Christopher Caldwell

Labour's latest manifesto introduces GB Energy (page 47), a bold and transformative plan designed to revolutionise the energy sector and drive the UK towards a sustainable future. Or just a load of hot air that’s not going to drive the 4-fold increase in planned offshore wind by 2030.   While the vision is bold and inspiring, I have significant concerns about the lack of concrete details given.   1. The idea of a publicly-owned energy company sounds promising, but details on implementation, governance, and accountability are missing. How will this new entity operate within the existing energy market? 2. While the manifesto aims to provide affordable clean energy, it lacks specifics on pricing models, subsidies, or how it will compete with private energy companies. How will GB Energy ensure lower costs for consumers without compromising on service quality? 3. Enhancing energy security is crucial, but what are the strategies for maintaining consistent energy supply and resilience against global market fluctuations? 4. It talks about increasing gas fired generation for security, whilst not issuing any new licences to explore new fields and a total ban on fracking. So when its not windy or sunny we are back to competing on a global gas market. 5. Ambitious climate targets are commendable, but the manifesto doesn't outline concrete steps, milestones, or policies to achieve these goals. How does Labour plan to track and report progress on carbon emissions reductions?   While the vision behind GB Energy is undoubtedly forward-thinking, the lack of detailed planning and actionable strategies raises questions about its feasibility.   For a proposal of this magnitude, we need more than just lofty goals - we need a clear roadmap. What are your thoughts on the practicality of GB Energy?

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Asking whether your ESG/responsible/ethical/ sustainable whatever you call it fund invests in Drax is a clear way to establish if the manager really understands what the clean, green, economically fair and sensible energy system we need looks like. Or if they know what that looks like but opts for a quick, taxpayer subsidised buck anyway. Unclean, unfair energy that we will pay for three times - in subsidies, in energy bills and in economic damage and its impact on our finances. Another kind of triple lock.

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One thing that strikes me about this that nobody has yet commented upon, is that here is another case of the public purse being used to clean up an industry problem. It so often happens (and has happened, many times before) that polluters manage to pocket significant profits without charging the full costs of production, which, of course, must include the cost of dealing with environmental "bads" as well as offering consumer "goods". It is early days, so it may be that the government commitment may bring industry investments in due course, but the concerning aspect of this is the notion that the fossil fuel industry will see this as a life-extending policy. We should be pressing hard to #keepitintheground as a focus for government policy. It should be much cheaper to avoid creating the carbon emissions in the first place, than to spend £22bn capturing the carbon and storing it beneath the waves!?

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A new article by the Financial Times explains the issues amassing as part of Britain’s clean energy transition: “Sixty-three per cent of the roughly 4,000 applications submitted for wind, solar and battery projects between 2018 and 2023 have been refused, abandoned, withdrawn or had their planning permission expire, according to Cornwall Insight, an energy consultancy.  A further 18 per cent have been sent back for revision, leaving only a fifth of projects either waiting for a planning decision or ready to be built.” While renewables will play a crucial role in the fight against climate change, these problems highlight the need for energy saving alongside the clean transition. Furthermore, demand side response and time of day tariffs are best paired with granular energy data. Lesson learned? it’s not just about where your energy comes from, it’s how, when and how much you use it! https://lnkd.in/e3GxQEfe   #energytransition #cleanenergy #energymanagement #climatechange #renewableenergy

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Commenting on #GBEnergy in the Financial Times. The announcement of a partnership between The Crown Estate and GB Energy is good news for the future of #renewables in the UK. We are particularly encouraged by the commitment to reform the policy framework to reduce the time it takes to bring offshore wind projects to fruition, as this is something UKSIF and our members have been calling for for some time. Cutting project timelines is crucial to get investment flowing into UK renewables again, after many investors have been historically put off the UK because of unworkably long project wait-times, effectively starving the UK of investment.   The decision to have the public sector take on additional early development work is a positive move that will reduce risk for developers and attract greater private investment. One barrier this will not solve is the current inadequacy of our #gridconnections, which we know remains a major barrier to investment. UKSIF stands ready to support the implementation of these reforms and to work with government, industry, and investors to ensure the UK becomes a global leader in offshore wind. https://lnkd.in/e-n4-wUS

