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London is expected to be warmer than Madrid due to above-average temperatures spreading across northern Europe. The UK capital could reach 22C (72F) while Madrid struggles to reach 21C, with heavy rain in many parts of Spain. France will also experience higher temperatures, with Biarritz reaching 28C and the Rhone valley touching 27C. Additionally, there will be strong winds in parts of the region, boosting wind-power generation. German wind output is forecasted to peak at 36,386 megawatts, while solar output is expected to peak at 27,928 megawatts. [Extracted from the article]

The UK's grid operator has issued its first warning this winter that there may not be enough power supply to meet demand, causing power prices to rise. However, the warning was later canceled, and the operator stated that it was confident in having sufficient margins to cover the evening. Wind generation, which is a major component of power supply during the colder months, is expected to be volatile but is forecasted to increase in the coming days. The UK recently closed its final coal-fired power plant as part of its net-zero ambitions. [Extracted from the article]

The UK's grid operator has issued its first warning this winter that there may not be enough power supply to meet demand, causing power prices to rise. However, the warning was later canceled as the operator stated that it had sufficient margins to cover the evening. Wind generation, which is a major component of power supply during the colder months, is expected to be volatile but is forecasted to increase in the coming days. The UK recently closed its final coal-fired power plant as part of its net-zero ambitions. [Extracted from the article]

The remnants of Hurricane Kirk are causing high wind generation in Europe, with wind levels reaching their peak on Sunday. Germany is experiencing winds of up to 65 kilometers per hour in some areas, and more extreme conditions are expected throughout the weekend. As a result, power prices in Germany are trading at their lowest level since early July. Negative prices are common on windy days in European markets like Germany, and the blustery conditions are coinciding with cooling temperatures and increased heating demand in Europe. [Extracted from the article]

The remnants of Hurricane Kirk are causing high wind generation in Europe, with wind levels reaching their peak on Sunday. Germany is experiencing winds of up to 65 kilometers per hour in some areas, and more extreme conditions are expected throughout the weekend. As a result, power prices in Germany have dropped to their lowest level since early July. Negative prices are common on windy days in European markets like Germany, and this trend is expected to continue as wind power plays a larger role in the winter. The blustery conditions also coincide with cooling temperatures in Europe, leading to increased heating demand. [Extracted from the article]

The UK government has introduced a funding program to support the development of long duration storage for renewable energy. This program guarantees minimum revenues for energy storage developers, allowing them to repay their debts, while also capping their profits above a certain level. The upfront costs of building energy storage capacity are a major obstacle for investors, but this technology is crucial for decarbonizing electricity grids. The government estimates that 15.3 gigawatts of long duration storage will be needed to achieve net zero emissions by 2050. [Extracted from the article]

According to a report by DNV, a Norwegian risk management company, the impact of data centers and AI on energy demand may be smaller than expected. DNV estimates that AI power demand will only reach 3.1% by 2030 in North America, which is significantly lower than the 12% forecasted by McKinsey & Co Inc for the US market. DNV warns that if demand grows too rapidly, clean power sources may not be able to keep up, leading to increased use of fossil fuels. However, DNV believes that the energy needs of AI will not significantly alter the course of the energy transition. [Extracted from the article]

A new report from DNV, a Norwegian risk management company, suggests that global emissions have likely peaked and will start to decline next year as the cost of solar panels and batteries becomes more competitive with coal and oil. However, the transition to clean energy is still too slow to meet the targets set by the Paris Agreement. While renewable energy continues to grow, some countries are struggling due to military spending and economic conditions. The cost of deploying solar panels and battery technology is expected to decrease by 19% by 2030, leading to record amounts of low carbon power. However, the growth of renewables and energy efficiency improvements are not happening at the rate recommended by the UN's climate body. DNV also lowered its forecast for offshore wind power due to financing costs, supply chain issues, and turbine quality concerns. Solar generation is projected to overtake wind power as the largest source of renewable energy by 2027. Hydrogen's outlook was downgraded due to high costs and a lack of price visibility on carbon. Carbon capture technology is also not expected to significantly contribute to emissions reductions. [Extracted from the article]

