Tom Glover

We have today launched our annual Gas Winter Outlook. Each year, this report outlines how we see the gas system’s capacity in Great Britain, as well as pressure points and overall resilience for the upcoming winter. We expect gas demand will remain similar to last year. Great Britain's diverse and flexible gas supplies position us well to manage the colder weather ahead. What remains paramount is the role gas plays in our energy system. Our report found that last year, gas accounted for over 50% of Great Britain’s electricity generation between high-demand periods like late November to early December. As we work towards incorporating renewables and other sources of green energy into our wider energy system, gas’ vital role in the energy system cannot be understated, as it continues to prove essential in providing businesses and industries with the energy they need. Working closely with our cross-industry partners, I am confident in our abilities at National Gas to deliver the energy Great Britain needs this winter – keeping the lights on, industries fuelled and homes warm. Gas remains critical in this effort as we transition towards cleaner alternatives. #SecuringBritainsEnergy Read the full report here: https://lnkd.in/eC6WFgXf

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Partner's News The Energy Hubs – Fill the Backbone report by Hydrogen Scotland member Net Zero Technology Centre highlights the emerging opportunity to export green hydrogen from Scotland into the expanding hydrogen market in Europe. Economic modelling indicates that a 10 GW scale Energy Hub in Scotland producing green hydrogen from floating offshore wind could produce hydrogen for £3.90/kg. To capitalise on this opportunity, Scotland will need to develop strategic Energy Hubs in time to meet this growing demand. https://lnkd.in/gPJgp5SC

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⚡ It’s no industry secret that the UK’s electricity network upgrade is one of the most complex areas of the energy transition — but we’re here to simplify it.  At Scottish Renewables, we understand that navigating policy packed with acronyms and technical jargon isn’t easy. That’s why we've broken it all down for you. We’ve written a blog and created an infographic covering the ‘who, what and when’ of the major plans and taskforces driving our future electricity network and outlined how they are all interacting to shape the future of the UK’s energy grid. 👉 Read the blog on our website: https://lnkd.in/eNvevxyd.    #EnergyTransition #ElectricityNetwork #NetZero #CleanEnergy #Renewables

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UK Energy Prices Pump as Supply Risks Loom: Gas, Power, and Renewables Face Winter Challenges - 30.09.24. Today’s UK energy market opened with modest gains in both gas and power prices. The NBP Day-Ahead gas price settled at 91.50 p/therm, reflecting a 1.70 p/therm increase from the previous session. This price movement is driven by concerns over supply constraints, with Norwegian production still facing challenges, particularly at Nybro and Kristin facilities. These issues, coupled with a lack of LNG regasification nominations, have tightened the UK system, which opened 12 mcm/day short this morning. Flows from Norway through Langeled are lower, and Vesterled is currently not exporting gas. The overall gas flow was measured at 290.5 mcm/day, the highest recorded exit nominations in over a month, yet the market remains wary as the risk of further supply disruptions continues, especially with winter approaching. In terms of storage, no withdrawals from medium-range storage (MRS) sites were observed, while Rough continues with steady injections. Warmer temperatures for early October are forecast, with a potential peak on October 6th, pushing temperatures nearly two degrees above seasonal norms. Windspeeds are predicted to stay above average early this week, offering a boost to renewable generation. However, a dip in wind generation is expected between October 2nd and 5th. The UK nuclear output remains below full capacity, and further reductions are expected, with output dropping to 4.0 GW by the weekend. Power prices saw similar upward momentum, with the Day-Ahead Base price settling at £76.80/MWh, a significant increase compared to Friday. Day-Ahead Peak prices were even more pronounced, rising to £86.01/MWh. Spot contracts saw the largest gains, driven by the weather forecast and ongoing concerns over gas supply. Looking ahead, power prices for Q125 continue to rise, with the market pricing in potential further supply squeezes as winter progresses. In the wider energy market, Brent crude oil for November delivery settled at $71.98 per barrel, ticking up by $0.38. Coal prices for delivery in 2025 also showed some movement, rising by $2.77 to $123.77/tonne, as global markets continue to balance supply and demand. As we head into October, market participants are preparing for the onset of colder weather and the increased demand that will follow. Supply risks from Norwegian fields and global LNG flows are being carefully monitored, while renewable generation, particularly wind, will play a critical role in offsetting these supply concerns. With temperatures expected to dip below average after October 8th, the balance of supply and demand in the UK energy market will likely tighten further. Traders and stakeholders will continue to watch geopolitical developments, weather forecasts, and the ongoing challenges in gas and power supply as we move towards the end of the year.

