Gas prices rise to levels not seen since 2022: comment

The UK benchmark gas price averaged over 188p/therm on 8 Sep 2026, the first time the daily value has exceeded the 186p/therm seen on the last trading day of 2022.

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By Dr Simon Cran-McGreehin

info@eciu.net

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Responding to market data showing that the ongoing conflict in the Gulf is resulting in the highest wholesale gas prices since 2022, during the crisis caused by Russia's invasion of Ukraine, [1] Dr Simon Cran-McGreehin, Head of Analysis at the Energy and Climate Intelligence Unit (ECIU), said:

"With gas prices never fully recovering from the crisis caused by Putin's invasion of Ukraine, the ongoing US war with Iran is dragging us back into the ominous territory of wholesale gas prices last seen in 2022, which – alongside high oil prices – are pushing up bills and driving wider inflation.

"The cost to the UK of this fossil fuel rollercoaster exceeded £180 billion in four years, [2] and the first six months of the Iran war added another £10 billion in energy costs, [3] and now households and businesses are facing another winter with rising bills.

"Only by getting off gas and oil can we protect ourselves from volatile international fossil fuel markets and, with any extra North Sea production having little impact, our best option is to keep pushing ahead with the transition to EVs and heat pumps powered by UK wind and solar – so it's baffling that the Government is considering cutting EV targets during the second fossil fuel crisis in just five years."

Notes to editors:
 

  1. UK Natural Gas (TE, accessed 9 Sep 2026).  This UK benchmark gas price averaged over 188p/therm on 8 Sep 2026, the first time the daily value has exceeded the 186p/therm seen on the last trading day of 2022 (26 Dec 2022).  Prices were even higher in early trading on 9 Sep 2026.  Similar results are being seen on other markets that trade across various timescales (spot, month-ahead, etc).
     
  2. Budget: cost of energy crisis exceeds NHS England’s annual health spending (ECIU, Nov 2025)
     
  3. 6 months of Iran war – UK billpayers facing £190m extra costs for every week the conflict continues (ECIU, Aug 2026)