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« Jon Stewart Annihilates Obama's 'Executive Privilege' Claim In Fast&Furious | Main | WATCH: Holder Slams S&P With $5 Billion Fraud Lawsuit »
Wednesday
Feb062013

The Real Obama Climate Plan

Green energy linksfest.

John provides his weekly update on news (graft, corruption and waste) in the clean energy sector.

---

The Real Obama Climate Plan - WSJ

To approve natural gas exports and other energy projects, the president may demand a carbon tax.  The president's climate shout-out sent the green community into flurries of ecstasy, with grand hopes of a new push for cap-and-trade in Congress, or of a redoubled U.S. commitment to a global carbon pact. It fell to Mrs. Boxer to tamp down those ambitions, even as she reassured her devotees that there is more than one way to skin the climate cat.

"A lot of you press me on: 'Where is the bill on climate change?  Where is the bill?'  There doesn't have to be a bill," Mrs. Boxer explained in a briefing the day after Mr. Obama's speech.  "I'm telling you right now, EPA has the authority in the transportation sector, the electricity sector, and the industrial sector under the Clean Air Act" to do everything that legislation might otherwise do."

In other words, with the election over, all pretense is gone. Democrats won't waste political capital on a doomed cap-and-trade bill. Yet they'll get their carbon program all the same, by deputizing the EPA to impose sweeping new rules and using their Senate majority to block any GOP effort to check the agency's power grab. The further upside? Brute regulation is not only certain and efficient, it allows vulnerable Democrats to foist any blame on a lame-duck administration.

Mrs. Boxer has spent years on climate, and she wouldn't be surrendering her legislative ambitions without clear assurances the White House has her covered. Her words were a signal that the Obama EPA is about to re-energize the regulatory machine that it put on ice during the election. Republicans who hoped Lisa Jackson's resignation signaled a more humble EPA approach should instead prepare for an agency with a new and turbocharged mission.

Obama Will Not Propose Carbon Tax: Spokesman

The White House on Wednesday ruled out proposing a tax on carbon emissions, two days after President Barack Obama called for action on climate change in his inaugural address.  Senator Bernie Sanders, a Vermont independent and hard-line environmentalist, said Tuesday he plans to introduce legislation in February that would penalize companies for their carbon emissions, while also ending fossil fuel subsidies.

Carney confirmed that Obama would finalize greenhouse gas emissions standards on new power plants, which are due in April.  But he would not say what, if any, other actions the administration would take to tackle climate change, including issuing GHG standards for existing power plants.

World Bank Chief: Obama's Speech Could Reignite Climate Push

World Bank President Jim Yong Kim hopes that President Obama’s climate-heavy inaugural speech will be a shot in the arm for efforts to prevent catastrophic global warming.  “Strong leadership must come from the six big economies that account for two-thirds of the energy sector’s global carbon dioxide emissions. President Obama’s reference in his inaugural address this week to addressing climate and energy could help reignite this critical conversation domestically and abroad,” he writes in a Washington Post op-ed.

Larry Summers: It's Time To Tax Carbon And High Fat Foods

As the nation marches steadily toward the fiscal cliff, President Obama’s former chief economist Lawrence H. Summers says once that crisis is averted, policymakers should begin debating ideas like taxing carbon and high-fat foods.

[Note: Larry Summers is part owner of First Wind]

First Wind Update

Kahuku Wind Power, LLC, a project of First Wind in Kahuku Oahu, HI, was granted a $117 million loan in July 2010, estimated to create a whopping 200 jobs. And then on February 3, 2012 this same project received a 1603 grant­ for over $35 million [docket #2594 –- $35,148,839].

Sadly, in August 2012 a fire that destroyed First Wind’s battery storage facility and sent toxic fumes into the air, left ratepayers in the dark over costs and safety. We should keep an eye on that one, however, there is more corruption to expose.

The First Wind plan was to secure taxpayer money and then go public. Now they achieved their first objective from the Bank of Obama –– since he took office (and as of 7/18/12), First Wind's projects have received over $452 million in grants through the Stimulus' 1603 Program.

  • First Wind's Stetson Wind Farm in Maine –– $40,441,471
  • Cohocton Wind Farm in New York, $52,352,334
  • Dutch Hill Wind Farm In New York, $22,296,494
  • Milford Wind Corridor Phase I In Utah; $120,147,809
  • Milford Wind Corridor Phase II In Utah, $80,436,803
  • Rollins Wind Farm In Maine; $53,246,347
  • Sheffield Wind Farm In Vermont, $35,914,864
  • Kahuku Wind Farm In Hawaii, $35,148,839
  • Steel Winds II Wind Farm In New York, $12,778,75

However, in November 2010, Bloomberg announced, “First Wind Holdings Inc., the operator of wind-energy projects backed by D.E. Shaw & Co. and Madison Dearborn Partners LLC, said it withdrew its initial public offering because of unfavorable market conditions” that’s code for “weak demand.”

Speaking of IPO's...

Within the House Oversight leaked emails that were unleashed late October 2012, you'll discover that these correspondences basically prove that the White House, Secretary Chu, and certain DOE officials lied about how they handled the green energy loans on various fronts –– a story I have emphasized in many of my recent green corruption posts.

In the 350+ page Appendix II, I discovered a series of intriguing emails dated in May 2010, where the DOE staff was discussing the Kahuku loan, just months prior to the final approval in July 2010. It seems that on May 12, 2012, LPO Credit Advisor James McCrea was concerned about the Loan Guarantee Program Office's "credit policies and procedures" –– so much so that he intensely clarified the importance of order, "...everyone needs to understand is all that has to go in order to put the transaction into the Federal accounting system which requires collaborating among OMB, Treasury, and parts of DOE with which you do not normally interact. To be clear, one of the reasons this is so carefully handled is that there are several penalties for a violation of the Antideficiency Act including jail time..." Later McCrea writes, "I know the processing is frustrating for First Wind. The deal will close when it is time."

