ethanol provides a higher RON (octane rating) than ULP but significantly less calorific value... i.e. there are less "joules" per litre than gasoline. Thus, while the engine may not "ping" as much under certain conditions, it will develop less power and fuel consumption will be increased. That is for "unsophisticated" engines...
GMH and others have developed engine management systems optimised to take account of the ethanol characteristics so that the differences between ULP and 10% ethanol blends are barely noticeable in day to day driving... but it's only their relatively recent engines which have been developed for this purpose...
For my unsophisticated agricultural low-compression Bosch 4.6, 95 octane on a long run is excellent... I don't use it as a daily driver..
MY99 RR P38 HSE 4.6 (Thor) gone (to Tasmania)
2020 Subaru Impreza S ('SWMBO's Express' )
2023 Ineos Grenadier Trialmaster (diesel)
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