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In this week's #EnergyTransition we look at: ⚡ NESO awarding inertia contracts; ⚡ Mixed reception to COP29 climate finance deal; ⚡ Transmission operators adopting common information management standards; and ⚡ Ofgem chair warning of potential legal challenges to connections queue reforms. #NESO #COP29 #NetZero #EnergyTransition

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𝗪𝗵𝘆 𝗶𝘁’𝘀 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗺𝗼𝘃𝗲 𝗼𝗻 𝗳𝗿𝗼𝗺 𝘇𝗼𝗻𝗮𝗹 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 The Government’s second ‘review of electricity markets arrangements’ (REMA) highlighted the need to reassess the UK’s energy market in light of the shift away from fossil fuel dominance. Fundamentally, REMA seeks to identify routes to reform the UK’s markets and transport us to a decarbonised electricity system where renewables will make up the largest share of generation ⚡ Our latest blog by RenewableUK's Policy Analyst Nick Hibberd examines one specific proposal within REMA, known as ‘zonal pricing’, and assesses both the theoretical benefits as well as the risks of overhauling the system by introducing it 👇 https://lnkd.in/g-t4jFxy #renewableenergy #marketreform #energyprices #energysecurity #grid

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I mean could there be a more timely example to support why we built Habeo. 1. We must reduce household carbon emissions by at least 50% in the next 5 years if we want to stay on track for net zero by 2050 2. Access to relevant and useful data is a problem for households and for those that can access it, making sense of it is a problem 3. If you were by some miracle able to get the data you need and make sense of it you will find it is out of date and often inaccurate 4. Then if you overcame all that and had the data which was up to date where do you go for help to start making improvements and how do you work out if it's worth it? Habeo addresses this by giving households access to the data they need and then by allowing them to measure and track in real-time but it's not just about reducing your carbon emissions. We know that is important to you but we also know that saving money and reducing your time spent on things is more important so we support your eco-choices by showing you how it will impact you financially and benefit your time whilst also supporting you with a marketplace, partners and access to finance! #habeo #sustainableliving #energyefficiency #datainsights #moneysaving

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UK Carbon Regulator is essential for the functioning of a net zero economy - Energy Systems Catapult (ESC) released its Operationalising a Carbon Regulator report, which aims to guide the development of a robust regulatory framework for carbon accounting in the UK. ESC states that a Carbon Regulator would be “crucial” to the standardisation of carbon accounting practices, emphasising that the implementation of a Carbon Regulator is essential for the functioning of a net zero economy by: reducing investment risks; building investor, business, and consumer confidence; and levelling the playing field for innovators. The report outlines that a UK Carbon Regulator could utilise its potential position as a first mover to promote the credibility of UK low carbon industry, while demonstrating the value of nationally coordinated carbon accounting regulations. In delivering this, ESC notes that a Carbon Regulator would require a mandate to enable continuous international engagement. https://lnkd.in/eEXm4sV9

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Using the “beneficiary pays” principle for new power infrastructure will encourage investment in the grid without causing disputes over cost-sharing, new research shows. @cornellchronicle https://lnkd.in/eGd2Rw3k

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End of Day Market Update September 2nd: Energy Markets See Mixed Movements Amid Market Corrections As the trading day drew to a close, energy markets presented a complex and varied landscape, reflecting a mixture of retracement, corrections, and slight gains across key sectors. The UK front-month gas market, in particular, experienced a noticeable sell-off, likely driven by a retracement after reaching recent highs. This decline underscores a potential cooling off in market exuberance as traders reassess positions in response to evolving market dynamics. By the end of the day, the front-month UK Power contract had slipped to £79.00, marking a substantial decline of 2.71%. This drop reflects broader concerns about demand and supply imbalances in the energy market. In tandem, the National Balancing Point (NBP), which serves as a key benchmark for gas trading in the UK, also experienced a significant downturn. Prices fell by 2.97%, ending the day at 93.29p. This downward movement suggests a broader re-evaluation of gas market fundamentals, potentially influenced by factors such as fluctuating demand forecasts and the ongoing adjustments in energy supply chains. Conversely, the carbon market offered a different narrative, with the December 2024 European Union Allowances (EUA) posting a modest gain. The EUA's price edged up by 0.18% to close at €70.43, reflecting continued interest in carbon trading as market participants anticipate future regulatory impacts and the ongoing shift towards more sustainable energy practices. However, the UK Allowances (UKA) market diverged from this trend, with prices falling by 1.5% to settle at £42.66. This decline may indicate regional variations in carbon market dynamics or differing expectations regarding carbon pricing mechanisms within the UK context. Meanwhile, Brent crude oil, a global benchmark, maintained relative stability throughout the trading session. After slight fluctuations, Brent crude closed the day with a marginal loss of 0.04%, bringing the price to $76.90. This stability suggests that the oil market is currently in a holding pattern, with traders awaiting clearer signals from global economic indicators and geopolitical developments. Overall, today’s market activity paints a picture of a market in flux, with energy prices adjusting in response to a complex interplay of supply, demand, and regulatory factors. The divergent trends across different sectors—gas, power, carbon, and oil—highlight the importance of a nuanced approach to market analysis as participants navigate these challenging and unpredictable conditions. As these trends continue to evolve, market watchers will be keenly observing for signs of further corrections or potential rebounds in the days ahead.