Five days later, McCrea writes, "To fill Brian in, we have a pretty good mess on First Wind and it is looking like it is going to get a lot worse and quickly at that. Someone is pressing Jonathan [Jonathan Silver is the former Executive Director of the Loan Program Office] who is now pressing hard on the everyone as the sponsor has an IPO in the works. I have told Jonathan that the deal has huge issues and the sponsor's overriding is not helping at all and that further, the sponsor's pending IPO is irrelevant."

While there's no mention of where that pressure came from, the first-rate, high-powered political ties to First Wind are vast, starting with D.E. Shaw & Co, a New York-based investment firm –– "a $39 Billion Hedge Fund Giant" (also a First Solar investor), which so happens to be one of the three top contributors to Democrats –– is a backer of First Wind Holdings Inc. The founder David Shaw, is a two-time Obama bundler, who employed Larry Summers, and before heading to the Obama White House, as the top economic advisor, "Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw,” as revealed by the Wall Street Journal, noting his "frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers." Towards the end of 2011, Summers left the Obama administration and rejoined the firm as a consultant.

Algonquin Buys "Shady" Oaks 

Algonquin Power and Utilities Corp. has acquired a 109.5 MW contracted wind powered generating station ("Shady Oaks") from Goldwind International SO Limited ("Goldwind") for total consideration to all stakeholders of approximately US$148.9 million.

The Shady Oaks wind power facility is located in Northern Illinois, approximately 80 km west of Chicago, Illinois and reached commercial operation in June 2012. Total annual energy production is expected to be 364 GW-hrs per year.  The Shady Oaks wind facility has entered into a 20 year inflation indexed power purchase agreement with the largest electric utility in the state of Illinois, Commonwealth Edison.

Goldwindmore here, may be connected to Brian Caffyn, who was also involved with First Wind/IVPC/UPC which has ties to organized crime in Italy.

More On Goldwind And First Wind

US: Chinese turbine manufacturer Goldwind has appointed First Wind vice-president and chief financial officer Tim Rosenzweig to be the CEO of Goldwind USA.

More here and here 

Davos: Green Investment Report (pdf)

Brought to by: The Green Growth Action Alliance, see page 39 for members...

Businesses Brace For An Obama Wave Of Regulation

President Obama has begun to wield the power of the executive to press forward with a second-term agenda that delights the left and terrifies the right. When he said "we must act" in his inaugural address last week, liberals cheered him on and conservatives saw that the electoral earthquake of November is likely to be followed by a tsunami of executive orders and regulations.

Lawmakers, lobbyists and policy groups say they are expecting a deluge of new rules from agencies across the federal government. “They’re going to try to do with regulation what they cannot do with legislation,” said Mike House of Hogan & Lovells, a law and lobbying firm whose clients include businesses and trade groups.

White House Official: Corporate Tax Reform Should Boost Green Energy

A White House economic adviser said Thursday that any overhaul of the corporate tax code should provide a lift for green energy technologies.  “The first headline of corporate tax reform will not be ‘corporate tax reform for the clean energy economy.’  But the way that corporate tax reform gets done could have a dramatic effect, long-term, on the incentives for investment in the United States for ... technologies and renewable technologies,” said Brian Deese, deputy director of the National Economic Council.

PUC Approves Statoil Offshore Wind Project 

The PUC's 2-1 vote Thursday to support the Statoil Hywind Maine demonstration project means customers will pay slightly higher electricity bills in the near term. But the commission decided that the cost – about 75 cents a month for the average residential customer – is worth the opportunity to put Maine on the international wind power map.

The decision doesn't guarantee that Statoil will build the project. The contract gives the company room to change course if, for instance, it doesn't win the second installment of a large federal grant or Congress does not renew a key tax credit for renewable energy.

Norweigan Sea Can Hold 100 Years Of Norways CO-2 Emissions

The findings are most relevant for natural gas finds such as the Sleipner field in the North Sea, where the gas contains high levels of carbon dioxide. Norway has imposed taxes on carbon emissions since 1991 as part of efforts to limit climate change.

An atlas by the Norwegian Petroleum Directorate (NPD) showed that geological formations could store 5.5 billion tonnes of carbon dioxide beneath the Norwegian Sea, against current annual Norwegian emissions of about 50 million tonnes.

The storage is a fraction of the 70 billion tonnes of storage space below Norway's sector of the North Sea, as estimated in a 2011 NPD study. The NPD is still mapping storage sites in the Arctic Barents Sea.  "The Atlas shows that there are several suitable sites" for storage, Oil and Energy Minister Ola Borten Moe said in a statement. Norway is Europe's second-largest gas supplier after Russia.

Statoil: Carbon Capture 

Statoil Annual Report 2011

The main pension schemes in Norway are managed by Statoil Pensjon (Statoil's pension fund - hereafter "Statoil Pension"). Statoil Pension is an independent pension fund that covers employees of Statoil ASA and the company's Norwegian subsidiaries. The purpose of Statoil Pension is to provide retirement and disability pension to members and survivor's pension to spouses, registered partners, cohabitants and children. The pension fund's assets are kept separate from the company's and group companies' assets. Statoil Pension is supervised by the Financial Supervisory Authority of Norway ("Finanstilsynet") and is licensed to operate as a pension fund.

US Delays Approval Of Big Chinese Oil Deal

A U.S. regulatory review has delayed completion of Chinese oil giant CNOOC’s $15.1 billion purchase of the Canadian oil company Nexen, a deal that triggered U.S. review because Nexen has oil-and-gas assets in the Gulf of Mexico.

Nexen, in a statement Sunday, said both parties to the deal have agreed to extend the closing date by 30 days until early March. 

“Completion of the Agreement remains subject to the receipt of United States regulatory approval and the satisfaction or waiver of other customary closing conditions. Key regulatory approvals have been received from Canada, the United Kingdom, the European Union and the People's Republic of China,” Nexen said.

In the U.S., the deal has triggered review by the Committee on Foreign Investment in the United States, the Treasury Department-led interagency panel that reviews foreign purchases of U.S. assets if the transactions could affect national security. 

