Smart Energy Insights
Energy Insights
Thomas McGlynn • 5 October 2026

Weekly Energy Market Report: 28th Sept - 2nd Oct 2026

SMART ENERGY
Weekly Energy Briefing · UK
Week of 28 Sept – 2 Oct 2026
Latest settlement: 1 October 2026
Weekly review · Week 40 · 28 Sept – 2 Oct 2026

The week in review: gas eased 3.2%, power eased 2.3%

A day-by-day recap of how UK gas and electricity moved across the trading week of 28 Sept – 2 Oct 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 Wind generation collapses, then recovers
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 28 Sept – 2 Oct 2026
Natural gas
The week in 5 days · p/therm
↓ 3.23%
vs last week
183.04 186.53 Mon Tue Wed Thu Fri
rose through the week · +1.9% Mon→Fri
Week avg 182.96 Week low 176.53 Week high 186.53
low 96.52 Fri close · today ● 205.19 high
Electricity
The week in 5 days · £/MWh
↓ 2.30%
vs last week
149.74 152.20 Mon Tue Wed Thu Fri
rose through the week · +1.6% Mon→Fri
Week avg 149.95 Week low 145.85 Week high 152.20
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 Dec-26 gas ↓ 2.22% — 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

Middle east supply fears ease

Saudi Arabia resumed flows on its East-West pipeline at half capacity on Tuesday, bringing regional crude exports back to 17.5 million barrels per day. The US also announced a Strategic Petroleum Reserve release of up to 40 million barrels. These moves eased the supply risk premium that had built up over the Strait of Hormuz standoff, allowing gas and power prices to fall sharply mid-week.

Chinese lng demand weakens

September Chinese LNG imports fell 8% year-on-year, signalling weaker industrial demand. This eased global LNG market tightness and helped pull European gas prices lower mid-week.

Norway troll outage ends

The unplanned compressor outage at Norway's Troll field, which had held 46.2 million cubic metres per day offline, ended on Tuesday. Norwegian exit nominations recovered by over 60 million cubic metres per day from the previous week's lows.

Mild weather forecast persists

Late September warmth peaked this week, with temperatures running 6°C to 11°C above seasonal norms. Forecasts show temperatures will remain mild throughout the coming months: Germany projected 5°C warmer than normal, France 2°C above average. This will delay heating demand and help extend the usefulness of gas storage.

Risks that could push prices higher

Wind generation collapses, then recovers

Northwest European wind speeds bottomed at 4–6 metres per second on Friday, leaving German wind below 5 GW and forcing sharp increases in thermal generation. An Atlantic weather system then lifted wind output to 15–17 GW across Wednesday and Thursday before it was forecast to collapse again into the weekend. This volatility has driven day-to-day power swings all week.

French nuclear outages extend

Low river flows on the Meuse have extended the total shutdown at the 3 GW Chooz nuclear plant to 13 October, whilst Cattenom 2 remains curtailed by 1 GW. French nuclear unavailability now stands at 24.1 GW. France turned to net imports for several hours on Thursday, a sign of how constrained supply has become.

Uk nuclear outages delay returns

Delayed refuelling outages at Heysham 1 and Hartlepool 2 keep 783 MW of UK nuclear capacity offline into early October.

European storage below seasonal norm

EU gas storage stands at 71.33% of capacity, roughly 15 percentage points below the five-year seasonal average of 87%. Storage levels vary sharply by region: France at 83.23%, Italy at 86.97%, but Germany at 57.74% and the Netherlands at 58.15%. Germany's net storage injections have slowed dramatically, averaging only 13 cubic metres per day in week 39.

Brent crude climbs on china export ban

Brent crude climbed 3% on Thursday as China suspended oil product exports to focus on domestic supply during a period of market tightness. Crude has recovered above $106 per barrel, providing a strength signal across the wider energy complex.

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 (Nov-26) Next winter (Win-27) 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 (Nov-26) Next winter (Win-27) 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 November 2026–January 2027
Nov 2026 Dec 2026 Jan 2027
Get live quotes now

Gas is down 0.2–2.2% this week and up 3.1–14.9% over 30 days; electricity -1.1% to 0.5% this week, up 2.8–10.4% 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 Down 0.2–2.2% 30 days Up 3.1–14.9%
low 57.84 Sum-27 · today ● 136.76 high

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

Electricity Near the top
Little changed
This week -1.1% to 0.5% 30 days Up 2.8–10.4%
low 59.74 Sum-27 · today ● 109.75 high

Evidence: 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 February–April 2027
Feb 2027 Mar 2027 Apr 2027
Review and compare

Gas is -2% to 0.2% this week and up 5–15.3% over 30 days; electricity -0.6% to 1.6% this week, up 6.4–11.8% over 30 days.

