Stuart Rennie

Latest data from Ofgem shows a continued increase in domestic energy debt: ➡️ New peak of £3.7bn ➡️ Second-highest in-quarter increase of £387m ➡️ Industry debt has increased for 7 consecutive quarters ~£243m per quarter ➡️ 74% (£2.8bn) total debt has no arrangement to repay in place ➡️ New peak average balance of £1,094 per customer Given the time lag in this data, this will only confirm what energy suppliers already see day-to-day but it really hits home when you start to dig in to the data and as suppliers get ready to support customers this coming winter.

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Great to speak with Adam from Energy UK and Sarah from the Greenalliance on UK-EU co-operation on energy and climate. With the new political environment on both sides of the North Sea there is a real opportunity to fix some of the technical issues which are impacting on UK-EU energy relations and investment going forwards, including: - Fixing post-Brexit electricity trading arrangements so we can increase efficiency and reduce costs for UK and EU consumers, as well as to facilitate the next generation of offshore infrastructure; - Starting the process of linking the UK and EU Emissions Trading Systems to avoid negative impacts of the Carbon Border Adjustment Mechanism (CBAM) on clean electricity trading; - Ensuring there are the mechanisms and space for strong policy co-operation and dialogue in the North Sea to meet our respective energy and climate targets. Importantly this is an agenda that is shared by the energy sector in both the UK and EU. Thanks to Sandy Kelly for hosting. #UKEUEnergy #CBAM #NorthSea

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The ED3 consultation deadline is looming, just after New Year on the 15th January. Ofgem suggests that ED3 is the point at which a more proactive approach to the provision of new capacity will be delivered through asset investment. Ofgem’s Regional Energy Strategic Plans (RESPs) will be central to the proactive approach, and the consultation explores various regulatory models to achieve this. It feels like we’re entering a very different phase for customers. Ofgem has mandated as part of the process that Independent Stakeholders are appointed by each network company. The groups provide challenge and scrutiny as the business plans develop for the pricing period. The voice of the customer should always be central to the way policy and plans develop. Never more so, as the sector moves more swiftly from thinking to execution on net zero delivery. I’m encouraged that proper stakeholder engagement is being prioritised in the process, and am looking forward to seeing how the work of ISGs in 2025 can ensure customers are well represented in discussion and decision making. https://lnkd.in/eiUafn2j #netzero #networks #energytransition #energy

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The findings from the WUN survey are truly eye-opening. They underscore the pressing need to confront gender disparity within the utilities sector. As someone deeply invested in recruitment and talent acquisition, I am genuinely concerned about the potential impact of these challenges on the industry's ability to attract and retain top talent.   It's disheartening to learn that one-third of female utilities staff are contemplating leaving the industry within the next three years. Issues such as not being taken seriously in professional roles not only impede career progression but also contribute to a toxic work environment, ultimately dampening morale and productivity.   The prevalence of unconscious bias adds another layer of complexity to this issue. It's imperative for organisations to tackle this head-on. Implementing measures like unconscious bias training and standardising hiring processes can pave the way for a more inclusive workplace where every employee, irrespective of gender, feels valued and respected.   Here at Utility People, we are committed to supporting businesses within the utilities sector in addressing these challenges. We believe in taking proactive steps to create an environment where women can thrive and advance in their careers. After all, fostering diversity and inclusion isn't just a moral imperative—it's also key to driving innovation and success.   Let's work together to build a more equitable and inclusive future for the utilities sector! https://lnkd.in/eftHuPPd #WUN #womeninutilities #unconciousbias

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Dedicated Energy Hubs Needed to Transform Scotland into Leading Hydrogen Producer   The Net Zero Technology Centre (NZTC), has today [27 June 2024] launched its ‘Energy Hubs: Fill the Backbone’ report, providing recommendations that will help scale Scotland’s hydrogen production potential and establish itself as a leading exporter of green hydrogen through the development of large-scale energy hubs. 🔽 Find more info in comments below 🔽 #EnergyHubs #Scotland #HydrogenProduction #CleanEnergy #RenewableEnergy #GreenHydrogen #OilandGas #RenewableEnergy #GreenEnergy ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

