Energy Markets Weekly: Renewables strength caps prompt while outages briefly jar the system

Late September was dominated by strong renewable output, high storage, and mostly stable Norwegian supply - keeping the curve contained - punctuated by brief system tightness when unplanned Norwegian outages hit early in the week. UK Day-Ahead power rebounded from earlier lows as wind moderated at times, while gas stayed range-bound just under 80p/therm. Carbon firmed into the high-€70s, holding a floor under forward power despite comfortable fundamentals.