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Triple Crunch Log                                                                                                            

are not making provisions for that."  … Dudley also said that BP would not pull out of a consortium with Exxon Mobil and Imperial Oil to drill in Canada's Beafort Sea in the Arctic.”1012

Desire Petroleum suffers another setback with oil drilling in the Falklands. FT: “On Tuesday, the company said it had been forced to plug and abandon the sidetrack well at the Rachel prospect because of technical issues.”1013

DECC Press Release - Huhne heralds green homes revolution. “£3 billion energy wasted annually. …Chris Huhne … today said that by 2015 up to 100,000 Green Deal workers could be employed in the effort to upgrade Britain’s homes. Currently around 27,000 work in the insulation industry. Legislation to start the process of establishing the Green Deal is due to be introduced into Parliament next month.” … The Green Deal, which is expected to be available from Autumn 2012, will be open to homes and businesses and will involve a 3-step process: Step 1 – an independent energy survey of the property, giving clear advice on the best energy efficiency options, such as loft or cavity wall insulation. Step 2 – Green Deal finance to be provided by a range of accredited providers, which will be repaid through savings on energy bills, making properties cheaper to run from day one. Step 3 – Homes and businesses will then receive their energy efficiency package. Only accredited measures will be installed by appropriately-qualified installers, overseen by Government, giving consumers confidence that the deal they are getting is high-quality and will save them money.”1014

Investors want to buy more securitisations but many admit they cannot fully analyse deals, according to a survey that underlines the complexities of rebuilding a market that was at the heart of the financial crisis. FT: “Of 500 market professionals surveyed by Principia, a securitisation consultancy, three-fifths plan to raise their investments in the next year. But nearly half said they were “ineffective” at collecting the data they needed to analyse deals. … The securitisation industry’s efforts to restart the market have been made more difficult by the complex nature of deals and the various structures in place in different markets.”1015

3.11.10. Barack Obama's green agenda crushed at the ballot box. …but California deats anti-climate Proposition 23.  Guardian: “With a slew of new climate change deniers entering Congress, Barack Obama's environmental ambitions are now dead. …   Californians decisively rejected a measure to roll back the state's landmark climate change law yesterday, the sole win for environmentalists on a night that crushed Barack Obama's green agenda.1016

US Fed to pump in extra $600bn. FT: “The Federal Reserve has launched an all-out effort to shore up the US economic recovery with a fresh round of quantitative easing– nicknamed QE2 – and will buy $600bn of longer-term Treasury securities by the middle of next year. … The start of QE2 is one of the most significant decisions the Fed has made in years. The move is probably the last chance to boost economic growth and tackle the 9.6 per cent US unemployment rate as there is little chance that the new divided Congress will agree to further fiscal stimulus.”1017

IEA leads its WEO 2010 with a warning of oil price spike if climate pledges fail. FT: “The global energy watchdog will next week throw its weight behind calls for governments to implement pledges to fight climate change and cut fossil fuel subsidies, warning that a failure to do so would significantly inflate oil prices. The International Energy Agency forecasts that implementation of new environmental policies would see demand for oil almost 10 per cent lower by 2035 than under current policy commitments. That would result in prices roughly $20 a barrel lower. The message from this analysis is clear: “the weaker and slower the response to the climate challenge, the greater the risk of oil scarcity and the economic cost for consuming countries,” says the IEA. … Oil demand is also lower under the new policies projections: 99m barrels a day by 2035, compared with about 107m b/d.”1018

4.11.10. Coal India share price surges as trading starts.  Bloomberg:  “Coal India Ltd. surged 40 percent on its first trading day to become the world’s second-most valuable coal miner … The stock climbed to 342.55 rupees in Mumbai trading, valuing the company at $49 billion. “There’s a lot of money coming into commodities and emerging markets after the Fed action yesterday,” said Niraj Shah, a Mumbai-based analyst at Fortune Equity Brokers Ltd., who had a price target of 318 rupees for the miner. “Coal India is a near-monopoly supplier in India and energy demand will only continue to increase. I wouldn’t be surprised if the share hits 400 rupees.” Asian stocks climbed today, pushing the MSCI Asia Pacific Index to a more than two-year high, and commodities gained after the Fed said yesterday it would buy $600 billion in Treasuries. … Profit in the year ended March 31 more than doubled to 98.3 billion rupees and sales rose 15 percent to 446.2 billion rupees. China Shenhua Energy, a unit of the nation’s largest coal producer, has a market value of about $87 billion and Peabody Energy $15 billion, according to data compiled by Bloomberg. India’s coal demand may more than triple in the next two decades to 2 billion metric tons, Minister Jaiswal said on Sept. 24. The country is building power plants and steel mills to meet demand in the $1.3 trillion economy, which expanded 8.8 percent in the three months ended June 30, the fastest pace in 2 1/2 years. The country produces 530 million tons of coal a year and imports about 67 million tons, Jaiswal said then. Coal India has proven reserves of 52.55 billion tons, of which 21.75 billion is extractable, the company’s share-sale document shows. … India’s government has pledged to provide electricity nationwide by 2012 and needs to increase installed generation capacity to 200,000 megawatts to sustain economic growth, according to the power ministry. Coal is used to generate more than half of the current capacity of 164,836 megawatts.1019

Coal India may find it tough to hold on to gains. Economic Times: “Partha S. Bhattacharyya, Chairman & MD, Coal India Limited says, "Many records have been broken and many peaks have been scaled. For the officials intensely involved in the process, the feeling largely resembles to that of a mother who has just given birth to a child. Indeed it is a moment of birth in the capital market that brings in huge responsibility on the management to rear the newborn baby into a strong and mature turnout by living upto the expectations of the investing community consistently.” The very success of Coal India's initial public offering (IPO) may weigh on it. Many say that gains may trigger a sell-off among speculators who borrowed money for bids, capping gains. … Investors included Janus Capital, Fidelity, Franklin Templeton and Capital International. … About 195 mutual funds, 48 financial institutions and banks, six venture capital funds, 44 insurance companies, 484 foreign funds and 1935 corporate bodies own the stock, making it the company with the fifth largest shareholder base.”1020

A tale of two IPOs: Coal India massively trumps Enel Green Power. Reuters: “Investor interest in clean energy contrasted sharply with enthusiasm for coal on Thursday as shares in Enel Green Power fell on their debut while Coal India's soared. Enel Green Power, which generates clean energy from hydro power

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