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.
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
rose through the week · +2.7% Mon→Fri
Week avg
164.36 Week low
161.02 Week high
168.20
low 78.57Fri close · today ●168.20 high
Electricity
The week in 5 days · £/MWh
↑ 3.67%
vs last week
rose through the week · +3.3% Mon→Fri
Week avg
130.32 Week low
128.80 Week high
133.10
low 71.97Fri 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 weekSep-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 monthsSeptember–November 2026
Sep 2026Oct 2026Nov 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.
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 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 confidenceMedium
⚠ December leans on Cal-27 only, so it has less seasonal visibility.
GasNear the top
Rising
This week
Up 2.5–4.2% 30 days
Up 13.6–22.6%
low 62.66Cal-27 · today ●122.74 high
Evidence:
Cal-27, Q1-27, Sum-27, Win-27
ElectricityNear the top
Rising
This week
Up 2.4–4.6% 30 days
Up 8–17.4%
low 65.12Cal-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 monthsMarch–May 2027
Mar 2027Apr 2027May 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 confidenceMedium
GasNear the top
Rising
This week
Up 1–4% 30 days
Up 8.5–16.2%
low 57.84Sum-27 · today ●109.17 high
Evidence:
Sum-27, Win-27, Q2-27, Sum-28
ElectricityNear the top
Little changed
This week
Up 0.3–4% 30 days
Up 5.1–10.2%
low 59.74Sum-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 monthsJune–August 2027
Jun 2027Jul 2027Aug 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 confidenceMedium
GasNear the top
Rising
This week
Up 1–3.8% 30 days
Up 8.5–16.2%
low 65.81Win-27 · today ●105.59 high
Evidence:
Sum-27, Win-27, Sum-28
ElectricityNear the top
Little changed
This week
Up 0.3–3.8% 30 days
Up 5.1–9.3%
low 74.51Win-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.
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
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Gas 3.2% w/w, power 3.0% w/w.","gasSignal":"PRICES RISING","powerSignal":"PRICES RISING"},"moves":{"daily":{"gas_pct":2.91,"power_pct":1.8},"weekly":{"gas_pct":3.2,"power_pct":3.01},"monthly":{"gas_pct":15.49,"power_pct":10.85}},"spot":{"gas_price":166.5,"gas_change_pct":null,"power_price":130.5,"power_change_pct":null},"reference":{"contract":"Sum-27","gas_price":109.17,"power_price":92.25,"gas_day_pct":2.991,"gas_week_pct":3.78,"gas_30d_pct":16.188,"power_day_pct":1.519,"power_week_pct":3.84,"power_30d_pct":9.275},"front_month":{"key":"sep26","label":"Sep-26","gas":{"price":166.89,"day_pct":3.646,"week_pct":3.51,"m30_pct":17.852,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":128.04,"high":168.2,"position":0.967},"net_pct":17.9},"power":{"price":133.1,"day_pct":2.883,"week_pct":4.61,"m30_pct":11.455,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":110.33,"high":133.1,"position":1},"net_pct":11.5}},"windows":[{"key":"sep26","label":"Sep-26","context":"In the next 1–3 months","horizon_rank":0,"is_front":true,"stance":"review","note":"Both gas and power near-term contracts are now at their highest level in the records we hold, having climbed 17.9% and 11.5% respectively over the past month. If you renew in the next one to three months, you are looking at prices near the top of their recent range. It is worth reviewing live options now to understand what you would pay if you fixed today—not because you must act, but because the cheaper window of a month ago has closed and you should know the cost of waiting.","gas":{"price":166.89,"day_pct":3.646,"week_pct":3.51,"m30_pct":17.852,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":128.04,"high":168.2,"position":0.967},"net_pct":17.9},"power":{"price":133.1,"day_pct":2.883,"week_pct":4.61,"m30_pct":11.455,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":110.33,"high":133.1,"position":1},"net_pct":11.5}}],"spotlight":{"contract":"sep26","label":"Sep-26","fuel":"gas","metric":"30d","value":17.852,"dir":"up","trend":"rising","text":"September gas has climbed 17.9% over the past month and is now at the highest level in our records. The week itself fell early but snapped back hard, erasing the dip by Friday. For anyone renewing in the next few months, this is a material move upwards and means the cost of a fix today is significantly higher than it was four weeks ago."},"narrative":{"headline":"Both fuels climbed hard this week; near-term prices now at their highest in records we hold","summary":"Gas and power both rose across every contract, with near-dated prices pushing to multi-year highs. The week fell early, then snapped back sharply—a pattern that leaves anyone renewing soon facing steeper costs than a month ago.","verdict":"If you renew in the next three months, prices are now at the top of their recent range. If you're not renewing until next year, there's no rush—but watch our daily updates so you'll know if the picture shifts.","trend_read":{"gas":"Gas has kept climbing over the past month and now sits near its 30-day high. This week it fell early (touching a low on Wednesday) but snapped back hard on Thursday and Friday, finishing 3.5% higher and erasing the dip entirely.","power":"Power has also climbed steadily over the month and is now near its 30-day high. This week it moved both ways with no clean direction, but finished 4.6% higher—the near-term contract is now at the highest level we have recorded."},"scenario":{"upside":"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.","downside":"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."},"drivers":[{"title":"QATAR LNG FORCE MAJEURE EXTENDED","body":"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.","tone":"down","outlook":"sticks","soWhat":"This tightens the supply picture for the next two months and supports prices across the curve, especially near-term contracts."},{"title":"NORWEGIAN MAINTENANCE BITES SUPPLY","body":"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.","tone":"down","outlook":"sticks","soWhat":"Near-term gas prices are supported by this supply loss; relief should come as the maintenance cycle winds down in September."},{"title":"STRAIT OF HORMUZ TENSIONS EASE, THEN RETURN","body":"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.","tone":"up","outlook":"mixed","soWhat":"This is a headline risk that can swing prices day to day; it is not yet resolved and remains a source of volatility."},{"title":"EUROPEAN STORAGE REMAINS HISTORICALLY LOW","body":"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.","tone":"down","outlook":"sticks","soWhat":"Low storage is a structural constraint that will support prices through the autumn and into winter; it is not a temporary issue."},{"title":"FRENCH NUCLEAR OUTAGES TIGHTEN POWER","body":"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.","tone":"down","outlook":"mixed","soWhat":"French power prices are significantly higher than UK prices as a result; this regional tightness supports the wider European curve."},{"title":"WIND AND HYDRO EASING NEAR-TERM PRESSURE","body":"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). 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