We’re well away with the fairies here, aren’t we?

Shale’s not setting the world alight

POSTED ON JULY 15 2015

I saw this in the FT this morning:

BHP Billiton expects to book a $2bn impairment charge following a review of its US shale assets.

My friend and fellow Green New Deal group member Jeremy Leggett has long suggested such write dciowns were coming. Shale is not, to oput it bluntly, delivering on the promise.

We need that Green New Deal.

And the Green Infrastructure Quantitative Easing to fund it.

Billiton is writing down its shale assets because gas is very cheap these days.

So, proof that technology is making a natural resource cheap is taken as evidence that technology isn’t successful at making a natural resource cheap.

Whut?

33 thoughts on “We’re well away with the fairies here, aren’t we?”

  1. “Billiton is writing down its shale assets because gas is very cheap these days.”

    One problem Richie’s friends are never going to have – writing down assets because their energy has become too cheap.

  2. Doug

    One thing Green QE is definitely not is printing money. No, absolutely not, nothing of the kind, no siree. It’s completely different, as has been explained many times using words that are found in dictionaries and everything. So don’t dare think that.

    If you suggest such a thing then you are quite clearly a neoliberal troll not living in the real world and future comments will be deleted.

  3. I’ve said it before and I’ll say it again.

    As the National Grid today predicts the margin from capacity to supply will drop to just 1% this winter, Ritchie and his watermelon cohorts will agree to put their money where their mouths are and agree to fit smart meters so they can have their power cut when wind fails to deliver say even a low value of 10% of installed capacity (say 1GW).

    If yes, Richard, you are about to go very dark.

    http://gridwatch.templar.co.uk

  4. Rob

    Green QE is the ‘magic bullet’ – the panacea to all the world’s ills – endless wealth, jobs for life and unlimited prosperity can be unleashed by it. As GlenDorran says – the details are unimportant. It will not be inflationary – has no resemblance to money printing, and is completely within the capabilities of the construction, transport and manufacturing sectors in the UK (i.e. none of the Labour, materials or means of transport will need to be imported)

    Anyone suggesting otherwise is a follower of this blog, a troll, a neoliberal or otherwise beyond the pale……

  5. If everyone has smart meters, could we cut the power to everyone who chose the “Ecopower” energy deal or similar when the wind drops in December and we have power cuts? Not beyond us, surely?

  6. the only way that Leggett and his ilk will ever be forced to take a write down is when people stop subsidising their loss-making companies, which will clearly be painted as the actions of a neoliberal, neocon goverment hell-bent on heating up the planet solely so that the lickle baybies ov da poor can be warmed up before they’re eaten

  7. Smart meters–as well as enabling the eco-freaks to continue playing in their wind-powered sandpit–are an instrument of control. Displease any official puke and your house-code goes in and you freeze in the dark until you give. The Greeks tried to extract a surcharge from electricity customers–to go towards the debt. They failed because non-payers could only be cut off at their house or by the block, payers and non-payers alike. It took platoons of expensive coppers to protect the leccys doing the cut off at each house and friendly leccys re-connected the power about an hour later. The plan collapsed. If they had had smart meters –it would have been easy–no power until you pay.

    Don’t have a smart meter. You know it makes sense.

  8. Don’t have a smart meter. You know it makes sense.

    You are seriously insinuating that we will have a choice? It’s not like you to make errors on that side of the fence.

    Are you sure you are well?

  9. Camoron –the Dear Leader himself –has told us that we have a choice. So hold him to his “word”

  10. So Much for Subtlety

    Rob – “If everyone has smart meters, could we cut the power to everyone who chose the “Ecopower” energy deal or similar when the wind drops in December and we have power cuts? Not beyond us, surely?”

    Not beyond us. But it is more likely that they will use Smart Meters to cut you off if you smoke, or have an unacceptably high BMI or vote UKIP or the like.

    They are not our friends.

  11. I like Mr Ecks’s bonkers conspiracy theory, but of course the reality is that if the smart-meter is being switched off remotely, that’s no different to having your leccy disconnected in person, except it’s a bit easier. You can still simply bridge past the meter, if that’s your bag.