Nexen is a multinational company active in Canada’s oil sands, off West Africa’s coast and elsewhere. 

CNOOC’s takeover has drawn interest on Capitol Hill due to Nexen’s Gulf of Mexico holdings and because Nexen is a significant player in Canada’s oil sands. Click herehere and here for earlier E2-Wire coverage of the CNOOC-Nexen deal.

Global Warming's Latest Victim

LEGENDARY Nessie hunter Robert Rines is giving up his search for the monster after 37 years.  The 85-year-old American will make one last trip in a bid to find the elusive beast.  After almost four decades of fruitless expeditions, he admitted: "Unfortunately, I'm running out of age."

He started in 1971. The following year, he watched a 25ft-long hump with the texture of elephant skin gliding through the water.  His original trip was to help another monster hunter with sonar equipment and quickly identified large moving targets.  He was smitten and returned the next year, which is when, he says: "I had the misfortune of seeing one of these things with my own eyes."

Since then, he has been obsessed with tracking down the creature with a staggering array of hi-tech equipment. It was this gear that took the famous "flipper" picture that year which created a stir around the world.  Despite having hundreds of sonar contacts over the years, the trail has since gone cold and Rines believes that Nessie may be dead, a victim of global warming...The eulogy will be held at 5pm (somewhere).

 

Read Last Week's Green Energy Stories...

 

 

WATCH: Obama on Climate Change - Inauguration 2013

Obama sees a huge threat from climate change but no threat from a $17 trillion national debt.

"We will respond to the threat of climate change, knowing that the failure to do so would betray our children and future generations.  Some may still deny the overwhelming judgment of science, but none can avoid the devastating impact of raging fires, and crippling drought, and more powerful storms."

 

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Reader Comments (44)

From yesterday:

CEO Aubrey McClendon to leave Chesapeake
Co-founder Aubrey McClendon will retire April 1 as chief executive of Chesapeake Energy Corp.

http://newsok.com/aubrey-mcclendon-to-retire-as-chesapeake-ceo/article/3750169
Jan 30, 2013 at 6:54 AM | Unregistered Commenterjohn
Don't you just love the employees are the best speech. I heard that one before when I worked at a business that had just grown substantially in their market. They told us how greatful they were and all that shit. They sold out to a conglomerate which kept the distribution in place but fired most of the greatest assets they had. The bosses got to keep their tens of millions and all the guys I knew are gone. Fuckem.
Jan 30, 2013 at 7:12 AM | Unregistered CommenterSKINFLINT
Excellent links, John.
Jan 30, 2013 at 1:08 PM | Registered CommenterDailyBail
Thanks John

At the risk of sounding like FLOTUS, ALL THAT FOR CLEAN AIR?
Jan 30, 2013 at 4:51 PM | Unregistered CommenterBackgammon
A refresher regarding recent EPA news with an update: Thanks again for everything, DB and all!

http://dailybail.com/home/sen-inhofe-its-the-outrage-of-the-year-the-epa-is-wasting-ta.html

[snip]

“This shows you want they’re trying to do,” said Inhofe. “When they were unable to pass cap and trade here in the United States… Obama and his EPA decided ‘well if they’re not going to pass the legislation, we’ll do it through regulation.’


http://thehill.com/blogs/e2-wire/e2-wire/273249-internal-watchdog-launches-epa-email-probe

[snip]

The Environmental Protection Agency’s (EPA) internal watchdog is looking into whether the agency uses separate internal email accounts to conduct government affairs.
Its office of the inspector general wants to know whether the agency’s email practices comply with federal laws. The concern is whether correspondence through internal accounts would show up in a search for federal records.

“Our objective is to determine whether EPA follows applicable laws and regulations when using private and alias email accounts to conduct official business,” said the inspector general memo, which was made public Monday.
EPA’s inspector general said the audit follows on a congressional request. Some lawmakers have pressed EPA Administrator Lisa Jackson for answers on her alleged use of a separate internal email account under the alias “Richard Windsor.”


Note: this resulted in the EPA head resigning.



Update 1:

http://wattsupwiththat.com/2013/01/29/vitter-issa-investigate-epas-transparency-problem-more-suspicious-e-mail-accounts/

[snip]

In a joint letter sent today, Senator David Vitter (R-La.), the top Republican of the Senate Committee on Environment and Public Works, and Congressman Darrell Issa (R-Calif.), Chairman of the House Committee on Oversight and Government Reform, questioned James Martin, Region 8 Administrator of the U.S. Environmental Protection Agency (EPA), regarding his use of a non-official e-mail account to conduct official business, potentially violating federal transparency laws.

Update 2:

Dems to Obama: Pick EPA chief with ‘vision,’ use ‘available tools’ on climate

http://thehill.com/blogs/e2-wire/e2-wire/280087-dems-to-obama-pick-epa-chief-with-vision-use-available-tools-on-climate

[snip]

The letter arrives shortly after Obama vowed, in his second inaugural address, to focus on climate change in his second term.

But with major climate legislation highly unlikely to advance in Congress, advocates are urging the White House to move forward with executive actions, including carbon emissions standards for existing power plants.

“We stand ready to work with you to use available tools to provide stronger safeguards that will address dangerous air pollution, including carbon pollution. An effective example has been your administration’s historic new automobile efficiency standards that will save consumers $1.7 trillion in fuel costs over the life of their vehicles,” the letter states.

EPA Deputy Administrator Bob Perciasepe will take over Jackson position on an acting basis when she departs, and is also among the many names mentioned as a possible nominee for the top job. Click here for a rundown of possibilities.

The letter from the 16 Democrats concludes: “By working together, we can build on your administration’s efforts to promote a strong and robust economy, foster our nation’s global leadership in clean energy innovation and job creation, and reduce the significant harms posed by climate change.”

