EUgh. Big hikes in electricity prices. Thank Gore for that!
Discussion
http://www.telegraph.co.uk/opinion/main.jhtml?xml=...
What is the connection between the bankrupt Lehman Brothers and the likelihood that in four years' time our electricity bills will jump another 25 per cent (on top of the rises likely from soaring coal and gas prices)?
The answer is that, before its collapse, Lehman was pitching to become the leader in the vast trade created by the new worldwide regulatory system to "fight climate change" by curbing emissions of carbon dioxide.
The biggest money-spinners will be the schemes whereby industry will pay for permits to emit CO2 at so much a ton, either directly to governments or by buying them on an international market.
This market, soon to be worth trillions of pounds, was where Lehman hoped to be "the prime brokerage for emissions permits", as it set out in two hefty reports on "The Business of Climate Change".
Advised by some of the world's leading global warming activists, such as Dr James Hansen and Al Gore (a close friend of the firm's erstwhile managing director Theodore Roosevelt IV), Lehman bought their message wholesale. GIM, the company set up by Gore to sell "carbon offsets" in return for planting trees, was a prized Lehman client.
The particular market that Lehman hoped to dominate is centred on the buying and selling of carbon permits, through the EU's Emissions Trading Scheme (ETS) set up in 2005, the UN's Clean Development Mechanism (CDM) and the "cap and trade" system proposed for the US by both McCain and Obama.
This may still seem abstract but it will affect all our lives, because ultimately we will all be paying for it, through the colossal costs it will impose on industry, not least electricity.
The EU scheme already adds more than a billion pounds a year to our electricity bills. In four years' time it will become much more obvious when, under phase two of the ETS, permits will be auctioned, at a projected initial figure of £35 per ton of CO2.
On the basis of current wholesale prices, the annual cost of electricity used in the UK alone is around £32 billion. Adding £35 for every ton of CO2 emitted in producing it will mean that our electricity supply companies will have to pay £8 billion for their permits, adding 25 per cent to the total cost. Under EU rules, this must be passed on to all of us in our bills.
The idea is that, to reduce carbon emissions by an eventual 60 per cent, the number of permits auctioned will reduce year by year, leaving an ever larger shortfall which firms will have to account for either by reducing emissions or by buying additional permits - not least from the developing world under the UN's CDM.
Everything about this grandiose scheme betokens the economics of the madhouse. The new costs it will impose are so colossal that whole industries, including aluminium, steel and Germany's chemical companies, threaten to move their operations outside the EU unless they are given free allocations. It has not even been agreed who - whether national governments or the EU itself - will run the auctions or keep the hundreds of billions of euros a year the scheme will raise.
China, by virtue of having built giant dams to produce electricity, will be a net "carbon creditor", able to sell permits to the EU worth billions more, despite continuing to build a new coal-fired power station every four days. So will Russia, thanks to it having closed down so much of its polluting industry after the fall of Communism. There is not the slightest indication that the scheme itself will result in any lowering of global CO2 emissions.
What is certain is that it will pile astronomic costs onto everyone in the EU, inevitably impacting most severely on poorer householders that will face bills they cannot afford. The only other certainty - perhaps a consolation - is that those sharing in this bonanza will not include Lehman Brothers, now excluded from cashing in on what threatens to become the maddest scam the world has ever seen.
Note also that our nation's energy security is extremely fragile, with power cuts likely sooner rather than later - a Dalton Minimum ahead, already sky high energy prices still rising, on top of negative (real terms) wage settlements, and we can then add in the £100 billion cost of our EU sponsored 7000 windymills.
Within the near future every household is likely to see their energy bills and allied taxes plus passed-on business costs rising by between £500 and £1000 per year, every year, for over 20 years. To pay for a vast bureacratic scheme to 'fix' a non-problem we didn't cause, to pay for windymills we don't need, to meet additional costs passed on by industry and commerce, and to fund the non-jobs and pensions for those employed to watch over it all.
