Wholesale energy prices ended October at their highest this year: what it means if your contract is up for renewal

If your business energy contract is due for renewal this winter or during 2027, the last few weeks are worth knowing about.

According to energy consultancy Catalyst Commercial's market report of 2nd November 2026, wholesale gas for this winter rose by almost 40% during October, and winter electricity by about a third. Prices jumped again on Friday 30th October and ended the month at their highest levels of the year. Some of that rise came back on the morning of 2nd November, as talks aimed at ending the war with Iran continued. Catalyst Commercial: UK Energy Market Report, 2nd November 2026

What the numbers mean in plain terms

• At the close on 30th October, wholesale gas for this winter was around 8.8p per kWh and electricity around 20p per kWh. That's before network costs, levies and the supplier's margin are added.
• Electricity for January to March 2027 closed above £200 per MWh for the first time.
• It isn't only this winter. Electricity for next summer also rose by almost a third during October.
• Wind output is forecast to drop sharply around 7th November, which would mean more of our power comes from gas while gas is at its dearest this year.

What it means for your business

Your bill depends on how and when you buy. As Cornwall Insight has pointed out, businesses that fix prices months ahead aren't hit straight away by a short spike, but the longer high prices last, the more businesses feel them. Cornwall Insight: business energy bills And remember the wholesale price is only part of the bill. We covered the parts that may not be fixed in our guide to grid charges from April 2027.

Our suggestion

• Check when your current contracts end, for every site and for both gas and electricity.
• Don't panic-buy on a bad day. Prices are moving by large amounts from one day to the next, so it can help to agree a target price, or to spread your buying over several dates.
• Look at what you can control. Using less at the busiest times, or generating some of your own power with solar, reduces how much you have to buy at whatever the market price is.

If your renewal is coming up and you'd like a second opinion on timing or options, we're happy to have a quick, no-obligation chat.