GLG News by Natural Gas Storage Field Experts

John CousinsManaging DirectorInterim Energy Management Limited

Ship owners have long memories

October 3, 2007

Analysis of:Excel gets a raise | www.tradewinds.no

Bulk freight rates slumped to uneconomic lows in the second half of 2001. Typical rates for Cape Size vessels from South Africa to Europe fell to US$4.5/te, and from Australia to Europe to US$6.60/te. For Panamax vessels Australia to Europe fell to US$9.25/te and from South Africa to Europe US$6.5/te. The growth in world bulk freight particularly in the far east has bouyed demand and saved the day for ship owners

John CousinsManaging DirectorInterim Energy Management Limited

EU ETS needs time and political will

October 1, 2007

Analysis of:Why the EU Emission Trading Scheme isn't working | www.openeurope.org.uk

Phase 1 (2005-2007) could be described as a complete failure or merely a leaning experience. Phase 2 (2008-2012) will build on earlier phase, but there are doubts that individual staes have been stringent in the issue of emission allowances. Phase 3 (beyond 2012) is a great opportunity

John CousinsManaging DirectorInterim Energy Management Limited

The Early Bird catches the worm

September 27, 2007

Analysis of:NRG Energy seeks permission to build 2 nuclear reactors in Texas | www.iht.com

Cancellation of the proposed TXU coal-fired plants may lead to a perceived lack of firm generation capacity that can be adequately filled by new reliable and safe nuclear plants. Being first in the queue to license new nuclear reactors, will put NRG in a powerful position. There are more than sixty examples of GE designed, BWR power plants successfully operating or since de-commissioned globally. Examples of BWR’s are to be found in USA, Finland, Germany, India, Japan, Mexico, Spain, Sweden and Switzerland. The UK nuclear regulators, HSE together with the Environment Agency (EA), have developed a Generic Design Assessment (GDA) process for the new generation of nuclear power stations. A GE-Hitachi consortium has submitted its ESBWR that employs a direct-cycle, natural circulation boiling water reactor to the UK GDA process. Other designs submitted to GDA are two PWR's and an advanced Candu Reactor design.

Eric SmithProfessor and Associate DirectorA.B. Freeman School of Business, Tulane University

The "Free Rider " Syndrome

September 5, 2007

Analysis of:Idaho Transmission Dispute Settled | www.renewableenergyaccess.com

The issue of access to crucial transmission infrastructure is not limited to wind power. Much the same argument can be made about pipeline access for non-conventional natural gas developments in areas of the midwest or indeed for conventional forms of merchant power generation. Ask any merchant generator about his negotiations for access to any of the regional power grids and you will likely hear the same complaint. Namely, that the existing utility should cover the expense of requisite switch gear and reliability checks, plus pay a higher price for the power being supplied. The porblem is not new and the ultimate suolution is a motivated customer base.

Eric SmithProfessor and Associate DirectorA.B. Freeman School of Business, Tulane University

Wind Power Woes

July 17, 2007

Analysis of:Offshore Score since 2001: Europe 24, U.S. 0 | www.renewableenergyaccess.com

The use of onshore windpower has made remarkable strides in the US where the proper conditions exist, for example, in Texas where windy conditions are endemic and where the body politic supports initiatives of this type. In contrast, the major US effort for offshore widnpower, the Cape Wind project in Naragansett Bay, has been stymied over classic NIMBY issues.

Eric SmithProfessor and Associate DirectorA.B. Freeman School of Business, Tulane University

Where does the corn come from?

July 9, 2007

Analysis of:Riding the Rails With Ethanol | www.businessweek.com

A quick look at the location of the ethanol plants will reveal that most are located in corn producing regions. That isn't particularly surprising. However, within those regions the majority of the ethanol plants are located as far from the river systems as possible. The reason for this is that corn with economic access to barge transportation will preferentially flow to marine transportation, given the generally lower freight rates.

Eric SmithProfessor and Associate DirectorA.B. Freeman School of Business, Tulane University

Windpower, the good, the bad and the ugly

June 4, 2007

Analysis of:FPL Energy Files Texas Transmission Application | www.nawindpower.com

The analysis does a fine job of describing the good points of wind power. That's the "good" in the title. The "bad" is that just adding transmission capacity will not solve the real problem with wind which is that it is an opportunistic supply. In order to utilize it, every kilowatthour needs to be backed up by a redundant power source. This is not fatal, but it does hurt the economics as the only positive is the "free" fuel when the wind is blowing and their is a power deficit. That will not offset the cost of the windmills plus the cost of a 100% back up fossil system, even if the transmission lines are already available. The "ugly" is some peoples' opinion of the appearance of a field of "thousands" of 4 mw generators towering over the landscape. One other "ugly" that is being improved is that the gearboxes for these units are reported to require excessive maintenance, leading to lower overall availablity.

John CousinsManaging DirectorInterim Energy Management Limited

UK's Nuclear Power Choices

May 29, 2007

Analysis of:Westinghouse AP 1000 (TM) Reactors System for UK Licensing | www.prnewswire.com

UK Government hope that privately financed nuclear power stations will be built to provide low carbon, firm electricity generation to increase security of supply. Around 13GW of coal and oil fired power stations will close by 2015 together with up to 6GW of nuclear capacity. UK's long term carbon dioxide emissions targets and aspirations will be impossible to meet without new build nuclear, as renewable technologies cannot be built quick enough or provide firm generation capability. Because of the long planning, construction and commissioning cycle for nuclear plants, an early start is necessary for new plants to be in service before 2015 to 2020

John CousinsManaging DirectorInterim Energy Management Limited

Carbon Capture and Sequestration (CCS)

May 24, 2007

Analysis of:BP axes plan for carbon capture power station | www.ft.com

The Miller Field has been in production since 1992 and is almost depleted. EOR was added to the field in 1996, using alternating water sweep and gas re-injection. A dedicated pipeline system exists between the Miller platform and Peterhead Power Station with no third party use, and gas re-injection exists on the production platform. If CCS is not viable without subsidy for this project, what chance has CCS of being commercially viable at other sites where infrastructure has to be built and where there will be no revenue stream from EOR? Is it wrong to provide government assistance for CCS on a natural gas project, and would any public funds be better spent assisting CCS on a more carbon intensive coal-fuelled project? Does existing infrastructure assist CCS or does it hinder the project economics?

John CousinsManaging DirectorInterim Energy Management Limited

UK needs a balanced mix of generation

May 24, 2007

Analysis of:Lukoil joins top league with $100 billion plan | www.iht.com

During 2006, UK coal-fired power station generated just over 50% of UK electricity, and of the c.52 million tonnes of coal burnt in these power stations only 17.5 million tonnes was produced from UK mines. Around 22.3 million tonnes of coal was imported from Russia and burnt in UK power stations in 2006. UK natural gas resources are declining more rapidly than anticipated even with development of marginal oil and gas fields being stimulated by high prices. Increasing amounts of natural gas will have to be imported in the future with much of it coming from Eastern Europe. UK needs nuclear power for security of supply going forward.

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