The UK government is engaging with additional investors beyond the primary bidders for a stake in the Sizewell C nuclear facility as it works to finalise financing.
These talks come as the UK seeks to modernise its energy infrastructure by 2030. The timeline for funding has shifted, with a final investment decision now expected by spring 2025 instead of late 2024.
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GLEG UK Energy Market Update…
UK Energy Market Summary to FRIDAY 13th December 2024
Denmark’s latest offshore wind farm tender in the North Sea ended without any bids, signalling a troubling moment for the global offshore wind industry, according to a report by Reuters.
The Danish Energy Agency plans to engage with industry stakeholders to better understand the lack of interest in what was the country’s largest offshore wind offering to date. Launched in April 2024, the tender proposed six sites with a total capacity of up to 10 GW—three in the North Sea and three in the Baltic and Kattegat, a marine area between Norway, Denmark, and Sweden. However, no subsidies were offered, and the bid deadline for the North Sea sites passed on December 5, 2024, without any proposals. The Baltic and Kattegat sites remain open until April 1, 2025.
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GLEG UK Energy Market Update
UK Energy Market Summary to Friday 6th December 2024
Closing Prices 06.12.2024
In the UK, near-term gas prices were bearish on Wednesday, with the NBP spot price decreasing by 4%, closing at 4.0 p/kWh. The market was pressured by improved weather conditions, which led to a significant drop in heating demand.
Gas prices remained relatively stable on Thursday, with the NBP spot price dropping by 2% to 3.9 p/kWh, as warm weather and strong winds led to a reduction in gas-fired generation. In the forward market, the gas price for Summer 2025 delivery closed 1% lower at 3.7 p/kWh, thanks to comfortable supply conditions.
At time of writing, European gas storage levels are 82% full, with the UK 59% full. European gas storage levels are trending within the 5-year average throughout 2024. Over the past week gas has accounted for 30% of the UK generation mix with wind accounting for 42%, solar 1.0% and nuclear accounting for 9.1%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices gained ground on Thursday, driven by concerns over escalating tensions in Ukraine. Brent crude climbed to $73.28 per barrel, while WTI crude closed at $69.10 per barrel, both gaining 0.6%.
European carbon prices fell by 1% on Wednesday. The EUA Dec-2024 contract closed at 67.86 EUR/tonne, influenced by the sharp decline in gas prices.
Please contact hello@gleg.co.uk for a more detailed market analysis and expert view on how to navigate your energy procurement strategy through the current market volatility.
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GLEG UK Energy Market Update
UK Energy Market Summary to Friday 29th November 2024
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GLEG UK Energy Market Update
UK Energy Market Summary to Friday 22nd November 2024
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COP29-Final Round Up…
From 11th to 22nd November, Azerbaijan has hosted COP29 – the United Nations 29th annual global climate change conference. Here is a brief summary of the daily negotiations:
Day 1-2: November 11th-12th
The conference kicked off with the World Leaders Climate Action Summit, emphasising the urgency of more ambitious climate strategies. The discussions highlighted the need for enhanced climate adaptation, particularly in vulnerable regions like Africa. Major announcements included calls for investment in Africa’s green transition and enhanced support for early warning systems.
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European Gas Withdrawals Escalate…
