Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The EU electricity market would suggest otherwise DB and more questions for Ryan next Tuesday,…GL S
Listening to European Electricity Traders Is Very, Very Scary
Keeping the lights on in Europe this winter may prove more difficult than governments are currently admitting.
Every week, the people who trade electricity in the UK get to quiz the managers of the national grid for an hour. The conference call, which anyone can monitor, offers an insight into what the men and women on the front line of the power market are worried about. Listening to them is getting scarier by the week — and suggests keeping the lights on this winter will be a lot more challenging than European governments are admitting.
Prices are worrying enough. British households were told on Friday that their power and gas bills will increase from Oct. 1 by 80%. The so-called energy price cap was set at £3,549 ($4,189) per year, up from £1,971 over the past six months and £1,277 during last winter.
Here’s a question from last week’s session: “Are you war-gaming possible options for if/when cross-border trading collapses under security of supply pressures this winter?” And another: “Can we have a session where we talk through the emergency arrangements?” Another participant said that the forecast for demand-and-supply electricity balance showed “how bad the winter could be for anyone who can do the maths.” The same caller was blunt about the grid’s own predictions: “I don't think you believe what you've written, and nobody else does.”
One intervention was particularly revealing. “Based on where winter ‘22 products are trading, where does this position yourself with respect to securing power over the winter?” asked one participant. The background? In the forward market, UK power for December 2022 is fast approaching £1,000 per megawatt hour, up 50% from current prices. The implication? Power shortages
https://www.bloomberg.com/opinion/articles/2022-08-26/european-energy-crisis-listening-to-electricity-traders-is-very-very-scary
Good riddance to Menton, he achieved "absolutely nothing" for the shareholders (much like his predecessors).
Appointed Chairman 21 June 2021 - Share Price - 3.70 c
Resigns* as Chairman 25 Aug 2022 - Share Price - 3.75 c
Share Price High - 4.1 c
Share Price Low - 1.8 c
Share Prices are approximative & without the CastleBellingham investment, we would be much lower or PVR gone bust.
I repeat, Eamonn Ryan will "never ever" sign off on Barryroe, he believes that this energy crisis is exactly the shock to the system that Ireland & the wealthy west, needs to change our wasteful ways. He only spoke 2 days ago, saying that the Irish energy crisis is being hugely exaggerated & that there are no supply problems.
And if these are not the dog days of summer to announce some movement, then it never will be.
And he may be right in his BER : B1 house, but thousands of poor Irish will die in Ireland this winter of hunger & cold.
Why don't we all just invest €300,000 (2010 prices) to better insulate our homes.
https://passivehouseplus.ie/articles/retrofit/eamon-ryans-eco-upgrade
DonalB
Another one bites the dust ... I can only say are they in for short term fees or are they just another bunch of clowns ... who are sprinters ..rather marathon runners ... and we are now a 40 year plus company and we are still waiting for an egg stand of oil/gas ...great pension fund ...
I’d say the appointee will be more akin to the effectiveness and efficiency of Ryanair than the idiotic ideology of Ryan !
Greta Thunberg might be interested - after all PVR have shown remarkable ability to avoid anything related to fossil fuel extraction over the last decade.
"The word coming out is that a very influential player will be appointed to the role of chair in the coming weeks."
Ryan?
The information I’ve heard is that the larger shareholders lost confidence in Jimmy Menton and his leadership was very ineffective within the board.
The word coming out is that a very influential player will be appointed to the role of chair in the coming weeks.
The word on the new CEO is very positive and some very positive progress is coming the way of Barryroe energy
To be fair, it's not a huge surprise, JM was certainly spinning a lot of other plates and still is, especially with the maternity hospital being such a key project and you do wonder if the judicious approach by Providence with the Irish government, was in part as result of those distractions?, there has also been a seismic shift in the ownership of the company in recent months and I am sure their influence is very significant, a more robust approach in progressing the project is long overdue and there needs to be a step change in the companies PR, this will hopefully now follow,..GL S
It will not come as a huge surprise that Jimmy Menton is resigning.
It is rumoured that he lost the support of a number of larger holders in recent months.
He has been ineffective, particularly in championing the Barryroe project in the media, when there has been an ideal macro landscape and a perfect storm for necessary energy exploration in both Ireland and Europe. His voice has been silent and on the seldom occasion he spoke he has been silly.
The 90 day comment to The Sunday Business Post was without foundation and just waffle.
I have every confidence that Larry Goodman , Sean O Driscoll , Nick Furlong et all have a capable replacement waiting in the wings.
