New president at Manitoba Hydro to navigate turmoil at Crown corporation

UK Energy Network Profits are under scrutiny as Ofgem price controls, Citizens Advice claims, and National Grid margins spark debate over monopolies, allowed returns, consumer bills, rebates, and future investment under tougher regulation.

Key Points

UK Energy Network Profits are returns set by Ofgem for regulated grid operators, shaping consumer bills and investment

✅ Ofgem sets allowed returns for monopoly networks via price controls

✅ Dispute over interest rates, bond yields, and risk premiums

✅ Reforms proposed: shorter controls, tougher investor incentives

Companies that run Britain’s electricity and gas networks, including National Grid, are making “eye-watering” profits at the expense of households, according to a well-known consumer group.

Citizens Advice believes £7.5bn in “unjustified” profits should be returned to consumers who pay for network costs via their electricity and gas bills, with parallels seen in a deferred BC Hydro costs report abroad, although its figures have been contested by the energy industry and regulator.

Ownership of electricity and gas networks came under the spotlight in the run-up to June’s general election, after the Labour party said in its manifesto it would bring both national and regional grid infrastructure to back into public ownership, amid wider debates about grid privatization concerns elsewhere, over time.

Electricity sector privatisation began in 1990 and the gas industry was privatised in 1986. Energy network companies — which own and operate the cables and wires that help deliver electricity and gas to homes and businesses — are in effect monopolies that are regulated by Ofgem. Ofgem evaluates what their costs, including the cost of capital to finance investments, might be over an eight-year “price control” period, similar to determinations like the OEB decision on Hydro One rates in Ontario, Canada. Citizens Advice claims many of the regulator’s calculations for the most recent price control went “considerably in networks’ financial favour”.

It believes assumptions Ofgem made about factors such as the future path of interest rates and returns on government bonds were too generous, with international contrasts like power theft challenges in India illustrating different risk contexts, as was the regulator’s assessment of the risk associated with operating a network company. 

These “generous” assumptions will lead to network companies making average profit margins of 19 per cent and an average return of 10 per cent for their investors at the expense of consumers, Citizens Advice claims in a report published on Wednesday, which recommends a shorter price control period to allow for more accurate forecasting.

“Decisions made by Ofgem have allowed gas and electricity network companies to make sky-high profits that we’ve found are not justified by their performance,” said Gillian Guy, chief executive of Citizens Advice. Ofgem defended its regulatory regime, saying it helped to cut costs, improve reliability and customer satisfaction. 

“Ofgem has already cut costs to consumers by 6 per cent in the current price control and secured a rebate of over £4.5bn from network companies and is engaging with the industry to deliver further savings, with some regions seeing Ontario electricity rate reductions for businesses as well,” said Dermot Nolan, chief executive of the energy regulator.

Mr Nolan insisted the next price controls would be “tougher for investors”. The current price controls for the gas and electricity transmission networks, plus gas distribution, run until 2021 and until 2023 for local electricity distribution networks.

“While we don’t agree with its modelling and the figures it has produced, the Citizens Advice report raises some important issues about network regulation which will be addressed in the next control,” Mr Nolan said.

The Energy Networks Association, a trade body, refuted the claims of Citizens Advice, insisting that costs had fallen by 17 per cent in real terms since privatisation. The current regulatory framework was established after a public consultation, it said, adding that today’s report repeated several old claims that had previously been rejected by the Competition and Markets Authority.

“Our energy networks are among the most reliable and lowest cost in the world and their performance has never been better. In the next six years energy network companies are forecasted to deliver £45bn of investment in the UK economy,” a spokesman for the networks association added. National Grid said that since 2013 it had generated savings of £460m for bill payers.

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EV Decarbonization Strategy weighs life-cycle emissions and climate targets, highlighting mode shift to public transit, cycling, and walking, grid decarbonization, renewable energy, and charging infrastructure to cut greenhouse gases while reducing private car dependence.

Key Points

A plan to cut transport emissions by pairing EV adoption with mode shift, clean power, and less private car use.

✅ Prioritize mode shift: transit, cycling, and walking.

✅ Electrify remaining vehicles with clean, renewable power.

✅ Expand charging, improve batteries, and manage critical minerals.

