Susannah McClintock

As of today Wednesday 9th October, the UK energy market remains volatile, with key developments shaping the landscape across gas, power, oil, and carbon markets. Gas prices have softened, with the UK NBP Day-Ahead (DA) price settling at 94.35 p/therm, reflecting a decrease from yesterday's levels. The market has reacted to forecasts of milder temperatures expected next week, easing some pressure on demand, particularly as LNG arrivals in Europe continue at a steady pace. Norway's gas exports remained stable at 311.2mcm/day, despite a five-day extension to maintenance at the Kristin gas field, now set to resume operations on October 14. Looking at UK gas demand, the system has opened 19mcm/day long this morning. Lower-than-average temperatures, around three degrees below seasonal norms, have led to a rise in UK LDZ demand. Gas-for-power demand is also up as wind speeds have dipped, reducing renewable generation over the next five days. However, wind levels are expected to rebound after this period. On the LNG front, send-out nominations remain stable at 12mcm/day, with three cargoes expected to arrive in the UK before October 27, alongside a number of deliveries scheduled for Northwest Europe. In the oil market, Brent crude prices edged higher to $77.18/bbl, bolstered by ongoing geopolitical tensions in the Middle East and lingering concerns over the Chinese economy. Despite this, the price reflects a sharp $3.75 drop from the previous day, suggesting uncertainty continues to cloud the market outlook. UK power prices have followed a similar downward trend. The Day-Ahead Baseload price has fallen to £81.19/MWh, down from £89.09/MWh the previous day. Cooler temperatures have driven up heating demand, but lower wind generation is expected to remain a factor in driving up gas-for-power demand in the coming days. Market sentiment indicates that the decline in power prices could be temporary as forecasts suggest wind generation will pick up next week, stabilising the mix of energy supply. Carbon prices, however, have eased, with the EUA Dec 24 trading at €60.29/tonne. The UK ETS also saw a slight uptick to £36.01/tonne, reflecting some of the broader market uncertainties linked to energy prices and upcoming weather forecasts. Storage levels across Europe remain high at 94.61%, keeping a lid on any further risk premium being priced into gas markets, despite the approaching winter season. UK individual gas storage sites are similarly well-stocked, providing some reassurance to market participants. The interplay of LNG arrivals, storage capacity, and weather-driven demand will continue to influence market prices across the board. With colder weather expected, gas demand is set to stay elevated, but a recovery in renewable output may ease the pressure. Keep an eye on developments in the geopolitical landscape and economic data from China, both of which will likely weigh on market sentiment and energy prices moving forward.

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– “We is greater than I” which is why we created the Impact Partner Program, as together we can make a bigger Planet Positive Impact 🌏 It’s wonderful to welcome two new Impact Partners who have chosen to partner with SaveMoneyCutCarbon and use our IPP platform. Welcome to the team CUB (UK) Ltd a family-owned energy consultancy firm that offers an unrivalled service to help businesses manage energy costs and to the British Tomato Growers' Association - Established in 1997, the British Tomato Growers’ Association champions the British tomato and represents commercial growers in the UK. The SaveMoneyCutCarbon Impact Partner Program allows both organisations to provide help to their clients and membership bases, on their NetZero journey, but without the cost of having to build out all the necessary tech, hire the necessary skills and experts, source solutions & services, create content & education. Effectively, an “Out-of-the-box” solution that plugs into their existing business activity helps their clients reduce their energy, water, and carbon from a single online order through to design, finance, and delivery of multimillion-pound projects. CUB and the Tomatoes Growers Association join our extended family of an ever-increasing number of SaveMoneyCutCarbon Impact Partners who want to support their wider stakeholders, from major banks using our platform and services to support their business clients, property companies want to support their buildings and tenants, through to larger procurement leaders supporting their Scope 3 decarbonisation of their supply chains, Franchise business providing support to their franchisees, as well as now membership groups adding value to their memberships. #esg #esgtargets #decarbonisation #netzero #teamwork #makeadifference #carbonfootprint #makeanimpact

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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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🌞 Big moves in the Green Energy realm! UK's Octopus Energy is taking the US by storm, with its first renewable venture crossing the pond to acquire two solar farms in Ohio and Pennsylvania 🔌✨ The commitment here is clear - a $2bn investment earmarked for renewable projects by 2030. 🌱🌳 This is no small feat, and it's not just about expanding a portfolio; it's about shaping a more sustainable future. And with these farms already boasting long-term energy supply deals, it's a strategy that's both smart and responsible. With 2GW of solar power under their management globally and burgeoning developments in onshore and offshore wind across several continents, Octopus Energy is propelling forward. 💨🌍 Investors like Generation Investment Management and the Canada Pension Plan Investment Board are backing this shift towards a greener grid, fueling a vision of a cost-effective, clean energy era. As a proud advocate for Green Energy, at Kinetik Global, we too are on a mission to catalyse growth in the renewable sector and drive towards a Netzero carbon future. 🌐 We might not be investing in solar farms, but we are committed to sourcing talent that propels companies like Octopus Energy forward. Check out how we're nurturing talent in the renewable sphere 👉 https://lnkd.in/gPUGGRRg Feel free to share your thoughts on this step towards a greener future or reach out for tailored recruitment strategies in the renewable energy space! 🌱👥 #RenewableEnergy #SustainableFuture #GreenJobs #usa

