Dominic Szanto

Green energy company ScottishPower Renewables has confirmed #Lowestoft as the long-term home and heart of its UK #offshorewind operations with the acquisition of a new site in the town’s PowerPark – expanding its existing footprint in the town. Charlie Jordan, CEO of ScottishPower Renewables (SPR), said: “Our continued commitment and investment in Lowestoft highlights the town’s role as a powerhouse for the #cleanenergy industry within the East of England region and we’re here to stay.” Ross Ovens, SPR’s Managing Director for Offshore Development and Operations, added: “It’s really exciting that, six years after we put a spade in the ground and built our EA ONE base in Lowestoft, we’re now increasing our footprint, presence and investment in the town. Jess Asato MP, MP for Lowestoft, said: “ScottishPower’s decision to establish Lowestoft as a long-term hub for its UK #offshore wind operations is a game-changer for our town, bringing significant economic opportunities.” https://lnkd.in/eHJNMgHm #businessworld #digitalnews #globalnews #news #onlinenews #internationalnews #businessleaders #newsupdates #newsoftheday #businessbuilding #latestnews #subscribe #follow #businessfocus

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Today October 11th, 2024, the UK energy markets opened with a strong position, reflecting the ongoing shifts in both gas and power sectors. NBP day-ahead gas prices were up to 98.50p/therm, continuing the upward momentum seen from yesterday as colder-than-expected temperatures swept across Europe, leading to increased demand. The UK system opened long at 11mcm/day this morning due to revised down demand forecasts and higher flows from Norway through Langeled. Norwegian supply remains robust despite unplanned outages at Troll and Gullfaks, which are expected to resolve by early next week. LNG send-out remained steady at 12mcm/day, primarily from the South Hook terminal, with two LNG cargoes expected to arrive in the coming weeks. European storage levels are high, at 94.74%. UK day-ahead power prices surged to £87.67/MWh, driven by the rising gas prices and colder weather. Forward power contracts also saw gains, with November 2024 base contracts trading at £86.50/MWh, reflecting the tight supply outlook as temperatures are expected to remain below normal until early next week. EDF’s announcement that their output target for next year remains unchanged at 335-365TWh provides some stability to the market, although nuclear outages in the UK and Europe remain a concern. Notably, Sizewell B begins planned maintenance today, reducing its capacity by 490MW for the next 47 days. Brent crude oil prices rose to $79.40/bbl, fueled by a combination of geopolitical tensions and supply concerns. In parallel, carbon prices climbed to €65.00/tonne for EUA Dec 2024, and UK ETS prices increased to £38.07/tonne. The rise in carbon prices adds further pressure on power markets, particularly as coal prices also saw a significant jump, with ARA CIF coal for Cal 2025 reaching $126.15/tonne. The currency markets saw minor fluctuations, with the GBP/EUR exchange rate at 1.1949 and GBP/USD at 1.3058, as the energy sector keeps an eye on global economic indicators that could affect import costs and inflation. As we head into mid-October, the outlook remains bullish with colder temperatures expected to continue driving demand. Two more LNG cargoes are expected by early November, providing some relief, but supply risks persist. We could see continued price volatility as the market navigates these challenges.

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🏠 Lowestoft's resurgence and renewable investment drive has continued, with ScottishPower Renewables expanding its presence in the town and the Nexus project nearing completion. 🎲 Jess Asato MP has described ScottishPower confirming Lowestoft as a "long-term home for UK offshore wind" as a "game-changer" for the town, with the building to host up to 100 people and primarily be an operations and maintenance base for the East Anglia THREE offshore windfarm, which is currently under construction. 🔋 As for Nexus, which is set to create a cluster of industry bases to suit East Suffolk's offshore renewables, engineering and maritime priorities, Johnathan Reynolds said: "From my time managing OrbisEnergy and in multiple studies and projects since, we have long advocated for investment in grow-on spaces, so it’s brilliant to see this come to fruition. Nexus will be an important hub for the offshore and marine supply chain and for OrbisEnergy tenants to expand onto the wider PowerPark." 🔗 Learn more by reading the story on our website (link in comments) #offshorewind #eastanglia #windenergy #renewableenergy #netzero

