Eustace Furtado

For over two decades, the UK has been a key market for us — and we are dedicated to the country, with ambitious plans for deepening our engagement and making transformative investments.    With the announcement of a new Industrial Strategy focused on clean energy as a key growth sector, the new government wants to play a constructive, strategic role in the economy. Working in partnership with the private sector to drive forward its mission for economic growth and the ambitious plan to achieve clean power by 2030. This week’s International Investment Summit in London provided a valuable opportunity to discuss this with government officials, led by Prime Minister Keir Starmer and industry executives.    As the leading power generator and a leading renewables developer in the UK, we are already generating electricity for around 12 million homes with an installed capacity of almost 10 GW.     With 2.2 GW of renewables currently under construction across offshore and onshore wind, solar, and storage, we intend to invest around €8 billion net until the end of this decade in developing clean energy projects in the UK and further strengthening our presence. Meanwhile, we are helping to unlock a green economy in the UK by generating high-quality jobs, strengthening supply chains, and fostering thriving local communities.    I would like to thank everyone involved in the organisation of this excellent summit, as well as Prime Minister Keir Starmer, State Secretary Ed Miliband from the Department for Energy Security and Net Zero, and Jonathan Reynolds MP, Secretary of State for Business and Trade, Sarah Jones, Minister for Industry, and Eluned Morgan, First Minister of Wales, for the valuable exchange. 📷: Jonathan Brad /PA Images / Alamy Stock Photo

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Is delivering the energy transition the hottest topic in utilities right now?🔥 Ben Wilson, Chief Strategy & External Affairs Officer, National Grid is live on Green Stage giving his keynote 'Delivering the energy transition: a view from National Grid’. Join him now to discover what the road to Net Zero holds. #FoUSummit24 #energy #utilites #NetZero #energytransition  

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Today the UK #energy #market continues to be shaped by dynamic fluctuations in #electricity and #gas prices, driven by both domestic factors and broader global energy trends. Electricity Prices: The UK's electricity market has seen varied movements in pricing across different contracts. The UK Day-Ahead (DA) Base price for electricity settled at £80.64 per megawatt-hour (MWh) on August 13, 2024, reflecting a slight increase compared to previous settlements. This trend is consistent with a broader rise across spot and forward contracts, indicating potential upward pressure on prices as we approach the winter months. Gas Prices: Natural gas prices in the UK have shown a similar pattern of slight declines and increases across various contracts. The National Balancing Point (NBP) Day-Ahead price for gas stood at 84.00 pence per therm on August 13, 2024, slightly down from the previous day. However, forward contracts for the upcoming winter months remain higher, with November 2024 gas prices at 109.25 pence per therm. This reflects ongoing concerns about supply constraints and the need for storage filling ahead of the colder season. Market Influences: Several factors have influenced these price movements. The UK's electricity prices are partially affected by the availability of imports from Norway and the operational status of domestic facilities, including scheduled maintenance outages. Additionally, the ongoing conflict in Ukraine has continued to cast uncertainty over gas flows from Russia, which has a ripple effect across European gas markets. Looking Ahead: As we move towards the winter of 2024-2025, market participants are keeping a close eye on storage levels and import capacities, which will play critical roles in determining the trajectory of energy prices. The European Commission's target of achieving a 90% fill rate for gas storage by November 1, 2024, adds an additional layer of strategic importance to these developments. In summary, while electricity prices in the UK have experienced moderate gains, gas prices continue to fluctuate with an overall upward trend for the winter months. Stakeholders in the energy market should remain vigilant to these developments as they plan for the rest of the year​.

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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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Last month, The Department for Energy Security and Net Zero released its latest report on energy trends. The UK solar energy sector continues to expand, with new solar PV installations adding 1.4 GW of capacity between Q2 2023 and Q2 2024. This significant increase in capacity accounted for over 80% of new renewable energy added during this period! While solar generation saw a slight dip due to fewer sunlight hours, the overall growth in capacity points to a bright future for clean energy. Link to the full article: https://lnkd.in/eHXejV_b #solar #renewables #energy #westray

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                 Morning Briefing 29/10/2024 Day ahead (DA)/Intraday   ·Demand is currently at approx. 33.4GW and due to peak this evening at 39.7GW. ·DA markets auctioned between £82 - £197 yesterday for today. ·Baseload auctioned at @ £107.89 in the 1hr and £103.16 in the 30min auction. ·Wind generation is currently at 4.0GWW and due to fall throughout the day to 1.9GW this evening and then rise up to over 10GW tomorrow. Solar is due to peak at 3.0GW at 11am. ·Current intraday power price at time of writing was £85.14/MWh with gas providing 54.8%/17.92GW, wind providing 14.5%/4.73GW, solar providing 2.3%/0.76GW and nuclear providing 11.8%/3.95GW of UK demand. ·DA gas is currently trading at 107.20p/th (3.68p/KWh) ·DA power is currently trading at £109.50/MWh (10.95p/KWh)   Month ahead (Nov 24) ·Nov NBP gas is currently up 0.60% at 107.55p/th (3.67p/KWh). ·Nov TTF gas is currently up 0.65% at €42.80MWh. ·Nov UK Baseload currently at £93.50/MWh (9.35p/KWh) ·UK gas prices fell yesterday, with the DA price down 1.89% as the forecast of milder temps and strong Norwegian supply added pressure. Along the curve, prices were down more sharply, with the Q1 25 price down 2.41%, as conflict in the Middle East avoided energy infrastructure, reducing some risk premium in the market. ·UK power prices were mixed, with the DA price up 17.27% due to the forecast sharp drop in wind generation today keeping the price high. Along the curve, the Q1 25 contract was down 2.05%, predominantly following the gas sentiment as the market looked to remove some of the worries of supply out of the market.   ·According to Gassco AS, there are no unplanned outages this morning, with total exports at 337.8mcm. ·Oil prices are up slightly this morning having fallen 6% yesterday as a US plan to buy oil for the Strategic Petroleum Reserve provided some support through wider concerns about weaker future demand growth exert pressure.  ·Latest forecasts show temps to be a bit warmer than expected, staying above seasonal norms till 2nd Nov and then drop to around seasonal norms after that. ·There are currently 2 LNG cargoes due in the coming weeks. ·UK Gas prices as of Mondays close -  o   Month ahead 106.91p/th (3.65p/KWh) down 2.92% DoD* o   Q1 25 108.67p/th (3.71p/KWh) down 2.41% DoD o   Summer 25 99.44p/th (3.39p/KWh) down 1.62% DoD ·UK Power prices as of Mondays close – o   Month ahead £94.55/MWh (9.46p/KWh) down 1.72% DoD* o   Q1 25 £93.53MWh (9.35p/KWh) down 2.05% DoD o   Summer 25 £76.94MWh (7.69p/KWh) down 1.85% 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 credit - e*star #energy #trading #power #gas #lng

