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NBP

UK National Balancing Point; virtual gas trading hub and primary UK gas price reference alongside Dutch TTF.

NBP is the UK's benchmark gas trading hub. Its premium over Dutch TTF is set to widen from October 2026 as IUK interconnector capacity falls to 36 mcm/d, cutting Great Britain's Continental import share from 17% to 12%.

Last refreshed: 20 July 2026 · Appears in 1 active topic

Key Question

Why is the gap between UK gas prices and European TTF widening in 2026?

Timeline for NBP

#15 2 Jun

Mentioned in: TTF breaks 38-session range to EUR 48.9

European Energy Markets

#13 28 May

settled at TTF parity of ~EUR 46.5/MWh, eliminating the historical UK LNG discount

European Energy Markets: TTF holds EUR 46-47 range; NBP reaches parity

#13 27 May

Mentioned in: ACER 11 June workshop is REMIT enforcement, not storage

European Energy Markets

#11 22 May

Traded 126 p/therm on 20 May, establishing EUR +3.9/MWh basis premium of TTF

European Energy Markets: TTF retraces to EUR 47.69 on Trump

#11 19 May

Mentioned in: Equinor locks in five-year retail strip

European Energy Markets

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Background

NBP (National Balancing Point) is the United Kingdom's virtual wholesale gas trading hub, the reference price for gas delivered onto Great Britain's National Transmission System, operated by National Gas Transmission. It sits alongside the Dutch Title Transfer Facility (TTF) as one of Europe's two principal gas benchmarks.

NBP's alignment with TTF depends on physical interconnection: the BBL pipeline from the Netherlands and the IUK Interconnector from Belgium let gas arbitrage between the two markets. That link is shrinking: BBL capacity halved to 22 MCM/d in December 2024, and IUK falls to 36 MCM/d from October 2026, cutting Great Britain's Continental import share from 17% to 12% of demand.

As Continental pipeline capacity falls, Great Britain leans more heavily on Norwegian pipeline supply and LNG imports to cover winter demand, a structural shift that traders treat as the most predictable driver of a widening NBP premium over TTF into winter 2026-27.

Common Questions

Reference

How does the Isle of Grain LNG terminal affect NBP prices?

As BBL and IUK capacity falls, the Isle of Grain LNG terminal in Kent becomes a larger share of GB's flexible import capacity. Higher LNG import volumes can tighten or ease the NBP premium depending on global LNG spot prices and cargo availability.Source: Lowdown

What is NBP gas and how does it differ from TTF?

NBP (National Balancing Point) is the UK's virtual gas trading hub on the National Transmission System. TTF is the Dutch equivalent. Both are European benchmark references, but NBP prices apply to GB supply and delivery; the NBP-TTF spread reflects UK-specific tightness or surplus versus the continental market.Source: National Gas Transmission

How does the Iran-Hormuz crisis affect UK gas prices at NBP?

The Hormuz disruption removed Qatari LNG supply, tightening both TTF and NBP. Pakistan-mediated US-Iran talks on 18 May 2026 briefly moved TTF down to EUR 47.69 with TTF-NBP basis at EUR +3.9/MWh, demonstrating that diplomatic signals flow through to UK gas prices almost immediately.Source: event

Why is the NBP-TTF gas price spread widening in 2026?

BBL (Netherlands to UK) halved to 22 MCM/d in December 2024 and IUK (Belgium to UK) drops to 36 MCM/d from October 2026, cutting GB's Continental import capacity from 17% to 12% of demand. This reduces the arbitrage that kept NBP tightly coupled to TTF.Source: event

What is the NBP gas price now?

NBP settled at 134.26 pence per therm on 17 July 2026, part of a widening premium over Dutch TTF as UK-Continent pipeline import capacity shrinks into winter 2026-27.