On the Blogs: ‘The Emergence of a Class of Fossil Fuel Assets That May Never Again Be Economic’

first_img FacebookTwitterLinkedInEmailPrint分享David Fickling for Bloomberg News:As the planet’s climate shifts, lots of things we never expected to happen so quickly have started to occur. Each one of the last 11 months through March, for example, has been the hottest on record for that time of year, according to the U.S.’s National Oceanic and Atmospheric Administration.Here’s another thing many didn’t expect to see so soon: the emergence of a class of fossil fuel assets that may never again be economic.More than half the assets in the global coal industry are now held by companies that are either in bankruptcy proceedings or don’t earn enough money to pay their interest bills, according to data compiled by Bloomberg. In the U.S., only three of 12 large coal miners traded on public markets escape that ignominious club, separate data show. It’s not true to say no one saw this coming. What’s remarkable is how quickly the forecasts of analysts have come round to match those of activists. Coal “has undergone a long-term structural decline, with little prospect for near-term recovery,” Moody’s analysts led by Anna Zubets-Anderson wrote in a note last week. Of the four major U.S. coal regions, only the Illinois basin has good long-term prospects, they said. Central Appalachia will “cease to be a major coal producing region,” while the Northern Appalachian and Powder River basins will decline too because of competition from gas.To be sure, there are some significant differences between what’s happening and the stranded-assets road map forecast by most climate campaigners. Coal isn’t dying off because of truly coordinated global action on carbon emissions, but because of a more ad hoc collection of regulations and incentives, and because of the rapid fall in natural gas and renewable energy prices.In addition, that $412 billion in assets held by publicly traded coal companies contains barely a ton of unmined rock – the “assets” focused on by climate activists. Mining companies generally don’t factor mineral reserves into their balance sheets, so the assets in Gadfly’s analysis are mostly inventories, cash and invoices, and the machinery used to wash, process and load coal onto trains. If anything, they’re the tip of the iceberg.What could improve coal’s prospects? Chapter 11 is often regarded as a blessing in disguise if it leads to the elimination of debt and the consolidation of unprofitable industries. Just look at North American airlines, which posted more profit last year than in the previous 10 combined after decades spent lurching from bankruptcy to bankruptcy.Companies that could be shuttered are numerous, but the question is whether any restructuring of obligations will be enough to restore profits. Of the $162 billion of assets owned by non-bankrupt coal companies with interest cover below 1, just $35 billion was held by firms that posted Ebit margins above 5 percent in the most recent year. Because those margins are before interest, these companies are barely profitable even ahead of debt questions coming into play. Should any of them fall into bankruptcy, their best hope of restructuring will require sloughing off environmental, employee and supply-chain liabilities, as well as cutting borrowings.Rebuilding North America’s airline industry was also made easier by the fact that demand for air travel keeps rising. That’s not the case with coal. Indeed, consumption by the two biggest consumers – China and the U.S. – is in long-term decline (it’s already fallen close to zero at times in the U.K., the country whose deposits helped ignite the industrial revolution). If supply is to chase that fall in demand, the only route back to profitability will surely pass through a huge number of pit closures. Coal’s season in hell has barely begun.Full item: Coal’s Stranded Assets On the Blogs: ‘The Emergence of a Class of Fossil Fuel Assets That May Never Again Be Economic’last_img read more

Dining experience at retirement home definitely one to remember

first_imgThe dining area at The Clayfield retirement village. When I think of food at a retirement village, I think of slop – large amounts in a bain-marie.So when I was invited to dine at The Clayfield by Aveo, a Brisbane retirement village, I cringed but decided to accept the challenge.It was an experience. A really good one in fact. Located at Albion, The Clayfield’s Carriage House Brasserie is a hit with residents enjoying the onsite independent living facilities. Some of the food on the menu at The Clayfield, retirement village.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoAbsolutely delicious. No purees, no slop. In fact, they were the most delicious duck spring rolls I’ve had.“What are you having over there?” a diner from nearby table asked.“The duck spring rolls,” I replied.“When my sister comes to visit me she comes here especially for the duck spring rolls,” she said.Family and friends visiting residents can dine at the restaurant, which also serves coffee and cake throughout the day.With a glass of wine to accompany our meals, it’s no wonder the restaurant is a hit with residents – it’s BYO! Out came our mains – a decadent Caesar salad with poached egg and Grana Padano parmesan ($12.50), and beer battered garfish with tartare sauce, chunky spiced fries and house garden salad ($16).Aveo National Food Services manager John Casey said The Clayfield had 165 residents, the oldest 101 and the youngest in their late 60s. He said with a user pays system in place the residents were served fresh and upmarket meals. Aveo head chef Christian Stone plating food at The Clayfield. Elizabeth Tilley and Reshni Ratnam dine at The Clayfield retirement village. center_img My colleague Elizabeth Tilley and I had only been seated for five minutes when in came a trio of ladies ready to be served.“I’m so hungover,” an older resident said to her friends. “We had a party last night and I drank more champagne than I ever have.”Her friend then chimed back as she took her seat: “Ah, I’d really like to be waited on today.”And that’s exactly what the staff at the restaurant do. They ensure your experience is one to remember.As we perused the menu, duck spring rolls took my fancy for the entree, and Liz decided on the soup of the day, an Asian broth with meatballs. Head chef at the Carriage House, Christian Stone, said Aveo recently transformed its food offering across its communities with a strong focus on healthy choices. “In partnership with Nutrition Professionals Australia we have created national nutritional guidelines to ensure optimal health and nutrition for seniors,” Mr Stone said.Aveo has also launched its first senior cookbook Live Life Cook to inspire over 65s to cook nutritious and healthy meals at home.The sales and information suite at Clayfield by Aveo is at 469 Sandgate Rd in Albion.last_img read more

