Smart Energy Insights
Energy Insights
Thomas McGlynn • 29 September 2026

Weekly Energy Market Report: 21st - 25th Sept 2026

SMART ENERGY
Weekly Energy Briefing · UK
Week of 21 Sept – 25 Sept 2026
Latest settlement: 24 September 2026
Weekly review · Week 39 · 21 Sept – 25 Sept 2026

The week in review: gas eased 5.8%, power eased 4.3%

A day-by-day recap of how UK gas and electricity moved across the trading week of 21 Sept – 25 Sept 2026, and where that leaves businesses approaching renewal.

This week vs last Both eased on the week
Bigger picture Still high over the six months held
Key risk Storage well below seasonal norms
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 21 Sept – 25 Sept 2026
Natural gas
The week in 5 days · p/therm
↓ 5.77%
vs last week
198.16 187.56 Mon Tue Wed Thu Fri
eased early, rose into Friday · -5.3% Mon→Fri
Week avg 185.84 Week low 179.48 Week high 198.16
low 96.52 Fri close · today ● 205.19 high
Electricity
The week in 5 days · £/MWh
↓ 4.30%
vs last week
153.88 147.02 Mon Tue Wed Thu Fri
eased early, rose into Friday · -4.5% Mon→Fri
Week avg 145.62 Week low 141.87 Week high 153.88
low 82.28 Fri close · today ● 158.00 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 Sum-28 gas ↑ 4.81% — 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

Us-iran talks spark optimism, then fade

Mid-week, reports of US-Iran negotiations at the UN General Assembly and speculation about a phased deal to reopen the Strait of Hormuz sent both gas and power sharply lower. By Thursday, those hopes had evaporated after Iran's President rejected capitulation and the Trump administration outlined a harder line. The whipsaw — down on hope, back up on disappointment — dominated the week's price action.

Norwegian maintenance easing, supply improving

Major Norwegian outages at Troll (46 mcm/d), Njord, Åsgard, Skarv and Dvalin peaked mid-week and are now winding down. Troll maintenance was extended through 27 September, but overall Norwegian flows are expected to rise from around 240 mcm/d back towards 265 mcm/d. This supply improvement has helped cap upside pressure on near-term gas prices.

Above-average temperatures limit heating demand

Temperatures across north-west Europe continue to run above seasonal norms, suppressing heating demand heading into autumn. This weather pattern is forecast to persist through the week, keeping gas-for-heating requirements subdued.

Risks that could push prices higher

Storage well below seasonal norms

EU storage sits at 70.24%, down 10 percentage points year-on-year and below seasonal norms across Germany (56.55%), the Netherlands (55.06%) and the UK (31.35%). This structural deficit, despite warmer-than-normal weather limiting heating demand, is a persistent undercurrent supporting far-dated prices.

Wind generation weak, then improving

UK and north-west European wind output has been subdued this week, averaging well below seasonal norms and forcing greater reliance on gas-fired generation for power. Wind is forecast to improve later in the week and into early October, easing this pressure.

French hydro drought persists, relief possible

Hydroelectric output in France and the Alpine region remains at historic lows for September, with reservoir stocks at multi-decade deficits. Rainfall forecasts for the Grenoble region have improved and now show 0.6mm/day above seasonal norms from 28 September, which could ease strain on the French nuclear fleet if it materialises.

Lng supplies remain constrained globally

Despite mid-week optimism about a potential US-Iran deal, global LNG supply remains tight. Qatar confirmed its North Field East expansion remains on track for H1 2027, but near-term supply is not expected to ease materially.

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 (Oct-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 (Oct-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 broadly flat. 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 October–December 2026
Oct 2026 Nov 2026 Dec 2026
Get live quotes now

Gas is -1.8% to 3.3% this week and up 13.6–27.2% over 30 days; electricity -2.5% to 3% this week, up 11–18.2% over 30 days.

Evidence confidence Medium

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

Gas Near the top
Little changed
This week -1.8% to 3.3% 30 days Up 13.6–27.2%
low 57.84 Sum-27 · today ● 136.76 high

Evidence: Nov-26, Dec-26, Q1-27, Sum-27, Win-27, Cal-27

Electricity Near the top
Little changed
This week -2.5% to 3% 30 days Up 11–18.2%
low 59.74 Sum-27 · today ● 109.75 high

Evidence: Nov-26, Dec-26, Q1-27, Sum-27, Win-27, Cal-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 January–March 2027
Jan 2027 Feb 2027 Mar 2027
Review and compare

Gas is -1.8% to 3.3% this week and up 15.4–27.2% over 30 days; electricity -1.5% to 3% this week, up 13.4–18.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Little changed
This week -1.8% to 3.3% 30 days Up 15.4–27.2%
low 57.84 Sum-27 · today ● 136.76 high