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🎙️ Our first podcast is live! Join the Utility Week team as we chat with Octopus Energy CEO Greg Jackson, Kayte O'Neill of National Grid ESO, and Ofgem's Akshay Kaul. Topics: locational electricity pricing, the future of heat, and the creation of an energy system operator. Don't miss it, listen here: https://bit.ly/3KRdISV #Podcast #UtilityWeek

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This week on Cleaning Up! Greg Jackson, Founder and CEO of Octopus Energy, joins Michael Liebreich to discuss the importance of taking risks that drive innovation and change in the clean energy sector. To hear more about Octopus Energy, their journey to becoming the largest energy supplier in the UK and how they're making a difference in the renewables world, listen now wherever you get your podcasts. #cleaninguppod

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Weekly Industry News Update 📰 Exciting news in the UK solar sector! Ed Miliband has announced a push for a "solar rooftop revolution" to significantly boost the UK's solar energy capacity. Our consultant Nico Rodriguez shares his insights: "Ed Miliband has announced a push for a "solar rooftop revolution" to significantly boost the UK's solar energy capacity. As the new Energy Secretary, he has relaunched the Solar Taskforce, aiming to triple the solar power generated in the UK by 2030. This initiative includes encouraging builders and homeowners to adopt solar technology, making it easier for individuals to generate their own electricity, reduce bills, and combat climate change. Additionally, Mr. Miliband has approved three major solar farm projects, collectively capable of generating 1.3 gigawatts of power, enough to supply 400,000 homes annually. The approved projects are Gate Burton in Lincolnshire, Mallard Pass on the Rutland/Lincolnshire border, and Sunnica in Suffolk. These projects are expected to create significant employment opportunities, with Sunnica alone projected to create 1,500 construction jobs." #WeeklyIndustryNews #Solar #CleanEnergy

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Sia Partners and Cadent Gas Limited are supporting the people most affected by the living crisis by designing and launching The Warm Homes Network, a new UK fuel poverty Partner Ecosystem initiative. This partnership ecosystem brings together diverse organisations to create a community of trusted partners which offers single source of support to vulnerable customers. It includes utility providers, Cadent, Northern Gas Networks, National Grid, local governments and charities as well as technology providers, Google Cloud.   We have launched initial pilots in Birmingham and Cumbria, two areas identified as having high levels of deprivation in the UK. So far, this ‘one-stop-shop’ benefits support has saved households an average of £8,950, and we are now working at scaling the programme to offer the following support to vulnerable customers across the UK: - Grants, benefits check and application support - Money management advice - Fuel and water debt advice - Energy efficiency and low carbon technology advice, in-depth assessments and retrofitting measures This is necessary as fuel poverty is an increasingly prevalent issue, illustrated by the statistics published by National Energy Action in 2023 stating that 6.5 million UK households are now predicted to be in fuel poverty from January ’24, a 31% increase from October '21. Aby Handler Alessandra Ciniero, PhD   Phil Burrows, MBA Mark Belmega Gurvinder Dosanjh Kate Ravenscroft nicola campbell Gary O'Sullivan, Stephen Deadmon, Scott Flavell, Saul Lew Yousuf M. Olivia Tomalin

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💰 Funding Alert 💰 David Energy 💲 Amount Raised: $23M 🚀 Round: Series A-1 💡 Founded: 2019 👥 Founder: James McGinniss 🔍 Problem: Traditional energy grids are inefficient, heavily reliant on non-renewable energy sources, and costly for both businesses and residential customers. ✅ Solution: Clean energy solutions for small businesses and residential customers through a software-enabled platform, optimizing energy usage and reducing costs while promoting decarbonization. 🤝 Investors: Cathay Innovation, USV, Keyframe Capital, Equal Ventures, BoxGroup Subscribe to our newsletter launching soon in the comments! 👇 #climatetech #decarbonization #proptech #venturecapital