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It's great that we're seeing trust being regained in energy suppliers. They have an important role to play in the energy transition, and with their intimate customer touchpoint are well placed to be supporting the move to net zero by engaging customers with excellent experiences, information and support. Let's hope that reports that electricity smart meter installations plummeting to their lowest levels since 2020 is just a blip, and retailers can continue to drive installs to support better data, and unlock flexibility opportunities at scale. #energytransition #netzero #retailenergy #customerengagement https://lnkd.in/e3A_jeHe

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The UK Planning Inspectorate has submitted its recommendation report on Rampion 2, the proposed 1.2 GW extension to the existing 400 MW Rampion offshore wind farm in Sussex, to the Secretary of State for Energy Security and Net Zero, who now has three months to issue a decision. The inspectorate closed the examination period in August following public consultation and review of RWE’s application for the development consent order (DCO). The Examining Authority (ExA) has sent findings and conclusions of the examination to the Secretary of State together with the recommendation. Energy Secretary Ed Miliband is expected to issue a decision on whether to approve the 1.2 GW offshore wind farm no later than 6 February 2025. If consented, construction on Rampion 2 could start in late 2026 or early 2027 and the offshore wind farm would then be fully operational before the end of the decade. RWE signed a seabed lease agreement with The Crown Estate in 2021 and submitted the DCO application in August 2023. The Planning Inspectorate started the examination process on 7 September 2023. https://lnkd.in/e59fWSB4

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The UK renewable energy sector has seen significant growth due to governmental support, technological advancements, and a global shift towards sustainability. Collaborate with leading firms that are at the forefront of technological development and sustainability practices. Leverage the knowledge and expertise of our partners to identify robust investment opportunities that promise strong returns. Engage directly in renewable projects by investing in companies that are developing new technologies or expanding existing operations. Consider fixed-income investments that fund environmentally-friendly projects, providing stable returns while supporting sustainability. Utilise the expertise of our partners to stay informed about market trends, regulatory changes, and technological advancements. We invite you to explore these innovative investment opportunities within the UK’s renewable energy sector. Together, we can not only achieve financial growth but also contribute to a sustainable future. For more details on specific investment opportunities or to schedule a consultation, please get in touch with our investment team. #SustainableInvestment #RenewableEnergy #Sustainability #OnshoreWind #GreenFuture #ClimateAction #EconomicGrowth #iDiverse #alternativeinvesting

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Morning Briefing 28/10/2024 Day ahead (DA)/Intraday   ·Demand is currently at approx. 31.4GW and due to peak this evening at 38.8GW. ·DA markets auctioned between £59 - £153 yesterday for today. ·Baseload auctioned at @ £96.78 in the 1hr and £93.35 in the 30min auction. ·Wind generation is currently at 9.8GW and due to fall throughout the day to 4.2GW this evening and then continue down to 1.6GW tomorrow. Solar is due to peak at 2.0GW at 11am. ·Current intraday power price at time of writing was £74.16/MWh with gas providing 28.1%/9.46GW, wind providing 33.9%/11.40GW, solar providing 1.9%/0.65GW and nuclear providing 11.8%/3.96GW of UK demand. ·DA gas is currently trading at 107.20p/th (3.68p/KWh) ·DA power is currently trading at £116.00/MWh (11.6p/KWh)   Month ahead (Nov 24) ·Nov NBP gas is currently down 2.18% at 107.73p/th (3.65p/KWh). ·Nov TTF gas is currently down 2.13% at €42.59MWh. ·Nov UK Baseload currently at £95.00/MWh (9.50p/KWh) ·UK gas prices hit a year high on Friday, with the DA price up 3.57%, as some colder weather forecasts and escalating Middle East tensions pushed the markets up. Along the curve, the Q1 25 contract was up 2.95% as the supply worries continued despite the strong bearish fundamentals. ·UK power prices were mixed, with the DA price down 8.83% due to the rise in renewables and lower demand over the weekend. Along the curve, the Q1 25 contract was up 1.84%, as the market continued to track movements in the wider energy complex. ·Montel Analytics reports that solar power generated a record 94 TWh, up 15% from last year, with Germany, Italy, and Spain contributing 24.8 TWh, 16.9 TWh, and 9.7 TWh, respectively. Wind power also reached 104.7 TWh, a third-quarter record and the second-highest overall, with Germany, Britain, and Spain leading production. ·According to Gassco AS, there is an unplanned outages at Kollsnes this morning, reducing flows by 13.0mcm with total exports at 331.5mcm. ·Oil prices are down over 4% this morning after Israel's retaliatory strike on Iran over the weekend bypassed Tehran’s oil and nuclear facilities and did not disrupt energy supply, easing geopolitical tensions in the Middle East.   ·Latest forecasts show temps to be above seasonal norms till 2nd Nov and then be around norms. ·There are currently 2 LNG cargoes due in the coming weeks. ·UK Gas prices as of Fridays close -  o   Month ahead 108.75p/th (3.76p/KWh) up 3.57% DoD* o   Q1 25 111.35p/th (3.80p/KWh) up 2.95% DoD o   Summer 25 101.08p/th (3.45p/KWh) up 2.27% DoD ·UK Power prices as of Fridays close – o   Month ahead £96.20/MWh (9.62p/KWh) up 3.27% DoD* o   Q1 25 £95.49MWh (9.55p/KWh) up 1.84% DoD o   Summer 25 £78.39MWh (7.84p/KWh) up 1.29% DoD *DoD = Day on Day All prices and info correct at time of writing. Eco Logic Partners Jason Gary Martin Karl Lucas Jo David Ian Lewis Chart - e*star #energy #trading #power #gas #lng