The consequences of this gross error of judgement and allied gross mismanagement aren't being taken seriously. In many circles they'er not even recognised. Not least by the fools in the UK, EU and UN political classes who are so absolutely f
g clueless about what's going on and what they're doing. Or, more seriously, not doing. After the credit crunch has gone, there will be a massive energy crunch.
Total madness
if Scottie can beam you up, don't look back.
Chances are there won't be any lights to turn out.
What is the connection between the bankrupt Lehman Brothers and the likelihood that in four years' time our electricity bills will jump another 25 per cent (on top of the rises likely from soaring coal and gas prices)?
The answer is that, before its collapse, Lehman was pitching to become the leader in the vast trade created by the new worldwide regulatory system to "fight climate change" by curbing emissions of carbon dioxide.
The biggest money-spinners will be the schemes whereby industry will pay for permits to emit CO2 at so much a ton, either directly to governments or by buying them on an international market.
This market, soon to be worth trillions of pounds, was where Lehman hoped to be "the prime brokerage for emissions permits", as it set out in two hefty reports on "The Business of Climate Change".
Advised by some of the world's leading global warming activists, such as Dr James Hansen and Al Gore (a close friend of the firm's erstwhile managing director Theodore Roosevelt IV), Lehman bought their message wholesale. GIM, the company set up by Gore to sell "carbon offsets" in return for planting trees, was a prized Lehman client.
The particular market that Lehman hoped to dominate is centred on the buying and selling of carbon permits, through the EU's Emissions Trading Scheme (ETS) set up in 2005, the UN's Clean Development Mechanism (CDM) and the "cap and trade" system proposed for the US by both McCain and Obama.
This may still seem abstract but it will affect all our lives, because ultimately we will all be paying for it, through the colossal costs it will impose on industry, not least electricity.
The EU scheme already adds more than a billion pounds a year to our electricity bills. In four years' time it will become much more obvious when, under phase two of the ETS, permits will be auctioned, at a projected initial figure of £35 per ton of CO2.
On the basis of current wholesale prices, the annual cost of electricity used in the UK alone is around £32 billion. Adding £35 for every ton of CO2 emitted in producing it will mean that our electricity supply companies will have to pay £8 billion for their permits, adding 25 per cent to the total cost. Under EU rules, this must be passed on to all of us in our bills.
The idea is that, to reduce carbon emissions by an eventual 60 per cent, the number of permits auctioned will reduce year by year, leaving an ever larger shortfall which firms will have to account for either by reducing emissions or by buying additional permits - not least from the developing world under the UN's CDM.
Everything about this grandiose scheme betokens the economics of the madhouse. The new costs it will impose are so colossal that whole industries, including aluminium, steel and Germany's chemical companies, threaten to move their operations outside the EU unless they are given free allocations. It has not even been agreed who - whether national governments or the EU itself - will run the auctions or keep the hundreds of billions of euros a year the scheme will raise.
China, by virtue of having built giant dams to produce electricity, will be a net "carbon creditor", able to sell permits to the EU worth billions more, despite continuing to build a new coal-fired power station every four days. So will Russia, thanks to it having closed down so much of its polluting industry after the fall of Communism. There is not the slightest indication that the scheme itself will result in any lowering of global CO2 emissions.
What is certain is that it will pile astronomic costs onto everyone in the EU, inevitably impacting most severely on poorer householders that will face bills they cannot afford. The only other certainty - perhaps a consolation - is that those sharing in this bonanza will not include Lehman Brothers, now excluded from cashing in on what threatens to become the maddest scam the world has ever seen.
Note also that our nation's energy security is extremely fragile, with power cuts likely sooner rather than later - a Dalton Minimum ahead, already sky high energy prices still rising, on top of negative (real terms) wage settlements, and we can then add in the £100 billion cost of our EU sponsored 7000 windymills.
