interestrateripoff Posted July 19, 2008 Share Posted July 19, 2008 http://business.timesonline.co.uk/tol/busi...icle4359781.ece A lack of adequate gas storage has left Britain's energy market like a “house of cards”, more vulnerable to supply shocks than any other country in Western Europe, according to a leading energy analyst.Four years after becoming a net gas importer, Britain still has one of the lowest levels of gas storage capacity in Europe - enough to supply consumers for about two weeks. That is equivalent to about 4 per cent of annual demand, compared with 20 per cent in both France and Germany. John Hall, an energy analyst, said that this acute shortage was a key factor creating volatility in Britain's wholesale gas market, which in turn is resulting in bigger bills. “Without more storage the UK is terribly vulnerable to supply disruptions,” Mr Hall said, adding that the situation was exacerbating tension in Britain's gas market, the third-largest in the world after America and Russia. Perhaps an interest rate rises would help? Interest rates always cure inflation so what we need is a big dose of interest rate rises and these supply shocks wouldn't happen, who needs gas storage when interest rates work. Quote Link to comment Share on other sites More sharing options...
Abstra Posted July 19, 2008 Share Posted July 19, 2008 (edited) http://business.timesonline.co.uk/tol/busi...icle4359781.ecePerhaps an interest rate rises would help? Interest rates always cure inflation so what we need is a big dose of interest rate rises and these supply shocks wouldn't happen, who needs gas storage when interest rates work. I agree. Why worry about fundamentals when the black art of interest rate tuning does the job for you. Though we don't have the intelligence to understand how this successful mechanism works it is obvious that it does. The market is like a Religion, you know its right but you haven't got a clue why. Edited July 19, 2008 by Decom Quote Link to comment Share on other sites More sharing options...
Pindar Posted July 19, 2008 Share Posted July 19, 2008 (edited) It won't be a problem. The government's leaked plans to harness the farts of the unemployed to power the country through the recession should take care of it. Darling admitted "with mass unemployment and the gas we can harness from those out of work, we are in good shape to weather the storm." Edited July 19, 2008 by BarrelShifter Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 19, 2008 Author Share Posted July 19, 2008 It won't be a problem. The government's leaked plans to harness the farts of the unemployed to power the country through the recession should take care of it. Darling admitted "with mass unemployment and the gas we can harness from those out of work, we are in good shape to weather the storm." They should connect Prescott up as well. Quote Link to comment Share on other sites More sharing options...
AteMoose Posted July 19, 2008 Share Posted July 19, 2008 Why oh why oh why did we start building gas powered power stations? Quote Link to comment Share on other sites More sharing options...
corevalue Posted July 19, 2008 Share Posted July 19, 2008 Why oh why oh why did we start building gas powered power stations? Short-term profit. Why else? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 19, 2008 Author Share Posted July 19, 2008 Short-term profit. Why else? Short-termism you can't beat it. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 19, 2008 Share Posted July 19, 2008 Why oh why oh why did we start building gas powered power stations? The market will provide The market will provide The market will provide The market will provide The market will provide The market will provide The market will provide The market will provide Many years back the Belguims blew their limited gas supplies on CCGT. Subsequently they said to the rest of Europe - whatever you do don't blow ya gas on electricity production You know the rest............. Quote Link to comment Share on other sites More sharing options...
Justice Posted July 19, 2008 Share Posted July 19, 2008 Enron all over again so goes to show how the population in general has such short memories and are guranteed to soak up propaganda as to the resons behind the shortage. Time we ran out of petrol and stayed at home i thinks. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 19, 2008 Author Share Posted July 19, 2008 You mean the free market doesn't answer all our prayers. I've been LIED TO!!!!! Bar stewards..... Next you'll be telling me interest rates don't build gas storage facilities.... Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted July 19, 2008 Share Posted July 19, 2008 Apols if everyone knows this already - but I didn't and found it interesting A few weeks back I decided that I didn't know where our reserves of natural gas are actually stored - I had some vague idea that it was in those gasometer things but thought they looked a bit small. So I looked it up and I was really surprised to find out that the vast majority is stored underground under pressure either in the porous rock of old oil and gas wells or in purposely formed salt caverns. The biggest store is at Hornsea in East Yorkshire. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 19, 2008 Share Posted July 19, 2008 Apols if everyone knows this already - but I didn't and found it interestingA few weeks back I decided that I didn't know where our reserves of natural gas are actually stored - I had some vague idea that it was in those gasometer things but thought they looked a bit small. So I looked it up and I was really surprised to find out that the vast majority is stored underground under pressure either in the porous rock of old oil and gas wells or in purposely formed salt caverns. The biggest store is at Hornsea in East Yorkshire. Still only 12 days supply as opposed to continental Europes 70 Not to worry The market will provide The market will provide The market will provide The market will provide The market will provide The market will provide The market will provide The market will provide . . . Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 19, 2008 Author Share Posted July 19, 2008 Of course the market will provide, to bring us cheaper gas and lower profits. It's the capitalist way. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 19, 2008 Share Posted July 19, 2008 Of course the market will provide, to bring us cheaper gas and lower profits. It's the capitalist way. http://www.woodgas-stove.com/ Im getting one of these to cook me dinner on. Fook Centrica Quote Link to comment Share on other sites More sharing options...
huw Posted July 19, 2008 Share Posted July 19, 2008 http://www.woodgas-stove.com/Im getting one of these to cook me dinner on. Fook Centrica These look very good. Philips is developing something similar that uses a thermocouple to drive the fan, potentially making it more resilient. Quote Link to comment Share on other sites More sharing options...
