Energy Market Review and Lookahead: What has driven energy prices during the third quarter of 2026?
The UK’s hottest summer on record has given way to deteriorating winter supply expectations.
Energy prices reflect a multitude of interconnected global influences.
An energy expert can help you approach this complexity from an informed position, beginning with a clear picture of the forces behind recent price movements.
Inspired’s quarterly Energy Market Review and Lookahead explores the key developments across electricity, gas and carbon markets, where prices stand now, and what could lie ahead.
What has been driving the energy market in Q3 2026?
The quarter opened with the collapse of the US-Iran interim agreement in early July, just weeks after signing in June, triggering a sharp rebuilding of geopolitical risk premia.
Renewed escalation in September then pushed prices to new conflict highs, with gas benchmarks hitting levels last seen in December 2022.
Summer weather also tightened supply, from a jellyfish influx that took one of Europe’s largest reactors offline to river flows dropping to the lowest level in over 34 years, reducing hydro availability ahead of winter.
QatarEnergy extending force majeure on EU and Asian deliveries into December.
Looking ahead, the International Energy Agency (IEA) warns that energy flows through the Strait of Hormuz are unlikely to return to historical levels following the US-Iran conflict.
What does this edition cover?
- What’s happened over the past few months?
- What has this meant for gas, electricity and carbon prices?
- What do the next 3–6 months look like?
- What are our current buying recommendations?
Alongside our quarterly review, Inspired offers a range of energy insights for more frequent updates, including daily and weekly snapshots and monthly webinars on UK wholesale energy prices.
The information in our Energy Market Review and Lookahead is correct at the time of publication. Download your free copy by filling in the form below.
