
138.05
↑ 2.13%
↑ 5.84%
—
Q4-26
quarter
134.26
↑ 2.21%
↑ 6.12%
↑ 7.35%
Q1-27
quarter
132.49
↑ 2.25%
↑ 7.73%
↑ 10.03%
Q2-27
quarter
91.11
↑ 2.96%
↑ 7.39%
↑ 5.91%
Win-26
season
133.38
↑ 2.23%
↑ 6.90%
↑ 8.65%
Sum-27
season
88.84
↑ 2.88%
↑ 7.32%
↑ 6.05%
Win-27
season
89.88
↑ 1.98%
↑ 5.23%
↑ 5.94%
Cal-27
calendar
99.24
↑ 2.47%
↑ 6.99%
↑ 7.30%
Cal-28
calendar
75.06
↑ 1.25%
↑ 3.48%
↑ 4.77%
Cal-29
calendar
68.26
↑ 0.86%
↑ 1.65%
↑ 2.05%
Fixed-term choices
Contract length is a risk decision, not a forecast
No term protects against every outcome. Weigh the certainty the business wants against how soon it is willing to return to the market.
12
months
More flexibility if markets fall, but the business returns to the market sooner.
Shorter budget certainty
Earlier exposure to the next renewal
Useful where flexibility matters most
24
months
A middle ground between price certainty and revisiting the market.
Two-year budgeting
Less frequent procurement
Still allows a medium-term review
36
months
Greater certainty, but a longer commitment if markets later fall.
Longest budget protection
Reduced exposure to near-term shocks
Higher opportunity cost if prices drop
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{"schema":"1.4","as_of":"2026-08-21","settlement_date":"2026-08-20","signal":{"action":"QUOTE NOW","colour":"red","reason":"Gas and power both rising week-on-week. Gas 8.1% w/w, power 5.7% w/w.","gasSignal":"PRICES RISING","powerSignal":"PRICES RISING"},"moves":{"daily":{"gas_pct":2.89,"power_pct":2.05},"weekly":{"gas_pct":8.1,"power_pct":5.74},"monthly":{"gas_pct":10.76,"power_pct":6.28}},"spot":{"gas_price":161.25,"gas_change_pct":null,"power_price":141.97,"power_change_pct":null},"reference":{"contract":"Sum-27","gas_price":105.19,"power_price":88.84,"gas_day_pct":4.54,"gas_week_pct":10.25,"gas_30d_pct":10.715,"power_day_pct":2.88,"power_week_pct":7.32,"power_30d_pct":6.052},"front_month":{"key":"sep26","label":"Sep-26","gas":{"price":161.23,"day_pct":3.095,"week_pct":8.59,"m30_pct":10.902,"trend":"rebound","streak":{"dir":"up","days":1},"range_30d":{"low":128.04,"high":161.23,"position":1},"net_pct":10.9},"power":{"price":127.23,"day_pct":0.9,"week_pct":3.88,"m30_pct":4.338,"trend":"rebound","streak":{"dir":"up","days":1},"range_30d":{"low":110.33,"high":127.88,"position":0.963},"net_pct":4.3}},"windows":[{"key":"sep26","label":"Sep-26","context":"In the next 1–3 months","horizon_rank":0,"is_front":true,"stance":"review","note":"September gas and power have both climbed hard this week and now sit at the highest level in the records we hold. Gas is at 161.23 p/therm (+8.6% week-on-week) and power at 127.23 £/MWh (+3.9%). The cheaper window that was open earlier in the month has closed. If you are renewing in the next 1–3 months, the case for securing now is materially stronger than it was a week ago—prices are at their dearest, and the drivers (geopolitical tension, Norwegian outages, low storage) are not going away soon.","gas":{"price":161.23,"day_pct":3.095,"week_pct":8.59,"m30_pct":10.902,"trend":"rebound","streak":{"dir":"up","days":1},"range_30d":{"low":128.04,"high":161.23,"position":1},"net_pct":10.9},"power":{"price":127.23,"day_pct":0.9,"week_pct":3.88,"m30_pct":4.338,"trend":"rebound","streak":{"dir":"up","days":1},"range_30d":{"low":110.33,"high":127.88,"position":0.963},"net_pct":4.3}}],"spotlight":{"contract":"sep26","label":"Sep-26","fuel":"gas","metric":"pattern","value":10.902,"dir":"up","trend":"rebound","text":"September gas has risen 8.6% this week and now sits at 161.23 p/therm—the highest level in the records we hold. The move was relentless: the contract climbed four of the five days, with the biggest single rise of 3.1% coming on Friday. This is not a one-day spike; it is a sustained repricing driven by geopolitical risk and Norwegian supply disruptions that are expected to persist through the autumn."