Eagles Results At ORVC MS CC Meet

first_imgThe Jac-Cen-Del Junior High Cross Country teams ran in the 7 school ORVC meet at Rising Sun on Tuesday night (9/30).The girls’ and boys’ teams both finished second in the meet.ORVC Middle School Cross Country Meet (9-30)Courtesy of Eagles Coach Steve Narwold.last_img

Aikey’s new ride passes Deery Series test, Maquoketa checkers are tour career 69th

first_imgThe event had been rescheduled from an April rainout. Aikey won for the fifth time in six races behind the wheel of Dralle’s Rick’s Detail/Code Red Re­pair Rocket. The winner of the first two Deery events held at Maquoketa, in 1998 and 2002, Ai­key’s most recent series victory had come on Sept. 8 of 2016 at the IMCA Speedway Motors Su­per Nationals fueled by Casey’s.  The 56-year old veteran put his fairly new ride to the test early in Tuesday evening’s 50-lap Deery Brothers Summer Series feature at Maquoketa Speedway. It passed the test with flying colors as he flew to the $2,000 IMCA Late Model tour victory.  MAQUOKETA, Iowa (June 18) – As Jeff Aikey drove the four-wide parade lap, he knew his car would be competitive. Callahan finally caught and then led for a couple laps before Aikey regained control on the 45th circuit. By Rob Hinckley  Three-time and defending series champion Justin Kay earned hard charger honors, racing from 23rd starting to sixth. “I can’t believe we won this thing,” Aikey added. “Rick Dralle gave me a perfect car. I hadn’t been in a Deery Brothers race for three years, so this really feels good.” The only caution flew on lap 46. Aikey then beat Callahan, Matt Ryan, Terry Neal and Darrell De­France.  Jeff Aikey won for the 69th time in his Deery Brothers Summer Series career, when the tour for IMCA Late Models traveled to Maquoketa Speedway on June 18. (Photo by Simply Modified) “We were having a good run and it was tiring with no cautions,” said Aikey. “When Joel showed his nose, I knew I had to go.”  “I could go anywhere on this track,” the all-time Deery Brothers feature win leader said in victory circle after his 69th career win. “The track was prepared great.” Aikey rolled off third and had the point by lap four, passing pole starter Andy Eckrich. He drew away from a charging Joel Callahan for several laps after Callahan took second on lap 10.  Terry Neal was the $250 Sunoco Race Fuels feature qualifier drawing winner. Feature results – 1.  Jeff Aikey; 2. Joel Callahan; 3. Matt Ryan; 4. Terry Neal; 5. Darrell De­France; 6. Justin Kay; 7. Jeremiah Hurst; 8. Curt Martin; 9. Andy Eckrich; 10. John Emerson; 11. Andy Nezworski; 12. Chad Holladay; 13. Sam Halstead; 14. Doug Nigh; 15. Chuck Hanna; 16. Eric Pollard; 17. Paul Nagle; 18. Brian Harris; 19. Dalton Simonsen; 20. Jeff Tharp; 21. Joe Zrost­lik; 22. Todd Malmstrom; 23. Gary Webb; 24. Don Pataska.last_img read more

Munster star named Player of the Year

first_imgCJ Stander capped off a successful year last night by being named the Rugby Writers of Ireland Player of the Year.The Munster flanker made his international debut in the Six Nations and was also an integral part in the successful Autumn International Series.He also captained his province for most of last season in the absence of Peter O’Mahony.last_img