Jonathan Marren

Hydrogen powered buses simply won't be available for much longer as the manufacturers won't get the demand to stay afloat in competition with electric buses which are so much cheaper and economical to run. https://lnkd.in/ewiWBvD7 Then Tracey Brabin and all the other Mayors will have to write off the money they have received. Why can't Government do some simple research!! Bad capital allocation like this is not a vote winner.

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Turning potential MWs into reality is harder than ever. But IREN is ready today with 2,310MW secured through interconnection agreements - supporting 150 EH/s or 1.6M GPUs - and a 1GW+ pipeline driving ongoing growth.

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Delighted to meet with HM Treasury last week to discuss the “windfall” tax on the UK North Sea energy industry, which we at Stifel Europe have published extensive analysis of over the last year. I presented our research on both the impacts the "windfall" tax has already had, and the potential future negative effects we forecast if “windfall” tax take is raised yet again in the budget on 30th October- to highlight just one, we forecast £20bn of tax revenues lost by 2035-2040E, just from corporation tax and "windfall" tax receipts alone. Our view remains that the UK North Sea energy industry is part of the UK’s energy transition, and that taxing it even further will kill investment and put at risk a significant number of jobs and the skills base required to drive the UK's energy transition forward. It will also damage economic growth and undermine the UK’s energy security. Emissions will also be higher as the UK will be forced to import more energy- the UK’s demand for oil and gas is not eliminated by closing down the UK North Sea.

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Investment announcement: Fractory Our latest investment from SmartCap Green Fund in Fractory brings us forward on the way of transition to circular economy in industrial production. Glad to give a push to the green transition of industry as industrial activity accounts for 1/3 of the global energy demand and increasing production volumes lead to growing demand for materials. Fractory is a digital manufacturing tech platform to streamline metal fabrication services from cutting & bending to CNC machining and enables: - enhancing production machinery utilization rates in factories across the supplier network from industry average of 26% up to 80%. So, fewer machines are needed for the same production volumes. - reducing waste of materials by pooling orders and optimizing the use of existing resources.

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What does Zonal Pricing achieve, with all its associated risks and costs for existing and potential investors, that far outweighs a sleeved PPA? Why must purchasers physically relocate to benefit from more affordable power in a small, single, integrated electricity market such as the UK? Other countries may have zonal pricing but to use that as the argument for says nothing at all - in fact it ignores all the key differences between countries in terms of land availability, regulations, operations, systems…. How will this benefit consumers in the South of England where costs are prohibitively high as alternative land use value is huge. This seems like a classic example of comparative advantage being turned on its head, due to inadequacy of grid infrastructure, which is being rectified (too slowly). What am I missing here?

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No company is perfect - but 87% satisfaction for Octopus (according the latest official survey by regulator, Ofgem) is no accident. The energy transition needs to be done *for* and *with* customers, not *to* them. We desperately need to bring bills down through renewables, EVs, batteries, interconnectors - otherwise we are not only failing customers, but risk the backlash which will kill it. Too many incumbents and parts of the energy industry are too remote from customers - they've been seen by many as "offtakers" rather than the entire reason an industry exists. By contrast, we chose to invest hundreds of millions in building technology (Kraken) and an organisational structure which are fundamentally different than others. Many observers misunderstood - the question always was "will this scale?" - but in reality, tech & culture allowed us to improve with scale. It makes sense - when you're small, "edge cases" are not significant enough to automate solutions for, and you don't have enough learning opportunities to identify, test and deploys solutions. Of course, innovation creates an every harder set of problems to solve. Each time we create new products, services and tariffs there's more to go wrong - vastly more - and it's often reliant on old fashioned networks, systems and markets - or regulation which (understandably) cannot keep up with the pace of change offered by tech. The vast majority of the issues which frustrate customers are caused by these - but overall we believe it's better to keep on inventing and innovating, and fixing the issues this creates. And customers and team are brilliant in understanding this. And it's really important to understand the role of outstanding investors - choosing to allow us to create long term value, not short term profit maximising - so we've been able to relentlessly focus on delivering excellent service to customers whilst innovating like mad to help bring down energy costs through technology. The energy transition has been described as being in its awkward teenage years (struggling in the process of moving from the old static world to the new dynamic one) - but it's vital we keep putting customers first. (Thanks to those investors I mentioned - Octopus Investments, CPP Investments | Investissements RPC, Galvanize Climate Solutions, Generation Investment Management, Origin Energy, Tokyo Gas Asia Pte. Ltd., Lightrock)

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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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It was a pleasure to speak to Bioenergy Insight Insight about 3i Infrastructure plc work with our portfolio companies supporting the energy transition, including Future Biogas and Infinis Investing in a structural growth theme like the energy transition offers the opportunity for long-term returns through an economic cycle. It gives companies opportunities to grow ahead of investment cases and provides downside protection, in addition to societal benefits. With 2025 on the horizon, we also covered my thoughts on the challenges and opportunities facing renewables, from growing interest from corporate offtakers looking to decarbonise, to connection availability and planning. If you’re interested to read more, the full article is available below.

