Smart Energy Insights
Energy Insights
Thomas McGlynn • 1 September 2026

Weekly Energy Market Report: 24th - 28th August 2026

SMART ENERGY
Weekly Energy Briefing · UK
Week of 24 Aug – 28 Aug 2026
Latest settlement: 27 August 2026
Weekly review · Week 35 · 24 Aug – 28 Aug 2026

The week in review: gas firmed 5.6%, power firmed 3.7%

A day-by-day recap of how UK gas and electricity moved across the trading week of 24 Aug – 28 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 Strait of hormuz tensions ease, then ret
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 24 Aug – 28 Aug 2026
Natural gas
The week in 5 days · p/therm
↑ 5.58%
vs last week
162.58 166.89 Mon Tue Wed Thu Fri
rose through the week · +2.7% Mon→Fri
Week avg 164.36 Week low 161.02 Week high 168.20
low 78.57 Fri close · today ● 168.20 high
Electricity
The week in 5 days · £/MWh
↑ 3.67%
vs last week
128.80 133.10 Mon Tue Wed Thu Fri
rose through the week · +3.3% Mon→Fri
Week avg 130.32 Week low 128.80 Week high 133.10
low 71.97 Fri close · today ● 133.10 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 Sep-26 electricity ↑ 4.61% — 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

Qatar lng force majeure extended

QatarEnergy has extended its force majeure declaration through October, deepening concerns about near-term liquefied natural gas supply at a time when European storage is already historically low. This is a material constraint on the supply side heading into autumn.

Norwegian maintenance bites supply

Planned maintenance at Norwegian fields began on 29 August, with unplanned outages at Troll and Asgard removing around 7 million cubic metres per day this week. Norwegian imports to the UK have eased from earlier highs, and further capacity losses are likely as the maintenance schedule progresses.

European storage remains historically low

EU storage stands at 61.68% full—roughly 9 to 10 percentage points below the five-year average for this time of year and the lowest seasonal level in records going back to 2009. Germany is at 50.71% and the Netherlands at 43.87%, both lagging well behind. The EU has relaxed its mandatory fill target for 1 November from 90% to 80%, signalling concern about the tightness ahead.

French nuclear outages tighten power

French nuclear capacity remains under pressure, with outages at Cattenom 4 (extended to 15 September), Gravelines 3 and Chooz, plus a potential strike at Chinon. River levels remain below normal, constraining hydro output. These constraints are keeping French power prices elevated and supporting the broader European curve.

Risks that could push prices higher

Strait of hormuz tensions ease, then return

Early in the week, reports of a ceasefire and a temporary navigational corridor through the Strait eased prices sharply on Tuesday. By Thursday, however, geopolitical risk returned as hopes for a reopening faded and the White House confirmed no talks are happening with Iran. Brent crude and gas prices have climbed back as uncertainty persists.

Wind and hydro easing near-term pressure

Wind generation has picked up and is forecast to remain above seasonal averages; hydro conditions across Central Europe have improved (notably in Hungary, where the Danube recovery allowed Paks to restart). These renewable and hydro gains are offsetting some of the gas-for-power demand that would otherwise be needed.

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 2.5–4.2% this week and up 13.6–22.6% over 30 days; electricity up 2.4–3.8% this week, up 8–17.4% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 2.5–4.2% 30 days Up 13.6–22.6%
low 68.41 Win-26 · today ● 169.76 high

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

Electricity Near the top
Rising
This week Up 2.4–3.8% 30 days Up 8–17.4%
low 71.62 Win-26 · today ● 138.50 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 2.5–4.2% this week and up 13.6–22.6% over 30 days; electricity up 2.4–4.6% this week, up 8–17.4% 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 2.5–4.2% 30 days Up 13.6–22.6%
low 62.66 Cal-27 · today ● 122.74 high

