Saturday, Sep 29, 2007
There's no escaping inflation.
Reuters: ANALYSIS-Record coal prices hammer power generators
Oil and coal, on the up.
"Coal fuels about 40 pct of global power generation. Physical coal prices for delivery into Europe have risen by over 50 percent this year."
Posted by planning4acrash @ 12:43 AM (350 views) Add Comment
5 Comments
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1. speculatorone said...
But as crash gordon thinks about an election he will tinker with inflation figures. I am amazed that these scheming you no what's have been able to keep a lid on this. I just wonder how bad the consequences will be?
2. enuii said...
Energy prices knock onto every aspect of everyday life in the UK, the failure of this governments energy policy will become apparent over the next 5-10 years as the majority of the UK's electricity is derived from coal and gas and as the nuclear portion drops off will become even greater. Such terms as micro generation and wind power are sops to the green electorate and this country will suffer economically if a plentiful supply low cost electricity is not available in the future.
There are a hell of a lot of chickens coming home to roost in the next 5 years!
3. deepak said...
You must be joking me. The inflation is down and is now 1.8% (only somehow)
And the interest rates is being predicted to come down to boost spending and economic growth.
Somehow!! Someone is lieing and its not me. Discuss.
4. sirgoogle said...
In 1982 (the year of highest coal consumption in the UK) - before North Sea gas became a significant player for electricity production and before Australian (totally ungreen) opencast mines replaced the deep mines of the UK for our supply of coal - the UK was estimated to be sitting on 450 years worth of known coal reserves. Since then the known coal reserves of the uk HAVE GROWN but remain as ever unexploited!
This coal is still there - although it may be expensive to get out (as the mines have been closed for such a long time). I remember in the late 70s and early 80s ideas for liquified coal. I also remember proposals from the late 90s made by scientists (before Global Warming became the topic of the chattering classes) ) to extract all CO2 from the gases and deposit in the porous rocks from which we had extracted the oil therefore locking it up for ever (yes it is possible).
5. planning4acrash said...
Sirgoogle, you are right. What happened since 1982 is that our "recoverable" reserves, i.e. those that can be extracted economically right here, right now reduced because it became more feasible to get coal elsewhere and because other sources became cheaper. Liquified coal is more expensive but makes more seams accessible and will be employed. The recoverable reserves will rise inexhorably over the next 15yrs as oil becomes more expensive. I just hope to God that we discover and enforce effective carbon capture and storage, or there literally won't be a planet for our children.