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Sam Boal/Photocall Ireland

JP Morgan has been fined €1.6 million by the Central Bank for 'unacceptable' regulatory failings

An Irish subsidiary of the US investment bank had breached outsourcing rules.

AN IRISH SUBSIDIARY of US investment bank JP Morgan has been fined €1.6 million by the Central Bank after it was found to have breached Irish financial services regulations.

The Central Bank found that the firm’s Irish subsidiary JP Morgan Administration Services had breached rules governing the outsourcing of fund administration activities. 

Four distinct regulatory breaches were identified by the Central Bank, which all relate to the outsourcing of fund administration. 

Outsourcing allows banks to use a third-party organisation to administer funds. For financial institutions, the benefits are twofold – firms can reduce costs while also ensuring that clients are able to access more regular and efficient support. 

All outsourcing must be approved by the Central Bank. 

JP Morgan persistently failed to address the breaches despite being notified by the Central Bank. In two instances, these failures lasted for nearly three years. 

A settlement agreement between the Central Bank and JP Morgan reduced the fine from €2.3 million to €1.6 million. The maximum fine the Central Bank could have imposed was €10 million or an amount equal to 10% of the company’s annual turnover. 

This is the first time Ireland has taken an enforcement action against a financial institution in this type of case.

In a statement, Director of Enforcement and Anti-Money Laundering at the Central Bank, Seána Cunningham, was critical of the “unacceptable weakness” at the Irish subsidiary in relation to the outsourcing of fund administration. 

“These weaknesses were further evidenced by the firm’s repeated failures to satisfactorily remediate the issues identified by the Central Bank,” Cunningham said.

She said that the fine reflects “the failure to address the root causes of these weaknesses over several years”.

According to the Central Bank, JP Morgan has now remedied all the breaches. 

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11 Comments
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    Mute David Healion
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    Mar 16th 2015, 12:51 PM

    Or. . . And this might sound ridiculous, we could invest in renewable energy.

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    Mute Eric
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    Mar 16th 2015, 12:59 PM

    Believe it or not, but renewables can’t magically solve all our energy concerns.

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    Mute Kevin Higgins
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    Mar 16th 2015, 1:38 PM

    They solve them scientifically not magically. They even had a solar powered plane fly around the world a few weeks back.

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    Mute Eric
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    Mar 16th 2015, 1:44 PM

    Renewables cannot cover our entire consumption. Also, they are costly, inefficient, and if you want a turbine in your back yard, go on ahead. As regards solar energy, it is not reliable, especially in Ireland

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    Mute Kevin Higgins
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    Mar 16th 2015, 1:45 PM

    Why can’t it cover our entire consumption? Projections show it can and will power the world at ease

    89
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    Mute RonanM
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    Mar 16th 2015, 1:49 PM

    Are you prepared to pay increased prices for renewable energy?

    39
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    Mute Kevin Higgins
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    Mar 16th 2015, 1:49 PM

    And by the way once I can afford my home it will have its own personal wind turbine combined with solar panels so I pay less than 200 euro a year on bills. I’ll also be helping the environment stay clean and breathable. I know many irish people who have achieved energy independence and they are financially free.

    81
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    Mute Kevin Higgins
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    Mar 16th 2015, 1:51 PM

    The 6 billion spent each year on importing fuel would allow us to go full renewables by 2050. So yes I would happily pay increased prices for the next 35 years if it meant my grandchildren had a sustainable, breathable future.

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    Mute Denis O Brien
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    Mar 16th 2015, 2:03 PM

    Kevin. are they financially free.? what was the cost of installing all that equipment. ? how long will it last before it needs replacing. Battery’s, solar panels, turbines. Even with solar panels you have to have them for around 15 years before you break even and that’s with lots of sunlight. The government needs to step in here and allow for over generation to be sold back to the grid to help offset these cost. otherwise in the long run your savings will be quickly eroded.

    38
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    Mute Deco James Connolly
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    Mar 16th 2015, 2:05 PM

    How many passengers did it carry and will it be able to bring in cherries from chile for the supermarkets in the future .

    33
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    Mute Denis O Brien
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    Mar 16th 2015, 2:11 PM

    it carried one person and had a huge wing span. it also flew very slowly.

    23
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    Mute Kevin Higgins
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    Mar 16th 2015, 2:18 PM

    Thats 100% powered by solar energy without storing any of it so I wouldn’t be so quick to criticise new technology thats ultimately here to solve the problems weve created. Jet fuel is a massive producer of carbon and phasing that out is surely a good thing.

    In regards to the financial freedom the equipment pays for itself in 10 years, warranty for 25 years and yes amazing grants are available. Its better I get 2000 euro from my government to fund my energy independence than it is to send 6 billion euro each year to Saudi Arabia isnt it?

    Fact of the matter is green energy is better than any fossil fuel weve ever seen and it finally gives power to the individual rather than large multinationals.

    41
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    Mute Peter
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    Mar 16th 2015, 2:34 PM

    Haha solar energy is not reliable and the chemical in them generally run out after 10 years or so and then after that it’s totally new technology so everything news to be replaced at another massive expense, it’s getting better but no where near worth putting your money into. (For now anyway). And wind turbines are massively inefficient aswell.

    15
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    Mute Vote Left Ireland
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    Mar 16th 2015, 2:42 PM

    Here’s a 100% community owned wind farm example in Tipperary. Less than 200 euro a year bills and they even sell energy back to the grid seen as the wind turbines are as massively efficient. – http://tea.ie/projects/templederry-community-wind-farm/

    34
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    Mute David Healion
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    Mar 16th 2015, 2:54 PM

    @Eric. I didn’t say that renewable energy should replace fossil fuels. I said we should invest in renewables and gradually move over time to a fully renewable system. Seriously like. By 2025 we will have landed people on Mars, I don’t think it’s beyond the realms of possibility to have a more diverse system for producing our energy needs by then

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    Mute holden mcgroin
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    Mar 16th 2015, 3:00 PM

    It can solve some of them which is better than nothing, I mean for instance in Bristol they now have a bus that is powered by methane from human waste and food waste.

    http://www.theguardian.com/environment/2014/nov/20/uks-first-poo-bus-hits-the-road

