atans1

We can use 100% green energy by 2035 but won’t

In Economy, Energy on 08/05/2019 at 10:27 am

In the US more than 100 cities have recently pledged to run on 100% renewable energy, signing onto the Sierra Club’s “Ready For 100” campaign.

One of the cities is Atlanta, a place that uses lots of air conditioning

So, how exactly will the folks in Atlanta increase the city’s green energy supply from 8% to 100% by 2035? They’re going to start by trying to use less energy.

“There’s an awful lot of low-hanging fruit left,” said Matt Cox, CEO of the Greenlink Group, who helped craft Atlanta’s new plan.

Mr Cox says you start with the basics: insulating old homes and installing energy-efficient lights and better cooling and heating systems.

“We identified an opportunity to reduce the consumption in the city 25% to 30%, just through the energy-efficiency side alone.”

And Mr Cox says studies found there’s another benefit to investing in efficiency: “They were showing an internal rate of return of over 60%. That’s six-zero percent. That kind of a return on an investment is a tremendous opportunity that you don’t see hardly anywhere.

“You look at the stock market, you’re going to be happy to get 7% or 10% out of that.”

But efficiency is just a start. Atlanta’s plan also relies on putting up a lot more solar panels – on homes, commercial buildings and at utility scale solar farms. It banks on things like improved battery storage for solar energy as well as renewable-energy credits from outside the state to offset coal and gas power still coming from the local grid.

https://www.bbc.com/news/world-us-canada-48112075

If Atlanta is aspiring to be so green, so should we: https://sbr.com.sg/utilities/more-news/singapore-takes-lead-in-embracing-green-energy-across-asean-report

But I forget that we want to be a major LNG centre and so our power generators are paid to use LNG: http://singaporepowerdesk.com/vesting-contracts-made-singapore-consumers-pay-2-7-billion-sgd-last-4-years/

And screwing Hyflux and its investors:

When Hyflux was first awarded the Tuaspring project in 2011, based on the financial model which modeled the cashflow projections from the project, the power plant was expected to generate profits from day one. This financial model was audited by an external financial model auditor and furnished to the offtaker. In 2013 when Tuaspring was able to secure a non-recourse project financing loan, the lender commissioned an independent market study of the project which arrived at similar conclusions supporting the book value of approximately SGD1.4 billion.

Hyflux fiasco shows why “book value” is BS

But to be fair to the PAP govt:

 Hyflux decided to build its power plant after the LNG vesting contracts were awarded to the other gencos. When Hyflux made this decision, information on the plans by other gencos to increase their generation capacity was publicly available. Hyflux’s present financial situation is a result of its own commercial decisions, with full knowledge of the gas supply situation and electricity generation market. It is incorrect for Mr Leong to claim that Hyflux’s financial problems were caused by “an unexpected domestic policy change”.

https://www.ema.gov.sg/reply_to_forum_letter.aspx?news_sid=20190403hDf4R8s5Rwna

Related post written before EMA set the record straight: Will Oliver Lum and other Hyflux investors still vote for the PAP?

These might interest:

Hyflux: Don’t cry for the investors

Hyflux directors, mgt & auditors kooning from 2016 onwards?

Hyflux on investor losses: “Not our fault, banksters at work”

 

 

 

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