According to a report by DNV, a Norwegian risk management company, the impact of data centers and AI on energy demand may be smaller than expected. DNV estimates that AI power demand will only reach 3.1% by 2030 in North America, which is significantly lower than the 12% forecasted by McKinsey & Co Inc for the US market. DNV warns that if demand grows too rapidly, clean power sources may not be able to keep up, leading to increased use of fossil fuels. However, DNV believes that the energy needs of AI will not significantly alter the course of the energy transition in the long run. [Extracted from the article]

A new report from DNV, a Norwegian risk management company, suggests that global emissions have likely peaked due to the increasing affordability of solar panels and batteries, which are displacing coal and limiting the growth of oil. However, the transition to clean energy is still progressing too slowly to meet the targets set by the Paris Agreement. While renewable energy continues to grow, some countries are struggling to meet their climate goals due to factors such as military spending and economic conditions. The cost of solar panels and battery technology is expected to decrease by 19% by 2030, leading to record levels of low carbon power. However, the growth of renewables and energy efficiency improvements are not happening at the rate recommended by the UN's climate body. DNV has also lowered its forecasts for wind power and hydrogen due to financing costs, supply chain issues, and other challenges. Carbon capture technology is not expected to make a significant contribution to emissions reductions. [Extracted from the article]

A new report from DNV, a Norwegian risk management company, suggests that global emissions have likely peaked due to the increasing affordability of solar panels and batteries, which are displacing coal and limiting the growth of oil. However, the transition to clean energy is still progressing too slowly to meet the targets set by the Paris Agreement. While renewable energy continues to grow, some countries are struggling to meet their climate goals due to factors such as military spending and economic conditions. The cost of solar panels and battery technology is expected to decrease by 19% by 2030, leading to record levels of low carbon power. However, the growth of renewables and energy efficiency improvements are not happening at the rate recommended by the UN's climate body. DNV has also lowered its forecasts for wind power and hydrogen due to financing costs, supply chain issues, and other challenges. Carbon capture technology is not expected to make a significant contribution to emissions reductions. [Extracted from the article]

Emma Pinchbeck has been appointed as the new head of the UK's Climate Change Committee, which advises the government on achieving its net-zero goals. Pinchbeck, who previously led the trade association Energy UK, will begin her role in November and will focus on sectors such as transport and industry for decarbonization. The Climate Change Committee is expected to have more influence under the new Labour government, which has exceeded the committee's clean power goals. The previous CEO of the committee, Chris Stark, is now responsible for ensuring the UK achieves a net-zero power sector by 2030. [Extracted from the article]

The remnants of Hurricane Kirk, now a post-tropical cyclone, are expected to hit France on Wednesday. The storm will bring strong wind gusts and up to a month's worth of rain to parts of the country, which is already dealing with saturated areas and struggling farmers. In addition, London will experience a drop in temperatures following the storm. Yellow storm warnings are in place for northwest France, and there are rain and flood alerts for the east. The heavy rain will further disrupt corn harvesting and wheat planting, which are already behind schedule due to the wettest September in 25 years. [Extracted from the article]

The UK has closed its last coal plant and will now rely on imports of electricity from Europe to meet peak demand. The country's network operator predicts that the buffer of spare capacity for this winter will widen to 8.8% due to increased imports and new interconnections with Denmark. However, despite improved supply margins, wholesale power prices remain high, leading to permanent demand destruction and financial struggles for households. There is also a risk of further increases in global gas prices, which could impact the UK. The system operator expects to issue alerts to balance supply and demand on occasion, particularly during periods of maintenance when nuclear plants won't be running. [Extracted from the article]

The UK has closed its last coal plant and will now rely on imports of electricity from Europe to meet peak demand. The country's network operator predicts that the buffer of spare capacity for this winter will widen to 8.8% due to increased imports and new interconnections with Denmark. However, despite improved supply margins, wholesale power prices remain high, leading to permanent demand destruction and financial struggles for households. There is also a risk of further increases in global gas prices, which could impact the UK. The system operator expects to issue alerts to balance supply and demand on occasion, particularly during periods of maintenance when nuclear plants won't be running. [Extracted from the article]