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Today 16th October’s UK energy landscape reflects shifting dynamics across gas, power, and renewables, with mild temperatures and steady LNG inflows shaping the market. Gas prices on the NBP day-ahead market settled at 96.00 p/therm, slightly lower than the previous session, as the system opened this morning undersupplied by 22 mcm/day. While piped flows from Norway remained flat, UKCS production decreased to 102 mcm/day. LNG send-out from South Hook and Isle of Grain provided 14 mcm/day, with additional LNG cargoes expected in the coming weeks to support the UK’s supply. Power prices followed suit, with the day-ahead baseload settling at £67.88/MWh, a sharp decline from yesterday’s £87.12/MWh, reflecting higher wind generation and milder demand expectations. However, as wind forecasts predict output dropping below seasonal norms in the coming days, gas demand for power generation could increase, potentially influencing prices upward. On the supply side, nuclear availability remained steady despite several ongoing outages, including units at Heysham and Torness. Weather forecasts suggest today will be the warmest of the month so far, with temperatures expected to stay above seasonal norms until the end of October. This trend is contributing to softer demand for heating, easing pressure on both gas and electricity markets. Meanwhile, carbon prices also eased slightly, with EUA Dec 24 certificates trading at €65.09/tonne, and the UK ETS market at £39.04/tonne, reflecting reduced short-term emissions intensity. Currency movements saw GBP/EUR at 1.1997, while GBP/USD edged up to 1.3072. With three LNG cargoes set to arrive soon and strong Norwegian flows to the continent, market fundamentals appear stable, though fluctuations in wind generation may drive volatility in power prices in the days ahead.

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End of Day UK #Energy Market Update – 05/09/2024 The UK energy markets saw a notable rebound today, ending a three-day losing streak across Power and Gas prices. Front-month UK Power closed at £74.25/MWh, up by 1.71%, while the front-month NBP Gas contract saw an increase of 1.79%, closing at 87.52p/therm. This uptick comes after a period of downward pressure, likely driven by the recent cooler weather forecasts and improved wind generation across Europe. Gas prices, which had been in decline, regained momentum following Russian President Vladimir Putin's comments, indicating that Russia remains willing to supply gas to Europe through Gazprom. However, with Europe's firm stance on reducing dependency on Russian gas, concerns are mounting over potential supply constraints post-New Year, as the transit agreement via Ukraine is set to expire. Further out on the curve, Q1 2025 Power prices increased by 1.95%, closing at £82.36/MWh, while Gas contracts for the same period rose by 2.04%, finishing at 94.67p/therm. Market sentiment remains cautious, with traders pricing in possible supply disruptions and colder-than-expected weather forecasts for early 2025. In the carbon markets, Dec24 EUAs slipped by 0.66%, closing at €66.56/tonne, reflecting a softening in demand expectations. In contrast, UKAs inched up by 0.57%, finishing at £42.01/tonne as the UK government continues to align its carbon policies with broader European targets. On the global commodities front, Brent crude surged by 1.68%, settling at $73.92/barrel, amid tightening supply expectations as OPEC+ maintains its output cuts. This rise in oil prices also provided some bullish sentiment to the broader energy complex. With geopolitical tensions still a key driver of volatility, and Europe on the cusp of transitioning away from Russian gas supplies, it remains essential for market participants to stay agile in navigating the evolving landscape. 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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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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Really value how Energy Link Ltd takes a plain English approach to explaining the impact of dispatchable demand versus voluntary industrial demand response, and what this means for price signals in the #market in the move to greater #renewable #electricity

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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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Daily UK Energy Market Update - 20th August 2024 Gas Market: On the back of yesterday's session, UK NBP spot prices surged, closing at 88.95 p/therm - up by 9.45 p/therm from the previous day. The spike was largely driven by processing issues at the Gullfaks field on the Norwegian Continental Shelf and low liquidity across European hubs. Despite a projected decrease in demand by 7 mcm/day, supply constraints continue to tighten the market, particularly with upcoming maintenance on Norwegian assets expected to further limit output. Looking ahead, NBP contracts for September 2024 slightly edged up to 96.13 p/therm, while Q4-2024 and Q1-2025 contracts saw marginal declines, highlighting ongoing concerns about geopolitical risks and the approaching winter season. Power Market: UK day-ahead power prices dropped to £54.94/MWh, reflecting a £9.30/MWh decrease. The market experienced mixed movements, with short-term contracts witnessing gains and seasonal contracts mostly declining. Wind generation is expected to peak this week with forecasts suggesting 15,000 MWh/h of capacity on 22nd August, but a drop below seasonal norms is anticipated for next week. Brent Oil & Coal: Brent Crude remains steady at $77.66/bbl while coal prices, for the ARA CIF Cal Y+1, are recorded at $129.19/tonne. Carbon Markets: Carbon prices dipped slightly, with the EUA Dec 2024 closing at €73.14/tonne. The market is cautiously observing the balance between industrial demand and the regulatory outlook as we move closer to the end of the year. Currency: The GBP/EUR exchange rate is currently at 1.1731, which might influence energy imports in the short term. In summary, today's energy market landscape reflects a complex interplay of supply disruptions, demand forecasts, and the broader geopolitical environment. As we approach winter, market participants remain cautious, balancing short-term volatility with long-term strategic planning. Stay tuned for more updates.