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🔌SSE Plans £22 Billion Investment to Bolster Scotland’s Grid SSE plc’s transmission business plans £22 billion in investments to deliver critical grid infrastructure in Scotland, key to the UK’s energy security goals and ambition to reach a clean power grid by the end of the decade. SSEN Transmission’s targets include the north of Scotland’s transmission network having the capacity to meet 20% of Britain’s clean power needs, the firm added. Expanding the grid and attendant infrastructure improvement is key to the UK’s green targets, allowing wind power from Scotland to be transported to demand centers in England. https://lnkd.in/dYqe8aw3 Read more Bloomberg News

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At the Science Muesum this evening for the launch of RenewableUK Industrial Growth Plan - reminded by their work, and the insight of others, of the criticality of #steel and #aluminium to the energy transition and the need to secure the capability for #energysecurity, #economicsecurity and #growth > https://lnkd.in/e8JyqWWM

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Massive news for clean energy projects! In particular, the impact on AR6... Following the increase, the Allocation Round 6 (AR6) budget includes:  - £1.1 billion for offshore wind, an uplift of £300 million - £185 million for established technologies such as onshore wind and solar, an uplift of £65 million - £270 million for emerging technologies such as floating offshore wind and tidal, an uplift of £165 million The AR6 budget is 7 times higher than that of Allocation Round 5 (AR5).

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Today marks an important milestone as the UK Government published its response to the Long Duration Energy Storage (LDES) consultation. DESNZ received feedback from a diverse range of stakeholders, including Innova , both as a developer and asset owner. The response confirms the Government’s intention to establish a cap and floor mechanism to support the deployment of LDES projects, with some interesting detail on revenue stacking and the potential inclusion of lithium-ion solutions. While there’s still much to digest and further details to explore, as noted by DESNZ, this is an exciting next step in the journey toward LDES deployment! #LDES #energystorage #netzero

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C40 Co-Chair and Mayor of Freetown, Yvonne Aki-Sawyerr OBE, has welcomed the International Energy Agency (IEA)'s call for a people-centred clean energy transition. In a new paper published today, as G20 energy ministers are meeting in Foz do Iguaçu, Brazil, the IEA reaffirmed cities' critical role in advancing a more just and inclusive energy landscape. Mayor Aki-Sawyerr said: "It is critical that national governments work with cities to make the energy transition fast and fair. Moving money from polluting fossil fuel subsidies to local climate action is vital in order to create sustainable, affordable energy access for everyone." Read more and access the IEA's paper: https://c40.me/3Y6xbX1

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[Open access] The UK's Department for Energy Security and Net Zero (DESNZ) has launched consultations on a proposed "Clean Industry Bonus (CIB)" to upcoming Contract for Difference (CfD) schemes. The CIB process will be run as a competitive allocation for extra revenue support before the main CfD Allocation Round 7 (AR7) auction. Under this scheme, fixed and floating offshore wind developers could get extra support if they choose to invest in more sustainable supply chains. The CIB makes extra CfD funding available if a developer chooses to make investments above the minimum standard that meet the sustainability criteria. Read more for further criteria, list of eligible investments, etc: https://lnkd.in/eh4Xs7dv #offshorewind #energytransition

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