California recently announced that it plans to ban the sales of gas-powered vehicles by 2035, a move similar to a 2035 electric vehicle mandate seen elsewhere, Ontario has invested $500 million in the production of electric vehicles (EVs) and Tesla is quickly becoming the world's highest-valued car company.

It almost seems like owning an electric vehicle is a silver bullet in the fight against climate change, but it isn't, as a U of T study explains today. What we should also be focused on is whether anyone should use a private vehicle at all.
 
As a researcher in sustainable mobility, I know this answer is unsatisfying. But this is where my latest research has led.

Battery EVs, such as the Tesla Model 3 - the best selling EV in Canada in 2020 - have no tailpipe emissions. But they do have higher production and manufacturing emissions than conventional vehicles, and often run on electricity that comes from fossil fuels.

Almost 18 per cent of the electricity generated in Canada came from fossil fuels in 2019, and even as Canada's EV goals grow more ambitious today, the grid mix varies from zero in Quebec to 90 per cent in Alberta.
 
Researchers like me compare the greenhouse gas emissions of an alternative vehicle, such as an EV, with those of a conventional vehicle over a vehicle lifetime, an exercise known as a life-cycle assessment. For example, a Tesla Model 3 compared with a Toyota Corolla can provide up to 75 per cent reduction in greenhouse gases emitted per kilometre travelled in Quebec, but no reductions in Alberta.

Hundreds of millions of new cars

To avoid extreme and irreversible impacts on ecosystems, communities and the overall global economy, we must keep the increase in global average temperatures to less than 2 C - and ideally 1.5 C - above pre-industrial levels by the year 2100.

We can translate these climate change targets into actionable plans. First, we estimate greenhouse gas emissions budgets using energy and climate models for each sector of the economy and for each country. Then we simulate future emissions, taking alternative technologies into account, as well as future potential economic and societal developments.

I looked at the U.S. passenger vehicle fleet, which adds up to about 260 million vehicles, while noting the potential for Canada-U.S. collaboration in this transition, to answer a simple question: Could the greenhouse gas emissions from the sector be brought in line with climate targets by replacing gasoline-powered vehicles with EVs?

The results were shocking. Assuming no changes to travel behaviours and a decarbonization of 80 per cent of electricity, meeting a 2 C target could require up to 300 million EVs, or 90 per cent of the projected U.S. fleet, by 2050. That would require all new purchased vehicles to be electric from 2035 onwards.

To put that into perspective, there are currently 880,000 EVs in the U.S., or 0.3 per cent of the fleet. Even the most optimistic projections, despite hype about an electric-car revolution gaining steam, from the International Energy Agency suggest that the U.S. fleet will only be at about 50 per cent electrified by 2050.

Massive and rapid electrification

Still, 90 per cent is theoretically possible, isn't it? Probably, but is it desirable?

In order to hit that target, we'd need to very rapidly overcome all the challenges associated with EV adoption, such as range anxiety, the higher purchase cost and availability of charging infrastructure.
 
A rapid pace of electrification would severely challenge the electricity infrastructure and the supply chain of many critical materials for the batteries, such as lithium, manganese and cobalt. It would require vast capacity of renewable energy sources and transmission lines, widespread charging infrastructure, a co-ordination between two historically distinct sectors (electricity and transportation systems) and rapid innovations in electric battery technologies. I am not saying it's impossible, but I believe it's unlikely.

Read more: There aren't enough batteries to electrify all cars - focus on trucks and buses instead

So what? Shall we give up, accept our collective fate and stop our efforts at electrification?

On the contrary, I think we should re-examine our priorities and dare to ask an even more critical question: Do we need that many vehicles on the road?

Buses, trains and bikes

Simply put, there are three ways to reduce greenhouse gas emissions from passenger transport: avoid the need to travel, shift the transportation modes or improve the technologies. EVs only tackle one side of the problem, the technological one.

And while EVs do decrease emissions compared with conventional vehicles, we should be comparing them to buses, including leading electric bus fleets in North America, trains and bikes. When we do, their potential to reduce greenhouse gas emissions disappears because of their life cycle emissions and the limited number of people they carry at one time.

If we truly want to solve our climate problems, we need to deploy EVs along with other measures, such as public transit and active mobility. This fact is critical, especially given the recent decreases in public transit ridership in the U.S., mostly due to increasing vehicle ownership, low gasoline prices and the advent of ride-hailing (Uber, Lyft)

Governments need to massively invest in public transit, cycling and walking infrastructure to make them larger, safer and more reliable, rather than expanding EV subsidies alone. And we need to reassess our transportation needs and priorities.