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    Mute Dave Fingleton
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    Mar 16th 2015, 3:11 PM

    Kevin Please tell us about the amazing grants.
    For solar? For wind generated power?
    When I looked into installing a small domestic hydro unit last year, the information I got was all grants and tariffs for micro generation will cease at the end of this year.
    There is no encouragement for the individual to sell back into the grid.
    I would agree with you that more power would go to individuals rather than multinationals if our government provided the conditions to make that happen.
    The reality is the exact opposite is the case.
    The government has created an energy bubble, where giant multinational utility companies such as Element Power ( headed by Tim Cowhig, former FG head of elections, running mate of Simon Coveney) have managed to literally write the NREAP ( national renewable energy action plan ) whereby wind developers get guaranteed subsidies for 15 years (refitt), extremely generous capacity payments, 4 billion from the taxpayer for Eirgrid to Build grid 25, which will litter the country with pylons, power lines, substations, super stations, ac / dc converter stations, nodes , super nodes….hell…we even pay wind developers for when they don’t actually produce electricity!! We paid giant wind utility companies 140million last year in ” curtailment fees “….
    Are you going to be paid by the taxpayer for when the wind either doesn’t blow hard enough, or blows too hard????
    Any attempt to move from fossil fuels to renewables has been hijacked by an extremely well funded, and well connected wind industry.
    Since an intermittent generator such as wind is incapable of producing reliable dispatchable power, it is completely incapable of displacing fossil fuel generation in any meaningful way, and is thus not having any great success in reducing our co2 emissions.
    It is, however….driving the cost of our electricity up ( 3rd highest in EU), and making fat cat speculator investor wind developers richer and richer…
    You might find this blog piece interesting
    http://the-law-is-my-oyster.com/2015/03/15/the-business-plan-of-the-wind-industry/

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    Mute Kevin Higgins
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    Mar 16th 2015, 4:27 PM

    1st off I want to say the government isn’t doing half the job when it comes to grants and incentives for Green tech. They spend more time widening the two tier society we currently reside in today.

    Heres where you find whatever grants they currently have: http://www.seai.ie/

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    Mute Sean J. Troy
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    Mar 16th 2015, 4:44 PM

    Renewable sources of energy cannot compete with fossil fuels on price parity. Even with the massive subsidies. But all of that aside, wind and solar don’t get away from the core problem of having to excavate massive amounts of rare materials to power an ever growing society.

    There simply is no way that we could switch to renewable sources as they are today. There is simply not enough tellurium, neodymium and other REEs in economic quantities in the Earth’s crust to sustain it. There is no such thing as clean energy. It’s all obtained during horrificly dirty and polluting extraction techniques.

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    Mute Verge harry
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    Mar 16th 2015, 4:49 PM

    Ireland has the best value wind energy in the world, don’t let the ranting of Dave Fingleton confuse you. We pay less than half what the UK does for it’s wind energy on average.

    Yes, we do offer some security to wind developers through fairly simple contracts because it massively reduces costs. Complex contracts introduce risk and massively increase borrowing costs. Wind energy has tiny operational costs and massive upfront capital costs. The cost of borrowing is the defining factor when looking at the cost wind energy. If you can borrow at 4% compared to 8% the difference over the life of the contract is massive.

    So yes windfarms make a profit and to a extent it is de-risked for those who invest. But they don’t make a huge profit. They build the place and earn a small return and we get good value wind energy.

    Compare Ireland to the UK and we look so so so much better than them.

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    Mute Kevin Higgins
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    Mar 16th 2015, 4:53 PM

    Renewable sources of energy are catching up and in some cases surpassing the cost effectiveness of fossil fuels, fossil fuels have always been heavily subsidised its just not obvious because the subsidies go to large multinationals rather than average joes, our bills certainly aren’t subsidised.

    Even with the massive subsidies we are still having to excavate massive amounts of raw materials a million times bigger than rare earth elements which are used for green tech and other modern applications.

    Rare earth elements are not running out yet fossil fuels are, green tech can work without earth elements but it requires more gears and moving parts. There is no such thing as clean energy but there is such a thing as the dirtiest energy and thats fossil fuels.

    China’s wind energy now produces more energy than all the nuclear power stations in america combined, to say we cannot switch is false as the switch is already well established and happening.

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    Mute Sean J. Troy
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    Mar 16th 2015, 6:27 PM

    Kevin, just no. Green energy doesn’t even approach the low price of MW/h that you get with oil. You’re forgetting that solar energy for example is massively subsidised and oil energy is massively taxed and oil is still much cheaper. It’s not even close.

    You don’t think we’re running out of REEs? I’m a Geologist and I’ve spent a lot of time studying REE deposits and the economics of REE. The Chinese demand alone is already outstripping the global supply. It’s become a strategic resource with export bans and countries are trying to stockpile them. I’m not trying to be sensationalist, I don’t think you’ll have a literal resource war. But REEs are so valuable and so incredibly difficult to extract cost effectively that your green eutopia is not only completely cost ineffective, it’s literally impossible. REE concentrations as far as we can tell are incredibly rare geological events and there haven’t been any significant finds in decades. Nearly the entire supply comes from one mine in China.

    That’s not to mention the fact that the average wind turbine consumes more energy to create than it will ever produce in its lifetime. None of this is to say that green energy can’t eventually work and become economic. I would still encourage lots of research. But only an idiot thinks that there’s nothing but political will between the world of today and the world powered by green energy. It’s just impossible with current day technology and economics.

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    Mute Joseph Siddall
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    Mar 16th 2015, 6:47 PM

    At last, someone with facts rather than propaganda and dreams.

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    Mute Joseph Siddall
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    Mar 16th 2015, 7:00 PM

    Hate to tell you this but Lincoln, in the UK, has been running a fleet of Biomethane-powered buses since 2013. Operated by Stagecoach. Bristol’s claim to fame is not Biomethane powered buses but merely the source of the gas. Human excrement as opposed to waste and cowshit.

    5
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    Mute Kevin Higgins
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    Mar 16th 2015, 7:40 PM

    There’s no utopia, just the next step on our human journey. There is no steps left with fossil fuels

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    Mute Sean J. Troy
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    Mar 16th 2015, 7:55 PM

    I agree. Fossil fuels have no future. But wind and solar as we know it have no present or future.