},"narrative":{"headline":"Gas and power both climbed hard this week; near-term contracts now at their highest on record.","summary":"All 13 gas contracts and all 12 power contracts finished the week higher. The move was broad and relentless—nine of each fuel closed at record highs—driven by geopolitical tension in the Middle East, Norwegian supply disruptions, and tight European storage heading into winter. Anyone renewing in the next few months is now looking at prices near their dearest.","verdict":"Both fuels have moved decisively higher this week and sit near record levels; if you are renewing soon, the case for securing now is stronger than it was seven days ago.","trend_read":{"gas":"Gas fell earlier in the month, then climbed back up—and this week it has kept climbing. It now sits near the top of where it has been over the past month, with near-term contracts at the highest level in the records we hold.","power":"Power fell earlier in the month, then climbed back up—and this week it has kept climbing. It now sits near the top of where it has been over the past month, with near-term contracts at the highest level in the records we hold."},"scenario":{"upside":"If tensions in the Middle East escalate further or the Strait of Hormuz is disrupted, LNG flows to Europe could tighten sharply, pushing gas and power prices higher still. Alternatively, if Norwegian maintenance runs longer than scheduled or another major facility goes offline, near-term supply could tighten enough to push front-month contracts even higher.","downside":"If geopolitical tensions ease or diplomatic progress is made on the Strait of Hormuz, the supply risk premium could unwind quickly, pulling prices lower. A sustained period of cooler weather and strong wind generation could also ease power prices and reduce gas-for-power demand, easing some of the upward pressure on the curve."},"drivers":[{"title":"US-IRAN TENSIONS ESCALATE","body":"The 60-day US-Iran interim ceasefire expired on Monday without renewal. President Trump announced a maximum pressure campaign against Iran, including oil smuggling sanctions and financial restrictions. The UAE suspended economic transactions with Tehran following missile incidents. Qatari LNG supplies through the Strait of Hormuz remain heavily constrained.","tone":"up","outlook":"sticks","soWhat":"This is a longer-lasting supply risk, not a one-off event; it will keep a floor under prices through the autumn."},{"title":"NORWEGIAN PRODUCTION OUTAGES","body":"Unplanned outages at Kårstø processing and Gullfaks field cut 36 million cubic metres per day this week. Scheduled maintenance is ramping up sharply in September, with offline capacity rising from 25 mcm/d to 70–100 mcm/d, and some days exceeding 100 mcm/d. This removes a major source of European supply during the critical months ahead.","tone":"up","outlook":"sticks","soWhat":"Norwegian supply will remain under pressure through the autumn; this is structural, not temporary."},{"title":"EUROPEAN STORAGE LAGGING TARGETS","body":"EU-wide storage sits at 61.8% full, but the picture is uneven and concerning. Germany is at 50.2%, the Netherlands at 42.8%. Both countries are well below pre-winter targets and will need record injection rates to catch up. Rehden, Germany's largest facility, sits at just 7.7% full.","tone":"up","outlook":"sticks","soWhat":"Low storage ahead of winter is a persistent upward pressure on forward prices; it will not ease until injection rates accelerate significantly."},{"title":"ORMEN LANGE OUTAGE EXTENDS","body":"The extended outage at Norway's Ormen Lange field keeps 8.9 million cubic metres per day offline through February, removing a significant source of European supply during winter.","tone":"up","outlook":"sticks","soWhat":"This is a known constraint that will remain in place through the winter heating season."},{"title":"FRENCH NUCLEAR CONSTRAINTS EASE SLIGHTLY","body":"French nuclear unavailability is expected to average 14.2 GW in September, down from 20.4 GW in late August. The 3 GW Chooz plant remains offline due to water availability constraints on the Meuse river and is not expected to return until 4 September. 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