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Morning Briefing 17/04/2024   Prices are negative this morning, probably on profit taking, but the momentum remains bullish, and a further rise during the session cannot be written off. Day ahead (DA)/Intraday   ·Demand is currently at approx. 30.9GW and due to peak this evening at 36.3GW. ·DA markets auctioned between £43 - £99 yesterday for today. ·Baseload auctioned at @ £70.19 in the 1hr and £70.96 in the 30min auction. ·Wind generation is currently at 10GW and due to drop to 3.7GW this evening and then climb back up to 15.6GW tomorrow. Solar is due to peak at 7.20GW at midday. ·Current intraday power price at time of writing was £37.00/MWh with gas providing 12.8%/4.72GW, wind providing 36.2%/13.35GW, solar providing 11.8%/4.20GW and nuclear providing 14.9%/5.31GW of UK demand. ·DA gas is currently trading at 83.00p/th (2.83p/KWh) ·DA power is trading at £75.00MWh (7.5p/KWh)   Month ahead (May 24) ·May NBP gas is currently down 3.14% at 80.25p/th (2.74p/KWh). ·May TTF gas is currently down 2.83% at €32.20MWh. ·May UK Baseload closed at £67.50MWh (6.75p/KWh) ·UK gas prices continued to rise yesterday, with the DA price climbing over 8%, supported by the dropping temps and the unplanned outage a the Nyhamna gas plant continuing. Along the curve, concerns over the potential escalation in the Middle East continued to worry the market, pushing the Win24 contract up over 4%. ·UK power prices also had a bullish day, with the forecasted drop in wind generation pushing the DA price up nearly 92%. Along the curve, prices tracked the wider energy complex, with the Win24 contract up 3.5%, driven by the outages at the Freeport LNG terminal and the Nyhamna gas plant outage. However, the market noted that gas stocks remain at historically high levels and demand remain well below norms, indicating that the significant rise in price is probably due to short covering rather than a true expectation of forthcoming supply shortages ·Oil prices are extending losses this morning as worries bout global demand due to weak economic momentum in China and a likely rise in US commercial stockpiles outweighed supply fears from heightened tensions in the Middle East. ·Latest forecasts show temps to peak back to norms on 19th April and then drop below for the following week.     ·We are expecting 3 LNG cargoes in April.   ·UK Gas prices as of Tuesdays close -  o   Month ahead 82.85p/th (2.83p/KWh) up 6.90% DoD* o   Q3 24 83.40p/th (2.85p/KWh) up 6.15% DoD o   Winter 24 98.10p/th (3.35p/KWh) up 4.33% DoD ·UK Power prices as of Tuesdays close – o   Month ahead £69.40/MWh (6.94p/KWh) up 6.20% DoD* o   Q3 24 £73.58MWh (7.36p/KWh) up 5.14% DoD o   Winter 24 £86.81MWh (8.68p/KWh) up 3.47% DoD *DoD = Day on Day All prices and info correct at time of writing. Eco Logic Partners Jason Gary William Sam Karl Chart credit - e*star #trading #energy #power #gas #outages #iran #israel