Jan 30, 2013 at 5:25 PM | Unregistered Commenterjohn
Boeing Battery update:

http://www.pddnet.com/news/2013/01/boeings-787-batteries-replaced-10-times



MSNBC GUEST’S BIZARRE CLAIM: CLIMATE CHANGE ‘DRIVING’ CHICAGO’S GUN VIOLENCE

http://www.theblaze.com/stories/2013/01/30/msnbc-guests-bizarre-claim-climate-change-driving-chicagos-gun-violence/

[snip]

The Center for American Progress’ Christie Hefner on Wednesday said climate change is partially responsible for Chicago’s spike in gun murders.

Hefner, the former chairman and CEO of Playboy Enterprises, said on MSNBC’s “Morning Joe” that Chicago had a record number of gun murders last year and was already outpacing those numbers in 2013.

“Now there are contributing factors that are not under anybody’s control and may seem odd, but it is factually true. One of them is actually the weather — there is a dramatic increase in gun violence when it is warmer and we are having this climate change effect that is driving that,” she said.
Jan 30, 2013 at 6:04 PM | Unregistered Commenterjohn
Scientists may have received millions in duplicate funding, study says

http://phys.org/news/2013-01-scientists-millions-duplicate-funding.html

[snip]

An analysis led by Harold R. Garner, a professor at Virginia Tech, not only indicates that millions in funding may have been granted and used inappropriately, it points to techniques to uncover existing instances of duplicate funding and ways to prevent it in the future. The analysis was presented in the comment section of this week's Nature. Submitting applications with identical or highly similar specific aims, goals, objectives, and hypotheses is allowed; however, accepting duplicate funding for the same project is not. To estimate the extent of double-funding, Garner and his team, including programmer Lauren McIver, systematically compared 858,717 funded grant and contract summaries using text-similarity (text mining) software followed up by manual review. These summaries were downloaded from public websites in the U.S. for the National Institutes of Health, the National Science Foundation, the Department of Energy, the Department of Defense, and Susan G. Komen for the Cure.
Jan 30, 2013 at 7:19 PM | Unregistered Commenterjohn
GOP senators ask DOJ to explain 'targeting' of oil and gas companies over bird deaths

http://thehill.com/blogs/floor-action/senate/280109-gop-senators-ask-doj-to-explain-targeting-of-oil-and-gas-companies-over-bird-deaths

[snip]

Sens. David Vitter (R-La.) and Lamar Alexander (R-Tenn.) asked U.S. Attorney General Eric Holder why he is “targeting” oil and gas companies by prosecuting them for the unintentional death of birds.

The senators said on the Senate floor Wednesday that they sent Holder a letter asking him why he is prosecuting oil and gas companies for violating the Migratory Bird Treaty Act (MBTA) by killing birds, yet he is not going after wind energy companies.
“This is not even handed enforcement of the law,” Vitter said. “What that is, is targeting one type of energy producer.”
Vitter said that the MBTA was only intended to go after the intentional killing of birds, not unintentional acts. He said Justice pursued an MBTA case against three oil and gas companies for the death of just seven birds.
Jan 30, 2013 at 7:50 PM | Unregistered Commenterjohn
Chesapeake update: just in...

Chesapeake faces enduring entanglements with departing CEO

http://www.reuters.com/article/2013/01/31/us-chesapeake-mcclendon-entangled-idUSBRE90U01M20130131

[snip]

America's second-largest natural-gas producer said on Tuesday that McClendon is stepping down as chief executive and a board member. He is leaving behind legal predicaments and intertwined personal and corporate interests that analysts say could linger for years.

Among the trickiest to unwind is his signature perk. McClendon controls interests of up to 2.5 percent in thousands of Chesapeake wells, according to an analysis of Chesapeake filings with the Securities and Exchange Commission. The company owns interests in 45,700 producing oil and gas wells, according to its most recent annual report.

McClendon's stakes are part of a controversial benefit, known as the Founder Well Participation Plan, which awarded him a stake in every well Chesapeake drilled since 1993, provided that he pay an equivalent share of the costs. He has participated in the plan every year since, with the exception of five quarters in 1999 and 2000, the SEC filings show.

McClendon began losing his grip on the company after Reuters reported last year that he had borrowed more than $1 billion against his well stakes from a firm that also invested in Chesapeake itself. That and other Reuters reports of potential conflicts of interest, coupled with a cash crunch amid weak gas prices and bloated spending, sparked an investor revolt and a board shakeup. Analysts said that while the unusual arrangements were part of his undoing, they will not be easy to unwind.


Note: I will be covering some of Chesapeake's issues in my next links article. I want to apologize to the readership for all the extra posts this evening, however, things are moving at a furious pace and I wanted to keep readers informed.

john
Jan 30, 2013 at 9:15 PM | Unregistered Commenterjohn
John I would imagine that some of these unwindings will end up in court as I believe from an earlier post that he gained rights to these wells through dubious practices.
Jan 30, 2013 at 9:23 PM | Unregistered CommenterSKINFLINT
Progressives. Gads. Really not progressive at all and just a bunch of nitwits.
Jan 30, 2013 at 9:26 PM | Unregistered CommenterSKINFLINT
Great Post, John. How do they get away with it?

"...First Wind, received a total of $61.8 million in stimulus grants on Sept. 1, 2009, when the administration began rolling out money for the program. But FAA records indicate both were completed at least 15 months earlier -- by May 20, 2008..."

http://investigativereportingworkshop.org/investigations/wind-energy-funds-going-overseas/story/wind-farms-built-before-stimulus/

again and again?

Sun Journal
Revolving door the norm in D.C. but rare in Maine
By Editorial Board
Apr 23, 2010 12:00 am (clip)

According to a story Thursday by Naomi Schalit, of the Maine Center for Public Interest Reporting, former PUC Chairman Kurt Adams negotiated a pretty sweet deal for himself about a month before leaving the state's employ.

Adams accepted a vice-president's position at the Boston-based First Wind, a company seeking to develop a wind energy project in Maine.