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    Mute Dave Fingleton
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    Mar 16th 2015, 8:00 PM

    Sorry Verge that you confuse facts with ranting but it’s not untypical of those like yourself who are quick with diversionary and often inane information about wind energy so as to deflect from the hard truths about the absolute folly of further investment in Industrial wind farms in this country. ” Ireland has the best value wind energy in the world”?? This is completely irrelevant. Those people that can’t afford their electricity bills don’t care that England has more expensive wind generated electricity. England has cheaper electricity ( what the customer pays) than us. I notice you didn’t dispute any of the factual information I have shared. Just as well Sean J Troy has also seen through the industry spin and is posting good factual information. One of the most prominent environmentalists in the world, Joe Lovelock, didn’t hold back when he declared the wind industry as ” a scam”…Here’s the reality of just how “green” and “clean” wind energy is..http://www.dailymail.co.uk/home/moslive/article-1350811/In-China-true-cost-Britains-clean-green-wind-power-experiment-Pollution-disastrous-scale.html

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    Mute brian magee
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    Mar 16th 2015, 8:03 PM

    Kevin while your annual bill maybe 200 a year, your repayments on the hardware required will be more than other peoples electricity bill

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    Mute brian magee
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    Mar 16th 2015, 8:03 PM

    Kevin while your annual bill maybe 200 a year, your repayments on the hardware required will be more than other peoples electricity bill

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    Mute brian magee
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    Mar 16th 2015, 8:04 PM

    Denis, the plane is still flying, it’s going to take several months to fly.

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    Mute Dave Fingleton
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    Mar 16th 2015, 8:15 PM

    Not a penny in subsidy is available for anaerobic digestors in Ireland. I saw the CBA of a planned AD in Carlow that was seeking planning. German plant. Irish investors and landowner. Pig slurry, waste fruit and veg, milk slops, and maize / silage / grass if there’s a shortfall, to produce methane. Gas turbines produce electricity, the byproduct is heat. This heat will be used to grow market garden produce in the poly tunnels situated adjacent to the plant. what comes out of the digestor is a pasteurised solid material that is an excellent fertiliser. Win, win, win. A plant that produces reliable, dispatchable power with positive environmental, social and economic side effects. The essence of sustainable development. This doesn’t get a chance because all the focus of NREAP was to shovel money at the wind industry…to build monster industrial wind turbines which are unreliable, don’t provide dispatchable power, need constant back up with reliable generators and have seriously negative economic, environmental and social side effects…As Enda has said..” great little country to do business in”…especially if you’re buddies with those holding the purse strings!!

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    Mute brian magee
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    Mar 16th 2015, 8:19 PM

    Dave our farms are to small for AD and our animals graze outdoors so collecting their shit isn’t practical. More fuel would be required to transport the waste and collect it than is generated.

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    Mute Kevin Higgins
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    Mar 16th 2015, 8:31 PM

    300 a year to pay back over 15 years which equals a 500 euro a year bill, fact is thats cheap. Then from 15 years onwards its 300 a year including maintenance and repair.

    Its been costed and im getting it done.

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    Mute brian magee
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    Mar 16th 2015, 8:38 PM

    So your buying s a system for 4,500 what are you getting? PV? Wind ?
    How many kwh is it rated for? If it’s wind, what kind of wind survey was done? If it’s solar what is the annual w/m2 where your putting it? If it’s solar is your house occupied during the day? Most electricity is used after work hours when it’s dark ?

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    Mute Dave Fingleton
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    Mar 16th 2015, 8:41 PM

    Mostly, Cattle and sheep graze outdoors for 7-8 months of the year. There are some bigger farms that intensively produce beef and they are over slats most of the year. Pig farming is intensive and they are kept in large numbers indoors together. I have seen farmers being paid to draw pig slurry more than 10 miles from one big pork producer near where I live in Laois. I understand the transport issue. I would think if the right size AD was located in the right place it would work. I saw the CBA for the one in Carlow and the figures seemed to add up for it. I’m merely suggesting it could contribute to our generation, not suggesting it can produce anything like the required 4000MW.

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    Mute William Grogan
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    Mar 16th 2015, 8:54 PM

    Kevin you’re talking nonsense.

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    Mute john
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    Mar 16th 2015, 9:03 PM

    Kevin,

    I consider myself to be environmental conscious. I try to be green and all that. But, the problem with what your saying is it’s completely false.

    Renewable energy has a place as part of our portfolio of energy supplies, albeit a small place with its current level of technology and efficiencies. The reality is that a heavily reliant green energy community and economy couldn’t function in a modern way. The sustained output doesn’t even come close to meeting our demands, ask any electrical or power distribution engineer.

    I do believe that if the current level of investment is maintained an actual viable alternative to fossil fuels will be found in the next 20 to 50 years, but if it’s green (wind, tidal or solar) it will be radically different to what’s available today.

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    Mute Kevin Higgins
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    Mar 16th 2015, 9:19 PM

    Instead of spouting such nonsense lets look at the results: Renewable energy has saved Ireland more than €1bn in fossil fuel imports, cut CO2 emissions by 12m tonnes, and does not raise electricity prices, the Sustainable Energy Authority of Ireland (SEAI) reported. That savings is from Ireland getting 8% of its power from green sources. – http://www.siliconrepublic.com/clean-tech/item/35838-renewable-energy-has-saved

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    Mute brian magee
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    Mar 16th 2015, 9:25 PM

    Kevin , sounds like you might have been telling porkies about your home energy.

    The Seai are a vested interest group. Simple fact is that wind is not dispatchable and results in cycling of existing plants thus causing increased O&M costs and higher emissions.
    The East West interconnector has reduced energy costs by 9% and is dispatchable so is much better than renewables.

    We need to ditch wind and look at proper dispatchable renewables

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    Mute Rory Mac Daibhéid
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    Mar 16th 2015, 9:46 PM

    That’s not true Dave, the Feed in tariff for AD digestion in Ireland is almost twice that of wind. Your research and effort needs to use facts not assumptions.

