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Yesterday I blogged about the growing consensus among analysts that the price of oil was heading in only one direction: upwards. Barclays Capital, in fact, forecast it would hit $100/barrel this year, with Opec only taking action to increase production after a price spike.
Now the IEA has fired a warning shot across Opec’s bows with a stark warning from its chief economist, Fatih Birol. As Birol told the FT:
It is a very telling story. 2010 rang the first alarm bells and 2011 price levels could bring us to the same financial crisis times that we saw in 2008.
The fight over Dynegy is not over yet. Despite joining forces to block the Blackstone group’s takeover of the US power producer late last year, Carl Icahn, the largest holder of Dynegy shares, and Seneca Capital, the second largest owner of Dynegy shares, have since parted ways.
Mr Icahn has made his own bid for Dynegy, and Seneca believes it undervalues Dynegy – the same argument Mr Icahn and Seneca made to convince shareholders to block the Blackstone takeover.
At the end of 2009, South Korea’s Kepco surged past French, US and Japanese competitors to win one of the world’s biggest nuclear tenders on offer – a $20.4bn contract to develop a civilian nuclear programme for the United Arab Emirates.
A year later, the sector’s more established players are fighting back. After 8 months of bilateral talks, South Korea failed to reach a deal to build a nuclear power plant for Turkey in the Black Sea province of Sinop. Instead, Taner Yildiz, Turkey’s energy minister, has just entered exclusive negotiations with another contender: Tokyo.
- Floods choke global coal supplies – The Times (£)
- Petrofac hires BP spill casualty Inglis – The Telegraph
- Cnooc parent to invest $150bn in 2011-2015 – Bloomberg
- Cap and trade advocate joins White House – NY Times Green blog