Commodities are experiencing a surge in prices due to various factors such as conflicts in the Middle East and Ukraine, extreme weather conditions, and supply chain disruptions. The Bloomberg Commodity Spot Index has reached its highest level since May, driven in part by the rally in gold prices. The gold-to-oil ratio has also been affected, with gold becoming relatively cheaper compared to oil. The expansion of solar power in Europe, particularly in Germany, is disrupting traditional energy economics and contributing to a rise in installations. The aluminum market is showing signs of a squeeze, with traders facing delays in withdrawing aluminum and increased costs for re-registering the metal. Corn prices in Brazil are at their highest level since January due to delayed soybean planting, which may impact the corn crop. [Extracted from the article]

Commodities are experiencing a surge in prices due to various factors such as conflicts in the Middle East, the war in Ukraine, extreme weather, and supply chain issues. The Bloomberg Commodity Spot Index has reached its highest level since May, driven in part by the rally in gold prices. The gold-to-oil ratio has also been affected, with gold becoming relatively cheaper compared to oil. The expansion of solar power in Europe, particularly in Germany, is disrupting traditional energy economics and contributing to a rise in installations. The aluminum market is facing a potential squeeze, with traders experiencing delays in withdrawing aluminum from the London Metal Exchange's system. Corn prices in Brazil are at their highest level since January due to a delayed soybean planting season, which could impact corn production. [Extracted from the article]

The UK government has announced a commitment to invest £21.7 billion ($28.5 billion) over 25 years in carbon capture technology, despite rising costs. This funding will be used to capture and store CO2 emissions from two industrial areas in Britain. However, due to increased supply chain costs, only three of the eight shortlisted projects will receive funding. The aim is to develop clusters that allow different emitters to share pipelines and storage sites. While this investment falls short of previous targets, it is seen as essential for achieving the government's goal of a clean grid by 2030. [Extracted from the article]

The increase in solar capacity in Europe is expected to meet most of the growth in electricity demand during the winter months. Power consumption from October to March is projected to rise by 2.2%, with new solar generation supplying up to 20 terawatt-hours. The expansion of solar power, particularly in Germany, has disrupted traditional energy economics in Europe, as it is cheaper and has a more favorable regulatory framework compared to nuclear and fossil-fuel generation. With renewable capacity outpacing consumption, the European power market is well-supplied for the peak demand season. Different weather scenarios could impact prices, with a colder winter potentially leading to a 14% increase in prices in Germany. [Extracted from the article]

French power prices for November have dropped by over 20% in a month due to strong generation from hydropower and nuclear sources. Heavy rainfall has increased the outlook for hydropower, while the nation's nuclear fleet has maintained steady output. However, geopolitical risks and uncertainty over Europe's natural gas supplies from Russia have helped support gas prices, limiting the decline in German power prices compared to those in France. The French contract for November fell to €75.30 per megawatt-hour, while the equivalent in Germany dropped to €87.22. [Extracted from the article]

Europe is expected to experience a colder winter than last year due to the arrival of a weakened La Niña, although temperatures will still be warmer than long-term averages. France, the UK, and Scandinavia are predicted to be the coldest parts of Europe in October, while southeast Europe and southern Spain will likely remain warm. The colder temperatures could put pressure on the region's power grids, but they have also helped Europe navigate an energy crisis as it reduces its reliance on Russian gas. La Niña is expected to bring cooler weather to Europe, and there is an 83% chance it will occur in November, December, and January. This phenomenon could also lead to drought in California, Brazil, and Argentina, and rain in Indonesia and Australia. The winter is forecast to have relatively cool temperatures and above-normal precipitation, potentially bringing more snowfall to parts of the continent. La Niña could also impact renewable energy generation by reducing wind speeds. Over the next few weeks, a series of storms from the Atlantic is expected to hit western and northern Europe, with some tropical systems contributing to heavy rainfall. [Extracted from the article]

UK electricity network operators have eliminated 10 gigawatts of stalled energy projects, known as "zombie" projects, in an effort to speed up the country's clean-power transition. These projects were either indefinitely stalled or speculative. However, there is still a queue of 726 gigawatts of transmission and distribution schemes, which is more than a third of what is needed to reach the UK's 2050 decarbonization targets. Network companies are closely monitoring the progress of projects in the queue and terminating connection contracts for those that have completely stalled. [Extracted from the article]

