@RenewableUKCEO @spectator You’re assuming that North Sea gas will be paid LNG rates but then assuming away any societal benefit from the taxation and jobs that producing such a valuable commodity would bring.
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Alex
424 posts
Alex
@Econosave
A fan of Mountains & Booze (photo is me on the summit of the Eiger). All views are not my employer's. Typos are all mine.
mostly London, or on a ✈️ Katılım Ekim 2011
212 Takip Edilen281 Takipçiler
Why wind power isn't “woke”, my piece in today's @spectator. The North Sea matters but won’t cut bills - we pay the global price for gas. Fracking is unpopular and wouldn’t change that. SMRs are promising but distant. Wind is the practical, affordable option to build right now. spectator.com/article/wind-p…
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@RenewableUKCEO @DouglasCarswell “I don’t think this business activity will produce positive returns, so I will ban private companies from trying” - when did No 10 start adopting the USSR’s economic policies?
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Am not ideologically opposed to it nor proposing a ban, but I don't think it will make the difference here for the reasons above. Also forgot to say the US also has poor internal pipeline capacity from West to East which also creates energy islands even within the US with cheaper fuel
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"Fracking wouldn't change that". This is why Brits are getting poor. Here in Mississippi electricity costs a third it does in Britain and household incomes surged last year
Tara Singh@RenewableUKCEO
Why wind power isn't “woke”, my piece in today's @spectator. The North Sea matters but won’t cut bills - we pay the global price for gas. Fracking is unpopular and wouldn’t change that. SMRs are promising but distant. Wind is the practical, affordable option to build right now. spectator.com/article/wind-p…
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@DeepDishEnjoyer @Biggiethelad1 Can confirm: you can workout while (very) hungover.
Do the full pair.
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protip: ask for a half-wine pairing to avoid getting fucked up and save on money, they will pour almost full pairings anyway and you'll get messed up
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This a factual question, so I looked up the TRACE price data in Bloomie.
This particular bond spent over 3 years trading at cash prices of over 110c/$ (ie a yields much lower than original issuance). Which means while Sean was impolite, he was absolutely correct.
This bond spent as much time trading above par as it has below it.
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@Econosave @sean91237 “Yields” fell. That doesn’t mean yields on 100 yr paper would have moved lower. Century bonds are rare enough that windows for issuance are tight, & they hit it. In addition, not all yields are equivalent; debt backed by a college is very different than corporate or gov’t debt.
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Bowdoin College in Maine issued 100-year “century bonds” in 2012 at a 4.69% fixed rate.
Who made that call?
Stan Druckenmiller, who is in charge of Bowdoin’s endowment.
One of his best “trades.” Every other top college should have followed his lead.
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@partners_road @sean91237 I’m not a hindsight guy, but it’s objectively true yields fell a lot after the issuance.
So perhaps it was less exceptional than you think: by your measure, basically anyone who issued long-dated fixed rate paper from 2011-2021 is a genius. Which is also a highsight view 🤷♂️
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@Econosave @sean91237 So you’re a hindsight guy. Got it. So if they’d borrowed that money and just bought $NVDA with the proceeds they’d have a $20B endowment. But they didn’t.
And that guy is a complete ass. Had he framed his comment respectfully, maybe he’d still be in the conversation.
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@partners_road @sean91237 His point stands. Long dated “risk-free” Treasury yields fell from 2014 to 2021. Bowdoin would likely have borrowed 100 year money even cheaper if they’d come to market in 2021.
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I didn’t imply anyone deserved to be abandoned. The article doesn’t actually say if she was or wasn’t abandoned - all we’re told is the guy went to try to retrieve the item.
It takes a lot of honesty to admit we can’t handle some parts of nature, as you graciously did below. My takeaway from this article is many people (both the guys and women) lacked that self-awareness. Some of them are clearly jerks, which doesn’t help either.
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@Econosave @jennineak You implied she deserved to be abandoned because she maliciously threw his camera off a cliff. The article says she accidentally dropped it. So you made up a story in your head to excuse that a-hole’s actions.
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@LauriLinnea @jennineak Because objects falling so far that they need a lengthy retrieval mission, generally requires terrain like this photo. And if you have vertigo you should not make the decision to be anywhere near terrain like this.
