Kelly Paul

It would simultaneously help the continent save EUR 9bn a year in gas purchases from 2030 and tackle the recent surge in negative prices and falling capture rates arising from Europe's solar boom, the energy think tank added in a new study.

The Dutch TTF October contract last traded at EUR 37.75/MWh, down by EUR 0.14 on the day, but up EUR 3.31/MWh, or 9.6% on the week on Ice Endex. On Thursday, it hit EUR 37.97/MWh, the highest level since 3 September.

In the benchmark Dutch TTF trading hub, the new front-month November contract last traded up EUR 0.21 at EUR 38.80/MWh on Ice Endex.

The Dec 24 EUA contract was last seen down EUR 2.10 at EUR 63.46/t on Ice Endex. Earlier, it sank to EUR 62.75/t, its lowest since 19 September.

The Dutch TTF front-month contract was last seen down EUR 0.43 at EUR 38.85/MWh on Ice Endex. Earlier in the session, it surged to EUR 40.55/MWh, its highest since 12 August, following an escalation of the conflict in the Middle East.

European hydropower, solar and wind Cal 24 GOs were quoted between EUR 0.55-0.60/MWh, while Cal 25 certificates were between EUR 1.30-1.40/MWh. This compared with around EUR 0.65/MWh for Cal 24 GOs and a range of EUR 1.36-1.45/MWh for Cal 25 GOs last week.

The so-called HyNet project will help decarbonise one of the UK's most energy-intensive industrial regions by capturing carbon emissions before they reach the atmosphere and storing them under the seabed, the government said in a statement.

This was the operator's highest forecast in five years and comparable with its preliminary forecast published in June, Neso added in its winter outlook report on Tuesday. The forecast assumes peak average demand during a cold spell at 59.8 GW.

Under the IEA's main case scenario, onshore wind capacity would reach 310 GW, falling short of a target of 400 GW, while offshore wind would reach 60 GW, just over half of the 2030 target of 111 GW, the IEA added in its annual Renewables report for 2024.

That risk could arise from geopolitical tensions, extreme weather “or even a simple industrial accident”, the IEA's chief energy economist Tim Gould said during the presentation of the agency's latest World Energy Outlook.