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This report is a really important contribution to the decarbonisation of the UK energy system and the role of GB Energy in that. Recommended reading for banks and investors seeking to understand likely changes in the landscape of transition finance opportunities in the UK. #netzero #transition #transitionfinance

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Foresight Solar held its Annual General Meeting today and the board was pleased that a significant majority of shareholders supported their recommendations. The directors acknowledged, however, that 16.1% of the fund’s total issued share capital—24.5% of the valid votes at the AGM—were cast in favour of Resolution 16. The Board and its advisors maintain an active engagement programme and have regularly consulted with shareholders to better understand their views. Investors expressed a range of preferences to address the headwinds affecting the alternatives sector.   The challenging macroeconomic landscape has also impacted FSFL, and the directors share the frustration with the share price trading at a significant discount to net asset value. Several initiatives are already underway to address the issue, including paying down debt and returning capital via the sector's largest buyback programme relative to NAV.   Alex Ohlsson, chair of Foresight Solar, said: "The board recognises shareholders' concerns and will continue to engage with all shareholders, particularly those that voted for discontinuation. In the meantime, the directors will deliberate further on what additional strategic actions may best address these views in the near term." Read the full announcement here: https://lnkd.in/e_2rVp_3

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As emerging data suggests that market speculators may be cashing in on their profitable long-positions, is delaying procurement of gas requirements currently the best strategy? Many thanks to my colleague George Morris for providing his thoughts and insights on the UK power market. #TheSmartaWay #UKEnergyMarket #RenewableEnergy #NaturalGas #EnergyTrading Smarta Energy Kieran Dixon William B. Serge M.

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In terms of the ambition of 50GW by 2030 sign me up! Thanks for sharing Harry Laxton I think the idea of mandating solar is great but the details are key! For example who can do this work and what are the expectations/guidelines around processes and qualification? What will be the checks and balances to ensure that the policies are achieving the desired social and environmental outcomes everyone wants? Smart Ease #commercialsolar #paymentplans #solarppa #decarbonisation

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In our latest blog post we take a look at the Government’s plans around the Energy Profits Levy and how these will affect the sector as a whole - including investment. https://buff.ly/47XRwBf

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What is the case for scaling up investment in renewable energy development? Meet James Smith, manager of the Premier Miton Global Renewables Trust, and Claire Long, Head of Investment Trusts, and put your questions to them. Any existing or potential shareholders can register for the live presentation via Investor Meet Company on Wednesday 21 August here: https://lnkd.in/e7wp7qug For investment professionals only. Capital at risk. #investing #investmenttrusts #renewableenergy

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Centralisation is efficient but if, or when, it goes wrong there can be big impacts. I believe local energy systems not only offer a way to mitigate some of these risks but to provide other local benefits too. It's all about getting the balance right between local and central... which we will be discussing at our Seminar in October. Come and be part of this important dialogue. Luisa Matos, Cheryl Hiles FEI, Monika P., Chris Holmes, Ollie Pendered, Phil Proctor

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BNEFs 2024 New Energy Outlook no longer sees any role for hydrogen in home heating or cars Total hydrogen demand in the net zero scenario revised down to 380mt by 2050, 20% lower than in the previous outlook This has been our thesis since July 2021 in running our Environmental Impact 100 strategy ARK Investment Management LLC ARK Invest Europe Sustainable Market Strategies

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The anti-cyclone combined with heavy cloud cover weather patterns provided much of Europe with low resource levels to energise both #wind and #solar over the first two weeks of November. There is a route to build predictable dispatch of electricity from the UK abundance of #tidal energy in the form of #tidalstream and #tidalbarage. Combined capacity is in the region of 45GW and works positively with #bess and #ldes solutions. The gif below shows the impact of spring and neap tides taking place every 7 days providing predictable dispatch 365 days of the year. If we are looking for joined up thinking to re-energise UK ports and heavy industries we have a small number of world leading UK players in this market to deliver power quickly in a short period relative to #nuclear. So what’s not to like? #positive #gva #positive #cost #benefit - #solving #dunkelflaute

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