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    Mute Dave Fingleton
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    Mar 16th 2015, 10:25 PM

    Kevin, I suggest being careful with SEAI figures. Those headline figures don’t take into account spinning reserve which halve them, or the massive and expensive grid infrastructure required to collect, ditribute and balance all the intermittent wind generated power. Facts are..20 years of investment in wind energy, more than 10 billion spent, miserable 2.3% reduction in co2, miserable 2.9% reduction in imported fuel. Industy spin must be separated from fact. SEAI are headed by Brendan Halligan (he’s actually just retired ), he has 500,000 shares in mainstream, a giant utility wind developer. He’d hardly be presenting spin as fact now would he?? Listen enough to Brian motherway and Ken Mattews..They say exactly the same thing…where does one start and the other end??

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    Mute Dave Fingleton
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    Mar 16th 2015, 10:32 PM

    Rory, I stand corrected on AD Tariff. I was talking to a man from that industry and I took him at his word. If I’m wrong on that, my mistake. What i’ve said about SEAI is bang on the money though.

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    Mute William Grogan
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    Mar 17th 2015, 7:54 AM

    John, there is a green solution available today. It’s cheap, works 27/7, lasts 50+ years when built, guaranteed high and reliable output per plant and tried and tested. It’s called Nuclear Power. It powers 75% of France.

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    Mute William Grogan
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    Mar 17th 2015, 7:55 AM

    Oops, 24/7

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    Mute Sean J. Troy
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    Mar 17th 2015, 8:01 AM

    William, nuclear power is probably the best current energy source. The problem is that it’s incredibly expensive to build and maintain reactors and this is reflected in energy prices. You would also create huge demand for REEs used in control rods such as samarium. It’s probably possible to satisfy global demand, but it would be ludicrously expensive.

    Another downside is that it still doesn’t fix the biggest emission source in Ireland which is transport. Electric cars don’t work, they are impractical and they aren’t exactly clean to build. You’d need to simultaneously boost energy prices to astronomical new levels and also somehow get the hydrogen fuel system and infrastructure going, which would also be incredibly expensive. I’m in favour of both of these measures. But you would still irreversibly destroy our current standard of living. You’d also cripple developing economies and ensure that it’ll always be for too expensive for a third world country to modernise.

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    Mute William Grogan
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    Mar 17th 2015, 8:07 AM

    Sean, “The problem is that it’s incredibly expensive”, is obviously wrong. France with 75% NP has the lowest electricity prices in Europe. Money is heap top borrow, especially for a NP. Once it’s built it’s very cheap to run. Ireland only needs maybe 4 reactors or 16 of the new smaller ones coming on line.

    I have a hybrid car. They do work. For many families the current range limit of around 100Km on an all electric car is perfectly OK. My wife never does more than about 160Km per WEEK. With an electric car you have effectively NO fuel bill, it’s that cheap.

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    Mute brian magee
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    Mar 17th 2015, 8:18 AM

    William , the UK recently had to take most their reactors offline which resulted in an energy crisis. We can’t rely on large power stations as we would need to build redundant capacity

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    Mute Sean J. Troy
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    Mar 17th 2015, 8:20 AM

    Electricity in France is indeed, very cheap. The problem though is that although roughly 75% of electricity is provided by nuclear, less than 40% of total energy is provided by nuclear. France still imports enormous amounts of fossil fuels. It also regularly suffers from brown outs during the winter. You’re also forgetting that if everyone started to build plants, the raw materials required to build them would soar. So you have to factor in massive increases in capital expenditure if nuclear was expanded in a big way.

    The other problem is that the plants are state owned, so of course the energy is cheap. Ireland is nowhere near in a position to borrow the billions needed to construct a plant. So, they’d have to privatise it. Which has been a disaster in the UK. I think it’s the Hinkley point plant? It’s already being subsidised against European law and the company building it is demanding a price floor that’s nearly twice what the UK is already paying per MWh. It’s not economic in the slightest.

    I’m delighted that you’re capable of commuting and doing your daily business within one charge. Most people can’t. You’re also forgetting the astonishingly filthy process required to extract the Nickel and Lead that the battery cells are made out of. Again, if we all went hybrid the prices would shoot through the roof which would make it less economical. Neodymium and Dysprosium are just two REEs required during hybrid engine construction that are already in short supply.

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    Mute William Grogan
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    Mar 17th 2015, 8:25 AM

    Brian, I spend a lot of time in the UK. I’m not aware of any “energy crises” caused by taking NP plants offline. The UK has VERY little spare capacity. Warnings are printed regularly about not having enough electricity. But that’s successive governments faults and not a technical issue. NP plants are incredible reliable.

    Your other claims are similar to what someone said in 1900 in NY. They said that if the increase in the population continued then because of the number of horse drawn vehicles, the streets would be under 3 ft of horse shit within a few years. The Nuclear Industry isn’t aware of ANY shortage of anything.

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    Mute Sean J. Troy
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    Mar 17th 2015, 8:32 AM

    The Nuclear Industry is very small. It doesn’t consume a lot of REEs compared to the consumer electronics market. Uranium is fairly cheap. But once you scale up production, the costs will go through the roof. The global demand on REEs is astronomical. We need to REDUCE our dependence on them, not increase it. Reducing our consumption of oil by increasing our consumption of something even rarer is idiotic. You can’t solve this crisis by kicking the ball down the road. We need radical new thinking, not business as usual.

    Nuclear is consistently more expensive at the plug than coal and gas. You can’t escape this fact. See the link below. There are many others if you want to Google it for yourself. I’m not one of those tinfoil hatters who think that nuclear is dangerous or evil. I’m just being a realist, it cannot come close to satisfying global energy demands. And even if it could, it would be an order of magnitude more expensive than current sources of energy.

    http://upload.wikimedia.org/wikipedia/commons/thumb/3/33/Nuke,_coal,_gas_generating_costs.png/500px-Nuke,_coal,_gas_generating_costs.png

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    Mar 17th 2015, 8:41 AM
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    Mute William Grogan
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    Mar 17th 2015, 9:12 AM

    Sean, if NP is more expensive why has France the lowest cost of electricity and Germany using coal one of the highest? The cost of burning Oil & Coal doesn’t take into account the cost of global warming or the hundreds of thousands of deaths the WHO said is caused by the particles of dust thrown into the atmosphere from burning fossil fuels. If they were taken into account NP is far cheaper. Ask the people of Vanuatu what the cost of Climate Change is.

