Daily Archives: September 29, 2010

Kiran Stacey

Want £100,000? All you have to do is come up with a way of getting engineers and equipment out to the wind farms of the future.

Except it’s not quite as simple as that. While wind farms today are located typically less than 20km from the shore, the next generation of farms could be as far out as 300km, where waves can reach three metres high.

In conditions such as those, transporting workers and equipment out to the farms themselves is pretty difficult, and we’re not just talking about the seasickness that traditionally accompanies such trips.

Kiran Stacey

There is something of a clean up (if you’ll forgive the pun) going on at BP.

Yesterday the company sold $3.5bn worth of bonds, with demand high and the 5-year tranche being priced at a respectable (if sector-lagging) 195 bps over US Treasuries. The renewed confidence from the credit markets has helped the cost of default protection on its debt fall to 191bps from a high of 614bps in June.

Then today, Robert Dudley made his first personnel change before becoming CEO on Friday, putting Mark Bly, the UK head of safety, in charge of a new souped-up safety and risk division, and announcing plans to split the exploration business into three. The company said that change would lead to the departure of Andy Inglis, the head of exploration, by the end of the year.

Russian President Dmitry Medvedev and Chinese President Hu Jintao toastDmitry Medvedev, the president of Russia, is in China this week for talks aimed at cementing a new partnership between the world’s biggest energy producer and consumer.

But China, despite its hunger for new oil and gas supplies, is playing hard to get.

“Russia is ready to meet China’s full demand for gas,” Igor Sechin, the powerful Russian deputy prime minister, told reporters in Beijing on Monday.

FT Energy Source

- Shell plans rapid North American growth – FT

- BP raises $3.5bn in bond sales – FT

- Obama under fire for underestimating oil spill – The Guardian

- BP repairs Russian relations – New York Times

- Germany to wean itself off fossil fuels – FT

- Democrats block debate on greenhouse gas bill – Argus

- Schwarzenegger slams climate law repeal – NY Times Green Blog

- Lawmakers urge Obama to challenge China on clean energy – Reuters

- Are wind power and ethanol really green? – Master Resource

- Energy efficiency does not decrease consumption – Breakthrough Institute

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