Month: April 2016

  • Let’s Stop Pretending Nuclear Power Is Commercially Viable

    Submitted by Leonard Hyman and William Tilles via OilPrice.com,First its new president, Jean-Bernard Levy, said French state utility EDF would delay a decision on its joint French-Chinese nuclear project in the UK, Hinkley Point. That was over a year ago. Then the CFO of EDF, Thomas Piquemal, quit reportedly because he opposed the project on financial grounds. That was a short time ago. Then after a slew of leaked memos, the French government just announced that EDF would be raising more money and the Hinkley decision would now come in September.David Cameron’s government in the UK backs this exceedingly expensive project and the French government controls both EDF and Areva, the nuclear manufacturer that developed the nuclear system to be used at Hinkley Point. (Two other plants in Finland and China using this technology are still under construction, behind schedule and over budget.) As part of a plan to rescue Areva (which has lost money in each of the past four years and has negative equity, meaning the share-holder investment has been wiped out), EDF agreed, earlier in the year to buy Areva’s nuclear engineering division. Clearly, France views its nuclear ambitions as a matter of national prestige and intends to support Hinkley Point.Now for the finances. These British nuclear units will cost roughly £18 billion ($27 billion). EDF has already sold a 35 percent share to the Chinese state nuclear company. However EDF still has to find more outside investors and get its ownership of the plant below 50 percent or it will have to consolidate Hinkley Point on its books and show all of the project’s debt on its own balance sheet.At the end of 2015, long- and short-term debt made up 79 percent of EDF’s capital, an already high number, and two of the three major bond rating agencies have assigned EDF's debt a “negative outlook." EDF also needs more capital to take over Areva, finish the French nukes still under construction and refurbish its own domestic fleet of aging nuclear power stations. All this will take place during what amounts to a financial crisis within the European electricity markets.So the French government just announced a $4.5 billion capital raising for EDF (the government will buy the lion’s share of the newly issued stock). But from the look of the numbers that share offering constitutes a modest fraction of what is required by a firm that will have to compete more and more in a competitive electricity market.Last year EDF reported a return on shareholder investment of less than 5 percent (an adequate return for bondholders not stockholders). To reduce the total debt burden to a more manageable 70 percent would require the sale of another $16 billion of stock, a painful process, especially for existing shareholders when returns and share prices are so depressed. More than likely EDF will explore asset sales and other ingenious means to rearrange assets in order to shore up its overly indebted balance sheet.If we were gamblers we would not wager that EDF will take the obvious first step towards restoring its financial health and cancels the Hinkley project. Of course, if David Cameron loses the Brexit vote (a referendum to take the UK out of the European Union) and is ejected from Number Ten Downing Street, a new Prime Minister might take a more skeptical view of Hinkley Point.The real point of this story is that nuclear power is not commercially viable but has become a state-sponsored technology. There is nothing wrong with state supported technology. But we could save a lot of time and money by not pretending that it is something else. The post Let’s Stop Pretending Nuclear Power Is Commercially Viable appeared first on crude-oil.top.

  • UAE supplied Japan with more than 29 million barrels of crude oil in March 2016UAE

    TOKYO: Japan imported from the United Arab Emirates 29.06 million barrels of crude oil according to data released by the Agency of Energy and ...The post UAE supplied Japan with more than 29 million barrels of crude oil in March...The post UAE supplied Japan with more than 29 million barrels of crude oil in March 2016UAE appeared first on Forex news - Iqoption - Binary options.

  • Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here”

    Protesters forced Donald Trump to abandon his motorcade and find an unconventional route to his speaking engagement at the Hyatt in Burlingame, California yesterday. Despite their best efforts... ... the Donald made it to the venue, and perhaps predictably seized on the opportunity to liken his journey to crossing the border."That was not the easiest entrance I've ever made. We went under a fence, and through a fence. Oh boy, it felt like I was crossing the border actually. I was crossing the border, but I got here."Looks like Trump is right: if you want to really stop someone, best to just build a wall. Jim Quinn notes that the real question - that no one in the mainstream media appears willing to ask is - How come Trump supporters never get violent at Hillary rallies? Who are the real problem in this country? The right or the left? And then there was this summary... Violently disrupting Republican event: just freedom of expression
    Using chalk on a college campus: UNACCEPTABLE HATE— Razor (@hale_razor) April 29, 2016 The post Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here” appeared first on crude-oil.top.The post Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here” appeared first on Forex news - Iqoption - Binary options.

  • Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here”

    Protesters forced Donald Trump to abandon his motorcade and find an unconventional route to his speaking engagement at the Hyatt in Burlingame, California yesterday. Despite their best efforts... ... the Donald made it to the venue, and perhaps predictably seized on the opportunity to liken his journey to crossing the border."That was not the easiest entrance I've ever made. We went under a fence, and through a fence. Oh boy, it felt like I was crossing the border actually. I was crossing the border, but I got here."Looks like Trump is right: if you want to really stop someone, best to just build a wall. Jim Quinn notes that the real question - that no one in the mainstream media appears willing to ask is - How come Trump supporters never get violent at Hillary rallies? Who are the real problem in this country? The right or the left? And then there was this summary... Violently disrupting Republican event: just freedom of expression
    Using chalk on a college campus: UNACCEPTABLE HATE— Razor (@hale_razor) April 29, 2016 The post Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here” appeared first on crude-oil.top.The post Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here” appeared first on Forex news - Iqoption - Binary options.

  • Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here”

    Protesters forced Donald Trump to abandon his motorcade and find an unconventional route to his speaking engagement at the Hyatt in Burlingame, California yesterday. Despite their best efforts... ... the Donald made it to the venue, and perhaps predictably seized on the opportunity to liken his journey to crossing the border."That was not the easiest entrance I've ever made. We went under a fence, and through a fence. Oh boy, it felt like I was crossing the border actually. I was crossing the border, but I got here."Looks like Trump is right: if you want to really stop someone, best to just build a wall. Jim Quinn notes that the real question - that no one in the mainstream media appears willing to ask is - How come Trump supporters never get violent at Hillary rallies? Who are the real problem in this country? The right or the left? And then there was this summary... Violently disrupting Republican event: just freedom of expression
    Using chalk on a college campus: UNACCEPTABLE HATE— Razor (@hale_razor) April 29, 2016 The post Trump Responds To California Protesters: “Felt Like I Was Crossing The Border, But I Got Here” appeared first on crude-oil.top.

  • UAE supplied Japan with more than 29 million barrels of crude oil in March 2016UAE

    TOKYO: Japan imported from the United Arab Emirates 29.06 million barrels of crude oil according to data released by the Agency of Energy and ...The post UAE supplied Japan with more than 29 million barrels of crude oil in March...The post UAE supplied Japan with more than 29 million barrels of crude oil in March 2016UAE appeared first on Forex news - Iqoption - Binary options.

  • UAE supplied Japan with more than 29 million barrels of crude oil in March 2016UAE

    TOKYO: Japan imported from the United Arab Emirates 29.06 million barrels of crude oil according to data released by the Agency of Energy and ...The post UAE supplied Japan with more than 29 million barrels of crude oil in March...The post UAE supplied Japan with more than 29 million barrels of crude oil in March 2016UAE appeared first on Forex news - Iqoption - Binary options.