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cashinmattress

Jobs Hope Falters As Green Company Hits Rocks

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Jobs hope falters as green company hits rocks

PLANS for a landmark green energy project potentially creating thousands of jobs for Yorkshire have been thrown into doubt after the parent company behind the scheme went into administration.

Powerfuel plc had already secured £180m from the European Union to develop the world's largest "clean coal" power plant at Hatfield in South Yorkshire, but the company collapsed yesterday after admitting it had failed to secure the further funding needed for the first phase of the scheme – some £635m.

The news calls into question the viability of Yorkshire's long-term ambition to establish a huge carbon capture and storage (CCS) pipeline network stretching from the Aire Valley to the Humber coast, incorporating all the region's major polluters.

The Hatfield plan – which incorporates CCS technology – was supposed to be the first part of this wider Yorkshire scheme, which has the potential to slash the UK's entire carbon emissions by a tenth and create up to 55,000 jobs across the region.

CO2Sense Yorkshire, the green business off-shoot of regional development agency Yorkshire Forward, last night acknowledged the news was a "setback" but said it hoped the Powerfuel project could survive under new ownership.

KPMG, which has been appointed administrators for Powerfuel plc, said it hoped to find a buyer for two businesses owned by the company so the CCS project could still go ahead, but it was unable to confirm whether the European funding already pledged for the scheme was safe.

The Government said last night that the existing workforce at the Hatfield plant would be unaffected by the announcement, which came less than a week after Powerfuel bosses announced that CCS trials would begin there next year.

Barry Dodd, chairman of CO2 Sense Yorkshire, said: "It's not the death knell of the CCS project nor can we say it's the end of the European money because it depends on who comes along and continues the project.

"It's a setback because there will be a delay but it may not be fatal. I'm optimistic someone will come along and pick this project up."

It is believed the collapse of Powerfuel plc – which is 42 per cent owned by coal entrepreneur Richard Budge and 58 per cent owned by Tecalson Investments Ltd, a Russian investment company – was not wholly unexpected as it was having difficulty raising the money it needed through either borrowing or a stock market flotation.

It is the parent company of Powerfuel Mining Ltd, which owns the reopened Hatfield Colliery, and Powerfuel Power Ltd, the power generation company behind the proposed CCS scheme.

Richard Fleming, joint administrator and UK head of restructuring at KPMG, said: "Powerfuel plc boasts the only licence to trial the technology in the UK.

"While the economic environment is still challenging, we are hopeful that we can secure a sale of both companies and will be actively speaking to interested parties from today."

The interested parties could include Mr Budge and Tecalson Investments, though KPMG was unable to confirm whether either had already come forward.

Labour voiced strong support for CCS schemes when in power, pledging public funds to back four pilot projects across the UK, one of which looked certain to be Hatfield.

The coalition Government has also backed CCS but has so far announced funding for only one project, likely to be at Longannet in Fife.

A spokesman for the Department of Energy and Climate Change said it was "disappointed" by the news but hoped a new owner would be found to build on the substantial progress already made.

CARBON capture and storage (CCS) is an emerging technology through which harmful carbon emissions are collected from power stations and large factories and stored safely underground rather than being released into the atmosphere.

Industry experts believe Yorkshire is ideally placed to benefit from a CCS scheme, due to the region's large number of heavy polluters and close proximity to depleted oil and gas fields in the North Sea, where carbon dioxide could be stored.

Estimates suggest the Hatfield project could cut the UK's entire carbon emissions by 10 per cent.

On a personal level, I am happy to see these 'green' gobblers of the public purse put down by un-enthused investors.

Carbon trading and capture is one of the most preposterous scams, and will define our generation if we let this happen.

Sad that a lot of folk won't get work, but it's not real work if all you are doing is cycling about one of the more abundant gasses in the universe, eating up a vast amount of what is left of Britain's indigenous energy supply to do so.

Plant more fvcking trees and quit paving over every god-damn thing.

Edited by cashinmattress

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Got to agree with your sentiments on this. Why can't the obvious solutions be right, we keep hearing these hitech scheme that might work instead of the obvious. It's like the planning sectors fixation with what they call sustainable housing that is the biggest con. Building homes where the residents will have to drive to everything can't solve anything, transport uses two thirds of our domestically used oil. Logic would dictate that we should be now migrating to self contained communities. :angry:

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Good. Just forget all of the carbon capture b*llocks and build a standard coal fired power station! That way the people of Yorkshire still get their jobs, we avoid power shortages in the coming years and green investors can invest in more effective energy sources that do not rely on fossil fuels.

Everyone's a winner! (except those benefiting from the bungs, of course).

Oh, and plant more trees :)

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I was reading on "the register" how the French government have cut down their funding of some "green" projects, as they see it as a financial bubble! :huh:

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Jobs hope falters as green company hits rocks

On a personal level, I am happy to see these 'green' gobblers of the public purse put down by un-enthused investors.

Carbon trading and capture is one of the most preposterous scams, and will define our generation if we let this happen.

Sad that a lot of folk won't get work, but it's not real work if all you are doing is cycling about one of the more abundant gasses in the universe, eating up a vast amount of what is left of Britain's indigenous energy supply to do so.

Plant more fvcking trees and quit paving over every god-damn thing.

Build the severn barrier - provide 10's of thousands of jobs for years and give almost totally free energy after it's paid for itself.

No ground rents from greedy speculating landowners forcing prices up artificially for the rest of us!

It must remain firmly in the hands of the Blitish otherwise hidden scum will be forcing up & speculating on our energy prices

So why is the project cancelled - yet there is hundreds of millions available for these other "GREEN" projects?