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Top stories today 💷 Ofgem releases funds for controversial National Grid upgrade https://buff.ly/46IFURZ Ofgem has advanced 12 major connection projects under its Accelerated Strategic Transmission Investment (ASTI) framework. This includes National Grid’s controversial transmission upgrade scheme between Norwich and Tilbury, which has been strongly opposed by local politicians. Other schemes to move ahead include reinforcement projects in London and Yorkshire, as well as six onshore and two offshore projects in Scotland. 🪁 ESO: No new pylons required for floating offshore wind farm projects https://buff.ly/3AzGUeU No new pylons will be required to connect a fleet of floating offshore wind farms planned in the Celtic Sea, according to National Grid ESO. The ESO has published its blueprint, commissioned by the government, recommending how up to 4.5GW of floating offshore wind proposed off the coasts of south Wales and south west England can be connected to the onshore network. 💡 Fixed tariffs no longer offer consumers good deals https://buff.ly/3M2tE50 There has been a significant decrease in savings to be made from fixed price energy tariffs over the last few months, new research has found. Analysis by Cornwall Insight found that the average saving from the top ten cheapest fixed rate tariffs on the open market now stands at only £5 per annum, compared to being on the price cap. This, it said, represents an up to 94% decrease compared to previous savings of around £60 to £80 per year only a few months ago.

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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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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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8th January 2025 – UK Energy Market Update - This morning, the UK energy market opened with gas prices largely steady after a late rally in yesterday’s session, while power prices softened slightly but remain elevated compared to the previous day. Gas spot prices saw upward pressure yesterday following an unplanned outage at the Kollsnes processing plant in Norway, cutting 16 mcm/day of supply, a disruption expected to persist until 11th January. The combination of this and colder-than-average weather across Europe has driven higher demand, which is forecasted to continue through the week. UK demand for today is projected to be significantly above seasonal norms. Despite this, LNG send-out remains robust at 79 mcm/day, with further cargoes expected over the coming days. On the power front, baseload day-ahead prices closed at £161.56/MWh, reflecting the gas market’s influence. However, the summer contracts at the back of the curve saw slight declines. Wind output is forecasted to dip from Friday onwards, tightening supply margins as the weekend approaches. Nuclear outages remain consistent, with the most significant being reduced capacity at Hartlepool and Heysham units. Storage withdrawals are higher across Europe compared to recent years, with UK storage currently standing at 69% full. The UK gas system opened 8 mcm undersupplied this morning, driven by heightened local distribution zone (LDZ) demand amid the cold snap. Oil markets are also experiencing upward momentum, with Brent crude edging toward a three-month high at $77.05/bbl. This is driven by optimism surrounding US economic data, which suggests stronger employment figures and potential demand growth. In currency markets, the pound traded at €1.2061 and $1.2473, reflecting slight fluctuations as markets digest energy price movements and broader economic indicators. As we progress through the week, market attention will remain on weather patterns, LNG deliveries, and the duration of outages at Norwegian gas facilities, all of which could add volatility to short-term pricing.

