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The Irish are going to be exposed to higher gas and electricity prices . Tight European gas fundamentals and ever stronger utilisation of gas in Asia is and will continue to pressure supply. Prices for this winter on the NBP are already close to 70p and the little storage we hold in the UK is being called upon such that stocks are at historically low levels (similar to 2009/2010).
The majors already have to pay to store gas in Europe via the interconnectors simply because there is little capacity in the UK. LNG is very fungible and will go to the highest price market; the UK needs more gas storage or we will see more price spikes and higher consumer prices. Carbon prices hit $50/tonne yesterday with most thinking there is further to go. Storage acts as a dampener to volatility; I'm not saying security of supply is necessarily an issue but it's going to get increasingly expensive for electricity and gas consumers. I think that with proper monitoring ( of the salty water) and a commitment to net zero on emissions the IMSL project operations (using green-powered electric compressors and pumps with HVO fuelled back-up generation there is nothing not to like about this project. It is very low visual impact and is quoted in various European strategic fora as a very important project (this from a hydrogen storage perspective). None of us have any idea what the Ministers and their advisors have been doing for the past 6 weeks since DAERA passed the decision to them but one would hope that cross party politics does not cloud the clear benefits to all (including concerned greens) of giving it the green light
I expect there to be RNS's soon about the two new investors (IIs) that are on board at the low price we are at.
I also understand that the existing IIs took up their rights ..... well, why wouldn't they ?
A new look Board will help us in the City - that's to come in 2021. On we Go
Nobby31,
Thank you for your thoughts on Islandmagee.
I do find it extraordinary that everyone who has been here for at least 18 months invested in an energy storage project, yet many now dismiss the caverns as an irrelevance, whilst dreaming of building the next Titanic (which isn't going to happen).
A lot of the bod are in way over their head imo!
Arrogance and naivety spring to mind.
Decent pay though lol
Listened to an interesting piece on Radio four that might explaine that Spud.
It called the Peter Principle.
Basically, "people in a hierarchy tend to rise to their "level of incompetence": employees are promoted based on their success in previous jobs until they reach a level at which they are no longer competent, as skills in one job do not necessarily translate to another." :)