The road to decarbonization is long and winding. But if we are willing to get out of our cars and take a shortcut through the forest, we might get there a lot faster.

Author: Alexandre Milovanoff - Postdoctoral Researcher, Environmental Engineering, University of Toronto 

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European Gas Prices hit pre-invasion lows as LNG inflows, EU storage gains, and softer oil markets ease the energy crisis, while recession risks, windfall taxes, and ExxonMobil's challenge shape demand and policy.

Key Points

European gas prices reflect supply, LNG inflows, storage, and policy, shaping energy costs for households and industry.

✅ Month-ahead hit €76.78/MWh, rebounding to €85.50/MWh.

✅ EU storage 83.2% filled; autumn peak exceeded 95%.

✅ Demand tempered by recession risks; LNG inflows offset Russian cuts.

European gas prices have dipped to a level last seen before Russia launched its invasion of Ukraine in February, after warmer weather across the continent eased concerns over shortages and as coal demand dropped across Europe during winter.

The month-ahead European gas future contract dropped as low as €76.78 per megawatt hour on Wednesday, the lowest level in 10 months, amid EU talks on gas price cap strategies that could shape markets, before closing higher at €83.70, according to Refinitiv, a data company.

The invasion roiled global energy markets, serving as a wake-up call to ditch fossil fuels for policymakers, and forced European countries, including industrial powerhouse Germany, to look for alternative suppliers to those funding the Kremlin. Europe had continued to rely on Russian gas even after its 2014 annexation of Crimea and support for separatists in eastern Ukraine.

On Tuesday 83.2% of EU gas storage was filled, data from industry body Gas Infrastructure Europe showed. The EU in May set a target of filling 80% of its gas storage capacity by the start of November to prepare for winter, and weighed emergency electricity measures to curb prices as needed. It hit that target in August, and by mid-November it had peaked at more than 95%.

Gas prices bounced further off the 10-month low on Thursday to reach €85.50 per megawatt hour.

Europe has several months of domestic heating demand ahead, and some industry bosses believe energy shortages could also be a problem next winter, with a worst energy nightmare still possible if supplies tighten. However, traders have also had to weigh the effects of recessions expected in several big European economies, which could dent energy demand.

UK gas prices have also dropped back from their highs earlier this year, and forecasts suggest UK energy bills to drop in April. The day-ahead gas price closed at 155p per therm on Wednesday, compared with 200p/therm at the start of 2022, and more than 500p/therm in August.

Europe’s response to the prospect of gas shortages also included campaigns to reduce energy use – a strategy belatedly adopted by the UK – and windfall taxes on energy companies to help raise revenues for governments, many of which have started expensive subsidies to cushion the impact of high energy prices for households and consumers. Energy companies have enjoyed huge profits at the expense of businesses and households this year, as EU inflation accelerated, but costs remained much the same.

However, the US oil company ExxonMobil on Wednesday launched a legal challenge against EU plans for a windfall tax on oil companies, according to filings by its German and Dutch subsidiaries at the European general court in Luxembourg. ExxonMobil argued that the windfall tax would be “counter-productive” because it said it would result in lower investment in fossil fuel extraction, and that the EU did not have the legal jurisdiction to impose it.

ExxonMobil’s move has prompted anger among European politicians. A message posted on the Twitter account of Paolo Gentiloni, the EU’s commissioner for the economy, on Thursday stated: “Fairness and solidarity, even for corporate giants. #Exxon.”

Oil prices are significantly lower than they were before the start of Russia’s invasion, and only marginally above where they were at the start of 2022. Brent crude oil futures traded at $100 a barrel on 28 February, but were at $81.84 on Thursday.

Oil prices dropped by 1.7% on Thursday. Prices had risen from 12-month lows in early December as traders hoped for increased demand from China after it relaxed its coronavirus restrictions. However, Covid-19 infection numbers are thought to have surged in the country, prompting the US to require travellers from China to show a negative test for the disease and tempering expectations for a rapid increase in oil demand.