French electricity for next year is currently trading below its true value, according to BNP Paribas SA. The market has not yet factored in higher future demand and stronger exports. The bank believes that demand will start to increase again after the energy crisis curbed industrial use, and technical issues that have hampered exports are expected to be resolved soon. Power prices in Europe remain historically high, but the growth in renewables has helped keep rates in check. The bank expects that the surge in renewables will continue to outpace overall demand recovery in the next few years, but by 2026, increased electrification of the European economy will drive demand higher. [Extracted from the article]

Record rainfall in Europe in September that led to deadly floods was found to be twice as likely due to manmade climate change, according to a study by World Weather Attribution. The flooding affected several countries in central Europe, resulting in the death of 24 people and impacting almost two million individuals. The researchers used weather data and climate models to demonstrate the effects of climate change on weather patterns, and they predict that similar storms will become 50% more frequent in central Europe and drop 5% more rain if warming reaches 2C. Despite the lower death toll compared to previous flooding events, the impacts were still significant, causing widespread damage to homes and infrastructure. [Extracted from the article]

Record rainfall in Europe in September that led to deadly floods was found to be twice as likely due to manmade climate change, according to a study by World Weather Attribution. The flooding affected several countries in central Europe, resulting in the death of 24 people and impacting almost two million individuals. The researchers used weather data and climate models to demonstrate the effects of climate change on weather patterns, and they predict that similar storms will become 50% more frequent in central Europe and drop 5% more rain if warming reaches 2C. Despite the lower death toll compared to previous flooding events, the impacts were still significant, causing widespread damage to homes and infrastructure. [Extracted from the article]

Drax Group, the operator of the UK's largest power station, plans to invest $12.5 billion in building biomass power plants in the US over the next decade. The company aims to take advantage of generous subsidies available for clean energy through President Joe Biden's Inflation Reduction Act. The power plants will burn wood to generate electricity and capture emissions, but CEO Will Gardiner acknowledges that biomass has limitations and relies on sustainably regrown forests. Drax is also seeking more government subsidies in the UK to start a carbon capture project at its main plant. [Extracted from the article]

Severe flooding caused by Storm Boris has resulted in at least 17 deaths in central Europe. The Danube River, Europe's second-longest river, experienced historically high water levels, prompting governments in Austria, the Czech Republic, Poland, and Hungary to take emergency measures and allocate significant funds for cleanup efforts. The storm, which combined cold air from the north with moisture from the Mediterranean, may be indicative of the increasing intensity and frequency of extreme weather events due to climate change. The affected countries are also dealing with other weather-related challenges, such as wildfires in Portugal and heavy snowfall in the eastern Alps. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. It highlights the surge in gold prices, which has benefited gold miners and boosted investor enthusiasm. The article also mentions the falling premium of gasoline and diesel futures over crude oil, which could impact the outlook for oil refiners. Additionally, it discusses the impact of hot and dry weather on wheat crops and the potential comeback of nuclear energy. Lastly, it mentions the record-setting global temperatures and the impact of climate change on commodities markets. [Extracted from the article]

The death toll from flooding in central Europe is rising, with Poland considering declaring a state of emergency. Storm Boris has brought heavy rain to the region, with red alerts still in place for parts of Austria, the Czech Republic, Hungary, and southern Germany. The weather system is a result of a mix of cold air from the north and moisture from the warm waters of the Mediterranean and the Black Sea. Climate change is believed to be increasing the intensity and frequency of extreme weather events. The Czech Republic has seen thousands of people evacuated from their homes and widespread power outages, while Hungary is preparing for its worst flooding in over a decade. Austria is also experiencing disruptions to rail services and is bracing for heavier rain. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. It highlights the surge in gold prices, which has benefited gold miners and boosted investor enthusiasm. The article also mentions the falling premium of gasoline and diesel futures over crude oil, which could impact the outlook for oil refiners. Additionally, it discusses the impact of hot and dry weather on wheat crops and the potential comeback of nuclear energy. Lastly, it mentions the record-setting global temperatures and the increasing frequency and intensity of extreme weather events due to climate change. [Extracted from the article]

