GLG News by Electricity Distribution Experts in GLG Member Programs

Thomas ShewskiOwnerHigh Energy Services

U.S Coal Demand

March 23, 2009

Analysis of:U.S. Power Plants to Burn Less Coal in 2009: EIA | uk.reuters.com

U.S. domestic  demand coal demand is down due to lower electricity usage, less industrial demand, fuel switching to natural gas as a result of low natural gas prices and high NOx emissions costs on coal-fired generation, and high inventories at many coal plants.   U.S metallurgical coal demand is down due to steel demand being off.  Exports of metallurgical and steam coal will also be down from 2008’s robust export volumes.

Doug HousemanVice President Technical InnovationEnerNex, LLC

Areva and Alstom - A deal made in France

March 19, 2009

Analysis of:Siemens aims to sell Areva nuclear stake: report | www.reuters.com

Alstom and Areva will probably agree to a deal for the T&D portion of Areva, returning it to Alstom. The price will be about what Areva paid when Alstom needed cash.

Doug HousemanVice President Technical InnovationEnerNex, LLC

BG - Pure Energy Deal should happen

March 19, 2009

Analysis of:BG sweetens bid for Australia’s Pure Energy | www.ft.com

BG should be successful in the purchase of Pure Energy, barring a white knight.BG gains knowledge for non-traditional gas harvest methods potentially to apply in the UK.Pure Energy gains checkbook to expand in Australia and elsewhere.

Doug HousemanVice President Technical InnovationEnerNex, LLC

Nuon - Vattenfall deal good for all

March 19, 2009

Analysis of:Vattenfall nears $4.5 billion deal for Nuon unit: report | www.reuters.com

The Vattenfall deal for the unregulated Assets of Nuon offer a good deal to everyone. Vattenfall has the scale to help Nuon survive and expand in the Dutch Market as a retailer. Nuon offers expertise that the Vattenfall German units can use to expand their offerings in retail energy.

Himadri BanerjiChairman and Managing DirectorEcoUrja

Copper Makes New Gains in Transmission and Distribution Industry

March 17, 2009

Analysis of:Copper reduces T&D losses better than aluminium | www.projectsmonitor.com

In an article in the Project Monitor dated 17th March, it is reported that Copper is seen as a preferred metal for winding of Distribution Transformers in India, because of its electrical properties which helps in improving efficiency, by reducing losses in energy during transmission and distribution of electricity. This is indeed good news for the metal. As a mater of fact in a separate article, it has been reported that there is a sudden surge in buying copper in China.The country's economic stimulus package was taking effect and Chinese banks were granting loans again.

Himadri BanerjiChairman and Managing DirectorEcoUrja

Dilution of Shareholder's Wealth Comes Hunting Rio Tinto-Chinalco Deal the Full Circle

March 17, 2009

Analysis of:Australia extends Chinalco-Rio deal probe | www.reuters.com

It may not be a perfect deal but the equity issue with a convertible note is far less dilutive than a deeply discounted rights issue to existing shareholders. You have to ask whether the status quo is any better than what's being offered and you would have to argue, without seeing the detail, the outcome that's being delivered will be much better than the status quo by a mile. How ever you cut it, it's going to be earnings dilutive in the short-term but you can't grow a company without cash. There's no point in having great assets if you can't grow them.But will the shareholders understand? Thus it is reported that Australia extended its review of Chinese aluminum maker Chinalco's $19.5 billion investment in global miner Rio Tinto (RIO.AX) (RIO.L) on Monday as major Rio shareholders voiced growing concern over the deal

Himadri BanerjiChairman and Managing DirectorEcoUrja

Crude Oil Price: OPEC, G20 and Atlantic Basin Oil Inventory

March 16, 2009

Analysis of:OPEC oil exports at 5-year low, analyst says | www.ogj.com

It is reported by Eric Watkins Oil and Gas Journal (OGJ) Oil Diplomacy Editor that Oil that seaborne oil exports from OPEC countries barring Angola and Ecuador and have fallen to their 5 year low. Analysts from Oil Movement predict that, in the 4-weeks to March 28 exports will average only 22.76 million b/d, down 350,000 b/d from 23.11 million b/d in the four weeks to Feb 28.   The implications of the news is that   Considering that the year-ago deficit in Atlantic basin net inflows will reach 0.7 million b/d at end quarter the Atlantic Basin oil inventories which had so far  comparatively unaffected in spite of production cuts by OPEC may now show signs of reducing.   Will OPEC and the Oil Companies meet their long cherished aspiration of raising oil prices beyond the 50$ mark.   In the background of the fact that the OPEC and G20 finance ministers meetings are being held this week end where important decisions to address the rising concerns of low oil demand and prices.

Himadri BanerjiChairman and Managing DirectorEcoUrja

Floating LNG A Boon Towards Energy Security.

March 16, 2009

Analysis of:Keeping floating LNG above water | www.projectfinancemagazine.com

It is reported by Keith Larson, of Hogan & Hartson in the March 2009 issue of Project Finance, that there is a vigorous interest amongst oil companies for developing projects based on the Floating LNG,in place of the highly capital intensive on shore multi train LNG facilities. Not only this allows developers to exploit stranded gas reserves, but also give an opportunity to convert the currently large amount of flared gas from different platforms into value added LNG.In the context, we learn that Shell is installing floating LNG facilities off the coast of Iraq, giving Shell a significant strategic asset to convert flared offshore gas into LNG.The gas will supply power plants and some would be exported as LNG through Basra, also Iraq's main oil export terminal. The terminal would be Iraq's first LNG export facility. Shell is mulling a floating LNG terminal for gas produced from a gas field off Western Australia. That terminal could be larger, with capacity of up to 5 million TPY.

Himadri BanerjiChairman and Managing DirectorEcoUrja

The Petrochemical Companies Face The Heat: Lessons From The LyondellBasell Bancruptcy

March 16, 2009

Analysis of:Learning From LyondellBasell Bancruptcy | www.projectfinancemagazine.com

It is reported by Robin Sayles in an article in the March 2009 Issue of Project Finance that there are major implications in the petrochemical industry from the filing of bankruptcy by LyondellBasell Industries, the world’s third-largest independent chemical company amid plunging sales and a cash crunch. This was following an acquisition only last July costing a whopping 18 billion dollars which led to a huge debt burden which apparently is unserviceable now.The implications of this event as per the article is that companies with lower fuel bills and low cost EPC contracts may weather the present economic conditions with collapsing demand. This is characteristic of the petrochemical industry, always extremely sensitive to shifts in economic activity, is poised for a shake-up. There could be consolidation, M&A and a major shake up. The market will stress operational projects in US, Europe, and Asia. Companies from Middle East may walk in into the space vacated by companies.

Himadri BanerjiChairman and Managing DirectorEcoUrja

To Be Or Not To Be Is The Question: Investors Caught Up Between Opportunities and Cost Of Capital In The GCC.

March 16, 2009

Analysis of:Between MAC and a hard place By Michael Marray | www.projectfinancemagazine.com

The article by By Michael Marray in the March Issue of Project Finance brings out an interesting perspective on investment in GCC considering that hundreds of billions of investment are required in these countries for building Oil Wells, LNG facilities, Refineries, Power Plants and so on. However as of now most of the projects are delayed on account of non availability of debt. The developers are now more concerned that once the debt markets reopen, there would be a steep rise in the cost of capital, making most of the IRR plans awry.

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