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

Electricity Near the top
Rising
This week Up 2.4–4.6% 30 days Up 8–17.4%
low 65.12 Cal-27 · today ● 103.90 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 1–4% this week and up 8.5–16.2% over 30 days; electricity up 0.3–4% this week, up 5.1–10.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 1–4% 30 days Up 8.5–16.2%
low 57.84 Sum-27 · today ● 109.17 high

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

Electricity Near the top
Little changed
This week Up 0.3–4% 30 days Up 5.1–10.2%
low 59.74 Sum-27 · today ● 92.34 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 1–3.8% this week and up 8.5–16.2% over 30 days; electricity up 0.3–3.8% this week, up 5.1–9.3% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 1–3.8% 30 days Up 8.5–16.2%
low 65.81 Win-27 · today ● 105.59 high

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

Electricity Near the top
Little changed
This week Up 0.3–3.8% 30 days Up 5.1–9.3%
low 74.51 Win-27 · today ● 92.00 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

A resolution to the Strait tensions and a resumption of normal shipping, combined with a strong wind and hydro season through September, could ease prices back down—particularly if Norwegian maintenance winds down on schedule and LNG arrivals to Europe remain healthy.

If prices rise again

Low storage leaves little cushion

A sustained geopolitical escalation in the Strait of Hormuz, or a further extension of Qatar's force majeure into November, could push near-term gas and power prices higher still, especially if European storage injections slow or fail to meet targets ahead of winter.

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 166.89 ↑ 3.65% ↑ 3.51% ↑ 17.85%
Oct-26 month 168.49 ↑ 3.84% ↑ 4.07% ↑ 18.91%
Nov-26 month 171.65 ↑ 3.44% ↑ 4.08%
Q4-26 quarter 171.17 ↑ 3.51% ↑ 4.01% ↑ 19.04%
Q1-27 quarter 167.32 ↑ 3.37% ↑ 4.20% ↑ 22.57%
Q2-27 quarter 113.58 ↑ 3.01% ↑ 4.00% ↑ 15.01%
Win-26 season 169.26 ↑ 3.43% ↑ 4.10% ↑ 20.74%
Sum-27 season 109.17 ↑ 2.99% ↑ 3.78% ↑ 16.19%
Win-27 season 105.59 ↑ 2.76% ↑ 2.54% ↑ 13.57%
Sum-28 season 73.47 ↑ 1.56% ↑ 1.00% ↑ 8.49%
Cal-27 calendar 122.74 ↑ 3.08% ↑ 3.59% ↑ 16.01%
Cal-28 calendar 82.84 ↑ 1.92% ↑ 1.63% ↑ 11.45%
Cal-29 calendar 69.21 ↑ 1.32% ↑ 1.09% ↑ 6.07%

Electricity

£/MWh
Contract Price Day Week 30d
Sep-26 month 133.10 ↑ 2.88% ↑ 4.61% ↑ 11.46%
Oct-26 month 131.16 ↑ 2.23% ↑ 2.74% ↑ 13.64%
Nov-26 month 141.68 ↑ 1.92% ↑ 2.63%
Q4-26 quarter 138.00 ↑ 2.02% ↑ 2.80% ↑ 13.32%
Q1-27 quarter 137.33 ↑ 1.35% ↑ 3.64% ↑ 17.40%
Q2-27 quarter 94.79 ↑ 4.23% ↑ 4.04% ↑ 10.18%
Win-26 season 137.67 ↑ 1.69% ↑ 3.22% ↑ 15.29%
Sum-27 season 92.25 ↑ 1.52% ↑ 3.84% ↑ 9.28%
Win-27 season 92.00 ↑ 0.83% ↑ 2.36% ↑ 8.04%
Cal-27 calendar 103.77 ↑ 1.32% ↑ 4.57% ↑ 12.20%
Cal-28 calendar 75.30 ↑ 0.69% ↑ 0.32% ↑ 5.11%
Cal-29 calendar 69.21 ↑ 0.95% ↑ 1.40% ↑ 3.47%
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 24 Aug – 28 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: 161 distinct business-day reports from 5 January 2026 to 28 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.