A Securities and Exchange Commission filing says his first-year compensation at the firm totaled $1.3 million, which included $315,000 in salary, $658,000 in stock, $29,000 in "other" compensation and $315,000 in "non-equity compensation."
That's certainly a step up from his former position, which pays the current PUC chair, Sharon Reishus, a measly $164,278 per year. In fact, it's an eight-fold increase if the value of his stock is included.

And this is at a firm that has yet to turn a profit, according to a March 30 Boston Globe story.

The company had revenues of $47.1 million in 2009, but still had an operating loss of $57.1 million. (cut)

On a great note--

Kurt Adams' case inspired legislation in the form of an ethics bill that slams the state’s ‘revolving door’. ME Rep. Adam Goode, D-Bangor, has sponsored legislation requiring executive employees “in a major policy-influencing position” to wait one year before accepting jobs with “a business activity that is regulated by the state or quasi-state agency by which the former executive employee was employed.”
.
http://www.sunjournal.com/news/maine/2013/01/30/legislator-s-ethics-bill-would-slam-state-s-revolv/1313655
Jan 30, 2013 at 10:41 PM | Unregistered CommenterBarbara Durkin
Thanks, Barb! I am holding stuff re: Adams/King et.al. very close to my vest. There will be a day.....



Another Boing battery update:

At least 100 batteries failed on 787 fleet

http://seattletimes.com/html/businesstechnology/2020241385_787deadbatteriesxml.html
Jan 31, 2013 at 6:42 AM | Unregistered Commenterjohn
EU Carbon Trading ‘death spiral’ continues

http://wattsupwiththat.com/2013/01/31/eu-carbon-death-spiral-continues/#more-78472

[snip]

UPDATE: it’s worse than we thought, see below.

Carbon has closed below $4 a ton in a new record low while Deutsche Bank bails

From Reuters:

Deutsche Bank quits carbon market: board member

31 Jan 2013 12:42 Last updated: 31 Jan 2013 15:04

LONDON, Jan 31 (Reuters Point Carbon) – Deutsche Bank has shut its global carbon trading operations, a member of the investment bank’s board of directors said on Thursday. Source: http://www.pointcarbon.com/news/1.2162216

In addition to the price dropping to below the price of a bag of charcoal briquettes, it may have something to do with this investigation:

Deutsche Bank co-chief named in carbon tax investigation

Two board members at Deutsche Bank, including the lender’s co-chief executive, have been drawn into a police investigation into tax evasion related to the group’s carbon trading business.

Source: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9740904/Deutsche-Bank-co-chief-named-in-carbon-tax-investigation.html

Meanwhile, carbon closed yesterday at a new record low, losing about 8% of its value yesterday...
Jan 31, 2013 at 5:02 PM | Unregistered Commenterjohn
One more tonight and I will give it a break...

INTERVIEW: World Bank eyes spring launch for new carbon fund

http://www.pointcarbon.com/news/1.2162479?&ref=searchlist

[snip]

LONDON, Jan 31 (Reuters Point Carbon) – The World Bank aims to launch a new carbon fund this spring after it was delayed almost a year because falling carbon prices made it harder to raise cash, a senior official at the bank told Reuters Point Carbon.
Jan 31, 2013 at 5:13 PM | Unregistered Commenterjohn
So much for that promise. This cropped up and I just HAD to do it.

DLF sells Gujarat wind energy biz for Rs 282 cr

http://www.thehindubusinessline.com/companies/dlf-sells-gujarat-wind-turbine-project-for-rs-282-cr/article4364684.ece?ref=wl_opinion

[snip]

NEW DELHI, JAN 31:
As part of its exercise of exiting non-core businesses, real estate firm DLF Ltd has sold its Gujarat-based 150 MW wind turbine project to Bharat Light and Power Pvt Ltd for Rs 282.30 crore. This is the third major deal by the country’s largest realty firm in last six months.

Bharat Light and Power is run by Tejpreet Singh Chopra, previously GE’s President and Chief Executive for India, Sri Lanka and Bangladesh.
Jan 31, 2013 at 5:25 PM | Unregistered Commenterjohn
BREAKING NEWS: Chu to step down as Energy Secretary

http://www.biofuelsdigest.com/bdigest/2013/02/01/breaking-news-chu-to-step-down-as-energy-secretary/

[snip]

BREAKING NEWS: In Washington, Energy Secretary Steven Chu announced his decision to not serve a second term as Secretary.

Text of the letter follows:

Serving the country as Secretary of Energy, and working alongside such an extraordinary team of people at the Department, has been the greatest privilege of my life. While the job has had many challenges, it has been an exciting time for the Department, the country, and for me personally.

I’ve always been inspired by Dr. Martin Luther King, who articulated his Dream of an America where people are judged not by skin color but “by the content of their character.” In the scientific world, people are judged by the content of their ideas. Advances are made with new insights, but the final arbitrator of any point of view are experiments that seek the unbiased truth, not information cherry picked to support a particular point of view. The power of our work is derived from this foundation...
Feb 1, 2013 at 5:40 PM | Unregistered Commenterjohn
Excellent links, john.
Feb 2, 2013 at 12:12 PM | Registered CommenterDailyBail
I want to place this update here, as I had featured Norway (Statoil) in the above links story.


Johan Sverdrup oil field listed as Norway’s largest oil discovery

http://www.icenews.is/2013/02/01/johan-sverdrup-oil-field-listed-as-norways-largest-oil-discovery/

[snip]

The Johan Sverdrup oil field, west of Stavanger, Norway, has been listed as the largest Norwegian oil discovery since the beginning of the Millennium.
According to the Norwegian Petroleum Directorate, the Johan Sverdrup oil field contains 1,761 million barrels of oil equivalents – the Norwegian Petroleum Directorate’s calculation of the size of Johan Sverdrup excludes the oil discovery at Geitungen prospect.