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The LDES Council’s latest report delivers an urgent message: to achieve global net-zero goals, LDES capacity must scale 50 times faster than current projections. With just 115 GW of LDES installed as of 2023, the world needs to reach 1.5 TW by 2030 and up to 8 TW by 2040. The stakes are high, but so is the potential. LDES technologies, including vanadium flow batteries (VFBs), are essential to decarbonizing the grid and industries like manufacturing, transport, and agriculture. This scale-up could save $540 billion annually in system costs and represents a $4 trillion investment opportunity. Vanadium flow batteries are uniquely positioned to support this transition, offering long-duration, scalable, and sustainable energy storage solutions critical for the energy transition. The future of clean energy depends on bold action today. #EnergyStorage #LDES #VFB #Vanadium https://lnkd.in/g-MmApBw

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Daily #Energy Market #Report - September 5th, 2024 - The UK energy market today continues to reflect shifting dynamics across power generation, gas supplies, and pricing. We’re currently experiencing a brief period of warm temperatures, expected to last until September 8th, before we reach an inflexion point where temperatures are forecasted to drop significantly. This anticipated drop could influence short-term NBP Forward Market prices. On the renewable front, wind generation forecasts remain weak for the next two weeks, placing upward pressure on Unconstrained Balancing Line prices. The limited contribution of wind power to the grid underscores the volatility of renewable energy supply, especially as we transition towards a more sustainable energy system. Yesterday, the Norwegian maintenance schedule saw minor changes, with a day added to the Kollsnes and Nyhamna gas processing facilities, while Aasta Hansteen and Dvalin maintenance durations were slightly reduced. These adjustments may lead to further price volatility in the near term, but no significant shifts are expected yet. In terms of pricing, NBP gas and UK electricity markets have seen notable downward movement. NBP gas day-ahead prices increased slightly by 1.06%, but the overall trend points towards a drop in forward prices, with October 2024 NBP prices falling by 3.94%. The UK electricity market also followed a similar trend, with day-ahead power prices declining 15.68% for base and 16.07% for peaks. Longer-term contracts for Q4 2024 and Q1 2025 show reductions across the board, with decreases of between 2% and 3%. The UK gas system remains long, with a surplus of 8.32 million cubic meters, reflecting lower demand versus seasonal norms. LNG imports and domestic supply continue to support the system, though any significant changes in interconnector flows or storage levels could drive fluctuations. The week ahead could bring further adjustments, particularly as we approach the inflexion point in temperature and see the impact of maintenance on gas flows. With renewables contributing less to the mix, reliance on gas and interconnector imports remains strong, but any shifts in market conditions will likely cause further price movement. As these trends continue to unfold, it's crucial to stay informed and agile. Our team at Catalyst Commercial Services Ltd is here to provide insights and support as you navigate the evolving energy landscape. #EnergyMarket #UKEnergy #CarbonTrading #NaturalGas #MarketUpdate #EnergyInsights

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"Faster permitting and grid connections are crucial to accelerating the UK’s renewable energy transition," says UKSIF CEO James Alexander. Read his call to action in reNEWS - Renewable Energy News: https://lnkd.in/gFGcT9Qi

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Exciting to see outcomes from the Capacity Market review and the DESNEZ recommendations being actioned quickly to enable secondary trading of CM positions to allow for BESS degradation and support for mothballed systems.

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Over 730 GW of projects are currently waiting to connect to the grid in Great Britain, almost twice the capacity needed by 2050. Earlier this month, NESO released its latest framework for grid connection reform in Great Britain, highlighting a “first ready and needed, first connected” approach to the connection queue - aiming to streamline the queue and accelerate connections for projects meeting key criteria. Projects would be assessed for 'readiness' (secured land rights or planning approval) and 'strategic alignment' with Clean Power 2030. Strategic alignment will consider factors like technology type, location, and capacity. NESO has also consulted on the proposal of introducing a financial instrument of £20,000/MW upon receiving a firm connection offer. Developers would pay this for the period between offer acceptance and the project commitment milestone (M7). The existing connection queue would be set for assessment in Q2 2025, potentially shifting connection dates forward or back depending on readiness and strategic alignment. These changes suggest long-term efficiency, but uncertainties remain around the implications for Capacity Market agreements and timelines. To understand more about the proposed methodology and its implications, read the full article on the Modo Platform - https://lnkd.in/ek7bcPsi

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Really interesting news - Drax (Opus Energy customers) sells 90,000 SME customers to EDF Energy. Transfer from Opus Energy to EDF should happen over the next few months! #energy #news #utilities Read more: https://lnkd.in/eGA4SkPu

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