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How can hydrogen power data centres, and industry? Our new whitepaper, which is being launched in partnership with Ceres and Centrica, explains everything. Like traditional thermal generation, an SOFC unit uses a gas to create power. Whether this is hydrogen, biomethane or natural gas it does it without combustion to provide highly efficient, quiet, clean power. Ben Richardson, head of electrolysers & SOFC at Bosch UK, said: “One of hydrogen’s strongest use cases is to use it for power. Coupled with local hydrogen production this not only bolsters the UK’s energy security but it provides power when renewables such and wind and solar cannot.” Click here to read the whitepaper: https://bit.ly/3Zc8Tvd

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In a first-of-its-kind trial, we’re partnering with a leading renewable energy company - ScottishPower - to support vulnerable households through #WarmHomePrescription. The trial focuses on low-income people with cold-sensitive health conditions who live in homes with low Energy Performance Certificate ratings. We aim to deliver measures for 1,000 households with a long-term ambition of supporting up to 2,000 households. Mark Murphy, Head of UK Government Obligations at ScottishPower said: “Our aim is to deliver ECO4 home improvements, and their benefits, sooner rather than later, the quicker we deliver the sooner recipients can live in a warmer home.” Discover more: https://orlo.uk/iwRkZ

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Daily Energy Market Update - September 2nd, 2024 Today’s UK energy market saw significant movements, particularly in both gas and power prices. The NBP Gas Day-Ahead price experienced a notable increase of 2.65%, reaching 94.79 p/th. This upward trend extended to key contracts such as October 2024, which rose by 2.07% to 96.15 p/th. These price movements reflect the current market dynamics and underlying factors influencing supply and demand. In the power market, UK Base Day-Ahead power prices surged dramatically, with a sharp increase of 42.56%, bringing the price to £91.97/MWh. Even more striking was the rise in peak power prices, which climbed by 56.12% to £93.50/MWh. These significant jumps in power prices can be attributed to several critical factors impacting the market this week. One of the primary drivers is the forecasted shortfall in wind power generation. This week, wind output is expected to fall over 20% below seasonal norms. As wind plays a crucial role in the UK's energy mix, this reduction in generation capacity is putting upward pressure on prompt energy prices, as the market anticipates a tighter supply-demand balance. Adding to the bullish sentiment in the gas market is the ongoing industrial maintenance in Norway, which is set to have a considerable impact on gas flows. With a reduction of 40 million cubic meters per day in Norwegian gas flows, the market is reacting with higher prices as supply tightens. Despite these factors, temperatures in Britain for the week are expected to align with seasonal norms. While this will likely have a limited impact on gas demand, the market is more focused on the supply-side constraints and the reduced wind generation that are driving prices higher. Looking at the broader energy complex, we see TTF Gas Day-Ahead prices inching up by 0.89% to €39.15/MWh, while the Front Month price rose by 2.43% to €39.82/MWh. On the global front, Brent Crude prices declined by 2.46%, now trading at $76.93 per barrel. Meanwhile, in the carbon markets, both UK and EU carbon prices saw minor declines, with UK carbon closing at £43.31 per tonne, down 2.61%. In summary, today’s energy market activity is shaped by a combination of reduced wind generation, significant Norwegian gas maintenance, and stable temperature forecasts. These factors are collectively driving the sharp increases we’ve seen in UK power and gas prices. As we move further into the week, it will be crucial to monitor how these elements continue to influence the market. Stay tuned for more updates, and as always, feel free to reach out with any questions or for deeper insights into these trends.