Interesting,Menton stepping down a day after arbitration award - was this our que for action in the courts?
Interesting anomaly where Ryan is refusing to sign off on the lease but is still charging the license fees for the licenses.
In December 2021 he collected €27,407 for the six months ending then but for the first six months of 2022 he collected €309,472. These amounts were collected for "lease, licence or permit rentals".
So is Ryan collecting revenues for something he has refused to do? In my book, that is illegal.
People have forgotten that Providence does not own Barryroe. It was transferred to Exola and is still owned between Exola and Lansdowne.
And while Exola is a wholly owned subsidiary of Providence there is nothing stopping it being registered as a UK company if that could expedite a legal case against the DCAEE.
From latest report submitted by DCAEE, alias Ryan as minister, on 30th June 2022 to the Dail.
1/11 Standard 14 July 2011 – 13 July 2021
(Lease Undertaking application under consideration)
48/22(p), 48/23(p),48/24(p), 48/27(p), 48/28(p), 48/29(p) & 48/30(p) 613.9969
*Exola DAC Lansdowne Celtic Sea Limited 80% 20%
There is substantive legislation in place in Ireland, that ensure Providence's legal entitlement to the lease undertaking, although I am sure that is still considered the measure of last resort, although the RKH arbitration will provide helpful legal precedent and it will also provide others the opportunity to focus the attention on the stagnation of existing O&G licences that Minister Ryan has created and that should also prove helpful to Barryroe, that said, in some respects that is probably a side show compared to the energy crisis and the very evident cracks within government in regards to Ireland's energy security,...GL S
Btw - Ryan did confirm today, that the CEPA energy security report will be released internally within government in the next week or so for review and then subsequently it will be circulated externally for review, September is shaping up to be a busy month!
Thanks Donalb, Yep it seems since ruling in July 2021,
“ that Investor-State Dispute Settlement (ISDS) cases using the Energy Charter Treaty are “not applicable” within the EU – i.e. between an investor in the EU and an EU member state. Specifically, article 26 of the Energy Charter Treaty (ECT), which allows for so-called corporate court arbitrations, is not valid intra-EU.”
I don’t suppose as we have a London listing that we could claim to be an British company!!!
Flombo10,
I am a novice in these things, but learning the hard way, having been mis-informed early on.
I expect the ECT was the relevant & applicable treaty, the UK was then still in the EU, so that is not the question.
Quick read link on Wiki ECT & near impossible read link on ITALAW - RKH Vs Italian Republic !!!
I also spoke to an arbitrator friend in Geneva, who told me the ECT is not applicable between PVR Vs ROI, its only applies to private investments in a signatory foreign country & intra signatory governments.
There are newer ICSID rules that may become relevant, if signed off by most countries, in 2023 or later, for future cases.
https://en.wikipedia.org/wiki/Energy_Charter_Treaty#Countries
https://www.italaw.com/sites/default/files/case-documents/italaw10646_0.pdf
Now an investor in PVR, RKH & EOG !!!! Roll on Inishkea or million's in compo from Ryan's pension :-)
GLA,
Donal B
Donald’s, I am a bit confused ..why was this rockhopper case not taken under eu laws
Very true Donald, still if EOG is then given the go ahead by Ryan it makes it harder for him to keep on ignoring and blocking PVR from advancing Barryroe.
Huge result for Rockhopper, far better than most expected !!!! Well done for sticking it out.
This was a case taken under the Energy Charter Treaty (ECT) & to my understanding would not be directly applicable to an Irish company suing the Irish Republic. Any PVR Vs ROI claim would possibly be under EU laws.
It does however have direct relevance & jurisprudence for EOG and its Inishkea licence, as they are a UK (foreign) company. Hence my new punt on EOG.
GLA,
DonalB
Thank you for posting G1. A protracted and resource-intensive process for Rockhopper, but a decent, justified tremendous result. Interesting that the ruling is binding and cannot be appealed. This outcome makes the Goodman and O'Driscoll investments in PVR look considerably less random.
RKH awarded compensation of EUR 190mm + interest since 2016 for breach of italian government's obligations.