Norway’s leading technical journal, Teknisk Ukeblad, stated that the Geitungen prospect consists of up to 270 million barrels of oil, and is most likely linked to the enormous find at Johan Sverdrup.
Sissel Eriksen, Director at the Norwegian Petroleum Directorate, explains, “This find is unbelievably important. Johan Sverdrup will play a huge part in maintaining Norwegian oil production for several years in a more significant manner than other discoveries.”
Eriksen followed by stating, “Such vast finds in mature parts of the Norwegian Continental Shelf strengthens the belief that there is more to be found. It raises interest towards both the North Sea and the Norwegian Continental Shelf itself.”

The largest oil discoveries made in the period 2000 – 2011

1. 16/2-6 Johan Sverdrup (2010), 1761 million barrels of oil equivalents
2. 7220/8-1 Skrugard (2011), 241 million barrels of oil equivalents
3. 7122/7-1 Goliat (2000), 175 million barrels of oil equivalents
4. 16/1-8 on the Edvard Grieg field (2007), 161 million barrels of oil equivalents
5. 6406/3-8 Maria (2010), 132 million barrels of oil equivalents
6. 34/4-11 (2010), 125 million barrels of oil equivalents
7. 25/8-14 S, on the Ringehorne Øst field (2003), 87 million barrels of oil equivalents
8. 16/1-9 Draupne (2008), 84 million barrels of oil equivalents
9. 6608/10-14 S Skuld (2010), 67 million barrels of oil equivalents
10. 25/4-9 S Vilje (2003), 64 million barrels of oil equivalents
Source: TUjobs.com
Feb 2, 2013 at 2:21 PM | Unregistered Commenterjohn
And here we go!

Waxman to push for climate hearings

http://thehill.com/blogs/e2-wire/e2-wire/281237-waxman-to-seek-committee-votes-on-climate-hearings-wednesday

[snip]

Rep. Henry Waxman (D-Calif.), the top Democrat on the Energy and Commerce Committee, wants to put Republicans on record about whether the powerful panel should hold hearings on climate change.

Waxman, over the last two years, has publicly asked the committee’s GOP leadership to hold hearings on extreme weather, major scientific reports about climate change, temperature data and related topics, but to no avail.

On Wednesday, Waxman hopes to put members to a vote when the committee considers its oversight plan for the 113th Congress, he told The Washington Post in a wider interview on climate policy and political strategy.

“Rep. Rush and I will propose amendments to their plan for the coming Congress to require hearings on these issues. We may be defeated, but to vote against even having hearings? Imagine having that on your record,” Waxman said of his plans with Rep. Bobby Rush (D-Ill.), a top lieutenant.
The committee, under GOP control, has been active on climate change, although not in the way Waxman would prefer.
In the last Congress, the panel – and the full House – approved legislation that would nullify the Environmental Protection Agency’s power to regulate greenhouse gas emissions, but it did not advance in the Senate.

The GOP-crafted oversight plan for the new Congress calls for fresh attention to EPA regulations that many Republicans and some centrist Democrats contend will be economically harmful.

“The committee will continue to monitor international negotiations on efforts to control greenhouse gas emissions in connection with concerns about global climate change. In addition, the committee will examine the EPA’s efforts to regulate domestic greenhouse gas emissions under the Clean Air Act based on its endangerment finding. The committee will consider whether such agreements and regulatory efforts are scientifically well grounded,” the Oversight plan states.
Feb 5, 2013 at 5:55 PM | Unregistered Commenterjohn
First floating wind turbine in North America hits the water in Brewer

http://bangordailynews.com/2013/05/31/news/bangor/first-floating-wind-turbine-in-north-america-hits-the-water-in-brewer/

This is the story that ran in Maine. They omitted the names of the parties involved...



But Bloomberg Didn't.

http://www.bloomberg.com/news/2013-05-31/maine-plans-to-install-first-u-s-offshore-wind-turbine.html

The University of Maine and partners including Iberdrola SA (IBE) and Xinjiang Goldwind Science & Technology Co. plan to launch the first U.S. offshore wind turbine today in a pilot project that will help design a $96 million, 12-megawatt floating power system.


Note Goldwind and Iberdrola.

Here is a bit from my main article (Algonquin Buys "Shady" Oaks, above) regarding Goldwind. Iberdrola has been mentioned numerous times in other articles here at the DB.
Jun 1, 2013 at 6:55 AM | Unregistered Commenterjohn
Feds allege more than $100M biofuels scam

http://www.usatoday.com/story/money/business/2013/09/18/feds-allege-more-than-100m-biofuels-scam/2834487/

Federal officials say an Indiana-based biofuels company cheated investors and taxpayers out of more than $100 million in what U.S. attorney Joe Hogsett called the largest tax and securities fraud scheme in Indiana history.

Prosecutors depict a case centered around Middletown-based E-Biofuels, the details of which resemble some scheme portrayed in a Hollywood movie.

Court documents say E-Biofuels would buy low-grade fuel from elsewhere, ship it to its Middletown plant, switch the labels, mark up the prices and sell the product as premium fuel to their customers.

E-Biofuels executives and their associates, prosecutors say, would then cash in on tens of millions of dollars in federal tax incentives geared toward producers of premium biofuel.

A pair of co-conspirators behind two New Jersey-based companies also pocketed millions off the scam, court documents say, spending lavish amounts on diamonds, Pablo Picasso artwork and a Ferrari.
-------------
Here is another case of fraud...

http://www.waste-management-world.com/articles/2013/02/12-years-jail-for-waste-to-biofuel-fraudster-in-us.html
Sep 19, 2013 at 6:28 AM | Unregistered Commenterjohn
President Obama’s FERC Nominee Ron Binz Derailed by Truthiness

http://www.globalwarming.org/2013/09/19/president-obamas-ferc-nominee-ron-binz-derailed-by-truthiness/


President Obama’s Federal Energy Regulatory Commission (FERC) nominee Ron Binz was caught in a tangle of contradictions during his confirmation hearing Tuesday before the Senate Energy and Natural Resources Committee.

For starters, Ranking Member Lisa Murkowski (R-AK) suggested that Binz misled her during a previous face to face meeting. As reported by Politico’s Darius Dixon,

Murkowski suggested early in the hearing that Binz may have misled her last week when they discussed whom he has worked with to guide his confirmation.