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

Electricity Near the top
Little changed
This week -1.5% to 3% 30 days Up 13.4–18.2%
low 59.74 Sum-27 · today ● 109.75 high

Evidence: 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 April–June 2027
Apr 2027 May 2027 Jun 2027
Prepare and monitor

Gas is up 3–4.8% this week and up 16.4–27.6% over 30 days; electricity up 3–3.1% this week, up 11.7–18.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 3–4.8% 30 days Up 16.4–27.6%
low 65.81 Win-27 · today ● 129.93 high

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

Electricity Near the top
Rising
This week Up 3–3.1% 30 days Up 11.7–18.2%
low 74.51 Win-27 · today ● 108.69 high

Evidence: Q2-27, Sum-27, Win-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 July–September 2027
Jul 2027 Aug 2027 Sep 2027
Plan ahead and watch

Gas is up 3.2–4.8% this week and up 16.4–27.2% over 30 days; electricity up 3–3.1% this week, up 11.7–18.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 3.2–4.8% 30 days Up 16.4–27.2%
low 65.81 Win-27 · today ● 129.93 high

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

Electricity Near the top
Rising
This week Up 3–3.1% 30 days Up 11.7–18.2%
low 74.51 Win-27 · today ● 108.69 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 the rainfall forecast for France materialises and eases hydro constraints, or if warmer-than-normal weather persists through October, near-term demand could weaken further and pull prices down. A successful US-Iran deal that reopens the Strait of Hormuz would also ease global LNG supply fears and remove a key prop under far-dated prices.

If prices rise again

Low storage leaves little cushion

If US-Iran talks collapse and geopolitical tensions escalate further, or if a cold snap arrives earlier than forecast, near-term gas and power could spike sharply. Equally, if Norwegian maintenance extends or LNG supply tightens unexpectedly, far-dated prices could push 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
Oct-26 month 187.56 ↑ 4.50% ↓ 1.66% ↑ 14.28%
Nov-26 month 190.71 ↑ 4.41% ↓ 1.60% ↑ 13.60%
Dec-26 month 192.68 ↑ 4.43% ↓ 1.33% —
Q4-26 quarter 190.31 ↑ 4.45% ↓ 1.53% ↑ 13.78%
Q1-27 quarter 188.63 ↑ 4.63% ↓ 1.76% ↑ 15.44%
Q2-27 quarter 140.81 ↑ 3.72% ↑ 2.97% ↑ 27.59%
Win-26 season 189.48 ↑ 4.54% ↓ 1.64% ↑ 14.59%
Sum-27 season 134.72 ↑ 3.54% ↑ 3.22% ↑ 27.19%
Win-27 season 129.93 ↑ 2.47% ↑ 3.32% ↑ 25.99%
Sum-28 season 84.58 ↑ 2.45% ↑ 4.81% ↑ 16.36%
Cal-27 calendar 147.07 ↑ 3.64% ↑ 1.58% ↑ 23.08%
Cal-28 calendar 97.11 ↑ 2.34% ↑ 4.23% ↑ 18.95%
Cal-29 calendar 78.45 ↑ 2.56% ↑ 3.80% ↑ 14.81%

Electricity

£/MWh
Contract Price Day Week 30d
Oct-26 month 147.02 ↑ 3.63% ↓ 0.20% ↑ 14.42%
Nov-26 month 154.57 ↑ 3.22% ↓ 1.62% ↑ 10.98%
Dec-26 month 152.02 ↑ 3.42% ↓ 2.51% —
Q4-26 quarter 151.17 ↑ 3.42% ↓ 1.46% ↑ 11.91%
Q1-27 quarter 153.50 ↑ 3.50% ↓ 1.48% ↑ 13.38%
Q2-27 quarter 109.72 ↑ 3.71% ↑ 2.97% ↑ 17.94%
Win-26 season 152.32 ↑ 3.46% ↓ 1.47% ↑ 12.64%
Sum-27 season 106.55 ↑ 3.55% ↑ 2.96% ↑ 17.62%
Win-27 season 107.58 ↑ 2.80% ↑ 2.96% ↑ 18.18%
Cal-27 calendar 118.90 ↑ 3.35% ↑ 1.51% ↑ 16.34%
Cal-28 calendar 83.05 ↑ 2.34% ↑ 3.05% ↑ 11.66%
Cal-29 calendar 72.68 ↑ 1.11% ↑ 1.41% ↑ 6.52%
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 21 Sept – 25 Sept 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: 180 distinct business-day reports from 5 January 2026 to 25 September 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.
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