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Utility SwopShop Weekly Market Insights Week Ending 25th September
Gas
After falling sharply earlier in the week, UK gas prices recovered on Thursday. Iranian President Masoud Pezeshkian’s conditions for resuming talks raised doubts that a diplomatic agreement would quickly restore disrupted Gulf supplies, prompting traders to buy. NBP spot and Winter 2026 both gained more than 4%, closing at 190 p/therm and 189.48 p/therm, respectively.
Power
UK day-ahead power price soared by 6% to settle at 161.23 GBP/MWh on Thursday as forecasts for lower wind and solar generation pointed to greater reliance on gas-fired plants. Higher day-ahead prices in neighbouring European markets and reduced import availability added to the increase. Further along the curve, the Winter 2026 contract gained 3%, ending at 152.32 GBP/MWh, moving in tandem with stronger gas and carbon markets.
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