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Have you seen this artical in The Times? If you want to know more about the energy increase that is coming, how it will affect you and find out about ways to fix and save, drop me a pm. #uw #savings #energysavings #utilitysavings #energycosts #risingenergycosts https://lnkd.in/e3b7zDKm

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Autumn Budget 2024 analysis – what does the announcement mean for you? Visit our dedicated Budget analysis page which brings together the Budget highlights, including key tax and regulatory proposals: www.ey.com/uk/budget #AutumnBudget #UKBudget #TaxPolicy #UKEconomy

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Market brief - 9th July Rachel Reeves spoke of the need to “unblock” infrastructure projects and encourage private investment in public projects. She plans end the ban on onshore wind farms and re-introduce house-building targets. The Chief Executive of the industry body, Offshore Energies UK, said the sector and investors were deeply concerned over Labour's plans for a windfall tax on energy companies. Starmer is due in Washington for a NATO Summit and we can expect his position on Gaza to come under closer scrutiny. Over in the US there are growing fears that the Fed may have over-egged the pause in monetary policy. Powell has said that he wants the Fed to make pro-active decisions on monetary policy, rather than being forced to change rates due to economic conditions, but fewer jobs were created in Q2 than Q1 and GDP is expected to be lower in Q2 than Q1, so those concerns are creeping into the conversation. There have been some violent clashes in France as a left-wing coalition won the parliamentary elections, beating Le Pen’s far-right National Rally into third place but the Euro remains relatively unaffected, closing around 1.0825 yesterday. GBP was around 1.2810 against USD 1.1830 against EUR and EURUSD was around 1.0830 on the open. #Finance #FxPlew #news

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Interconnectors, such as Viking Link in the UK, help boost energy resilience and speed up the energy transition by trading electricity with neighboring countries. Not only has the UK closed its last coal-fired plant this week, but it also expects energy demand and supply to be stable over the winter. This shows how grid technologies are key to making the energy transition a success. https://lnkd.in/eVfKmtVV

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⚡️Market-wide Half Hourly Settlement (MHHS) ⚡️ MHHS will drive the biggest transformation since privatisation, affecting the entire supplier value chain, from shortened settlement timescales to the complete reengineering of back-office processes. Navigating this change requires a multi-faceted approach. In this blog, I outline five steps to help suppliers prepare: 1️⃣ Innovate product strategies 2️⃣ Ensure system adaptability 3️⃣ Optimise processes 4️⃣ Upskill teams 5️⃣ Reassess third-party partnerships This five-step approach will help to leverage MHHS as an opportunity for growth and differentiation and allow suppliers to capitalise on the benefits it offers. If you're keen to understand more, please reach out for a chat. #MHHS #EnergyTransition

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Early adopters of half-hourly settlement stand to benefit as Ofgem announces MHHS (Please forward to your Energy Manager) All about Market-wide Half -Hourly Settlement - the view of a Meter Operator In 2025 MHHS will further incentivise smart energy tech and decarbonisation, with UK consumers set to save billions of pounds in energy costs as a result, according to the market regulator. Yet the major question for energy suppliers remains: why wait for the market-wide mandate when you can get ahead with Elective Half-Hourly Settlement (EHHS) already? https://lnkd.in/e-VSPv_7 Want to find out more? Get in touch with Taurus Utility: [email protected]

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📽 Another Direction Discussion video update from L&C Utility The short term bullish trend is now well established 🐂 For more detail see the full video here https://lnkd.in/ebqQtnA3 For advice and guidance on how you might want to address this market and how it relates to your positions/renewals please reach out to us at L&C Utility or directly to myself or Michael Cropper #gas #electricity #trading #bullish #whatsnext

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