Earlier this week, the price on gas contracts in Europe went briefly negative. It was obvious this was a bubble, and a dive into the justifications for negative prices shows the whole thing was based on market speculation. I wrote an article for UnHerd noting that false signals like these were extremely dangerous because they breed complacency about the energy crisis.
This may be a repeat because I don't know what happened to my first attempt.
Chris Giles article has disappeared behind a paywall but, as I remember, his main point was that the market has responded by reducing demand for energy (e. g. moving energy intensive stages of production to other continents) - other factors such as increasing alternative sources and LNG are contributors but he does not claim they are decisive by themselves. You don't address this at all.
The EU renewable generation **is** a record in terms of absolute numbers (which is much more meaningful than a record % increase). It was 39 TWH - the next highest was 2019 at 32 TWH.
A brilliant analysis Philip and I have included it in my 'Letter from Great Britain' for this Saturday [with acknowledgement of course] ; here's last week's Letter for your consideration. Please let me know if you don't want me to post it: https://austrianpeter.substack.com/p/hmg-omni-shambles-remoaner-coup-who?utm_source=post-email-title&publication_id=762792&post_id=79971341&isFreemail=false&utm_medium=email
BTW: Winter in UK at least, begins in December (early winter), January is mid-winter and February is late winter, according to Met. Office protocol. Which means that March is early spring but you would never believe in this crazy island 50 deg N of the equator and not far off the arctic circle. Let's hope the Gulf Stream holds during this cycle of geomagnetic pole shift or we'll be knee deep in ice!