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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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🆕 The annual update to conversion factors for GHG emissions came out this week. 🔌 The major takeaway is that the emissions factor for UK electricity sees no major change this year with the figure remaining stable at 0.20 kg CO2e after increasing in 2023. On the face it, this is not a favourable update for companies looking for grid decarbonisation as a driver for scope 2 or use phase scope 3 emissions reductions. However, given the lag in the data, we would expect the recent downtrend in UK grid emissions to come through the emissions factors over the next two years.   🚗 Direct emissions from PHEVs have increased significantly due to an update in PHEV utility factors to align with real world data; essentially reducing the percentage of distance driven solely by electricity in PHEV. The increase outweighs a general decrease resulting from newer cars with lower emissions in the fleet.   ⚡For BEVs, there is a 10-20% decrease in emissions factors resulting from newer cars with lower emissions penetrating the fleet. ➡ https://lnkd.in/eX_J2hYA

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Clean Energy by 2030 ⚡️ A national mission. But locally delivered. So, where do councils start? Here 👇 https://lnkd.in/eJu4wnUt

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NextEnergy Capital is delighted to announce that a large UK defined benefit scheme has committed to NextPower UK ESG, taking total funds committed to date to £625m, 25% above its target of £500m. NextPower UK, NextEnergy Capital's private UK solar fund continues to actively fundraise towards its hard cap of £1b, with several investors currently in late-stage due diligence and further capital expected to be closed in the following months. Michael Bonte-Friedheim, NextEnergy Group CEO and Founder, said: “We are delighted to mark yet another significant milestone with NextPower UK ESG, and I am proud to announce that a UK defined benefit scheme has joined us, bringing the total funds committed to over c.£625m, which is 25% above the target of £500m. "This is a testament to NextEnergy Capital’s leadership in the solar energy sector. As a private new-build solar strategy that focuses on acquiring utility-scale solar assets at the ready-to-build stage in the UK, NPUK investors benefit from the market leading expertise we bring alongside our hands-on approach to value creation and asset optimisation.” Shane Swords, Managing Director and Head of Investor Relations at NextEnergy Capital, said: “Since its inception in August 2022, NPUK has demonstrated solid progress, and has already distributed strong dividends to our investors while showcasing significant NAV. This success is underpinned by a large pipeline and swift capital deployment, which commenced just seven weeks after the fund’s first close, with the fund now having nearly 500MW. The Fund will provide clean energy generation for approximately 500,000 UK households annually. "All NEC Funds are experiencing strong fundraising momentum, which can be attributed to our track record, lengthy experience in the sector and the value that investors are now attributing to specialist managers.” Read more through the link: https://lnkd.in/d93G5UN | #uksolar | #ukinvesting | #infrastructureinvesting | #esginvesting | #decarbonisation | #solarspecialist | #solar | #energytransition | #nextisnow |

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📄 A recent research report by Baringa finds that our plans for #BECCS at Drax Power Station would save the UK £15bn in whole economy costs by 2050. 🏭⚡️🌍 👉 This highlights the importance of BECCS at Drax as the most cost-effective and efficient way for the UK to meet #climate targets, remove millions of tonnes of carbon from the atmosphere and support long-term #energysecurity. 💡 Learn more in this new POLITICO article: https://lnkd.in/eD6BCG9C

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UK Energy Market Update - August 15, 2024 - The UK energy market continues to navigate a complex landscape, driven by fluctuating demand, supply dynamics, and geopolitical influences. Power Prices: UK Day-Ahead (DA) Baseload prices have settled at £52.28/MWh, experiencing a notable decrease of £28.36 from the previous session. This significant drop highlights the ongoing volatility in the market, driven by varying weather conditions and supply factors. Gas Prices: The NBP Day-Ahead gas price stands at 79.00p/therm, reflecting a slight dip from earlier in the week. With Norwegian flows to the UK increasing to 81mcm/day and the anticipated arrival of LNG tankers from the United States, the UK gas market remains well-supplied. However, maintenance activities in Norway and fluctuating demand continue to impact pricing. Market Trends: Both gas and power markets have seen mixed movements recently. While gas prices are slightly down, forward contracts show slight upticks, suggesting market participants are pricing in potential supply constraints as we approach the winter months. Geopolitical Impact: The global energy landscape remains fragile, with ongoing geopolitical tensions influencing market sentiment. The recent arrest warrant issued over the 2022 Nord Stream pipeline attacks underscores the persistent risks to supply security in Europe. Looking Ahead: As we move towards the end of summer, the market is closely watching weather forecasts, LNG arrivals, and the return of Norwegian gas production from maintenance. These factors will be critical in shaping prices in the coming weeks. In these uncertain times, staying informed and agile is key to navigating the energy market. #EnergyMarket #UKEnergy #GasPrices #PowerPrices #EnergyTrading #MarketUpdate

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