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European Electricity Market Trends 2020 highlight decarbonisation, rising renewables, EV adoption, shifting energy mix, COVID-19 impacts, fuel switching, hydro, wind and solar growth, gas price dynamics, and wholesale electricity price increases.

Key Points

EU power in 2020 saw lower emissions, more renewables, EV growth, demand shifts, and higher wholesale prices.

✅ Power sector CO2 down 14% on higher renewables, lower coal

✅ Renewables 39% vs fossil 36%; hydro, wind, solar expanded

✅ EV share hit 17%; wholesale prices rose with gas, ETS costs

According to the Market Observatory for Energy DG Energy report, the COVID-19 pandemic and favorable weather conditions are the two key drivers of the trends experienced within the European electricity market in 2020. However, the two drivers were exceptional or seasonal.

The key trends within Europe’s electricity market include:

1. Decrease in power sector’s carbon emissions

As a result of the increase in renewables generation and decrease in fossil-fueled power generation in 2020, the power sector was able to reduce its carbon footprint by 14% in 2020. The decrease in the sector’s carbon footprint in 2020 is similar to trends witnessed in 2019 when fuel switching was the main factor behind the decarbonisation trend.

However, most of the drivers in 2020 were exceptional or seasonal (the pandemic, warm winter, high
hydro generation). However, the opposite is expected in 2021, with the first months of 2021 having relatively cold weather, lower wind speeds and higher gas prices, with stunted hydro and nuclear output also cited, developments which suggest that the carbon emissions and intensity of the power sector could rise.

The European Union is targeting to completely decarbonise its power sector by 2050 through the introduction of supporting policies such as the EU Emissions Trading Scheme, the Renewable Energy Directive and legislation addressing air pollutant emissions from industrial installations, with expectations that low-emissions sources will cover most demand growth in the coming years.

According to the European Environment Agency, Europe halved its power sector’s carbon emissions in 2019 from 1990 levels.

2. Changes in energy consumption

EU consumption of electricity fell by -4% as majority of industries did not operate at full level during the first half of 2020. Although majority of EU residents stayed at home, meaning an increase in residential energy use, rising demand by households could not reverse falls in other sectors of the economy.

However, as countries renewed COVID-19 restrictions, energy consumption during the 4th quarter was closer to the “normal levels” than in the first three quarters of 2020. 

The increase in energy consumption in the fourth quarter of 2020 was also partly due to colder temperatures compared to 2019 and signs of surging electricity demand in global markets.

3. Increase in demand for EVs

As the electrification of the transport system intensifies, the demand for electric vehicles increased in 2020 with almost half a million new registrations in the fourth quarter of 2020. This was the highest figure on record and translated into an unprecedented 17% market share, more than two times higher than in China and six times higher than in the United States.

However, the European Environment Agency (EEA)argues that the EV registrations were lower in 2020 compared to 2019. EEA states that in 2019, electric car registrations were close to 550 000 units, having reached 300 000 units in 2018.

4. Changes in the region’s energy mix and increase in renewable energy generation

The structure of the region’s energy mix changed in 2020, according to the report.

Owing to favorable weather conditions, hydro energy generation was very high and Europe was able to expand its portfolio of renewable energy generation such that renewables (39%) exceeded the share of fossil fuels (36%) for the first time ever in the EU energy mix.

Rising renewable generation was greatly assisted by 29 GW of wind and solar capacity additions in 2020, which is comparable to 2019 levels. Despite disrupting the supply chains of wind and solar resulting in project delays, the pandemic did not significantly slow down renewables’ expansion.

In fact, coal and lignite energy generation fell by 22% (-87 TWh) and nuclear output dropped by 11% (-79 TWh). On the other hand, gas energy generation was not significantly impacted owing to favorable prices which intensified coal-to-gas and lignite-to-gas switching, even as renewables crowd out gas in parts of the market.

5. Retirement of coal energy generation intensify

 As the outlook for emission-intensive technologies worsens and carbon prices rise, more and more early coal retirements have been announced. Utilities in Europe are expected to continue transitioning from coal energy generation under efforts to meet stringent carbon emissions reduction targets and as they try to prepare themselves for future business models that they anticipate to be entirely low-carbon reliant.

6. Increase in wholesale electricity prices

In recent months, more expensive emission allowances, along with rising gas prices, have driven up wholesale electricity prices on many European markets to levels last seen at the beginning of 2019. The effect was most pronounced in countries that are dependent on coal and lignite. The wholesale electricity prices dynamic is expected to filter through to retail prices.