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Build the severn barrier - provide 10's of thousands of jobs for years and give almost totally free energy after it's paid for itself.

No ground rents from greedy speculating landowners forcing prices up artificially for the rest of us!

It must remain firmly in the hands of the Blitish otherwise hidden scum will be forcing up & speculating on our energy prices

So why is the project cancelled - yet there is hundreds of millions available for these other "GREEN" projects?

NIMBYism, plain and simple

It would have been sold off though. Can't believe they flogged off the Channel Tunnel Rail Link for less than half what it cost to build.

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The solution to polution is dilution. We need to build smaller coal fired power stations and lots of them dotted all over the country. This will also reduce transmission losses. CO2 is good for plants it's just the other shit in coal that needs addressing.

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It surprises me that the moors going into Yorkshire are so bare of trees. So ok they are high at 360 metres but surely there should be some trees or did we cut them down some time ago? If we did why not replant?

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Its amazing how in recent years the real pollution issues have been forgotten with the advent of the killer CO2 gases.

There have been striking breakthroughs in clean coal technology that go a long way to removing these pollutants. This is where the focus should be and we should also ensure that BRIC countries implement this technology in their new coal fired power stations.

Somebody posted a link a few weeeks ago to one of those urban photography sites - shuttered industrial mainly. One of the sites was CRE in Stoke Orchard - doubt if there were many places looking into efficient coal burning this was one of them.

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Now that is what you call alarmist and out of context especially given my environmental credentials in the industry.

Anyway since you brought it up can you name one negative environmental impact that the hole has caused ?

I was being flippant. I doubt open cut mines in the middle of the desert are in the top 100 of our problems. The comment just reminded me of a UQ mining engineering society t-shirt from the 80s. (If you think Australia is a hole now, just wait until we've finished with it.)

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It's like the planning sectors fixation with what they call sustainable housing that is the biggest con. Building homes where the residents will have to drive to everything can't solve anything, transport uses two thirds of our domestically used oil. Logic would dictate that we should be now migrating to self contained communities. :angry:

Er, you've just described sustainable housing. PPG3 et al were entirely about reducing car dependency by making distances short, streets pleasant and driving just one of many modal choices.

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No worries at all, good to see some context, you may find it hard to believe but I have been a environmental practitioner in previous lives.

You've probably seen what I think of the EU and CAGW crowd, but I get my beer money (and have done so for the past 2 years) contracting modelling effects of EU policies on CO2 emissions!

I never said I wasn't a hypocrite.

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NIMBYism, plain and simple

It would have been sold off though. Can't believe they flogged off the Channel Tunnel Rail Link for less than half what it cost to build.

Don't worry about that one - that was after they discovered they had used "substandard undersea cement"

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It surprises me that the moors going into Yorkshire are so bare of trees. So ok they are high at 360 metres but surely there should be some trees or did we cut them down some time ago? If we did why not replant?

Stop 'grousing' about the uber-rich globalists - that's why they are kept.

Sssi's contaminated with millions upon millions of degrading 'lead pellets' in an acid soil.

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Build the severn barrier - provide 10's of thousands of jobs for years and give almost totally free energy after it's paid for itself.

No ground rents from greedy speculating landowners forcing prices up artificially for the rest of us!

It must remain firmly in the hands of the Blitish otherwise hidden scum will be forcing up & speculating on our energy prices

So why is the project cancelled -

Because it's an environmental disaster in other ways

tim

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Build the severn barrier - provide 10's of thousands of jobs for years and give almost totally free energy after it's paid for itself.

No ground rents from greedy speculating landowners forcing prices up artificially for the rest of us!

It must remain firmly in the hands of the Blitish otherwise hidden scum will be forcing up & speculating on our energy prices

So why is the project cancelled - yet there is hundreds of millions available for these other "GREEN" projects?

Totally.

Energy security is crucial, even if one is a carbon heretic.

Such a project could only be funded by government, and it might prove tricky to hand over to private ownership in front of the eyes of the people. Only the nation would benefit, so that's not going to happen.

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You've probably seen what I think of the EU and CAGW crowd, but I get my beer money (and have done so for the past 2 years) contracting modelling effects of EU policies on CO2 emissions!

I never said I wasn't a hypocrite.

I don't find that hypocritical at all.

Refreshing that someone can make a living without being psychologically invested in the whole b"ll"x, which is what most jobs are actually.

Milk it mate!

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Is this true ?

I have just signed off on both a marine tunnel and a seabed structure to marine grade.

The marine structure was released yesterday.

I am not concerned about what I have done but I am interested if there are any problems with the Chunne/

It's a slight on what they got up to (or didn't do) in the gulf oil prospecting.

So don't start rumours or loads of Canadian pension holders will start having excessive palpitations :rolleyes:

Edited by erranta

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It surprises me that the moors going into Yorkshire are so bare of trees. So ok they are high at 360 metres but surely there should be some trees or did we cut them down some time ago? If we did why not replant?

Living very close to the Yorkshire moors, the soft boggy peat soil probably isn't condusive to tree's staying upright for long!

However from the snowy moors this week, could see right out across the Aire Valley to Humberside, and all E.Yorks coal power stations from Ferrybridge to Drax going full blast to cope with the cold weather. We need more of these coal powered monsters!

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You've probably seen what I think of the EU and CAGW crowd, but I get my beer money (and have done so for the past 2 years) contracting modelling effects of EU policies on CO2 emissions!

I never said I wasn't a hypocrite.

2 year's contracting to come up with the result : 'Sweet F**k All'

Nice if you can get it..

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  • 312 Brexit, House prices and Summer 2020

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      • down 5% +
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