Temporary close-down for site revision

December 4, 2014 Change for Good 

I write from the climate summit to say that this website will be being revised and updated over Christmas and the New Year. I will leave the log up to 2 December up in the interim – with its especially interesting content since 30 November! I will send a bcc e-mail to all contacts, and announce on Twitter, when the new site is ready. Many thanks to all users.

Norway oil fund’s experts advise engage on climate, and exclude “worst”.

December 3, 2014 Climate, Commentaries, Finance, Gas, Oil 

Press release of Norwegian Government Pension Fund Expert Group on investments in coal and petroleum: “We believe active ownership and engagement are appropriate primary tools for the GPFG to use to address climate-related issues.”
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Lima climate talks: EU & US at odds over legally binding emissions targets.

December 2, 2014 Climate, Coal, Gas, Oil 

Guardian: “The European Union (EU)’s delegation at the climate change conference in Lima has argued that legally binding cuts applying to all countries are necessary and should be adopted by 2015 and entered into force by 2020.”
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“How a ruby-red Texas town turned against fracking.”

December 2, 2014 Gas, Oil 

Guardian: “The fracking ban that comes into effect on Tuesday in the heart of Texas might never have happened at all, if industry had not insisted on fracking beside a local hospital, a children’s playground, and the 100-year-old farmhouse that was Cathy McMullen’s retirement dream.”
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New U.S. oil & gas well permits tumble nearly 40% in November.

December 2, 2014 Finance, Gas, Oil 

Reuters: “Plunging oil prices sparked a drop of almost 40 percent in new well permits issued across the United States in November, in a sudden pause in the growth of the U.S. shale oil and gas boom that started around 2007.”
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IEA: 60% of $5 tn next-decade spend on powerplants will go to renewables.

December 2, 2014 Clean Energy, Coal, Finance, Gas, Nuclear 

Bloomberg: “While OPEC is helping drive down global prices for crude, it’s having less success squeezing the $250 billion clean power industry.”
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“Junk Bonds Backing Shale Boom Facing $11.6 Billion Loss”: Bloomberg.

December 2, 2014 Finance, Gas, Oil 

Bloomberg: “Bond investors who helped finance America’s shale boom are facing potential losses of $11.6 billion as oil prices plummet by the most since the credit crisis.”
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“Oil Investors May Be Running Off a Cliff They Can’t See.”

December 2, 2014 Climate, Finance, Gas, Oil 

Bloomberg: “A major threat to fossil fuel companies has suddenly moved from the fringe to center stage with a dramatic announcement by Germany’s biggest power company and an intriguing letter from the Bank of England.”
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Banks at risk of losing billions in oil-services debt writedowns.

December 2, 2014 Finance, Gas, Oil 

Times: “British banks are sitting on potentially billions of dollars of losses linked with loans to oil services companies made increasingly risky by the slump in global energy prices.”
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Russia to abandon South Stream pipeline.

December 1, 2014 Gas 

FT: “President Vladimir Putin said on Monday that Russia would stop construction of the South Stream gas pipeline, shelving a strategically important project that Moscow was counting on to cement its influence in south-eastern Europe.”
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E.ON to quit gas and coal and focus on renewable energy.

December 1, 2014 Clean Energy, Climate, Coal, Gas, Oil 

Guardian: “Germany’s biggest utility firm, E.ON, has announced plans to split in two and spin off most of its power generation, energy trading and upstream businesses, responding to a crisis that has crippled the European energy sector.”
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Shale lenders’ shares nosedive.

December 1, 2014 Finance, Gas, Oil 

FT: “The share prices of US banks based in the shale oil heartlands of America nosedived late last week after Opec’s decision to keep its current production rates sparked another steep fall in the price of crude.”
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Lima climate talks best chance for a generation, say upbeat diplomats.

November 30, 2014 Climate 

Guardian: “UN climate negotiations opening in Lima on Monday have the best chance in a generation of striking a deal on global warming, diplomats say.”
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BoE to examine risks carbon-fuel companies pose to financial stability.

November 30, 2014 Climate, Coal, Finance, Gas, Oil 

FT: “The Bank of England has revealed it is to examine formally for the first time the risks fossil fuel companies pose to financial stability.”
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Saudi Arabia “Takes the Gloves Off”: moment of truth arrives for US shale.

November 28, 2014 Gas, Oil 

Mark Lewis for Kepler Cheuvreux (no url): “Despite the dramatic recent fall in oil prices, OPEC decided yesterday to maintain its current production quota of 30mbd, thereby compounding market fears of a short-term supply glut and prompting a further sharp drop in the Brent and WTI benchmarks (both down 6.3% on the day to $72.8/bbl and $69/bbl respectively).”
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“OPEC Faces Off Against Shale: Who Blinks as Price Slides Toward $70?”

November 28, 2014 Gas, Oil 

Bloomberg: “OPEC’s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers.”
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UK government chief scientist compares fracking risk to thalidomide.

November 28, 2014 Gas, Oil 

Guardian: “Fracking carries potential risks on a par with those from thalidomide, tobacco and asbestos, warns a report produced by the government’s chief scientific adviser.”
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UK regulator introduces tough controls aiming to cut energy bills.

November 28, 2014 Coal, Gas, Nuclear 

FT: “UK energy regulator Ofgem has outlined tough annual price controls for power distributors that it claims will cut £2.1bn from customer bills – equivalent to £11 per household – and increase compensation for extended power outages.”
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“Market rout as oil slide rocks energy groups”: FT.

November 28, 2014 Gas, Oil 

FT: “Shares in the world’s biggest energy groups have tumbled in a market rout as plunging oil prices put at risk billions of dollars of investment and jeopardised future supplies of crude.”
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UN climate change deal must have legally binding targets, says EU.

November 27, 2014 Climate 

Guardian: “An international deal on global warming must have legally binding targets, Europe will argue at a UN climate summit in Peru next week.”
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