“You’ve effectively got a team — a shadow team* — of lobbyists and PR experts that have been helping throughout,” she told Binz. She added, “But what I can’t reconcile is your statement to me that said the only ones that you were working were the FERC external team.” (full article here)

So that’s one instance of Binz seeming to bend the truth before the U.S. Senate.

Later, during the same hearing, Binz told another apparent whopper. According to our friend Todd Shepherd at Complete Colorado,

Mr. Binz attempted to defend his record on coal by telling Sen. Joe Manchin (D-West Va.), “I approved the largest coal plant that was ever built in Colorado.”* Mr. Binz is referring to the Comanche-3 power plant. Only the Colorado Public Utilities Commission would have the authority to approve new coal plants.

The problem is the fact the decision by Colorado’s PUC to build the largest coal plant in the state’s history came in 2004, according to Xcel Energy’s website. Mr. Binz did not become a member of the PUC board until 2007.

Alas, there’s more...
Sep 19, 2013 at 7:56 AM | Unregistered Commenterjohn
The push is on for climate action (legacy) in the second term. Speaking of “legacy”, UPC keeps coming up.

http://www.arabbankers.org/shared/custompage/custompage.jsp?_event=view&_id=445505_U127360__162862

Saudi power, renewable trade mission heads for America
http://www.arabnews.com/news/475486
Nov 11, 2013 at 11:07 AM | Unregistered Commenterjohn
John, Each and everyday across the nation in our schools, our children are bombarded with this green message. These kids are being made zombies to carry this message without thinking of who is promoting it or why. This of course is how social change is made. In the next 20 years we will cross the river to the green side despite the OBSERVATION that it really is just another empty arguement promoted by those who don't give a rats behind about any of us.
Jan 3, 2014 at 10:18 PM | Unregistered Commenterskinflint
John, In a recent aritcle dated Dec 23 in the WSJ, the Obama administration had hired John Podesta on as a cabinet offircial to help with the green intiative. Of late Podesta had been, according to the article, a policy wonk at a D.C. area think tank. The article does not say which think tank, which I believe is a batant ommission of a hard fact. http://www.americanprogress.org/about/staff/podesta-john/bio/. Needless to say, this progressivism, which is to say socialism, is not anyones friend, and indeed a cancer that needs to be got rid of. Any candidates who profess themselves to be progressive should be voted out of office forthwith.
Jan 4, 2014 at 8:22 AM | Unregistered Commenterskinflint
John. Good piece there on Firstwind efforts in the classroom through grants in host communities. I am sure the word host is used in a way to suggest a double meaning.
Jan 4, 2014 at 8:29 AM | Unregistered Commenterskinflint
More here, Skin.

http://www.boston.com/yourtown/news/2013/12/first_wind_announces_opening_of_applications_for_the_fifth_y.html


Back in the day I went to schools to promote renewables during energy day events. I usually won when the students voted for whose presentation was the best (I was up against utilities).

I spoke at several universities and technical schools as well. I was always a promoter of appropriate and responsible use of those technologies but the financialists and bullshit artists have taken things way too far.
Jan 4, 2014 at 10:33 AM | Unregistered Commenterjohn
Lots of goodies here. MUST READ.

http://www.tradeaidmonitor.com
Jan 4, 2014 at 11:19 AM | Registered CommenterJohn
That site is chock full of info. Will have to check on that one as time permits. Not a big fan of USAID. After watching their performance in Haiti, which was pretty inhumane, I did not think them capable of helping anyone anywhere. Now they want to help Kenyans with their drought problems. Christamighty.
Jan 4, 2014 at 1:51 PM | Unregistered Commenterskinflint
Jan 7, 2014 at 3:21 PM | Unregistered CommenterSKINFLINT
Skin, Anthony Watts was called upon by the ships crew to give them a correct forecast (as there were no reasonable forecast available), which proved to be spot on. Many of the so called members of the Global Warming Cult are absolutely infuriated that he and others challenge their "science", when time and time again he and other professional scientists and engineers prove them wrong. Anthony has a website which everyone should read called Wattsupwiththat. Like DB's effort here it is to inform and teach the general public about what the hell is really going on.

That is why I came here to read the DB as I needed to become familiar with the frauds happening financially, that I knew were happening in the energy sector.
Jan 7, 2014 at 6:12 PM | Unregistered CommenterJohn
WUWT and WeatherBell help KUSI-TV with a weather forecasting request from ice-trapped ship in Antarctica Akademik Shokalskiy

http://wattsupwiththat.com/2013/12/31/wuwt-and-weatherbell-help-kusi-tv-with-a-weather-forecasting-request-from-ice-trapped-ship-in-antarctica-akademik-shokalskiy/
Jan 7, 2014 at 6:19 PM | Unregistered Commenterjohn
Read the article I linked above above regarding CNOOC then read these.


US Delays Approval Of Big Chinese Oil Deal

A U.S. regulatory review has delayed completion of Chinese oil giant CNOOC’s $15.1 billion purchase of the Canadian oil company Nexen, a deal that triggered U.S. review because Nexen has oil-and-gas assets in the Gulf of Mexico.

Nexen, in a statement Sunday, said both parties to the deal have agreed to extend the closing date by 30 days until early March.

“Completion of the Agreement remains subject to the receipt of United States regulatory approval and the satisfaction or waiver of other customary closing conditions. Key regulatory approvals have been received from Canada, the United Kingdom, the European Union and the People's Republic of China,” Nexen said.

In the U.S., the deal has triggered review by the Committee on Foreign Investment in the United States, the Treasury Department-led interagency panel that reviews foreign purchases of U.S. assets if the transactions could affect national security.

Nexen is a multinational company active in Canada’s oil sands, off West Africa’s coast and elsewhere.


