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Triple Crunch Log                                                                                                            

in Europe, from Sweden to Italy. … So could a large number of EVs actually help with the huge variations in wind that can occur? According to Claus Ekman, a researcher at theRisø National Laboratory for Sustainable Energy in Frederiksborgvej, Denmark, it can, to an extent. Ekman recently published a paper in the journal Renewable Energy that modeled how well EVs could handle increasing wind power generation. He found that in a scenario involving 500,000 vehicles and 8 gigawatts of wind power, various strategies would reduce the excess, or lost, wind power by as much as 800 megawatts — enough to power more than 200,000 homes. Ekman calls this a "significant but not dramatic" effect on the grid. Scenarios involving 2.5 million vehicles and even more wind power show an even greater impact. …. The EVs coming onto the market now — including the Volt, LEAF, and Tesla's Roadster — aren't equipped for V2G, but Kempton says he is working with manufacturers and hopes to see that change soon. He guesses that within five years, tens of thousands of V2G-ready cars will be produced, and within 10 years "it will be a major component of the vehicle fleet.”941

Chavez and Medvedev strike deal to build first Venezuela’s nuclear power station. Chávez says he wants to cut oil reliance, while Moscow asserts Venezuela's right to a “full range of energy choices.” Viktor Semyonov, an economist at Moscow's Institute of Latin American Studies: “We are a country that exports nuclear technology around the world.”942

Coal India's $3.4 Billion IPO wins investor interest on energy demand over environment. Bloomberg: “Coal India Ltd. may sell as much as 151.5 billion rupees ($3.4 billion) of stock in the nation’s biggest initial share sale as investors bet surging energy demand will override environmental delays for new mines. Fifteen of 18 investors surveyed by Bloomberg News said they plan to bid for shares in the world’s largest coal producer.  … “Apply to buy as much as you can,” said Manish Sonthalia, who manages $230 million in equities at Motilal Oswal Securities Ltd. in Mumbai, who’s advising investors to bid at the top end of the range. The stock could gain 34 percent in the first year, said Sonthalia. India’s coal imports surged 16 percent in the year ended March 31 as power plants burned more of the fuel to meet demand in Asia’s second-fastest growing major economy. Coal India will seek environmental clearances from the government to mine in densely forested areas in states including Jharkhand and Chhattisgarh estimated to hold half of its future output. … Citigroup Inc., Deutsche Bank AG, Bank of America Corp., Enam Securities Pvt., Kotak Mahindra Capital Co. and Morgan Stanley will manage Coal India’s offering. India’s coal demand may more than triple in the next two decades to 2 billion metric tons, Coal Minister Jaiswl said on Sept. 24. The country is building power plants and steel mills to keep pace with an economy that expanded at the fastest pace in 2 1/2 years in the three months ended June 30. The nation produces 530 million tons of coal a year and imports about 67 million tons annually. Coal India has proven reserves of 52.55 billion tons, of which 21.75 billion is extractable, the share-sale document shows. Coal India may miss its production targets for 2011 and 2012 because of delays in environmental clearances, Chairman Partha Bhattacharyya said on Oct. 13, without providing the new estimates.”943

UK fuel poverty doubles in five years as energy bills rise. With the average British fuel bill climbing to well over £1,000 a year – for many pensioners the largest bill they have to pay all year – a worryingly large number of people are struggling to keep their homes warm. In 2003 the number of households hit a low of two million, but it climbed to four million in 2007 and then 4.5 million in 2008, the figures for which were published today by the Department of Energy & Climate Change. This figure suggests that one in six households were fuel poor during 2008, a year which saw energy bills shoot up by 45 per cent.944

17.10.10. IPO of Enel renewables unit, potentially Europe’s largest in 3 years, will be a big test of investor appetite. FT: “Enel, Italy’s largest utility, begins a roadshow on Monday for Enel Green Power, potentially Europe’s largest IPO in three years and a key test of investor appetite for renewables. The partially privatised Italian utility plans to sell as much as €3.4bn ($4.7bn) worth of shares in its diversified renewables business, which is present in 16 countries and includes geothermal, hydro, solar and photovoltaic, biomass and wind energy. The IPO is combined with an asset-disposal plan to allow Enel, Europe’s most heavily indebted utility, to reduce its net debt to €45bn. The offer, which is open to institutional and retail investors, will close on October 28. Shares are set to begin trading on November 4 on the Milan and Madrid stock exchanges.”945

UK government approves eight sites for new nuclear power stations, and drops the Severn Barrage. The full 8, to be operational by 2025: Essex; Hartlepool; Heysham, Lancashire; Hinkley Point, Somerset; Oldbury, South Gloucestershire; Sellafield, Cumbria; Sizewell, Suffolk and Wylfa, Anglesey. All are in the vicinity of existing nuclear power plants. But the coalition has stressed that new reactors will have to be built without public money.

The coalition now aims for half new energy capacity by 2025 will be renewable. So the revised draft national policy statements on energy published today show. The majority is likely to be wind.946

Ecotricity offers investors the opportunity to participate in ‘EcoBonds’. Press release: “Proceeds from the EcoBonds will be invested into expanding the Company’s green energy generation capacity here in the UK, building new windmills, sunmills and renewable gas sources. The fixed rate EcoBonds, which have an initial 4-year term, will pay an attractive annual rate of interest of 7% (or 7.5% for Ecotricity customers). They are open to UK-based individuals, companies, trusts, charities and other legal entities and are subject to a minimum £500 investment (up to £10m). The EcoBonds will be issued by Ecotricity Bonds plc, a wholly-owned subsidiary of the Company. Ecotricity has guaranteed the payment obligations of Ecotricity Bonds plc for the EcoBonds.”947 Guardian: “That is a substantially better return than the vast majority of savers are getting from their bank or building society accounts, but you need to be aware that Ecotricity's bonds are riskier than fixed-rate savings bonds offered by high street institutions. You would not be covered by the Financial Services Compensation Scheme in the unlikely event the company went bust. … Since its start in 1995, Ecotricity has grown steadily each year. It now supplies energy to more than 42,000 customers from 51 wind turbines at 15 wind parks. It offers two electricity tariffs – one from 100% renewable sources, and one where 41% of the power comes from its wind turbines, and the remainder is conventionally sourced power. The company says it has planning consent for a further 12 wind turbines, with 78 more at various stages in the planning process, which together would almost treble Ecotricity's electricity generation capacity over the next few years. … In 2008-09 the company turned over £38.3m and posted gross profits of £15.4m. It says the bonds will go ahead provided it gets at least £1m of the £10m sought. Potential investors should note that the EcoBonds are not transferable and cannot be traded.”948

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