Within the near future every household is likely to see their energy bills and allied taxes plus passed-on business costs rising by between £500 and £1000 per year, every year, for over 20 years. To pay for a vast bureacratic scheme to 'fix' a non-problem we didn't cause, to pay for windymills we don't need, to meet additional costs passed on by industry and commerce, and to fund the non-jobs and pensions for those employed to watch over it all.
The consequences of this gross error of judgement and allied gross mismanagement aren't being taken seriously. In many circles they'er not even recognised. Not least by the fools in the UK, EU and UN political classes who are so absolutely f
g clueless about what's going on and what they're doing. Or, more seriously, not doing. After the credit crunch has gone, there will be a massive energy crunch.Total madness
if Scottie can beam you up, don't look back.Chances are there won't be any lights to turn out.
Einion Yrth said:
turbobloke said:
eldar said:
Nuclear produces how many tonnes of co2 per GW?
True but...Six to ten years away, at best. Too little too late.
Would sir like a long-drawn-out environmental impact audit with that lifesaver, Swampy tunnels to go? No fries - no power to fry
People will have a problem heating their house, in terms of paying for it, and in terms of power cuts.
Severe winter temperatures dip to -20 deg C and below in ths midlands.
Premature winter deaths in an average year total about 20,000 while in each severe winter this total will rise to over 50,000 not including flu fatalities.
You (and Georgle Carlin) got it right, the planet is fine, the people need saving - first from politicians then from the planet.
Severe winter temperatures dip to -20 deg C and below in ths midlands.
Premature winter deaths in an average year total about 20,000 while in each severe winter this total will rise to over 50,000 not including flu fatalities.
You (and Georgle Carlin) got it right, the planet is fine, the people need saving - first from politicians then from the planet.
turbobloke said:
eldar said:
Nuclear produces how many tonnes of co2 per GW?
True but...Six to ten years away, at best. Too little too late.
http://www.ap1000.westinghousenuclear.com/
Except we just sold our nuclear capability and expertise to the Japanese, French, Belgians & Americans. Nice one Brown. Pocketed us a couple of billion short term, that will cost us 15 times that long term.
Dunk76 said:
Can anyone explain to me exactly what Gore's problem is?
British Policitians I can fathom, and the likes of Bush, and McCain, and even that mad NeoCon woman Palin.
Gore, however, just doesn't figure.
Gore is a failure and he blames the world for that fact. He's lashing out because he's jealous of the success of others and so is desperate to make some kind of name for himself by any means possible.British Policitians I can fathom, and the likes of Bush, and McCain, and even that mad NeoCon woman Palin.
Gore, however, just doesn't figure.
turbobloke said:
http://www.telegraph.co.uk/opinion/main.jhtml?xml=...
What is the connection between the bankrupt Lehman Brothers and the likelihood that in four years' time our electricity bills will jump another 25 per cent (on top of the rises likely from soaring coal and gas prices)?
It's not just Lehman's, all the big boys are getting into it eg Hedge funds are creating carbon fund strategies. Lot of money to be made out of inefficient beauracracyWhat is the connection between the bankrupt Lehman Brothers and the likelihood that in four years' time our electricity bills will jump another 25 per cent (on top of the rises likely from soaring coal and gas prices)?
There will be very harsh times ahead, and not too far off, unless some urgent steps are taken. Buying shedloads of gas and electricity on the open market in a Dalton Minimum under rampant pinko-greenism might be a tad problematic in itself, and our transport network will shut down at the second snowflake. Nobody in politics is doing a single thing, virtually nobody seems to be even vaguely aware of the enormous problems being stored up. Very not good.
Assuming the extreme solar minimum continues, which it has done for the last 18 months, the typical timescale for impacts to be clearly evident - some would say they have started - is 4 to 8 years, and the duration is decades. There's more than one impact mechanism at work, from auroral oval effects on atmospheric circulation to cosmic ray flux and cloud formation / albedo. The timescale often ascribed to 'the' Dalton Minimum is 1790 to 1830. Ish.
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