Heavy snowfall in the Alps is causing transportation disruptions, while southern Germany, Austria, and the Czech Republic are facing red alerts for heavy rain. Austrian railways have halted trains and issued a nationwide appeal to postpone travel. The cold weather system gripping Europe is a result of climate change, increasing the frequency and intensity of extreme weather events. Austria and the Czech Republic are also bracing for potential flooding. [Extracted from the article]

National Grid Plc has agreed to sell its Electricity System Operator (ESO) to the UK government for £630 million ($828 million). This move is part of the UK's efforts to achieve its clean energy goals and integrate new generation into the power grid. The ESO helps balance the power network across the country. The sale will lead to the establishment of a new independent organization called the National Energy System Operator, which will oversee electricity and gas network planning. The goal is to streamline the process and increase investor confidence in the energy transition. The new organization will begin its work on October 1, with former E.ON UK CEO Paul Golby as its chair and Fintan Slye, the current director of the ESO, as its CEO. The UK aims to reach its net zero target on the power grid by the end of the decade and expand its grid to transport wind power to demand centers. The National Energy System Operator will provide advice on reaching the 2030 target later this year. The transaction value is considered a fair market price. [Extracted from the article]

Large parts of Switzerland and Austria are preparing for unseasonal snowfall, while the Czech Republic is bracing for potentially severe flooding. Switzerland could see up to 45 centimeters of snow in the next two days, while Austria is expecting snow in central regions until September 16, with accumulations of up to 0.5 meters in Salzburg. The Czech Republic is anticipating heavy rainfall and flooding risks, with some areas expected to receive over 30 centimeters of rainfall. These extreme weather events highlight the increasing frequency of unusual weather patterns due to climate change. [Extracted from the article]

German year-ahead power prices have reached a four-month low due to concerns about the struggling economy and its potential impact on energy demand. Prices have fallen over 10% this month as winter approaches. The easing of concerns about gas flows from Russia has also contributed to the decline in benchmark futures. Power demand in Europe remains relatively low, with energy-efficiency improvements and a slow recovery in industrial activity being cited as driving factors. The next-year contract for power fell to about €86.80 per megawatt-hour, while the French equivalent traded at €73. [Extracted from the article]

German year-ahead power trading is nearing a four-month low due to the struggling economy in the region, which is impacting energy demand. Prices have dropped over 10% this month, and power demand remains relatively low in Germany, France, and Great Britain. Factors contributing to this include energy-efficiency improvements and a slow recovery in industrial activity. Additionally, temperatures are expected to remain above average from the end of September until mid-October, which will further impact electricity demand. [Extracted from the article]

UK power demand is expected to reach its highest level in months due to a cold snap across Europe, with temperatures in London dropping below those of last Christmas. Power demand is forecasted to increase to nearly 30 gigawatts on Thursday and Friday, the highest level since April. The cold weather could put pressure on the grid as the heating season approaches, particularly on less windy days when wind-power generation is lower. However, temperatures in London are expected to rise later this month. [Extracted from the article]

Ireland's recent clean-power auction fell short of the government's minimum projections, which aimed to keep up with the energy demands of data centers. The auction procured 2,071 gigawatt-hours of clean-power projects, while the government had anticipated between 2,500 and 4,500 gigawatt-hours. The successful projects will be operational by 2030, when Ireland plans to have 80% renewable electricity in its grid. However, there are concerns that these projects may not be enough to meet the goal, as Ireland is already falling short of its renewable energy targets. Data centers, which consume a significant amount of electricity, have contributed to the increased energy demands in Ireland. The country's electricity needs have risen due to hosting the European bases of Microsoft, Amazon, and Google. To manage energy constraints, the government has imposed conditions for connecting new data centers, including giving preference to those generating their own power. The latest auction procured about 1,334 megawatts of onshore wind and solar capacity, double the amount from the previous round. Despite this, Irish power prices remain high compared to other European countries, and renewable sources of energy are still not dominant in the energy mix. [Extracted from the article]