Evidence confidence Medium
Gas Near the top
Little changed
This week -2% to 0.2% 30 days Up 5–15.3%
low 57.84 Sum-27 · today ● 136.76 high

Evidence: Q1-27, Sum-27, Win-27, Q2-27, Q3-27, Sum-28

Electricity Near the top
Little changed
This week -0.6% to 1.6% 30 days Up 6.4–11.8%
low 59.74 Sum-27 · today ● 109.75 high

Evidence: Q1-27, Sum-27, Win-27, Q2-27, Q3-27, Sum-28

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 May–July 2027
May 2027 Jun 2027 Jul 2027
Prepare and monitor

Gas is -0.8% to 0.2% this week and up 9.4–15.3% over 30 days; electricity -0.6% to 1.6% this week, up 10.3–11.8% over 30 days.

Evidence confidence Medium
Gas Near the top
Little changed
This week -0.8% to 0.2% 30 days Up 9.4–15.3%
low 65.81 Win-27 · today ● 129.93 high

Evidence: Q2-27, Q3-27, Win-27, Sum-28

Electricity Near the top
Little changed
This week -0.6% to 1.6% 30 days Up 10.3–11.8%
low 74.51 Win-27 · today ● 108.69 high

Evidence: Q2-27, Q3-27, Win-27, Sum-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 August–October 2027
Aug 2027 Sep 2027 Oct 2027
Plan ahead and watch

Gas is -0.8% to 0.2% this week and up 9.4–19.7% over 30 days; electricity -0.6% to 1.5% this week, up 7–11.7% over 30 days.

Evidence confidence Medium
Gas Near the top
Little changed
This week -0.8% to 0.2% 30 days Up 9.4–19.7%
low 65.81 Win-27 · today ● 129.93 high

Evidence: Q3-27, Win-27, Sum-28, Win-28

Electricity Near the top
Little changed
This week -0.6% to 1.5% 30 days Up 7–11.7%
low 74.51 Win-27 · today ● 108.69 high

Evidence: Q3-27, Win-27, Sum-28, 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

Milder-than-normal temperatures could persist through the winter, keeping heating demand subdued and allowing storage to stretch further. If Chinese demand continues to weaken or Middle East supply normalises fully, both gas and power could ease back toward the lows seen mid-week.

If prices rise again

Low storage leaves little cushion

Wind generation could remain weak through October as the Atlantic system fades, forcing gas-fired generation to step in and tightening system margins just as heating demand begins to rise. If the Strait of Hormuz standoff escalates further or LNG supply remains restricted, prices could climb sharply.

Fixing buys budget certainty. It does not prove that a business has predicted the market correctly.

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
Nov-26 month 186.53 ↑ 1.88% ↓ 2.19% ↑ 2.87%
Dec-26 month 188.40 ↑ 1.99% ↓ 2.22% ↑ 3.11%
Jan-27 month 189.29 ↑ 1.98% ↓ 2.17% —
Q1-27 quarter 184.83 ↑ 1.99% ↓ 2.01% ↑ 5.00%
Q2-27 quarter 140.19 ↑ 2.97% ↓ 0.44% ↑ 15.30%
Q3-27 quarter 128.90 ↑ 3.17% ↑ 0.17% —
Sum-27 season 134.51 ↑ 3.06% ↓ 0.15% ↑ 14.95%
Win-27 season 128.83 ↑ 2.69% ↓ 0.85% ↑ 13.88%
Sum-28 season 84.45 ↑ 2.61% ↓ 0.16% ↑ 9.39%
Win-28 season 91.70 ↑ 2.49% ↓ 0.32% ↑ 19.70%
Cal-27 calendar 145.87 ↑ 2.65% ↓ 0.81% ↑ 11.52%
Cal-28 calendar 96.59 ↑ 2.60% ↓ 0.54% ↑ 10.52%
Cal-29 calendar 78.39 ↑ 2.22% ↓ 0.08% ↑ 8.88%

Electricity

£/MWh
Contract Price Day Week 30d
Nov-26 month 152.20 ↑ 1.13% ↓ 1.53% ↑ 3.35%
Dec-26 month 150.40 ↑ 1.45% ↓ 1.07% ↑ 2.79%
Jan-27 month 160.47 ↑ 4.57% ↑ 1.78% —
Q1-27 quarter 152.71 ↑ 1.67% ↓ 0.51% ↑ 6.39%
Q2-27 quarter 111.45 ↑ 3.71% ↑ 1.58% ↑ 11.81%
Q3-27 quarter 102.74 ↑ 1.24% ↓ 0.65% —
Sum-27 season 107.07 ↑ 2.51% ↑ 0.49% ↑ 10.39%
Win-27 season 108.01 ↑ 2.17% ↑ 0.40% ↑ 10.29%
Sum-28 season 72.82 ↑ 2.16% ↑ 0.83% ↑ 11.65%
Cal-27 calendar 118.16 ↑ 1.38% ↓ 0.61% ↑ 8.20%
Cal-28 calendar 84.30 ↑ 3.11% ↑ 1.51% ↑ 6.95%
Cal-29 calendar 73.48 ↑ 1.73% ↑ 1.10% ↑ 3.74%
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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Source: SEFE Energy daily reports across the week of 28 Sept – 2 Oct 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: 185 distinct business-day reports from 5 January 2026 to 2 October 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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