Energy Market Report – March 2026
Time-bound market update. Data and assessments reflect market conditions when the report was published. UK / Europe.
Open ERA Group's original report ↗At the time of writing (29 March 2026), the report described four weeks of sharp market movement and stressed that any comment on the energy market has to be date-stamped because its validity is extremely limited. Price charts compared the March 2026 spike with the period from January 2022, immediately before the invasion of Ukraine.
Geopolitics drove the move: the Strait of Hormuz remained effectively closed with only a small number of Iranian-approved shipments exiting, and on 19 March the South Pars gas field in Iran was struck, followed by an Iranian attack on Ras Laffan in Qatar — a field the report notes produces around 20% of global LNG and which was shut down entirely.
UK gas storage was reported at 46% full and the EU at 28%, with Norwegian availability set to fall sharply during summer maintenance. The report expected prices to remain at a higher level into 2027. For electricity, green levies, taxation and transmission costs were cited as significant cost drivers beyond the market price.
Key takeaways
- The report stressed that energy market assessments must be date-stamped — validity is short-lived.
- Ras Laffan in Qatar, around 20% of global LNG, was shut down entirely.
- UK gas storage at 46% full, EU at 28%; the November target was 80%.
- Norwegian gas availability was expected to fall during April–June and August–September maintenance.
- Green levies, taxation and transmission costs added to electricity cost beyond the market price.
Relevant for
CFO · Procurement · Energy manager
- Source
- ERA Group
- Language
- English
- Length
- 2 pages
- Date
- 29 March 2026
- Market
- UK / Europe
Original material from ERA Group. JMF Europe provides a short summary here.