    Brian, that Telegraph article is about the general lack of spare capacity in the UK and it’s reliance on wind which is unreliable. NP is only about 20% of the UK production so it can hardly be blamed. Did you not read this, “But fires at the Ferrybridge and Ironbridge coal-fired plants in the early summer, and the announcement that a gas-fired plant at Barking, in East London, is to close means that a further 1.2GW of power is also in doubt.”?

    There isn’t enough capacity because the UK government has chickened out and delayed making decisions on their energy future. That’s the fact of the matter.

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    Mar 17th 2015, 9:21 AM

    France is an anomaly in terms of nuclear power. Every study on the planet suggests that nuclear is massively more expensive. France is a weird one because it’s so heavily subsidised. It’s owned by the state whereas most countries with nuclear power do not actually own the plants.

    If it was simply the case that a publicly owned nuclear infrastructure was cheap, I’d agree with you. But France is a very wealthy and powerful country. There are only a handful of countries who could potentially shoulder the cost of building loads of power plants. Ireland is not one of them.

    In terms of fossil fuels, I completely agree with you. It’s filthy and it’s killing a lot of people in subtle ways. But governments don’t care about that and neither does the industry. But to go back to your shining example, France is the largest oil importer in Europe. Like I said earlier, France is the largest consumer of nuclear energy in the world by market percentage and even it cannot satisfy more than 40% of total energy requirements. You cannot build an entire energy infrastructure on nuclear with current or even developing technologies. The raw materials just aren’t there. And neither is the political will to force people to pay three or four times more for their energy and transportation costs.

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    Mar 17th 2015, 9:53 AM

    Sean, you’re just making stuff up. I’ve lived in France, it’s a POOR country.

    The following are the figures from the UK. Do they show NP is “nuclear is massively more expensive”? I’ve a link so you can look at other countries. AND those costs do not include the costs associated with burning fossil fuels of Climate Change or the hundreds of thousands of deaths from soot.

    UK energy costs for different generation technologies in pounds per megawatt hour (2010)
    Technology Cost range (£/MWh)[citation needed]
    Natural gas turbine, no CO2 capture 55 – 110
    Natural gas turbines with CO2 capture 60 – 130
    Biomass 60 – 120
    New nuclear 80 – 105 (92.50 guaranteed from 2023[36][37])
    Onshore wind 80 – 110
    Coal with CO2 capture 100 – 155
    Solar farms 125 – 180
    Offshore wind 150 – 210
    Tidal power 155 – 390

    From http://en.wikipedia.org/wiki/Cost_of_electricity_by_source

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    Mar 17th 2015, 9:59 AM

    Take those figures with a pinch of salt. It’s the clean up costs for nuclear that’s expensive. These costs are often omitted from such figures

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    Mute Sean J. Troy
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    Mar 17th 2015, 10:00 AM

    I’m making stuff up? You just said the sixth largest economy in the world is a poor country. It’s the fourth wealthiest country in the world by household wealth. If you’re seriously claiming that it’s a poor country, I’m out. I can’t argue with that level of stupidity.

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    Mar 17th 2015, 10:01 AM

    France isn’t poor. It’s just a hugely socialist state.

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    Mar 17th 2015, 10:32 AM

    I’ll rephrase, the French are poor. There’s almost no middle class. Have you seen the size of an average apartment? An average car? The French haven’t a tosser. As Brian said it’s a very socialist state. The state might be wealthy, the French aren’t. That’s why property is so cheap in most of France and why it’s such a cheap place to holiday, apart from the Côte d’Azur of course.

    Brian, you can’t ignore the figures because they don’t suit your argument. The figures from all countries listed show NP to be far cheap than the other useless renewables except for Hydro (and that has lots of problems including dam bursts which have killed hundreds of thousands). The clean up costs of a new build NP plant are irrelevant from an accounting pov because it’s not for 50+ years. By then we’ll have robots doing it anyway.

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    Mar 17th 2015, 10:40 AM

    Sean PS. France is the 26th wealthiest country in the world GDP per capita. Ireland is 15th.

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    Mar 17th 2015, 10:43 AM

    They are not poor. Nearly EVERYBODY in France is middle class, that’s why there’s no clear distinction. It is fourth in the world in household wealth. Not state wealth. France is the fourth richest country in the world in terms of money in the average punter’s bank account.

    The French are poor because they don’t have big cars or big houses? That’s an awful argument. The Japanese are exactly the same. Are they poor? Big cars and a big house are a sign of vanity, not of wealth. The Americans could equally look at us with our tiny cars compared to their hummers and claim that we must be poor.
    Robots will be cleaning up nuclear waste. I forgot that robots are completely free of charge. The cost is trying to store large amounts of waste. A problem that only gets more expensive if you have more reactors.

    You completely ignored my graph of citations that showed nuclear is more expensive than coal or gas. So I’m going to ignore your copy and paste from Wikipedia.

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    Mar 17th 2015, 10:46 AM

    GDP per capita is less important than total wealth when you’re talking about massive capex projects. Lichtenstein is fabulously wealthy in terms of GDP per capita. It could never, ever afford a nuclear power plant. Nuclear power requires scale.

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    Mar 17th 2015, 10:54 AM

    GDP is less important because it doesn’t suit your argument? France’s GDP is on par with Italy’s. Of course we can afford NP. We can afford to pay back far more than it would take to build reactors to bankers. Any capital project that makes economic sense can be funded. If we had a partnership with the French and built say 4 small reactors and also had a connection with the UK we could probably drop coal, turf and oil completely and reduce gas to a small amount. We could then export energy to the UK. The UK will need extra energy so it’s a win win situation. We then meet our CO2 targets for 50 years.

    PS Your shitty graph from thin air actually shows NP to be only slightly more expensive than coal. No one says coal is dearer than almost anything but it’s FILTHY, kllls people, destroys the environment and causes trillions of dollars in costs associated with Climate Change.

    You exaggerated, even your own graph shows that.

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    Mar 17th 2015, 11:10 AM

    I’ll explain it a bit.

    A country with a large GDP is much more capable of paying for a nuclear reactor than a country with a large GDP per capita.