  12. Which bypassing a meter will remain a criminal offence. You tell us what jail you end up in and we’ll send you ciggies. If only for the pleasure of knowing that they’ll tell you that you won’t be allowed to have them.

  13. If you have installed solar PV, with a vast subsidy courtesy of Ed Millionnaireband, then you will still have some power when the system goes into brown-out due to the 99% failure of windmills during peak power demand on a clear and therefore cold January day: the same applies to the smart meter – it only stops you drawing power from the grid, having your personal power supply becomes more attractive the closer the green loons get towards power. It’s the one thing that might persuade me to buy an exercise bike, if it was linked to a generator.

  14. “If you have installed solar PV…you will still have some power when the system goes into brown-out”

    Assuming that doesn’t happen at night, of course.

    (Winter “night” being roughly 1530 – 0930 at these latitudes)

  15. Tim – Check out the comments on the second post – ‘The end of my German Dream’ – the closest thing in history to Ritchie makes the (currently) second comment – I found it entertaining….

  16. GlenDorran

    I don;t think he has a sense of humour or the intelligence but I did notice he has picked up on some attempted posts – I might need to switch to an old email address to make it through!

  17. @V_P

    I’m sure that a certain H Schacht would (if he could) be writing emails to Murphy approving of the Murphfuher’s theories on economics. It would be a return to the good old days of socialism at the national level.

  18. You tell us what jail you end up in and we’ll send you ciggies. If only for the pleasure of knowing that they’ll tell you that you won’t be allowed to have them.

    Prisons in Victoria, Australia banned smoking (as in full stop, entire prison smoke free) a couple of weeks ago. Surprise, surprise, they got a full scale riot and something like $10mil damage in the largest prison.

  19. Noel

    That is an utter classic! Oddly shows how dim he is – I’d agree one retired accountant in Norfolk whose economic policies are, as AndrewC rightly points out, very similar to those of the early years of the regime which employed Groening does need to be careful. Most others can chug along quite happily…

  20. He’s pushing his green QE yet again today.

    Apparently we can get hundreds of billions of “investment” in renewables “at almost no net cost to society”.

    Why then limit it to renewables? A truly Courageous State would be able to rebuild every school, hospital and house in the land by Green QE. After all, there is almost no net cost!

    Funny, he does react rather badly when this suggestion is made to him…..

  21. I actually agree with a lot of these comments.

    Although Beria is a bit hysterical.

    We build all of our all properties with solar panels to heat water.It is very effective. We get more sun in Guernsey, just about.

    A big proportion of our tenants are on key meters. A lot are pensioners or disabled, and poor.

    They don’t top up and sit around in the dark (but they have hot water). Many haven’t the faintest idea why the tv doesn’t work.They then trip over the cat, or roll over it, and they have to rely on the Tunstall thing.

    It’s not our fault though, They have to request them. Like smart meters, both are wrong.

    Guernsey gets all of electricity from the EDF nuclear at Flamanville, Normandy.

    I think electricity should be free. It would be a sign that we would be an evolving civilisation. I’m not, in theory, against nuclear, as long as they’re out of the and not bombed by mistake by North Korean drones. Or some sort of stuxnet. Of course the corps need income. It would have to be creative I guess and preferable not by government subsidy.

    That twitter is awful from Murphy.He should take it down.

    I still reckon Mrs Eczema is SMBS using a psychotic affectation

  22. “How pregnant sometimes his replies are! A happiness
    that often madness hits on, which reason and sanity
    could not so prosperously be delivered of”

    Your entire rambling stream-of-false consciousness contributions of today are a true joy Arnie. Although your collected journaling of your own rubbish-heaped mind would likely be of less interest to Dr Johnson than to Charles Fort.

    It is not often that the disintegration of a once human brain is displayed so clearly for every passing clinician to observe. Syphillis? Long term dehydration? The possibilities are endless.

    Your comments about Gurnsea’s pensioners are particularly ribald. If your comedy-writing skills continue to develop I think you will come to deserve free electricity. And to be passed over by North Korean drones.

    In the meantime I am sending you a postal order for ten shillings and some vitamins I found in a drawer. Use them wisely.

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