Energy Market
Report
27th April 2026
UK gas and power firmed through the week as supply constraints and weaker
renewables tightened the prompt and lifted forward contracts. Norwegian flows
were the key driver, with aggregated outages at Troll, Kollsnes and related assets
reducing pipeline supply to the UK alongside lower Langeled nominations.
UK wind output dropped sharply mid-week and was forecast to remain below
seasonal norms, increasing reliance on gas-fired generation. Nuclear availability
also deteriorated, with Heysham 2’s return pushed back to 27 April, ongoing
unplanned outages at both Heysham units, and a fresh Torness-1 restriction
added during the week.
Carbon allowances continued repricing higher, lifting the cost of gas-fired
generation and supporting forward power, particularly on next winter peak. The
30-day picture remains softer thanks to earlier mild weather, sufficient UK
summer storage and weaker Asian LNG demand. The US-Iran ceasefire remains
fragile and the Strait of Hormuz effectively closed, but UK fundamentals have
done more of the work driving prices over the past week.

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