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As of 7th October 2024, the UK energy market has opened with notable shifts in gas and power prices, reflecting both geopolitical uncertainty and supply-demand dynamics. UK natural gas prices rose slightly, with the NBP Day-Ahead contract settling at 97.80 pence per therm, a 2 pence increase from the previous session. This upward movement is partially attributed to ongoing unplanned maintenance at Norway's Troll gas field, as well as planned maintenance at other facilities. Total exit nominations have now reached over 300 million cubic meters per day, but despite bullish factors like strong Medium Range Storage injections and increased gas demand for power, market fundamentals remain largely bearish. Norwegian imports to the UK are flowing at 58 million cubic meters per day, while temperatures are forecasted to drop below seasonal averages starting 9th October, which could shift demand in the coming days. UK power prices have also experienced some volatility, with the Day-Ahead baseload price falling to £76.24 per MWh, a decrease of over £7 compared to the previous session. However, forward contracts, particularly for Q1-25, saw increases as prices for Nov-24, Dec-24, and Jan-25 edged up. The gas market’s influence, coupled with geopolitical tensions, continues to play a key role in shaping short-term price movements. Wind speeds are expected to remain above seasonal averages, except for the weekend, which could alleviate some of the pressure on power prices. On the global stage, Brent crude oil saw a modest increase, reaching $78.05 per barrel, reflecting market reactions to heightened geopolitical risks in the Middle East and Ukraine. Coal prices for delivery in 2025 also surged to $127.79 per tonne, a sharp rise of nearly $5 as uncertainties in global supply chains persist. Meanwhile, EU carbon prices have dropped to a six-month low, standing at €62.05 per tonne, amid strong renewable energy output, reduced liquefied natural gas consumption, and macroeconomic concerns. Currency fluctuations have remained relatively stable, with the GBP/EUR exchange rate moving slightly to 1.1942 and GBP/USD holding steady at 1.3116. Looking ahead, the UK system remains 30 million cubic meters per day short as we start the week, with three LNG cargoes expected by 18th October. Windspeeds and temperatures are forecasted to fluctuate, potentially impacting both gas and power markets. The geopolitical landscape, particularly in the Middle East, remains a significant factor to watch, with the potential to drive further market volatility in the weeks ahead.

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Today 4th November, the UK energy market opened with notable shifts across gas, power, and commodities. NBP day-ahead gas dropped to 97 pence per therm, reflecting bearish sentiment. Despite lower renewable output, anticipated warmer temperatures and consistent Norwegian supply contributed to the decline. Norwegian flows remained stable, with total exit nominations across Europe reaching 337 mcm/day. The UK system, however, opened short by 9 mcm/day, driven by increased gas-for-power demand. This demand spike comes as wind capacity generation is forecasted to remain low, and two nuclear reactors, providing 1.2 GW in total, are offline until November 27th and December 5th. In the power market, UK day-ahead baseload prices settled at £89.50 per MWh, while peak power prices eased to £93.90 per MWh. Spot prices rose slightly, but bearish sentiment along the curve is keeping prices contained, likely influenced by the downward trend in gas prices. Renewable output remains low, with forecasts suggesting limited wind power generation, which may increase reliance on gas-fired power in the days ahead. On the oil front, Brent M+1 held steady at $73.10 per barrel. Coal prices, however, softened to $121.96 per tonne for API2 Cal Y+1 contracts. The outlook remains cautious, with oil supply steady but winter demand projections and broader economic indicators hinting at potential price shifts. Carbon trading showed minor movement. EU Emissions Allowances (EUA) Dec-24 settled at €63.87 per tonne, a slight dip, while the UK ETS Dec-24 remained unchanged at £37.89 per tonne. These levels come amid steady demand as Europe approaches peak heating season, with markets carefully watching for policy shifts and temperature trends that may impact carbon trading volumes. On the currency side, the GBP/EUR rate stands at 1.1905, while GBP/USD shifted slightly to 1.2926. Currency fluctuations may influence imported energy costs, particularly as the pound remains under pressure against the dollar. Looking ahead, demand is set to increase seasonally, and the UK will receive a boost in gas supplies from LNG imports. Four LNG cargoes are scheduled to arrive this week, starting with today’s delivery at Milford Haven from Trinidad and Tobago. No unplanned outages were reported in the UK gas network, according to Gassco, ensuring supply continuity for now.

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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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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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📣 CCSA Members in the news this week: 🔹Spirit Energy's Energy Transition Director Matt Browell-Hook emphasises that the UK Government must accelerate the route to market for CCS projects like Morecambe Net Zero (MNZ) and Peak Cluster. More here: https://lnkd.in/e5YsGp_m 🔹Harbour Energy and Equinor have been offered two offshore CO₂ licenses by the Norwegian Ministry of Energy. This comes a few days after the announcement of a new Green Industrial Partnership between the UK and Norway, set to create economic opportunities to advance the decarbonisation of European industries. More here: https://lnkd.in/ewewJx4D 🔹Nuada collaborates with Carbfix to offer complete carbon capture and storage solutions. This partnership combines advanced carbon capture with innovative underground CO₂ mineralisation to decarbonise key industrial sectors. More here: https://lnkd.in/eDbRXqWf 🔹Drax Group has launched a scheme to give children virtual work experience as a process engineer at the power station and is offering staff the chance to upskill their CCS knowledge with Selby College. More here: https://lnkd.in/erEGMBST 🔹Holcim to test Capsol’s carbon capture technology as a step towards decarbonised cement. More here: https://lnkd.in/eKz-Q5Dx #CCUS | #CarbonCapture | #NetZero

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