    Liechtenstein has a GDP per capita of nearly twice that of France, but its total economy is about €4 billion . A reactor is estimated to cost roughly $10 billion. $10 billion is a tiny fraction of €2 trillion but it’s about twice €4 billion. Meaning that France could probably earmark a reactor whereas Liechtenstein would have to commit 100% of its resources for two straight years to pay for a reactor. That’s why it’s impossible for a small country.

    In terms of partnerships? That’s a slightly better idea. But then you’ll have loads of other problems that come with international infrastructure projects.

    And no, we wouldn’t be able to wipe out turf, oil and coal. Again, France is the largest oil importer in Europe. It’s satisfying less than 40% of its total energy requirements with nuclear.

    My “shitty graph” had citations. You just copied and pasted from Wikipedia. I was being hypothetical when I said three or four times. I was talking about a situation in which nuclear became the norm. You’re presumably familiar with supply and demand. If we switched to nuclear tomorrow, the price of samarium, Uranium and other elements would go through the roof and so would electricity prices. The price of oil and gas would go through the floor because nobody is using it. There is no scenario in which nuclear would be cheaper.

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    Mar 17th 2015, 11:32 AM

    Sean, you clearly have a penchant for exaggeration. Liechtenstein doesn’t need NP, unless it bought a second hand reactor from an old submarine. It’s got 40,000 of a population. Using that as an example is absurd. France, off the top of my head, has about 20 reactor sites, we have a 10th of the population so we need 2-4 reactors to supply approximately 75% of our power from NP.

    Your comments regarding “supply & demand” are rubbish. If more Uranium was needed, they’d just mine more.

    You started saying “Every study on the planet suggests that nuclear is massively more expensive” and not alone have I shown that’s it’s a gross exaggeration but so have you.

    China is embarking on a massive drive to build reactors. All that will happen is the Uranium mining industry will react. They have plenty of warning. All the other materials are also in abundance and can be replaced with other materials. The human race has been adapting for millennia. We even sorted out the 3ft of horse shit on the streets of NY problem. You would have been in there claiming it was going to be 20ft of horse shit. I bet you you claimed Peak Oil was going to be a problem 10 years ago. Now it’s $60 a barrel or about 50c a litre. If it wasn’t for tax the price of petrol would be irrelevant.

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    Mar 17th 2015, 12:02 PM

    Okay, there’s no point arguing anymore. You’re trying to dictate mineral economics and Geological resources to a Geologist. You are just so wrong on so many accounts. I wouldn’t even know where to begin.
    Anyway, I’ll finish up by saying I agree with you that fossil fuels need to be removed from our economy and that nuclear is a part of that solution. But the entire solution is impossible with present day technology, we’ll have to see what happens.

    Happy Paddy’s Day!

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    Mar 17th 2015, 12:14 PM

    Sean, I’m off to the pub. I hope they don’t run out of Guinness.

    PS Did you as a geologist believe in Peak Oil?

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    Mar 17th 2015, 12:44 PM

    Well there’s two parts to that. First of all, you’re using the past tense. And second of all, you’re making it out to be a belief. It’s a loaded question.

    I accept the fact that peak oil is inevitable. Peak oil merely refers to the point in human history at which oil extraction is at an all time high, that’s all. Most industry professionals predict we’ll reach peak oil in the mid 2020s or possibly 2030s. It’s difficult to predict because there are always unforseen circumstances. Nobody really thinks we’ve already hit the peak. That’s just media sensationalism. The price of oil is only indirectly coupled with productivity. That’s an important distinction. Oil prices are very low right now because OPEC are waging economic war on the Northern American companies who make unconventional play systems their bread and butter. It’s got very little to do with real world extraction

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    Mute owen m
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    Mar 17th 2015, 6:54 PM

    Yes it DOES sound ridiculous

    This is all fairy talk.

    Wind energy provides non dispatchable non synchronous generation so NO you cant power even ONE single house with a wind turbine. This is not an anti-wind stance, this is a simple statement of FACT.

    It is about time those who have no power generation knowledge stop talking claptrap.

    Please go and power your home with a wind turbine if you love them that much and then get back to us before you start talking Alice in Wonderland PLEASE.

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    Mar 17th 2015, 7:03 PM

    “Ireland has the best value wind energy in the world, don’t let the ranting of Dave Fingleton confuse you.”

    Yes of course and on St Patricks Day today we have a grand sum total of MWs from Wind of :

    19 MW !!!!!!!!!!!!!! from over 2000MW of wind capacity LOL LOL !!!!

    Is there anyone else who really believes this baloney ?

    Wind energy drives up the price of electricity – it is now accepted by everyone including the Energy Regulator

    http://irishenergyblog.blogspot.ie/2015/03/response-to-irish-times-article-by.html

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    Mute Ken Donegan
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    Mar 16th 2015, 12:48 PM

    Thought we were ruining low of oil and gas as we were led to believe its amazing how they can just find more when it suits them we should spend money on green energy and make that more sustainable.

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    Mute I LOVE MY COUNTY
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    Mar 16th 2015, 1:00 PM

    We’re not running out of oil.
    To simplify this as basic as I can to tell you what’s happening.
    Big boys are currently flooding market with oil to bring down price. Why you ask? To eliminate little boys Sales and gross margin, which will impact on spending forecasts for explorations, which will reduce the share price, which will ultimately mean no more investors = no more little boys (Check Tullow oil share price)
    Less competition then for Big Boys in Middle East which means…. More $$$$ in profit in a few years time.
    Simple supply and demand and we the minions will suffer.

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    Mar 16th 2015, 1:48 PM

    Utter rubbish, Oil/Gas is low to put pressure on Russia. Normally counties pull back on product when prices fall to much however the US have convinced placed such as Sudi Arabua to maintain production to squeeze Russia because of Ukraine

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    Mar 16th 2015, 1:50 PM

    Product should read production.

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    Mar 16th 2015, 5:25 PM

    It doesn’t matter cause the reality is that increases in gas/petrol are immediate, whereas decreases are slow in being passed on

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    Mute owen m
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    Mar 17th 2015, 6:55 PM

    B####@*

    The world now has the highest reserves ever of oil

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    Mute Tony Le Blanc
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    Mar 16th 2015, 1:05 PM

    Have a look at the German model. It was far more successful than planned. When citizens take ownership of utilities, change happens fast. Nod and wink to the current Irish regimes plans to flog everything we have.

