Smart Energy Insights
Energy Insights
Thomas McGlynn • 24 August 2026

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.

This week vs last Both firmer on the week
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
151.23 161.23 Mon Tue Wed Thu Fri
rose through the week · +6.6% Mon→Fri
Week avg 155.68 Week low 151.23 Week high 161.23
low 74.47 Fri close · today ● 161.23 high
Electricity
The week in 5 days · £/MWh
↑ 4.77%
vs last week
123.50 127.23 Mon Tue Wed Thu Fri
rose through the week · +3.0% Mon→Fri
Week avg 125.71 Week low 123.50 Week high 127.23
low 71.97 Fri 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 week Q2-27 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 months September–November 2026
Sep 2026 Oct 2026 Nov 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.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 8.2–10.3% 30 days Up 10.7–14%
low 68.41 Win-26 · today ● 162.60 high

Evidence: Win-26, Sum-27, Nov-26, Q4-26, Q1-27, Win-27

Electricity Near the top
Rising
This week Up 5.2–7.7% 30 days Up 5.9–10%
low 71.62 Win-26 · today ● 133.38 high

Evidence: Win-26, Sum-27, Nov-26, Q4-26, Q1-27, Win-27

What this means

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 months December 2026–February 2027
Dec 2026 Jan 2027 Feb 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 confidence Medium

⚠ December leans on Cal-27 only, so it has less seasonal visibility.

Gas Near the top
Rising
This week Up 9.8–10.3% 30 days Up 10.7–14%
low 62.66 Cal-27 · today ● 118.48 high

Evidence: Cal-27, Q1-27, Sum-27, Win-27

Electricity Near the top
Rising
This week Up 5.2–7.7% 30 days Up 5.9–10%
low 65.12 Cal-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 months March–May 2027
Mar 2027 Apr 2027 May 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 confidence Medium
Gas Near the top
Rising
This week Up 5.1–10.3% 30 days Up 9.6–11.2%
low 57.84 Sum-27 · today ● 107.16 high

Evidence: Sum-27, Win-27, Q2-27, Sum-28

Electricity Near the top
Rising
This week Up 3.5–7.4% 30 days Up 4.8–6.1%
low 59.74 Sum-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 months June–August 2027
Jun 2027 Jul 2027 Aug 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 confidence Medium
Gas Near the top
Rising
This week Up 5.1–10.3% 30 days Up 9.6–11.2%
low 65.81 Win-27 · today ● 105.37 high

Evidence: Sum-27, Win-27, Sum-28

Electricity Near the top
Rising
This week Up 3.5–7.3% 30 days Up 4.8–6.1%
low 74.51 Win-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.

Check a live quote → Or call 0151 459 3388 · Independent broker since 2014
Market in numbers

The wholesale forward curve

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
Source: SEFE Energy daily reports across the week of 17 Aug – 21 Aug 2026. Week figures are the average of each day's front-month close; the "vs last week" move compares this week's average with the previous week's. Analysis, positions and confidence are produced independently by The Smart Energy Company.
History basis: 156 distinct business-day reports from 5 January 2026 to 21 August 2026.
Important: General market information, not a forecast or a recommendation to enter a particular contract. Actual supplier pricing depends on usage profile, network costs, levies, losses, credit and margin.