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TEQs & Renationalised Banks

 
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jo



Joined: 20 Oct 2007
Posts: 184
Location: London

PostPosted: Wed Oct 15, 2008 1:08 am    Post subject: TEQs & Renationalised Banks Reply with quote

Personally, I think it's very encouraging to see that quite some portion of British banking is now under the control of the Government.

That's exactly what we need for the introduction of Energy Rationing.

My, how the corporates will wail and groan, but Energy Rationing will become necessary, sooner or later.

Here's the IEA assessments on future Energy consumption and the need for Renewable Energies to be ramped up : it all points towards Energy Rationing :-

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http://www.finfacts.ie/irishfinancenews/article_1013369.shtml

International Energy Agency says world energy demand will more than double by 2030; Meeting IPCC emissions cut of 50% by 2050 would require huge amount of investment and unprecedented technological breakthroughs
By Finfacts Team
Apr 21, 2008 - 1:46:59 PM

The International Energy Agency (IEA), the Paris-based energy adviser to industrialised countries including Ireland, said today that during the past five years, spare oil producing capacity has fallen below the 3-4 mb/d (million barrels per day)typical of the past decade. The IEA also said that without policy change, world energy demand will more than double by 2030; Meeting IPCC emissions cut of 50% by 2050 would require huge amount of investment and unprecedented technological breakthroughs.

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http://www.climateark.org/shared/reader/welcome.aspx?linkid=107437&keybold=energy%20industry%20wind%20nuclear

International Energy Agency slams UK renewable strategy
UK comes 31st out of 35 countries in ranking of developed nations' renewable energy programmes
Source: Copyright 2008, Business Green
Date: September 30, 2008


The UK's renewable energy strategy is amongst the worst of all major industrialised nations, ranking 31 out of 35, according to a damning report by the International Energy Agency.

The study ranked the performance of different countries green energy strategies based on the price and availability of renewable energy.

The International Energy Agency (IEA) estimates that nearly 50 per cent of global electricity supplies will have to come from renewable energy sources if the world economy is to halve CO2 emissions by 2050 and meet targets designed to at least minimise the risk of significant and irreversible climate change impacts.

Nobuo Tanaka, executive director of the IEA, called on the worst performing nations to improve their record quickly.

"Only a limited set of countries have implemented effective support policies for renewables and there is a large potential for improvement," he said. " Governments need to take urgent action."

He added that the UK government must develop policy frameworks customised to support technologies at differing stages of maturity, and eventually apply appropriate incentives such as a carbon price for more mature renewables.

Local opposition to wind schemes, poor climatic conditions for solar technologies and the immaturity of tidal and wind power systems were all cited as barriers to growth of the sector in the UK.

But the report argued that ineffective incentives had not helped challenge these barriers. It said that while the UK has attempted to encourage an increases in renewable energy capacity with tradable Renewable Obligation Certificates "intrinsic problems with the design of the tradable green certificate system, which causes higher investor risk premiums," meant that development remained slow compared to many other countries.

The government needs to take action quickly, argued Leonie Greene, spokeswoman for the Renewable Energy Association, adding that the absence of an effective policy framework was hampering the development of the UK's renewables industry.

"They are still obsessed with the luddite technologies of coal and nuclear," she said. "We've seen large renewables companies moving their operations overseas because conditions here are so bad."

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http://news.bbc.co.uk/1/hi/business/7662918.stm

Page last updated at 21:17 GMT, Friday, 10 October 2008 22:17 UK

Brown demands petrol price cuts

Gordon Brown has called for the recent falls in the price of oil to be passed on to UK consumers.

The price of oil has plummeted - from a high of $147 a barrel for US light crude this summer to $77.99 on Friday.

The prime minister said: "I want these price cuts passed onto the consumer, and passed on as quickly as possible."

The price of oil has been falling due to increasing concerns that the economic slowdown will lead to a fall in global demand for the commodity.



Demand 'slow'

The prime minister's statement comes on the same day that the International Energy Agency (IEA) cut its forecast for oil demand growth to its lowest level for 15 years.


Although non-OECD slowdown is also likely, it is by no means certain that growth will be choked off altogether
International Energy Agency

It cited economic weakness and "a liquidity crisis" as the reasons.

The IEA has reduced its 2008 forecast by 250,000 barrels per day, to 440,000 barrels, and its 2009 estimate by 190,000, to 690,000 barrels per day.

US light crude was down $4.09 at $82.53 a barrel on the news while London Brent crude fell $3.84 to $79.18 a barrel.

Lack of liquidity

The Paris-based agency blamed global economic weakness and, in particular, the lack of liquidity in world markets resulting from the current financial crisis, for the drop in demand.

The impact of this weakness, it said, was being felt most acutely in developed countries, with developing economies showing "a degree of resilience".

"Although non-OECD slowdown is also likely, it is by no means certain that growth will be choked off altogether. We have yet to see unambiguous evidence of a sharp slowdown in China, while Middle Eastern demand growth remains robust," the agency said.

Falling demand among developed economies has seen the price of oil fall dramatically from its summer highs. US light crude hit a June high of $147 a barrel.

Supply lines

The IEA said the credit crisis was also hitting supply, as it made it difficult for companies to raise money to invest in the industry.

"Credit shortages are rapidly becoming yet another in a long line of impediments to industry investment," the agency said.

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