You have been subscribed to a public bug:

We recently updated our Bionic images to the latest kernel
4.15.0-74-generic (from 4.15.0-66-generic) and the instances can no
longer renew their DHCP addresses.

systemd-networkd debug below:

Jan 13 23:34:38 systemd-networkd[12072]: DHCP CLIENT (0x24fec70e): REQUEST 
(renewing)
Jan 13 23:36:30  systemd-networkd[12072]: DHCP CLIENT (0x24fec70e): REQUEST 
(renewing)
Jan 13 23:38:07  systemd-networkd[12072]: NDISC: Sent Router Solicitation, next 
solicitation in 8min 13s
Jan 13 23:38:23  systemd-networkd[12072]: DHCP CLIENT (0x24fec70e): REQUEST 
(renewing)
Jan 13 23:38:24  systemd-networkd[12072]: DHCP CLIENT (0x24fec70e): REQUEST 
(rebinding)
Jan 13 23:39:25  systemd-networkd[12072]: DHCP CLIENT (0x24fec70e): REQUEST 
(rebinding)
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x24fec70e): EXPIRED
Jan 13 23:39:39  systemd-networkd[12072]: ens3: DHCP lease lost
Jan 13 23:39:39  systemd-networkd[12072]: ens3: Removing address 10.3.1.145
Jan 13 23:39:39  systemd-networkd[12072]: Setting transient hostname: 'n/a'
Jan 13 23:39:39  systemd-networkd[12072]: Sent message type=method_call 
sender=n/a destination=org.freedesktop.hostname1 
path=/org/freedesktop/hostname1 interface=org.freedesktop.hostname1 
member=SetHostname cookie=1
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): DISCOVER
Jan 13 23:39:39  systemd-networkd[12072]: ens3: Removing address: 10.3.1.145/20 
(valid for 2s)
Jan 13 23:39:39  systemd-networkd[12072]: Sent message type=signal sender=n/a 
destination=n/a path=/org/freedesktop/network1/link/_32 
interface=org.freedesktop.DBus.Properties member=PropertiesChanged cookie=20 
reply
Jan 13 23:39:39  systemd-networkd[12072]: Sent message type=signal sender=n/a 
destination=n/a path=/org/freedesktop/network1 
interface=org.freedesktop.DBus.Properties member=PropertiesChanged cookie=21 
reply_cookie=0
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): OFFER
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): REQUEST 
(requesting)
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): received 
message was not an ACK, ignoring
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): ACK
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): lease 
expires in 9min 57s
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): T2 expires 
in 8min 43s
Jan 13 23:39:39  systemd-networkd[12072]: DHCP CLIENT (0x72860183): T1 expires 
in 4min 57s
Jan 13 23:39:39  systemd-networkd[12072]: ens3: DHCPv4 address 10.3.1.145/20 
via 10.3.0.1
Jan 13 23:39:39  systemd-networkd[12072]: Setting transient hostname: 
'host-10-3-1-145'

** Affects: linux (Ubuntu)
     Importance: Undecided
         Status: New

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DHCP cannot renew IP address with latest kernel
https://bugs.launchpad.net/bugs/1859530
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