---------------------

CNOOC abondons wind/solar

http://www.pointcarbon.com/news/reutersnews/1.3548629?&ref=searchlist



Cnooc plans LNG terminal.

http://www.maritime-executive.com/article/CNOOC-Plans-11B-LNG-Import-Terminal-in-Fujian-2014-01-07/
Jan 7, 2014 at 6:31 PM | Unregistered Commenterjohn
John. You can call the warming clan a cult, but I will call them for what they are, which is fraudsters. They are intent on taxing carbon based life forms. I can't wait until they start taxing ents. In the meantime the EPA has issued new rules for wood stoves that need to be fitted with scrubbers. Meanwhile, down the road from where I live, there is a cement plant, where the corportation that owns the plant, has on it's board a gentleman whose job it is to help the EPA and the Maryland dept of environment, determine how much mercury they are allowed to spew from their stacks. I stand about 12 miles downwind of these people. so I guess by the time the drift gets here, things should be ok
Jan 7, 2014 at 8:52 PM | Unregistered Commenterskinflint
John. It seems these guys are victims of their own education. They know their shit on climate, but not enough to figure how to get weather models. Jesus Christ. Are they really so damned smart that they can't think their way out of a paper bag?
Jan 7, 2014 at 9:03 PM | Unregistered Commenterskinflint
Haven't read all of the articles, but holy shit.http://www.windtaskforce.org/page/abandoned-eyesores
Jan 8, 2014 at 5:24 PM | Unregistered Commenterskinflint
China on worldwide push for wind

http://www.bbc.co.uk/news/science-environment-25623400


China has embarked on the greatest push for renewable energy the world has ever seen.

A key element involves more than doubling the number of wind turbines in the next six years.

Already the world's largest producer of wind power, China plans further massive increases.

From a current installed capacity of 75 gigawatts (GW), the aim is to achieve a staggering 200GW by 2020.

By contrast, the European Union countries together have just over 90GW of installed wind capacity.

The far western province of Xinjiang is one of seven areas designated for wind development.

Against a backdrop of snow-capped mountains, turbines are massed in their thousands over the frozen desert.

New units are being installed in a frenzy of construction in which the pace of work has been accelerated.

Jiang Bo, an engineer with the manufacturer Goldwind, told me: "Seven years ago we could only do one wind turbine in about two days - but our current speed is that we can do two in one day."

-------------------
NOTE: please re-read the article (with links included) from the Main DB article above. The following excerpt posted below is what you will find, but, the clickable links are active in the main article (above).



Algonquin Buys "Shady" Oaks

Algonquin Power and Utilities Corp. has acquired a 109.5 MW contracted wind powered generating station ("Shady Oaks") from Goldwind International SO Limited ("Goldwind") for total consideration to all stakeholders of approximately US$148.9 million.

The Shady Oaks wind power facility is located in Northern Illinois, approximately 80 km west of Chicago, Illinois and reached commercial operation in June 2012. Total annual energy production is expected to be 364 GW-hrs per year. The Shady Oaks wind facility has entered into a 20 year inflation indexed power purchase agreement with the largest electric utility in the state of Illinois, Commonwealth Edison.

Goldwind, more here, may be connected to Brian Caffyn, who was also involved with First Wind/IVPC/UPC which has ties to organized crime in Italy.



More On Goldwind And First Wind

US: Chinese turbine manufacturer Goldwind has appointed First Wind vice-president and chief financial officer Tim Rosenzweig to be the CEO of Goldwind USA.

More here and here
Jan 9, 2014 at 6:55 PM | Unregistered Commenterjohn
Update on the Antarctic situation.


Akademic Shokalskiy makes it back to port, #spiritofmawson ship of fools still stuck in Antarctica

http://wattsupwiththat.com/2014/01/13/akademic-shokalskiy-makes-it-back-to-port-spirtofmawson-fools-still-stuck-in-antarctica/#more-101215

The comedy just keeps on coming. Plus, now it seems that Turney failed to get some approvals, and his welcome home may not be all the happy. Maybe he’ll stay in Antarctica.

After having to prematurely abandon their mission due to being stuck in ice, and having a weather forecast provided that said all they had to do was wait a few more days, which came true, freeing the ship, the intrepid Dr. Turney and his gaggle of global warming geese tourists were evacuated by helicopter to the Aurora Australis, which then sailed to the Australian Casey Station to finish the resupply operations that got interrupted by Turney’s distress call.

The #spirtofmawson people are still at Casey Station, waiting for their ride home, while the Akademic Shokalskiy has made it to port in New Zealand. See the current positions of both ships:…

---------
The comments are definitely worth reading.
Jan 13, 2014 at 6:01 PM | Unregistered Commenterjohn
Update on the Antarctic fiasco:


Guess who won an award for understanding Natural Phenomenon?

http://joannenova.com.au/2014/01/guess-who-won-an-award-for-understanding-natural-phenomenon/


The Australian Academy of Science has announced it’s 2014 Academy awards to “celebrate scientific excellence.”

To show how excellent, their excellence is, the Frederick White Prize for scientific achievements contributing to the understanding of natural phenomena goes to Professor Chris Turney, University of New South Wales.



Professor Chris Turney2014 Frederick White Prize - Professor Chris Turney

“Professor Turney is an internationally recognised earth scientist and research leader in both climate and environmental change, from the tropics to the poles. By pioneering new ways of combining climate models with records of past climate change (spanning from hundreds to thousands of years), he has discovered new links between variability mechanisms in the Australian region and global climate change”.

Australian Academy of Science



Curiously the 2015 McFarlane Burnet Award has already been awarded. Professor Lambeck will be doing wonderful work this year. Good to know.

The point of this post? Just another poke at the scientific hierarchy for awarding a prize to a man who uses broken models with proven flaws to help us understand the natural phenomenon that he so famously got 74 people and two ships stuck in. And there are people who think we should listen to and laud these associations?

The Frederick White Prize is “up to $3000″.

---------------

Amazing how failure is rewarded. He should also be a contender for the 'No Bell Prize' .
Jan 21, 2014 at 7:56 AM | Unregistered Commenterjohn

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