12 November 2026

Weekly Energy Market Update 

Outlook

Short-term power prices have been very strong this week, with day-ahead baseload reaching £257.62/MWh in the UK and €351.48/MWh in Germany for delivery on Tuesday 10ᵗʰ November, after a near “dunkelflaute” pushed German wind output to below 1.5 GW. Wind is now recovering, with over 30 GW expected in Germany this evening, while French nuclear output has risen above 45 GW and should reach 48 GW by early next week. In the gas market, the risk premium has eased since the US midterm elections, yet Qatari LNG exports through Hormuz remain at only around a third of pre-war levels. Support has also come from a drop in the latest UK temperature forecasts, the ongoing Norwegian outages at Troll and Visund, and the IRGC’s report that two oil tankers were “disabled” in the Strait overnight. In addition, the market is reacting to Iran’s refusal to allow any enriched nuclear material to leave the country, as Washington insists that nuclear issues must be part of any initial negotiations to end the war.

 

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General Context
Rise

The UK economy grew 0.7% in Q3, its quickest pace since 2024, driven by services and AI-related investment in IT and computer programming, highlighting resilience despite surging energy prices and rising borrowing costs.

Retail-4

Meanwhile, according to the British Retail Consortium, retail spending rose a modest 1.5% year on year in October, with higher fuel prices putting pressure on household budgets and shoppers holding back ahead of Black Friday.

Oil

Brent crude remained volatile this week, briefly trading below $90, caught between hopes of de-escalation in the Middle East and continued disruption and attacks on shipping through the Strait of Hormuz.

OPEC+ crude output rose in October to 97% of pre-war levels, led by a 26% increase in Saudi production despite ongoing disruption to regional exports.
Oil

Gas & Power
Gas

European gas storage currently stands at 71.6%, having peaked just under 75.0% in late October. The market is concerned that this record low for the time of year, 3.1 percentage points below 2021, could leave inventories depleted by early March, amid reduced exports from Qatar and ahead of the coming cold snap.

Nuclear

 Romania’s Cernavoda nuclear plant (2 x 706 MW, around a fifth of national power output) is returning to full output. Unit 2 was reconnected yesterday and should reach full capacity today. Unit 1 is due back on the grid today and at full capacity tomorrow, after a technical fault forced a shutdown on 10ᵗʰ November, only days after it restarted following a three-month drought-related outage. 

Gas

Germany’s cabinet yesterday approved a draft bill for a 24 TWh state gas reserve, around 10% of national storage capacity, to cover severe disruptions such as sabotage. Funded by a small consumer surcharge, it will be built up over three years from 2027, subject to parliamentary approval. The move follows criticism from opposition parties and Italy over German storage levels, which remain well below the 70% target.

Current Prices
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UK Gas (NBP) - Rolling 12-Month Average
Rolling_Month_Average_12_November_2026

Sustainability Spotlight

Electricity Network Innovation Delivers £263m in Savings

Innovation across UK electricity networks has delivered more than £263 million in savings since 2021, according to the Energy Networks Association's (ENA) Annual Innovation Strategy Report. The report highlights how new technologies are helping reduce energy bills, improve supply reliability and increase network capacity for heat pumps, solar panels and electric vehicles.

Projects include Northern Powergrid's AI-powered capacity forecasting and SP Energy Networks' enhanced data mapping tools.

With over 400 organisations involved in innovation programmes last year, ENA says continued collaboration and investment will help deliver a more resilient, efficient and affordable energy system, supporting the UK's clean power ambitions for 2030.
Sustainability_Spotlight

 

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