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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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Greencoat Renewables PLC has released its financial results for the six months ending 30 June 2024, showing a power generation increase of over 400 gigawatt hours (GWh) during a period of low wind resources, reaching 1927GWh in 2024 compared to 1489GWh in the same period of 2023.   The Irish company also reported net cash generation of €113.6 million for 2024, down from €125.5 million in 2023. Click the link below for the full story and follow us for daily mandates & news. #windenergy #renewableenergy #renewables

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📢 LATEST BLOG: In the wake of RenewableUK & Scottish Renewables' #FloatingWind24, our Analysis & Insights Manager, David Maxwell, shares his key takeaways from the conference. David highlights the key challenges that arose during the conference, such as grid connection delays and struggling port infrastructure, stressing that investment in these areas is crucial to meet future demand. Moreover, alongside port and infrastructure investment, Contracts for Diference (CfD) reform and deploying new demonstration projects are also vital in keeping the momentum of #floatingwind going! 👉Read the full blog here: 🔗https://hubs.ly/Q02T2tQR0

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As of 8th October 2024, the UK energy markets have started the day with notable fluctuations in both gas and power prices, driven by supply constraints and shifting weather conditions. In the gas market, the NBP Day-Ahead price climbed to 100.00 p/therm, reflecting a 2.20 p/therm increase from the previous session. This rise comes amid reduced gas flows from Norway due to ongoing unplanned maintenance at the Asgard field and an extended outage at Troll, impacting total exit flows. Despite this, exports from Norway to the UK via the Langeled pipeline have increased, supporting the UK system, which opened 8 mcm/day long this morning. LNG send-out has decreased to 11 mcm/day, with three new cargoes expected to arrive in the UK over the next three weeks. UK storage injections continue, and pan-European storage remains robust at 94.56%, though minor withdrawals are being observed in some countries. On the power side, the UK Day-Ahead baseload price rose to £89.09/MWh, up by £12.85/MWh compared to the previous session, while the peak load price surged to £94.14/MWh. This price spike is largely due to expected cooler temperatures from tomorrow, which will drive up heating demand through the middle of the month. Wind output remains strong and is forecasted to stay above seasonal norms for the next two days before stabilising at average levels. Nuclear outages continue to play a significant role, with several key plants still offline or under maintenance, further tightening supply. Looking at other energy commodities, Brent crude oil is trading at $80.93/bbl, a $2.88 increase from the previous settlement, driven by a combination of OPEC+ cuts and ongoing geopolitical risks. Coal prices for ARA CIF Cal Y+1 settled at $127.25/tonne, slightly down by $0.54/tonne. In the carbon market, the EU ETS Dec-24 contract fell to €61.76/tonne, the lowest level in six months, while the UK ETS Dec-24 contract dropped to £35.29/tonne. These declines come amid lower industrial activity and cooler weather across the continent. In currency markets, the GBP/EUR exchange rate dipped slightly to 1.1916, while GBP/USD fell to 1.3083, reflecting ongoing global economic uncertainties. As colder weather sets in and supply challenges persist, the UK energy markets are likely to remain volatile. Keep an eye on gas imports, LNG arrivals, and nuclear availability, as these will be key factors influencing prices in the coming days.

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🇬🇧 ⚡️ State-Owned, Future-Focused: Introducing GB Energy 🇬🇧 ⚡️ Last month we shared some thoughts around Labour’s Green Prosperity Plan and its vision of “making Britain a clean energy superpower”. In this week’s post, we’ll focus on a core part of that vision: GB Energy. 🚀 The new, state-owned energy company is a key element of Labour's vision of Britain as a clean technology leader and innovator, and the push towards the ultimate goal of Net Zero by 2050. ❓However, even before its official launch, there are some warning signs, suggesting disparities between vision and reality. Both Rachel Reeves’ commitment of only £125m across 2025/2026, despite the headline figure of £8.3bn over five years, and Jürgen Maier’s claim of 1,000 new jobs scaling down to a more realistic 300, are symptomatic of ‘overpromising and under-delivering’, potentially worrying signs of things to come. ❌ 🤔 Despite this, it’s important to view these early challenges within the broader context of GB Energy’s long-term objectives. Establishing a state-owned energy company is a complex endeavour, and initial missteps or scaled-back ambitions don’t necessarily define the entire project’s trajectory. GB Energy holds significant potential to reshape the UK’s energy landscape, and if it achieves outcomes comparable to state-owned pioneers like Statkraft in Norway or Vattenfall in Sweden, it could become a transformative force in the pursuit of “making Britain a clean energy superpower.” 📈 #NetZero #Renewables #CleanTechnology #EnergyTransition #GBEnergy