This sets a huge precedent for other EU countries where governments hamper companies, could have big repercussions for PVR/LOGP
https://www.londonstockexchange.com/news-article/RKH/successful-arbitration-outcome/15599399
Don Moore, ex ESB on Irish media this morning saying political decisions have been made on basis of misinformation in recent years. No-one admitted that for every kilowatt of wind energy generation there needs to be a kilowatt of conventional energy back-up. Hydrogen as a useable energy does not exist. It is a 2030 to 2040 timescale energy. He called on Minister Ryan to 'stop being coy' about renewing existing exploration licences, and to confirm now whether or not he is renewing them. You cannot say plainer than that. A credible rational informed voice.
https://www.rte.ie/radio/radio1/clips/22136281/
Article from bloomberg ,while the Taoiseach asked yesterday "how did this situation creep up on us"
Bloomberg
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Markets
German Power Prices Smash Record as Energy Panic Engulfs Europe
Nord Stream pipe set for three-day maintenance from Aug. 31
Gas settles at record high, while French power, coal surge
2,000 Dockers Strike at UK's Largest Container Port
Unmute
WATCH: Germany may consider delaying shutdowns of its remaining nuclear plants as Russia squeezes gas supplies. Birgit Jennen reports.Source: Bloomberg
ByVanessa Dezem and Anna Shiryaevskaya+Follow
22 August 2022 at 07:22 GMT+1
Updated on22 August 2022 at 17:46 GMT+1
European gas and power prices surged as panic over Russian supplies gripped markets and politicians warned citizens to brace for a tough winter ahead.
Benchmark gas settled at a record high, while German power surged to above 700 euros ($696) a megawatt-hour for the first time. Russia said it will stop its key Nord Stream gas pipeline for three days of repairs on Aug. 31, again raising concerns it won’t return after the work. Europe has been on tenterhooks about shipments through the link for weeks, with flows resuming only at very low levels after it was shut for works last month.
“The catastrophe is already there,” Thierry Bros, a professor in international energy at Sciences Po in Paris, said. “I think the major question is when EU leaders are going to wake up.”
In one of the most dire warnings yet, Belgian Prime Minister Alexander De Croo said Europe could face up to 10 difficult winters. It would put sustained stress on major economies and leave thousands of households struggling to pay their bills. Concerns over the economy pushed the euro currency to a two-decade low on Monday, while inflation is at the highest in years.
Europe finds itself in a precarious situation with the official start of the winter heating season just over a month away. Nations are rushing to fill storage sites, but they are still heavily dependent on Russian gas and any further cutbacks could make rationing a reality.
French President Emmanuel Macron warned people of the potential hardships in the coming months, and asked them to “accept paying the price for our freedom and our values,” he said in a speech Friday commemorating the liberation of a town in southern France in World War II.
Germany’s circumstances are particularly urgent: the country’s dependence on Russian gas leaves it vulnerable as it desperately searches for alternative supplies. The nation is considering restarting coal-fired power plants and may extend the life of remaining nuclear power plants, while urging gas conservation. Industries in Europe’s biggest economy are already take a major hit.
Potential next Chancellor if Truss wins has written today in today's he Daily Mail as follows:
-------------------
Setting out his views yesterday, Mr Kwarteng appeared to rule out a windfall tax on oil and gas companies, which he described as 'punitive'.
He also championed domestic energy production so the UK is no longer held to ransom by 'rogue petrostates'.
'We need to crack on with more nuclear power stations, back British-made small modular reactors, invest in cheap renewable energy like offshore wind, and lift the ban on shale gas extraction in England where there is local consent,' he said.
'We also need to maximise North Sea oil and gas production... I appreciate windfall taxes are sometimes popular. But popularity won't keep the lights on.' He added: 'Energy produced in Britain is by far the safest option.'
---------------
So, England will develop its own independent oil and gas and nuclear. Pity Ireland has a moron who cannot see the logic of that as he depends on others to keep him warm.
No wonder "donalb" you post so infrequently as your ability to do any proper research is obviously flawed.
If you had done your research before you "criticised" me by claiming "..when did you own declared $340 M claim become a $400 M claim" you would know that many figures have been bandied about regarding the possible financial claim Rockhopper are making against the Italian Government for compensation ranging from $340m to $400m.
Here are a few statements to support that, items you could have discovered yourself if you could have got out of bed and done some proper research rather than criticism.
Examples:
"Rockhopper is claiming up to US$350 million in damages".
"We’ve initiated arbitration proceedings to claim… at least all of the costs spent…
which is in the region of 40 to 50 million dollars, but ideally (also) the profits,
that we would have made had we been able to develop the field…
. The lost profits might easily add up to 200 or 300 million dollars."
"Worth noting that the $350m talked about previously is now $400m in relation to OM."
None of these are my comments and there are many more where the possible payment varies between $340m and $400m.
So an apology by you would not go amiss but given your infrequent posts I suppose we could expect one by Christmas at the earliest or are you too proud even to issue one.
Back to sleep, would be my suggestion.