The rapid sales growth in the EVs sector was accompanied by expanding charging infrastructure. The number of high-power charging points per 100 km of highways rose from 12 to 20 in 2020.

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Electricity Security and Firm Capacity underpin reliable supply, balancing variable renewables with grid flexibility via gas plants, nuclear power, hydropower, battery storage, and demand response, safeguarding telework, e-commerce, and critical healthcare operations.

Key Points

Ability to meet demand by combining firm generation and flexible resources, keeping grids stable as renewables grow.

✅ Balances variable renewables with dispatchable generation

✅ Rewards flexibility via capacity markets and ancillary services

✅ Enhances grid stability for critical loads during low demand

The huge disruption caused by the coronavirus crisis, and the low-carbon electricity lessons drawn from it, has highlighted how much modern societies rely on electricity and how firm capacity, such as that provided by nuclear power, is a crucial element in ensuring supply, International Energy Agency (IEA) Executive Director Fatih Birol said.

In a commentary posted on LinkedIn, Birol said: "The coronavirus crisis reminds us of electricity's indispensable role in our lives. It's also providing insights into how that role is set to expand and evolve in the years and decades ahead."

Reliable electricity supply is crucial for teleworking, e-commerce, operating ventilators and other medical equipment, among all its other uses, he said, adding that the hundreds of millions of people who live without any access to electricity are far more vulnerable to disease and other dangers.

"Although new forms of short-term flexibility such as battery storage are on the rise, and initiatives like UK home virtual power plants are emerging, most electricity systems rely on natural gas power plants - which can quickly ramp generation up or down at short notice - to provide flexibility, underlining the critical role of gas in clean energy transitions," Birol said.

"Today, most gas power plants lose money if they are used only from time to time to help the system adjust to shifts in demand. The lower levels of electricity demand during the current crisis are adding to these pressures. Hydropower, an often forgotten workhorse of electricity generation, remains an essential source of flexibility.

"Firm capacity, including nuclear power in countries that have chosen to retain it as an option, is a crucial element in ensuring a secure electricity supply even as soaring electricity and coal use complicate transitions. Policy makers need to design markets that reward different sources for their contributions to electricity security, which can enable them to establish viable business models."

In most economies that have taken strong confinement measures in response to the coronavirus - and for which the IEA has available data - electricity demand has declined by around 15%, largely as a result of factories and businesses halting operations, and in New York City load patterns were notably reshaped during lockdowns. If electricity demand falls quickly while weather conditions remain the same, the share of variable renewables like wind and solar can become higher than normal, and low-emissions sources are set to cover almost all near-term growth.

"With weaker electricity demand, power generation capacity is abundant. However, electricity system operators have to constantly balance demand and supply in real time. People typically think of power outages as happening when surging electricity demand overwhelms supply. But in fact, some of the most high-profile blackouts in recent times took place during periods of low demand," Birol said.

"When electricity from wind and solar is satisfying the majority of demand, and renewables poised to eclipse coal by 2025 are reshaping the mix, systems need to maintain flexibility in order to be able to ramp up other sources of generation quickly when the pattern of supply shifts, such as when the sun sets. A very high share of wind and solar in a given moment also makes the maintenance of grid stability more challenging."

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New York Renewable Energy Contracts secure 23 projects totaling 2.3 GW, spanning offshore wind, solar, and battery storage under CLCPA goals, advancing 70% by 2030, a carbon-free 2040 grid, grid reliability, and green jobs.

Key Points

State agreements securing 23 wind, solar, and storage projects (2.3 GW) to meet CLCPA clean power targets.

✅ 2.3 GW across 23 wind, solar, and storage projects statewide

✅ Supports 70% renewables by 2030; carbon-free grid by 2040

✅ Drives emissions cuts, grid reliability, and green jobs

In a significant milestone for the state’s clean energy ambitions, New York has finalized contracts with 23 renewable energy projects, as part of large-scale energy projects underway in New York, totaling a combined capacity of 2.3 gigawatts (GW). This move is part of the state’s ongoing efforts to accelerate its transition to renewable energy, reduce carbon emissions, and meet the ambitious targets set under the Climate Leadership and Community Protection Act (CLCPA), which aims to achieve a carbon-free electricity grid by 2040.