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A very interesting piece on #GBEnergy's shortcomings by Mathew Lawrence of Common Ground, published by New Statesman Spotlight 👇 Key recommendations: - GB Energy should be given sufficient borrowing power for large-scale investment - The company requires greater capitalisation than the current £8.3bn - There should be a customer-facing retail supply arm https://lnkd.in/ej9NHfUc 💡 CEP responded to the GB Energy announcements here: https://lnkd.in/eR34yesD 💡 ...and we've discussed what Great British Energy can't do here: https://lnkd.in/ee4v3tEm

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Daily UK #Energy #Market Update –Monday 2nd December 2024: Today’s energy markets paint a dynamic picture with fluctuating conditions influencing gas, power, and renewables. As of this morning, the UK's gas system opened long by 12 mcm/day, supported by slightly above-seasonal-normal temperatures. Gas contracts continue to edge upward, influenced by the EU's increased storage fill mandates. Day-Ahead NBP prices stood at 116.30 p/therm, reflecting a 0.95 p increase from the previous session. Seasonal forward contracts also saw gains, with Winter 2025 now priced at 108.57 p/therm. On the power side, Day-Ahead baseload prices decreased to £94.11/MWh, a notable dip from last week. This comes amidst reduced wind generation today, expected to decline by 7 GW before rebounding midweek. Nuclear capacity remains constrained due to ongoing outages at several UK sites, including Sizewell and Heysham. However, the Sizewell B-1 reactor's planned return on 5th December should offer some relief. Internationally, geopolitical tensions added complexity to the gas supply landscape. Russian flows dropped by 3%, following disruptions linked to an arbitration case between OMV and Gazprom. Despite these concerns, LNG imports remain robust, with 12 carriers en route to the UK over the coming weeks, bolstering energy security. Oil prices remain subdued, with Brent crude trading at $72.94/bbl, while coal prices stabilized at $122.80/tonne. Carbon markets also moved slightly upward, with EUA Dec-24 contracts closing at €68.40/tonne. The UK faces a mixed weather outlook this week, with sharp temperature fluctuations expected before stabilising around seasonal norms by 8th December. Wind power variability will likely shape gas reliance over the coming days, maintaining a delicate balance in supply and demand dynamics. Stay tuned for tomorrow’s update as we continue to monitor the impact of these developments on market trends and pricing.

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November 11th, 2024: UK Daily Energy Market Overview - As the UK enters a new week, energy markets reflect a mix of resilience and evolving pressure points. This morning, the UK's natural gas system opened with a surplus of 11 mcm/day, driven by a notable increase in Norwegian flows, which rose by 9 mcm/day compared to previous levels. Marginal injections from medium-range storage (MRS) continue, while imports via the Interconnector UK (IUK) contribute 2 mcm/day. LNG activity remains robust, with current sendout at 21 mcm/day and three additional cargoes expected by November 25th following a delivery over the weekend. Nuclear output stands at 4.7 GW but is set to reduce to 2.3 GW by November 25th as two reactors are scheduled for maintenance. Meanwhile, wind generation forecasts show a sharp decline in output by 50% by mid-week, though recovery is expected to surpass seasonal norms by the week's end. On the pricing front, spot gas contracts saw a lift last Friday, closing at 106.15 p/therm for NBP Day-Ahead (DA), spurred by colder weather projections and limited renewable generation. UK power prices followed a similar trend; while the DA base price eased to £99.10/MWh, curve contracts exhibited gains. The global energy landscape adds complexity: Brent crude steadies at $73.87/bbl after recent supply concerns waned post-U.S. storm disruptions and China's underwhelming stimulus measures. Carbon trading remained bullish with EUA Dec-24 contracts up to €68.02/tonne. As colder temperatures loom and gas flows, particularly from Norway, fluctuate amid ongoing and upcoming outages, attention is drawn to supply stability and winter preparedness. The UK's storage levels, bolstered by continuous LNG influxes, remain crucial as risks linked to the Ukraine transit deal's expiration at year-end add to market caution. Stay tuned for further developments as we navigate a winter outlook marked by mixed renewables, geopolitical uncertainties, and shifting supply metrics.

