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Stable SP with slow upward trend is better than wild fluctuations. We know that there are solid foundations that will confound the shorters long term.

The fact that it exists on this scale is a major recognition for ITM in itself. The relationship and experience of former Linde executives now at the helm of ITM will continue to act as a catalyst moving forward. Dennis could not of course say this.

Amy's final remarks on her impressions of ITM were excellent and very encouraging, especially regarding the marketplace. We know there is much that they cannot say but this was a very good indicator of what lies ahead in the near future imho.

Sad they couldn't work a way around the Coleshill problem.

Https://www.res-group.com/resources/videos/helping-industry-use-green-hydrogen-in-northern-sweden/

ITM are not involved (yet) but a good example of how Green hydrogen can help small communities in remote areas to grow instead of dying.

IN BRIEF: ITM Power hails 12.5 megawatt contract with Octopus Energy

ITM Power PLC - Sheffield, England-based green hydrogen electrolyser designer and manufacturer - Signs 12.5 megawatt contract with a project managed by Octopus Energy Generation to deploy its Neptune V containerised green hydrogen systems at Kimberly-Clark Corp's Northfleet manufacturing plant in Gravesend, Kent. The project will produce green hydrogen to decarbonise the paper-making process used to manufacture Andrex products. Andrex is a toilet roll brand owned by Kimberly-Clark.

Https://www.coleshill-greenhydrogen.co.uk/about-hyro/

Or lease large land plots to each of the supporting nations for military exercises and training.

Trump chaos is their elixir.

Bank of England alarm as hedge fund gilt bets hit £100bn

Sudden economic or financial shock risks triggering ‘fire sales’ in UK bonds, officials warn

The Bank of England in the City of London

Bank of England data show hedge funds had borrowed £99.9bn from banks to recycle back into gilts as of the end of November.

Hedge funds have placed a £100bn bet on gilts that the Bank of England believes has left Britain dangerously exposed to a bond market meltdown.

Andrew Bailey will face questions from MPs this week after Threadneedle Street expressed alarm over trades that allow hedge funds to borrow huge amounts of cash from banks using gilts as collateral.

The Governor of the Bank of England has warned that volatility in the bond market is unavoidable.

Officials are now concerned that trading by hedge funds could pose risks to the financial system. They face less regulatory scrutiny than banks but control a growing share of global money.

Hedge funds have opposed proposals by regulators to limit risk-taking on gilts

Likely before the end of Jan. Then Feb and March also. Dyor

Many thanks JJ7 - a very useful summary and reminder of the solid prospects for 2026 and beyond.

Exciting year ahead and I don't doubt the shorters will be long gone this time next year. Solid foundations in place. GLA.

No

This is the Octopus CEO's case for regional pricing for those interested.

https://youtu.be/8-WUhBtB_CM?si=JfrbKoJXrekjhDQx

He created a $10b energy company in 8 years as a disruptor challenging conventional ways of delivery and lowering prices - I am no expert but he seems to know what he is talking about ....

AI ..

Greg Jackson, CEO of Octopus Energy, is a strong advocate for regional (or zonal) electricity pricing in the UK, arguing it would make energy cheaper for everyone by aligning costs with local supply, especially reducing bills in areas with abundant renewables like Scotland, boosting investment, and cutting waste in the grid. He claims it would create a fairer system, allowing cheap green energy to be used locally instead of being curtailed, saving billions and attracting energy-hungry industries away from congested areas, though some competitors argue it creates risk and instability.

Key Points of his Argument:

Lower Bills: Zonal pricing would make energy cheaper in every region, saving billions nationally, with huge potential savings in Scotland where surplus green energy is currently wasted or sold cheaply abroad.

Efficiency & Investment: It encourages building grid infrastructure and locating energy-intensive industries (like data centers) near renewable sources (e.g., Scotland), boosting the economy.

Fairness: He argues the current system unfairly penalizes areas with high renewable generation, paying generators to turn off cheap power while consumers pay high prices.

Market Reform: Jackson sees it as a necessary fix to an outdated system built for coal, promoting a more productive, efficient, and green energy market.

Criticism of Opposition: He suggests resistance comes from large generators who profit from the current system, not from consumers or genuine investment concerns,

Key Figures & Facts for H1 2025:

Total Curtailment: Over 4.6 TWh of renewable energy (mostly wind) curtailed in Great Britain.

Payments: £152 million paid to generators for being switched off.

Hotspot: Northern Scotland accounted for over 86% of GB curtailment, costing over £116m.

Cause: A mismatch between abundant wind generation in remote areas and insufficient transmission capacity to deliver it to demand centres.

Why it's Happening:

Grid Constraints: The existing transmission network can't handle peak wind power, especially from Scotland, risking overload.

Balancing Mechanism: National Grid's system operator pays wind farms to stop generating to maintain grid stability (Balancing Mechanism), while also paying gas plants to ramp up or importing power to meet demand.

Impact & Outlook:

Consumer Cost: Curtailment costs are passed to consumers via energy bills.

Future Projections: Payments are expected to rise until at least 2029 due to ongoing grid build-out delays, despite billions invested by National Grid.

Potential Solutions: Advocates like Octopus Energy and National Grid ESO support zonal pricing and grid expansion (like new subsea links) to improve efficiency and reduce curtailment.

He is on the Board of Cabinet Office.

...must watch interview he majors on hugely wasteful constraint payments that we can help fix.

https://youtu.be/R5ssyFaUkR0?si=yxgq-wjeYkyExGLF