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    Mute Denis O Brien
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    Mar 16th 2015, 1:53 PM

    There should be intensives for home production of energy. There are over 2 million roofs pointing towards a big yellow ball in the sky, and the shite we flush down the sewers can create loads of energy, but we prefer to use more energy to remove it than use it

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    Mute Dave Fingleton
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    Mar 16th 2015, 3:50 PM

    http://www.irishtimes.com/business/companies/coillte-seeking-60m-thorough-sale-of-forest-phone-towers-1.2137629
    Coillte to sell public assets so they can build turbines that will be heavily subsidised by tax paying public …. You couldn’t make it up. Stealth taxes.

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    Mute Charles McDonald
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    Mar 16th 2015, 12:46 PM

    Fracking and crusties coming soon to a county near you

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    Mute Dave Fingleton
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    Mar 16th 2015, 1:51 PM

    Clare and Fermanagh are the only counties in Ireland where Fracking is feasible. Given our government’s track record on weak regulation / failure to empower regulatory bodies, and it’s strong crony bonds to big business / energy utility companies, don’t be surprised if the developers ride roughshod over every law supposed to protect the environment and the citizenry. Ireland has already been judged to have been in breach of international environmental and planning law by UNECE, in relation to our National renewable energy action plan (NREAP), which plumbed for 80% wind despite not having a cost benefit analysis or complying with strategic environmental assessment responsibilities. As enda would say…”a great little country to do business in!”

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    Mute Damien
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    Mar 16th 2015, 2:22 PM

    Lockheed Martin, the US weapons manufacturer has said this week that Nuclear Fusion is just within it’s grasp. Incredibly exciting prospect.

    Fusion is clean, cheap to run after the initial investment, safer, far less waste, higher output and could solve all our energy needs.

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    Mute Sean J. Troy
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    Mar 16th 2015, 4:45 PM

    If fusion isn’t cracked, our way of life is going to come to a crashing end.

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    Mute Cornelius Traas
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    Mar 16th 2015, 6:14 PM

    It is incrediby exciting. Lockheed are not suggesting fusion is cheap. The system they are working on only produces a bit more energy than it needs to run, so it can’t be that cheap, yet at least.

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    Mar 16th 2015, 6:23 PM

    I sincerely hope we’re not relying on cold fusion to save us

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    Mute Damien
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    Mar 16th 2015, 6:37 PM

    I’m saying it’s an incredibly exciting development Cornelius and maybe one day we’ll all be using fusion to power our world. Granted it won’t be for a while but once they can figure out how to get more energy out than you need to put in, the advancements will come thick and fast to the betterment of the whole world.

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    Mute B-Egan
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    Mar 16th 2015, 1:07 PM

    Thats tight keeping destroying the habitat you and your bloodlines will have to live in. Squash all alternative energy inventions. The US navy recently announced they don’t need to refuel their air craft carriers and war ships anymore as they have developed engines that run off salt water.. They also announced tho technology is exclusively for the navy and for war the rest of us can pay through the nose for oil to power our little wagons and the thoughts of fracking coming to a town near me fills my heart with joy and then we’l all get sick …yayyyyy

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    Mute Eric
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    Mar 16th 2015, 1:16 PM

    Military inventions always stay with the military initially. That’s kind of why they develop them. Eventually it gets rolled out to the commercial market.

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    Mute Wayne O'Fathaigh
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    Mar 16th 2015, 1:23 PM

    Probably because their aircraft use Nuclear reactors as their power source! Maybe that’s why they don’t need oil!!! Some people are just so far of the range it’s scary

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    Mute Denis O Brien
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    Mar 16th 2015, 1:30 PM

    I think the idea behind it, is they use radio waves. when concentrated and targeted on salt water it makes the salt water flammable They reckon they will also be able to produce aviation fuel from it. they currently don’t have any ships or planes running off salt water and will probably be another decade before any real life application. There aim is to generate fuel while out at sea so they don’t have to keep breaking form to refuel. But to generate fuel they will still need a power source. probably from nuclear reactors.
    You cannot create energy out of thin air. energy is never destroyed just converted into something else. To make this fuel might cost them more than what they get out. but if they don’t have to return to shore to refuel then it will benefit them no matter what the cost .

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    Mute Joseph Siddall
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    Mar 16th 2015, 6:52 PM

    Presume you meant their aircraft carriers – which is correct, rather than their aircraft – which would be daft.

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    Mute Cian Doherty
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    Mar 16th 2015, 12:49 PM

    Drill baby Drill.

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    Mute John Tierney
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    Mar 16th 2015, 1:47 PM

    No. What the world needs is for energy companies to look at the work of Nikola Tesla. Oh, wait! There’s no money in Tesla’s free energy. Yep, keep diggin’, drillin’, ‘n’ burnin’.

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    Mute William Grogan
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    Mar 17th 2015, 9:16 AM

    Tesla and free power? One of the Internet’s great pieces of nonsense. Let me think John, you’re an engineer in the energy business? No? Surprise surprise.

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    Mute Luke Evans
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    Mar 16th 2015, 1:32 PM

    sure isn’t that what we go to war for nowadays

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    Mute Anthony Lang
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    Mar 16th 2015, 4:50 PM

    Frack it to f*ck and back.

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    Mute Gerard Casserly
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    Mar 16th 2015, 6:08 PM

    I think a big steam engine heated with a little bit of almost nuclear fusion…

    Nuke power is the greenest form of energy production by far.

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    Mute Sean Frawley
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    Mar 16th 2015, 9:43 PM
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    Mute patjoejoe123
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    Mar 16th 2015, 4:04 PM

    lets hope they start looking here we could do with the royalties

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    Mute Susan Quinn
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    Mar 16th 2015, 4:36 PM

    Here’s last week’s article on how you can make sure you lock in savings today and use energy more efficiently.

    http://businessetc.thejournal.ie/the-big-idea-energy-elephant-1973195-Mar2015/

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    Mute trickytrixster
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    Mar 16th 2015, 1:54 PM

    Oil belive it when I see it

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    Mute Science of beer
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    Mar 16th 2015, 5:16 PM

    It’s all about greed, and how much they can screw out of the consumer while making obscene profits

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    Mute Cornelius Traas
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    Mar 16th 2015, 6:30 PM

    Some of the World’s biggest investors and pension funds are divesting of their fossil fuel investments because it is becoming evident that even a lot of the known reserves, not to mind what has not bern found yet, will have to be left in the ground where it is. Sell those shares in fossil fuel companies while they are still worth something is the message that is gaining traction.

