Energy market update: what happened in Q3 2026?

Energy markets remained volatile over the past quarter, with global gas supply under pressure and UK wind generation struggling through a harsh summer.

Inspired’s Director of Risk, Daniel Turvey, looks back at the key market drivers of recent months and the challenges energy buyers face as the year draws to a close.

Another quarter of extreme volatility

For the second time this year, energy prices fluctuated up to 800% more than in the years before 2020. 

The Middle East drove much of the market movement, with constrained supply, difficult transportation and no clear date for supply to resume.  

Meanwhile, a hot summer with little wind left the UK relying on already scarce gas. However, the end of the quarter brought some positivity, as prices eased on hopes of progress in negotiations and expectations of a milder Q4. 

Despite the volatility, prices remain far below the highs of the energy crisis. Yet Daniel draws a parallel between the broad story of the market this year and in 2022. 

In such choppy conditions, looking outside the most challenging part of the market to purchase energy is key. 

Watch the Q3 2026 Energy Buyers Guide video

Chapters 

• 00:37 – What happened to prices in the last quarter and what were the key drivers?

• 02:06 – Parallels with the 2022 energy crisis and the current market

• 04:46 – Volatility, energy contracts and purchasing advice

All information correct at the time of recording on 01/10/26. Please contact us to discuss the best options for your organisation.