A Strong Commitment to Renewable Energy

The 23 projects secured under these contracts represent a diverse range of renewable energy sources, including wind, solar, and battery storage. Together, these projects are expected to contribute significantly to New York’s energy grid, generating enough clean electricity to power millions of homes. The deal is a key component of New York’s broader strategy to achieve a 70% renewable energy share in the state’s electricity mix by 2030 and to reduce greenhouse gas emissions by 85% by 2050.

Governor Kathy Hochul celebrated the agreements as a major step forward in the state’s commitment to combating climate change while creating green jobs and economic opportunities. “New York is leading the nation in its clean energy goals, and these projects will help us meet our bold climate targets while delivering reliable and affordable energy to New Yorkers,” Hochul said in a statement.

The Details of the Contracts

The 23 projects span across various regions of the state, with an emphasis on areas that are well-suited for renewable energy development, such as upstate New York, which boasts vast open spaces ideal for large-scale solar and wind installations and the state is investigating sites for offshore wind projects along the coast. The contracts finalized by the state will ensure a steady supply of clean power from these renewable sources, helping to stabilize the grid and reduce reliance on fossil fuels.

A significant portion of the new renewable capacity will come from offshore wind projects, which have become a cornerstone of New York’s renewable energy strategy. Offshore wind has the potential to provide large amounts of electricity, and the state recently greenlighted the country's biggest offshore wind farm to date, taking advantage of the state's proximity to the Atlantic Ocean. Several of the contracts finalized include offshore wind farm projects, which are expected to be operational within the next few years.

In addition to wind energy, solar power continues to be a critical component of the state’s renewable energy strategy. The state has already made substantial investments in solar energy, having achieved solar energy goals ahead of schedule recently, and these new contracts will further expand the state’s solar capacity. The inclusion of battery storage projects is another important element, as energy storage solutions are vital to ensuring that renewable energy can be effectively utilized, even when the sun isn’t shining or the wind isn’t blowing.

Economic and Job Creation Benefits

The finalization of these 23 contracts will not only bring significant environmental benefits but also create thousands of jobs in the renewable energy sector. Construction, maintenance, and operational jobs will be generated throughout the life of the projects, benefiting communities across the state, including areas near Long Island's South Shore wind proposals that stand to gain from new investment. The investment in renewable energy is expected to support New York’s recovery from the economic impacts of the COVID-19 pandemic, contributing to the state’s clean energy economy and providing long-term economic stability.

The state's focus on clean energy also provides opportunities for local businesses, highlighted by the first Clean Energy Community designation in the state, as many of these projects will require services and materials from within New York State. Additionally, Governor Hochul’s administration has made efforts to ensure that disadvantaged communities and workers from underrepresented backgrounds will have access to job training and employment opportunities within the renewable energy sector.

The Path Forward: A Clean Energy Future

New York’s aggressive move toward renewable energy is indicative of the state’s commitment to addressing climate change and leading the nation in clean energy innovation. By locking in contracts for these renewable energy projects, the state is not only securing a cleaner future but also ensuring that the transition is fair and just for all communities, particularly those that have been historically impacted by pollution and environmental degradation.

While the finalized contracts mark a major achievement, the state’s work is far from over. The completion of these 23 projects is just one piece of the puzzle in New York’s broader strategy to decarbonize its energy system. To meet its ambitious targets under the CLCPA, New York will need to continue investing in renewable energy, energy storage, grid modernization, and energy efficiency programs.

As New York moves forward with its clean energy transition, and as BOEM receives wind power lease requests in the Northeast, the state will likely continue to explore new technologies and innovative solutions to meet the growing demand for renewable energy. The success of the 23 finalized contracts serves as a reminder of the state’s leadership in the clean energy space and its ongoing efforts to create a sustainable, low-carbon future for all New Yorkers.

New York’s decision to finalize contracts with 23 renewable energy projects totaling 2.3 gigawatts represents a bold step toward meeting the state’s clean energy and climate goals. These projects, which include a mix of wind, solar, and energy storage, will contribute significantly to reducing the state’s reliance on fossil fuels and lowering greenhouse gas emissions. With the additional benefits of job creation and economic growth, this move positions New York as a leader in the nation’s transition to renewable energy and a sustainable future.

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