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    Mute Joseph Siddall
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    Mar 17th 2015, 11:26 AM

    Some of the world’s big investors are playing a financial game. Sell off shares which, in turn, reduces share price, and capitalisation of the target company. This course of action, if followed by others, eventually makes the target company a prime target for acquistion by these mega-rich investors. They are actually predators and use their apparent success to try and convince other investors to “get out” whilst they can which really just supports their longer-term plans. Warren Buffett is a past master at this game, allegedly.

    Crude pricing will not stay this low for ever but, before it rises again, there will be winners, losers and acquisitions. Smaller companies, with prospects, will be swallowed whole.

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    Mute james r
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    Mar 16th 2015, 4:45 PM

    Come to ireland our governments give away billions of it …

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    Mute Derek Hyland
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    Mar 16th 2015, 10:47 PM

    What a pointless and untimely report… Energy (coal, gas and electricity) prices have been failing for the past few years in Europe. Hedging in IRELAND’s power market depends on a formula that includes British Gas market prices, carbon prices and FX!?!? So the Irish are losing out because of the weak Euro (if you have a Price formula linked to the UK). Oil companies are cutting capital spending, we have seen a 34% decline in active oil riggs since October and newer energy technologies are replacing some oil requirement. Maybe it’s worthwhile looking at investment levels in new energy technologies. Of course the current price is not sustataining increased levels of exploration, look at the price of oil in 2007 and 2008!!?! See any correlation?? The article doesn’t mention new technologies that enable increased extraction levels from existing oil fields… Or the amount of global known oil inventories and reserves. Annoying article.

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    Mute Joseph Siddall
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    Mar 17th 2015, 12:08 PM

    It is quite good fun reading this topic. I love the idea of Ireland having a power supply based solely on Nuclear. That will, of course, mean all cars, buses, trucks and trains being electric. Good luck with installing the infrastructure for that. Then, of course, being as island, the ferries and ‘planes will have to be converted to electric power. Will the ferries be nuclear or, perhaps, solar? No, hang on, sail-powered ferries. Sorted. Aircraft might be a bit trickier. Nuclear aircraft was tried many years ago by the USAF, IIRC. Bit of a disaster, apparently. Take a Ryanair 737-800, fit the fuselage out with a reactor, steam generator and power turbine then replace the jet engines with electric motors and propellers. By the time you add all the necessary shielding it should have a payload of about 3 passengers, and I’m not sure the aircraft would be terribly welcome in other countries.

    At the current level of technology, there is no single one-source-fits-all solution. Hydrocarbon fuels will be around for quite a long while yet. I doubt availability will be the real issues; cost will be the issue. At present there is an oil price holiday. It will not last.

    50 years down the road? Who knows?

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    Mute Joseph Siddall
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    Mar 17th 2015, 7:21 PM

    If you look at this site it shows you, pretty much real-time, the amount of power generated in UK by various means. When I last checked Wind Power was providing 0.44GW or just 0.89% of the requirement. Not sure what the installed capacity of Wind Power is in UK, but it’s a humongous amount more than that. However, the operators and land owners are still getting their subsidy, regardless of whether the kit is actually doing anything or not. For every GW of installed Wind Power you need a GW of installed base-load power…or be happy to have massive brownouts/disconnections.

    There is also a French equivalent site, but it doesn’t record Wind, as far as I can tell.

    http://www.gridwatch.templar.co.uk/

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    Mute Richard Curtin
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    Mar 17th 2015, 12:59 PM

    Look for more fossil fuels to burn while the planet is in the middle of a climate chaos due to burning them in the first place, that makes perfect sense!

    We have the technology to transition the world to 100% renewable power now, while at the same time creating millions of jobs, reducing pollution and increasing energy security. This can be community led bottom up approach to meeting our energy needs! Not the current centralised fossil fuel and nuclear model.

    The only thing which is stopping us is the fossil fuel vested interest!

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    Mute owen m
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    Mar 17th 2015, 6:58 PM

    Absolute trash talk. You read something from an unqualified person on the internet and now its true.

    Do you even know what non synchronous means ???????????

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    Mute Richard Curtin
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    Mar 17th 2015, 7:22 PM

    What is trash Owen?

    The IPCC say climate change is happening and we need to reduce our GHG emissions, are they unqualified?
    Have you heard of the solution project ?
    http://thesolutionsproject.org/
    Its headed up by Dr. Mark Z. Jacobson from Stanford University not what you would an unqualified person either!

    While you at it, check out the Irish academic based in Denmark, David Connelly, he has a number of peer review paper on Ireland’s pathways to being 100% renewable by 2050,
    Here is the journal details are below
    International journal of Sustainable Energy Planning and Management Vol. 01 2014 7-28

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    Mute Joseph Siddall
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    Mar 16th 2015, 9:46 PM

    Have a look here to see what Wind Turbines are generating for the UK Grid. It’s a live site so worth watching on a regular basis. A few minutes ago the figure was 1.44% of demand. Not gonna boil a lot of kettles, let alone run a great deal of industrial demand.

    http://www.gridwatch.templar.co.uk/index.php

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    Mute Kool Tiger
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    Mar 16th 2015, 4:59 PM

    Don’t worry the UK is leading the way with alternative energy, take a look at out first poo powered bus.
    http://www.theguardian.com/uk-news/2015/mar/15/uk-first-poo-bio-bus-bristol-regular-service

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    Mute FlopFlipU
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    Mar 16th 2015, 8:10 PM

    Back to the bog ,ya boy ya

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    Mute FlopFlipU
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    Mar 16th 2015, 8:10 PM

    Back to the bog ,ya boy ya

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    Mute FlopFlipU
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    Mar 16th 2015, 8:10 PM

    Back to the bog ,ya boy ya

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