If a net zero 2035 electricity system relies heavily on offshore wind power, consumers could reduce their gas price by £68 per year compared to a system without further CfD-backed offshore wind development, according to a new report Transitioning to a net zero 2035 electricity system predominantly powered...
In today's energy market update, UK front-month gas experienced slight bearish movement, potentially as a retracement of yesterday's gains. Despite this, front-month NBP gas increased by 2.17%, reaching 82.96p. Meanwhile, front-month UK Power declined marginally by 0.41%, finishing at £73.40. The carbon markets saw mixed results,...
Recently, UK energy consumption and energy production have decreased, while renewable energy production has increased Recent government data spanning January to March 2024 reveals significant shifts in the UK's energy sector compared to the same period a year earlier. Primary energy consumption on a fuel input...
Energy Market Update The energy market update covers increased Nordic gas flows to the UK, rising EU storage levels, and recent movements in power, gas, carbon, and oil markets. Nordic Flows and Pipeline Activity: Inbound flows from Nordic regions to the UK have surged following the completion...
Gas and electricity bills are set to decrease by an average of 7% in England, Scotland, and Wales starting on 1 July. The new energy price cap will reduce the typical annual bill for direct debit payments to £1,568. Despite this being the lowest level...
The UK front-month gas market saw its eighth consecutive day of gains, with prices reaching 87.7p, marking the highest level since early January. On the day, front-month UK Power ended at £77.00, rising by 2.60%, while front-month NBP climbed 4.29% to 86.00p. Carbon Dec24 EUA's...
Europe is projected to experience a 58% increase in power demand by 2050 due to the expanded use of hydrogen and the electrification of households and transportation, according to Energy Brainpool’s latest "Brainreport" from the Montel Group. The report attributes this surge to several key factors:...
Construction has started on NeuConnect’s €2.8 billion energy link between the UK and Germany, set to be completed by 2028 Construction has commenced on the NeuConnect project, a €2.8 billion (£2.3bn) energy link connecting the UK and Germany. This landmark initiative, the first of its kind...
This energy market update delves into the significant fluctuations influenced by various geopolitical and supply factors. Today, the full shutdown of the Norwegian LNG refineries at Kollsnes and Troll has removed 158 million cubic meters per day (mcm/d) of gas from the market. This reduction...
This week's energy market update highlights several key developments affecting supply dynamics and pricing trends. The UK is set to receive four new LNG-laden vessels, a crucial addition due to the anticipated reduction in LNG flow from major Nordic refinery outages at Troll and Kollsnes....