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Daily Energy Report November 8th: A cool start to the day finds UK energy markets bracing for lower-than-average temperatures across Europe, impacting both gas and power prices. The UK gas system began the morning undersupplied by 10 mcm/day, with colder weather set to intensify from mid-November. Natural gas for power demand is lower on the day-ahead, as wind generation rises, offsetting the need for gas-fired power production. LNG supplies are stable at 33 mcm/day, with three cargoes scheduled for arrival soon, helping to maintain a steady flow of imports into the UK and Northwest Europe. Norwegian exports remain consistent at 331 mcm/day, despite minor disruptions due to unplanned maintenance at key sites. The UK Day-Ahead gas price is at 103.65 p/therm, a slight rise compared to previous days as the seasonal temperature drop begins to reflect in pricing. Expectations for lower-than-normal temperatures, particularly from November 13th onward, are feeding into this price firming. Curve contracts also strengthened, driven partly by broader market influences, including movements in the oil markets and post-election volatility in the US. In parallel, Pan-European gas storage levels remain robust at 94.43%, a comforting buffer as winter demand looms. On the power side, UK Day-Ahead baseload is trading at £96.10/MWh, with high wind generation easing some pressure on gas demand for electricity production. Nuclear output remains steady at 4.7 GW, though two reactors remain offline, accounting for a total of 1.2 GW in curtailed capacity. Wind is expected to continue to play a critical role in balancing the grid over the coming days, while solar output, currently low, is anticipated to exceed normal levels starting Monday. Commodities also show price adjustments: Brent crude for December is up to $75.63 per barrel, while coal for 2025 delivery sits at $121.12/tonne, reflecting steady demand expectations. Carbon pricing for EUAs has climbed to €66.04/tonne, with the UK ETS at £38.00/tonne, underscoring the ongoing pressure on carbon markets amid seasonal adjustments and higher demand forecasts. On the currency front, the pound has seen minor movement, with the GBP/EUR exchange rate at 1.2021 and GBP/USD at 1.2986. This currency stability aids in smoothing import costs, particularly for gas, but shifts in either direction remain likely as winter demand and international market conditions evolve. Today’s market data highlights the intricate balance of supply and demand factors at play as the UK and Europe prepare for colder weather and a potential uptick in heating and power requirements. As conditions shift in the coming days, these factors will continue to define energy prices and trading behaviors across the UK and beyond.

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The November issue of Business Network magazine is now available to read at 👉 https://bit.ly/3YBlV3P This month’s edition focuses on energy and highlights include the big Interview with Tomato Energy and features on Uniper's Ratcliffe-on Soar power station – the last coal fired power station to close in Britain – and the future plans for the site. Also covered is the Midlands Energy Summit taking place later this month, and we hear from Octopus Energy on getting the best out of green energy. Happy reading! #NovemberBusinessNetwork #BusinessNetwork #ChamberNews #MemberNews

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Could low valuations for #CleanEnergyGroups be hampering #EnergyTransition??? Could #Subsidies and intermitent #LowElectricityPrices be having any influence on these low valuations???

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