French power demand is increasing as temperatures drop in Europe. Power demand is expected to reach its highest level since July, exceeding 46 gigawatts on Thursday and Friday. The mean temperature in France will be the lowest since April, with Paris experiencing lows below 6C on Saturday. Cold weather and potential gas supply issues could put extra pressure on Europe's energy systems. French power prices for October delivery are trading at €68.95 per megawatt-hour, about 25% higher than the contract for August. [Extracted from the article]

The summer of 2024 was the hottest ever recorded in the Northern Hemisphere, with global temperatures 0.69C above historical averages. This surpasses the previous record set last year. Climate change is increasing the frequency and intensity of heat waves, leading to extreme weather events such as droughts, wildfires, storms, and flooding. The Mediterranean region and Eastern Europe experienced the most extreme conditions, while some areas like the UK, Iceland, parts of Ireland, the west coast of Portugal, and southern Norway were cooler than usual. The rising temperatures are posing threats to human health, causing deaths at outdoor activities around the world. China and the US had their hottest summers on record, and Australia experienced the hottest August since 1910. The shift from the El Niño to the La Niña weather pattern may bring less extreme heat but can also lead to droughts, flooding, and hurricanes. [Extracted from the article]

The summer of 2024 was the hottest ever in the Northern Hemisphere, with global temperatures 0.69C above historical averages. This surpasses the previous record set last year. Climate change is causing more frequent and intense heat waves, leading to extreme weather events such as droughts, wildfires, storms, and flooding. The global average temperature over the past year was 1.64C higher than pre-industrial levels, surpassing the 1.5C threshold considered dangerous for life on Earth. In Europe, temperatures were 1.54°C above the 1991-2020 average, with the Mediterranean region and Eastern Europe experiencing the most extreme conditions. The effects of El Niño are winding down, making way for the La Niña phenomenon, which can bring less extreme heat but also droughts, flooding, and hurricanes. [Extracted from the article]

The UK is considering revising its target of building 55 gigawatts of offshore wind capacity by 2030. Early analysis suggests that the country may need less offshore wind than previously anticipated. Demand for electricity is expected to increase by 2050, but the rise is more modest by 2030. Additionally, the supply of turbines, cranes, and ships is already strained, and the grid may be overwhelmed with power if not properly prepared. The government may use this analysis to back out of a target it is likely to miss. The UK currently has about 15 gigawatts of offshore wind capacity, the second-highest in the world after China. [Extracted from the article]

Thunderstorm warnings have been issued across Europe, including the UK and the French Riviera, while Germany experiences extreme heat. Climate change is contributing to the increase in heat waves, storms, and wildfires in the region. Parts of southern Germany are under a red alert for thunderstorms, and Greece has been hit hard by wildfires and storms. The Greek government has announced initiatives to mitigate climate change and reduce fire risks. [Extracted from the article]

Italian power prices have reached a nine-month high due to increased demand and the country's reliance on gas. Demand is expected to peak at 49.5 gigawatts, the highest level since August 2. Italy's reliance on gas exposes it to price spikes, unlike other European countries with higher solar and wind generation. In August, day-ahead prices in Italy averaged €127 per megawatt-hour, more than double the price in neighboring France. [Extracted from the article]

Greece is currently battling wildfires as temperatures rise and strong winds blow across the Aegean Sea. Firefighters are working to control outbreaks in Paiania and Demiri, while there is a high risk of fires in Athens, the Attica region, Peloponnese, and various islands. The country has experienced heat waves and forest fires this summer, with climate change contributing to the frequency and intensity of these events. Meanwhile, Storm Lilian, which includes the remnants of Hurricane Ernesto, is bringing strong winds and heavy rain to parts of the UK. [Extracted from the article]

Greece is facing an increased risk of wildfires due to rising temperatures and strong winds blowing across the Aegean Sea. The areas most at risk include Athens, the surrounding Attica region, northeast Peloponnese, and islands such as Lesvos, Samos, and Evia. The deployment of drones and cameras has helped authorities contain most of the outbreaks, but this summer has seen the highest number of blazes in over two decades. Meanwhile, Storm Lilian, which includes the remnants of Hurricane Ernesto, is bringing strong winds and heavy rain to parts of the UK, with wind gusts of up to 75 miles per hour. [Extracted from the article]

