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Triple Crunch Log                                                                                                            

BP leak “just a bump in the road” for oil industry. Ed Crooks in the FT: “For the global oil industry, it looks like being no more than a bump in the road towards further exploitation of deepwater oil reserves, even in the Gulf of Mexico. Oil companies worldwide have reviewed their practices following the spill, but have generally insisted that their systems remain safe and robust, and that no fundamental changes are needed.” …. Christophe de Margerie, the chief executive of Total …. said last week that oil exploration in the Gulf of Mexico was likely to take 20 per cent longer and cost 20 per cent more as a result of new US regulations, but that the development of the deepwater reserves of the region would continue. …. Four of the world’s biggest oil companies, pointedly excluding BP, in July announced a plan to set up a new $1bn joint venture to develop a new oil spill response and containment system for the Gulf of Mexico, and the industry is likely to be asked to put similar arrangements in place in other countries as well. Again, however, these new precautions are unlikely to hold back deepwater old production for long.859

Thousands of protesters Join Berlin march against Germany’s nuclear extension plans. Bloomberg: “Polls suggest the CDU might lose power in regional elections next March. Merkel’s party has governed the state since 1952. In a Sept. 15 speech to parliament, Merkel said the state election will be a referendum on the project and on her federal government.”860

Last Monday wind provided a record 10% of all the electricity being used in Britain, according the National Grid. 5 GW is now installed. Guardian: “Grid figures for the past three months show wind providing 3,000 gigawatt hours of power, compared with 48,000 for gas, 49,000 for coal and 13,000 for nuclear. These numbers seem to show turbines providing the grid with less than 3% of its power. However, it is thought that half of all wind farms supply customers direct – circumventing the grid – so the overall number may be nearer 6%. ….the UK is close to meeting its 2010 target of generating 10% of electricity from green sources. The target was set eight years ago by the Labour government, and deemed a dream by many. … RenewableUK points out that despite continuing planning logjams and other hindrances, an entire gigawatt of capacity – enough to supply a city the size of Birmingham when the wind blows – was added last year. This is almost double the capacity of all the wind farms in the UK in 2002, and almost a fifth of the total current capacity, of 4.7 gigawatts. …. Electricity consumption fell last year by 5%, mainly because of the downturn, and experts at accountant Ernst & Young doubt whether the 2010 target could be met if times were easier.861

Wal-Mart progressing with its goal of being 100% reliant on renewable energy. “In 2005, Wal-Mart set the goal of being 100% reliant on renewable energy. It didn't give a time frame and hasn't said how far it's come. But given Wal-Mart's 8,400 locations worldwide, it's barely made a dent in the goal. Nonetheless, the world's biggest retailer is running real-world tests on green-energy technologies. Because of its heft, it could quickly deploy winning technologies and propel them into the mass market while proving to other companies that the economics work, renewable-energy experts say. …. Since 2008, Wal-Mart's solar facilities, now numbering 31 in California and Hawaii, have even cut the retailer's energy costs by $1 million, Ozment says. That's small change for a company with annual revenue of $405 billion. But it's noteworthy because solar is still, on a national basis, more expensive than traditional energy, such as coal. …This year, it'll expand use of: Solar. Wal-Mart first put solar on 20 U.S. sites starting in 2007 and added 11 more the past 18 months. In the next year, it'll put solar on another 20 to 30 facilities in California and Arizona, it'll announce today. The solar installations produce up to 30% of the facilities' energy. Fuel cells. Late last year, Wal-Mart installed Bloom Energy fuel cells — rectangular boxes each about the size of a parking space — at two stores in Lancaster and Hemet, Calif. … Wal-Mart was one of 20 companies to roll out the technology with Bloom. Others included Google, eBay andCoca-Cola. Bloom expects to have about 100 Bloom boxes deployed in California by the end of the year, and one in Tennessee. In February, it had about 20, says Stu Aaron, Bloom vice president of marketing and product management. …Other companies have moved faster with renewable energy. Kohl's Department Stores has 100U.S. locations equipped with solar. It operates 1,089 U.S. stores and was named the No. 1 green retailer based on Newsweek's 2009 green rankings. Kimberly-Clark produces far more green power than Wal-Mart, says the Environmental Protection Agency.862

China resorts to enforced blackouts in pursuit of energy efficiency targets. Guardian: “With end of current five-year plan looming, many regions are desperately pulling the plug to meet usage targets. … No TV. No internet. No air conditioning. Traffic lights off. Hospitals deprived of electricity. Tens of thousands of household fridges and freezers without power. Milk curdling. Vegetables rotting. The risks of delaying energy-saving measures have been all too apparent in a Chinese region where the authorities initiated draconian rationing last month to achieve the state's efficiency targets. Anping County, in Hebei Province, cut electricity to homes, factories and public buildings for 22 hours every three days in a radical move that has highlighted both the serious last-minute effort that China is making to achieve environmental goals and the immense long-term difficulty of shifting away from a dirty, wasteful model of economic growth. There are less than four months left until the end of China's current five-year plan, during which the economy is supposed to have become 20% more energy efficient. That target (which measures energy use relative to GDP growth) is crucial for a nation that wants to move up the economic value chain and prove to the world that it is making a significant contribution toward tackling greenhouse gas emissions. Progress towards this goal was initially good, with a 14.4% gain in efficiency until last year. But it was tilted off track in the first three months of 2010 by huge infrastructure spending – largely on energy-intensive steel and cement projects – aimed at warding off the worst effects of the global economic downturn.”863

20.9.10. Green campaigners condemn Huhne's decision to reverse promise of FiT for solar pioneers. Juliet Davenport, CEO at green electricity utility Good Energy: “The UK microgeneration industry owes its existence to these early adopters who installed their own generation equipment because they wanted to make a difference to climate change. Many invested their life savings in such schemes because they believed it was the right thing to do – and they deserve to be recognised and rewarded for their entrepreneurial attitude, not penalised.”864

21.9.10. Cairn Energy announces “extremely encouraging” Greenland oil find. Guardian: “However, the company, which had previously announced a gas find in the pristine region, said that it had abandoned that earlier test well after deciding the volume was not commercially viable. … The gas find sparked euphoria among many local people, with the promise of profits and jobs, when it was revealed by the Guardian in August but the company is now writing off bore costs of $84.2m (£54.3m).865

UK announces 250,000 green jobs to boost the economy. Guardian: “A plan to create almost 250,000

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