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this newspaper has a COLLECTING section??? hahahahahaha they aren't even pretending to be relatable
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@xPeaceLandBread Also, definitely try to hit up Caiman Hui (Michelin Star restaurant in the new district, 20 mins taxi ride). Top notch stuff
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@xPeaceLandBread The Ritz Carlton in Chengdu is *amazing*
Definitely hit up the Cantonese restaurant (I know, it’s a different region to local Sichuan).
Have fun!
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@FuturistPartyGB eg “I’ll sell you my house’s ‘Right to Light’ for £80k”
This only works if the government doesn’t then accept that person whining that they have no light after the new building is up. I doubt the UK is capable of this.
Maybe Singapore/US?
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@FuturistPartyGB You’re looking for Coase’s Theorum.
In short: if people’s rights are clearly defined and tradable, they will be bought and sold to the person who values them most.
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So the fundamental issue is I think with NIMBYism is that there is no upside for the existing residents. It lowers their house prices, spoils a view, increases population density and road traffic, imports people they don’t know which changes their community.
The benefits accrue to developers and the people who aren’t there yet and on aggregate to the economy by providing much needed housing.
I don’t have a solution but I think it is worth exploring if NIMBYism can be fixed via some mechanism whereby existing people share in the benefits and control some of the change.
Duncan Stott 🏗️🔰🇺🇦@DuncanStott
One of the most extreme examples of unaffordability in the whole country, but they just don't care. NIMBYs continue to suck the lifeblood out of our country.
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@RobinW1966 The marginal rate of tax for UK oil & gas production is 78%
How do you rationally consider an industry facing such huge tax rates to be subsidised?
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Loftus here believes fossil fuels aren't subsidised. I think that's nonsense. Anyone else want to join this debate? Feel free. 🙂
Steve Loftus@LoftusSteve
@RobinW1966 @JG_Jonno @EdConwaySky My argument doesn't fall down because there are no tax breaks for fossil fuels. I've already explained two. I've just explained again to Jonathan how O&G don't get tax breaks. I'm absolutely fine to litigate each supposed subsidy.
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@DeepDishEnjoyer @TheFlowHorse I remember doing the math on the value of a spare bathtub in Cushing the day oil went negative during Covid 😭
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@TheFlowHorse listen to me very carefully ryan
you're going to need to take delivery
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Going to need the oil specialists to tell me where and when to close my longs.
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@LoftusSteve TBF, behind the meter solar is a perfectly fine way of reducing your payments towards the insane amount of grid system costs, caused by renewables
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Of course, your square meter of solar panels or 10 square meters of solar panels is only going to cover your energy needs for a part of the day and for a part of the year. The rest of the time, you need a grid connection with good old fossil fuels stop blackouts.
Jon Burke 🌍@jonburkeUK
You can’t afford a square metre of a gas-fired power station. You can’t afford a square metre of a nuclear power station. But you can afford a several square metres of solar panels. That’s why they’re desperate to kill renewables.
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Built from the struggle of countries like Congo
SwitzerlandBest@Switzerland_aib
Switzerland 🇨🇭
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@Wills_42 @jonburkeUK New field development is banned, meaning UK North Sea is in decline *by political choice*. majors don’t want permanently declining assets, hence the exits.
It doesn’t matter who pumps or how much they sell it, if the government keeps most of the revenue via tax - which they do.
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@Econosave @jonburkeUK Sigh.
You are completely ignoring how reserves are so low that most major firms have longed pulled out.
"Who drills it is irrelevant"
Nonsense. Only multinationals have the means of production. It would of course then be sold at market price.
No one is going to invest in it.
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Ignore the fossil fuel propaganda; here’s the facts:
1/ There is no “our oil/gas”. We privatised it in the 80s.
2/ Extraction peaked in 1999.
3/ We have refinery capacity for just 20% of North Sea oil.
4/ With new licences, extraction will still fall by 95% from now to 2050.
Robert Jenrick@RobertJenrick
It is economic lunacy to ignore our rich energy reserves. Reform will unapologetically drill in the North Sea for oil and gas. We’ll get bills down and bring back good jobs.
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@jonburkeUK Now do the UK availability factor of solar. How do I solar charge my car on a dark and calm winter’s day? Either I can’t get to work (goodbye economy) or we need fossil generation. Which is it?
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