Daily Archives: March 28, 2011

A new phase in Tepco’s “BP moment”: just like the whirlpool created by the massive tsunami after the March 11 earthquake, Japan’s biggest electricity provider and operator of the crippled Fukushima nuclear power plant is dragging peers into its own troubled vortex.

Investors’ attitudes to Japan’s other utilities have not been nearly as severe as the scare that has driven Tepco’s share price down 73 per cent since March 11, and further widened its CDS spreads on Monday by 143bps to 473bps (amid fears, as Markit’s Gavan Nolan remarked, that the company “is losing control of the situation”). But it’s still a very worrying sign for anybody involved in Japan’s nuclear power industry.

Sheila McNulty

The oil and gas industry has been afraid there might be repercussions from the recent  investigation that found Macondo’s blowout preventer failed to close because a section of drill pipe had buckled during the accident and blocked efforts to seal it off.

Gary Luquette, Chevron’s president for North America exploration and production, said the industry would learn from the report. But he hopes it will not lead regulators to stop the permitting process just when companies have started to see progress. He explained:

The best way to deal with a blowout is never to have one. In this case, the pipe was blown up the hole because of a loss of control situation. If you have complete loss of control, you can’t imagine a BOP that can be designed for that.

FT Energy Source

- Radiation fears rise at Japan crisis plant – FT

- Japanese firm admits error on radiation warning – The Guardian

- Japan nuclear regulator tied to industry – WSJ

- Nuclear groups to sue Germany over idled plants – FT

- Thousands join German anti-nuclear protests – FT

- Putin warned Dudley over Rosneft – The Telegraph

- Foreign Office ‘backed BP-Rosneft’ – The Telegraph

- Sinopec to cut costs and expand overseas – Bloomberg

- China energy authority drafting shale gas development plan – Reuters

- Iberdrola causes anger with share plan – FT

- India looks underground for fuel of the future – The Times

- Renewable energy deals up 66% – WSJ

- Japan crisis, high oil to help green energy: PwC – Reuters

- Schneider chief warns Europe on green rivals – FT

- Power chiefs warn of tax threat to plant – The Times

- Valiant issues oil tax warning – The Telegraph

- Senators want FTC to investigate high gasoline prices – Argus

- Landmark plan to heat UK factory with waste – FT

- Nissan Leaf charges into UK car showrooms – The Guardian

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