Wires 74 Posted July 19, 2008 Share Posted July 19, 2008 The UK has an astonishingly laissez-faire approach towards national energy policy . Much of our LNG (Liquid Natural Gas ) now has to be imported from overseas hence the reason why huge and expensive LNG terminals have opened and in the course of been built at the Isle of Grain and Milford Haven .Only trouble is one a cargo is loaded on an LNG tanker it can still be bought and sold several times over on the spot market meaning there is very little security of supply . The terminal at the Isle of Grain has seen only one tanker in the last few months as cargoes originally bound for the UK keep on getting purchased en-route either by the Japanese or the US usual through national government underwriting . Unfortunately this is what happens when you have no national energy policy and your entire energy industry is in the hands of French and German profiteers . Quote Link to comment Share on other sites More sharing options...
huw Posted July 19, 2008 Share Posted July 19, 2008 Unfortunately this is what happens when you have no national energy policy and your entire energy industry is in the hands of French and German profiteers . And when you haven't got joined-up thinking at government level. It obviously never occurred to them that building LNG infrastructure is useless of there's no affordable LNG available. Quote Link to comment Share on other sites More sharing options...
tinker Posted July 19, 2008 Share Posted July 19, 2008 (edited) And when you haven't got joined-up thinking at government level. It obviously never occurred to them that building LNG infrastructure is useless of there's no affordable LNG available. At every level in Govt, there seems to be a total lack of planning and thinking things through. It's what you get when you have policy driven by PR, a nation dumbed down either by thought sapping spoon fed TV or a downgraded education system that merely gives the illusion of improvement. The talk sounds good, the delivery leaves a lot to be desired. It's like it's been one long big party for them... the morning after was a long way off. 'It'll be alright... we'll be alright." Edited July 19, 2008 by tinker Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 19, 2008 Share Posted July 19, 2008 And when you haven't got joined-up thinking at government level. It obviously never occurred to them that building LNG infrastructure is useless of there's no affordable LNG available. Japan has got about 8000mw of CCGT sitting idle because it can not get the LNG to run them And thats with their buying power Real good investment those LNG terminals at Grain & Milford Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted July 19, 2008 Share Posted July 19, 2008 Couldn't we just get Thatcher's babies to dig for coal with their knives. Two birds with one stone. Quote Link to comment Share on other sites More sharing options...
zceb90 Posted July 19, 2008 Share Posted July 19, 2008 The UK has an astonishingly laissez-faire approach towards national energy policy . Much of our LNG (Liquid Natural Gas ) now has to be imported from overseas hence the reason why huge and expensive LNG terminals have opened and in the course of been built at the Isle of Grain and Milford Haven .Only trouble is one a cargo is loaded on an LNG tanker it can still be bought and sold several times over on the spot market meaning there is very little security of supply . The terminal at the Isle of Grain has seen only one tanker in the last few months as cargoes originally bound for the UK keep on getting purchased en-route either by the Japanese or the US usual through national government underwriting .Unfortunately this is what happens when you have no national energy policy and your entire energy industry is in the hands of French and German profiteers . For the benefit of those who've not seen recent OilDrum articles re UK gas prices and coming economic storm as a result of energy import costs: Why UK Natural Gas Prices Will Move North of 100p/therm this Winter. A State of Emergency. I've recently installed 2 wood stoves at home...and several of my contacts have also acquired wood stoves. What we have in common is decades-long careers in the North Sea Oil and Gas Industry - those who still deny the coming energy crisis might consider why we are doing this. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 19, 2008 Share Posted July 19, 2008 For the benefit of those who've not seen recent OilDrum articles re UK gas prices and coming economic storm as a result of energy import costs:Why UK Natural Gas Prices Will Move North of 100p/therm this Winter. A State of Emergency. I've recently installed 2 wood stoves at home...and several of my contacts have also acquired wood stoves. What we have in common is decades-long careers in the North Sea Oil and Gas Industry - those who still deny the coming energy crisis might consider why we are doing this. Whats mad is something like 11 of the 15 million houses that have cavity walls are still unfilled 11 million x say 6000kwh per annum = approx 7% of the Uk's total gas consumption...... Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted July 19, 2008 Share Posted July 19, 2008 At every level in Govt, there seems to be a total lack of planning and thinking things through. It's what you get when you have policy driven by PR, a nation dumbed down either by though sapping spoon fed TV or a downgraded education system that merely gives the illusion of improvement. Those who fail to plan , plan to fail Suprisingly Nu Lab who are great lovers of consultancy double speak have chosen to ignore one of the few business maxims that is actually worth anything. Quote Link to comment Share on other sites More sharing options...
tinker Posted July 19, 2008 Share Posted July 19, 2008 (edited) Those who fail to plan , plan to fail Surprisingly Nu Lab who are great lovers of consultancy double speak have chosen to ignore one of the few business maxims that is actually worth anything. I believe this is very true. There really is at all levels of management whether government, local government and many businesses, an inability to go beyond the 'objective setting' stage in the planning process. Thus resources aren't allocated, problems snowball and things fall apart. Is it the calibre of people, the lack of creative thinking or a 'not-my-problem' attitude once seniority is reached - years in the job mistaken for competence by unquestioning subordinates? Edited July 19, 2008 by tinker Quote Link to comment Share on other sites More sharing options...
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