Greece is facing an increased risk of wildfires due to rising temperatures and strong winds blowing across the Aegean Sea. The areas most at risk include Athens, the surrounding Attica region, northeast Peloponnese, and islands such as Lesvos, Samos, and Evia. The deployment of drones and cameras has helped authorities contain most of the outbreaks, but this summer has seen the highest number of blazes in over two decades. Meanwhile, Storm Lilian, which includes the remnants of Hurricane Ernesto, is bringing strong winds and heavy rain to parts of the UK, with wind gusts of up to 75 miles per hour. [Extracted from the article]

The UK's energy price cap is set to increase by 10% in October, leading to higher bills for households during the winter heating season. The rise is driven by higher power and gas prices in wholesale markets. This increase comes at a time when new rules are limiting the number of pensioners eligible for heating subsidies, which may lead to criticism for Chancellor of the Exchequer Rachel Reeves. The price cap is expected to rise again by about 3% in January, making it difficult for the new government to fulfill its promise to lower bills. The rise in energy prices has been a factor in inflation and the cost of living crisis in Britain. Prime Minister Keir Starmer has proposed a state-owned energy company, Great British Energy, as a solution to lower bills through investment in renewable energy, but this may take time to have an impact. The Bank of England predicts that inflation will accelerate this year. Energy poverty charities have expressed concern about the impact of the price increase, with some estimating that 25% of UK residents may consider turning off their heating and hot water this winter. The increase in prices is largely due to higher futures contracts and supply risks related to the war in Ukraine and tension in the Middle East. [Extracted from the article]

The UK's energy price cap is set to rise by 10% in October, which will result in higher bills for households during the winter heating season. The increase, the largest since 2022, is determined by the regulator Ofgem every three months and will raise the cap to £1,717 ($2,251) from October 1. This comes at a time when new rules are limiting the number of pensioners eligible for heating subsidies, potentially causing criticism for Chancellor of the Exchequer Rachel Reeves. The price cap is expected to rise again in January, making it challenging for the new government to fulfill its promise of lowering bills. The rising energy tariffs have contributed to inflation and the cost of living crisis in Britain. Prime Minister Keir Starmer has proposed a state-owned energy company, Great British Energy, as a solution to lower bills through investment in renewable energy, but the benefits may take years to materialize. The Bank of England predicts inflation to increase this year, reaching 2.7% by the end of 2024. Energy poverty charities have expressed concerns about the impact of the subsidy reduction on pensioners, with a report from Citizens Advice indicating that a 10% increase in the price cap could lead to 25% of UK residents considering turning off their heating and hot water this winter. The price cap is influenced by wholesale power and gas prices, with the recent increase primarily attributed to global dynamics in gas markets related to geopolitical risks in the Middle East. [Extracted from the article]

Scotland is currently under yellow weather warnings due to the remnants of Hurricane Ernesto, which are bringing strong winds and heavy rain. The storm, named Lilian, is expected to bring over 100 millimeters of rain to western Scotland. Parts of northern Wales, northern England, and southern Scotland are also under a wind warning, with gusts of up to 75 miles per hour expected. The storm system could also impact Norway. The conditions have the potential to disrupt transportation in northern parts of the UK, including rail and ferry services. Thunderstorm alerts are also in place for parts of southern Europe. Climate change is increasing the frequency and intensity of extreme weather events, such as storms and wildfires. Greece and the surrounding region still face a high risk of wildfires, and authorities are currently combating forest fires in northeastern Greece and on the island of Madeira. [Extracted from the article]

Strong wind and solar output in Europe is causing energy prices to turn negative, as milder weather reduces demand. Germany experienced negative day-ahead prices for 8 hours, the lowest since July 13, due to an increase in wind generation. France, the Netherlands, Belgium, and parts of the Nordic region are also seeing negative prices. While renewable energy generation is expected to remain high, an increase in temperatures could lead to higher prices if cooling demand picks up. French nuclear operator Electricite de France SA has shut off one of its power plants due to suppressed prices. [Extracted from the article]