Jeremy Leggett's Triple Crunch Log

European leaders and financial markets braced for Greek exit from the Euro.

jeremyl — Tue, 15 May 2012 19:01:29 +0000

Guardian: “Financial markets are hastily making preparations for a Greek exit from the euro after a day of political and economic turmoil ended with Europe‘s policy elite admitting for the first time that it may prove impossible to keep the single currency intact.”

Caudrilla says UK shale gas production may begin in 2014.

jeremyl — Thu, 10 May 2012 14:16:09 +0000

For that, they would need a full field development licence in Q1 2013.

Solar was the most installed energy source in Europe in 2011.

jeremyl — Thu, 10 May 2012 14:08:46 +0000

A new EPIA study shows solar PV at 21.9 GW exceeded wind and gas combined (9.5GW).

Citi analyst says nuclear newbuild will need taxpayer rescue.

jeremyl — Tue, 08 May 2012 14:21:41 +0000

Reuters: “A report from the Times newspaper on Monday said French nuclear developer EDF had raised the cost of building a nuclear power plant to 7 billion pounds from 4.5 billion pounds last year. “If the latest cost figures are true, new nuclear power plants in the UK are not commercially viable,” Citi analyst Peter Atherton told Reuters. Based on the new figures, nuclear would be the most expensive form of electricity generation, exceeding even offshore wind, he said. “The only way they could be built is if the construction risk was transferred to the taxpayer,” Atherton said, equating to a multi-billion pound government insurance policy”.”

Czechs eye a two year moratorium on shale gas exploration.

jeremyl — Mon, 07 May 2012 13:53:17 +0000

Reuters: They want to put legislation in place first.

FT writer likens shale gas boom to sub-prime mortgages.

jeremyl — Sun, 06 May 2012 13:57:43 +0000

John Dizard: “Think about it. Even before the most recent gas price crash, the shale gas producers were spending two, three, four, and even five times their operating cash flow to fund their land, drilling, and completion programmes. The widely accepted claims of huge volumes of cheaply produced energy did not square with this deficit financing. …Too much money was borrowed, on complex and demanding terms. Wall Street should have provided reality checks to the shale gas people; instead, they just provided cashier’s cheques with lots of zeroes at the end. / If this were another real estate bubble, then construction could just slow or stop for a few years while the courts sorted out who should get what from the wreckage. Unfortunately, given the increasing dependency of the US on gas-fired power, it will not be possible to stop. Given the steep decline rates of shale gas wells, compared to conventional wells, drilling will have to continue. Prices will have to adjust upwards, a lot, to cover not only past debts but realistic costs of production.”

The greenest-ever government after the Clean Energy Ministerial: a delusion.

jeremyl — Thu, 26 Apr 2012 09:07:44 +0000

It is “incredibly disappointing”, Jeremy Leggett founder and chairman of Solarcentury told Channel 4 News. “Mr Cameron was elected in major part because he detoxified the Conservative brand on the promise of being the greenest government ever. He is a fine mile short of that. ….All our confidence is shot to pieces. ….It’s the same with investors, and it’s part of a bigger pattern. Meanwhile, these are global industries, and other countries are not making the same mistakes. They’re deluding themselves. You talk to people from other countries – they think it’s a joke. We’re making an exhibition of ourselves.”

“Ghost at the banquet” attends Clean Energy Ministerial.

jeremyl — Tue, 24 Apr 2012 09:00:25 +0000

Business Green: Jeremy Leggett, Founder and Chairman of Solarcentury, who will be attending the event as one of three solar industry representatives, said: “Solarcentury is attending this gathering to make three key points. First, the days when policy makers could dismiss PV as ‘nice to do’ but ‘too expensive’ are over. PV is an essential ally in the global struggle to deliver energy security and a cost-effective low and then zero carbon future. Second, Governments must stop pandering to the fossil fuel and nuclear lobby, a stance which is driving out the very investment which is needed to drive forward PV and other renewable energy technologies. And third, Governments need to resist the temptation to keep undermining successful feed-in tariff policies. This industry will continue to cut costs, invest in new products and jobs, but it needs predictable public policy not knee-jerk panic of the type for example that has undermined the UK scheme.”

Nine out ten British want more renewable energy.

jeremyl — Mon, 23 Apr 2012 21:19:50 +0000

Guardian: “Almost nine in 10 people want to see the government ramp up the UK’s use of clean domestic energy and reduce the country’s reliance on imported gas, a new YouGov poll reveals. Just under two-thirds of the 2,884 people questioned on behalf of campaign group Friends of the Earth listed wind, wave, solar or tidal as power sources they wanted to see playing a greater role in the UK’s electricity mix over the next decade, while just 2% backed an increase in gas capacity. …Currently, only 9.5% of UK electricity comes from renewable energy sources.”

PWC urges stock exchanges to tighten ESG demands on companies.

jeremyl — Sun, 22 Apr 2012 12:59:19 +0000

“It is part of their job and they do not do enough,” says Jon Williams, a partner in the Sustainability and Climate Change practice at PwC. Listing criteria would be a good starting place.