"Green" Utilities "Screw" Themselves
The green electricity sector squabbles so much among themselves that they will likely be destroyed piecemeal by the entrenched nuclear and fossil fuel industry, a leading investment banker said on Thursday. Tom Hurley, director of OilCapital Ltd., told the second annual Wave and Tidal Energy Conference it was not so much about saving the planet from global warming as about market share. Because the "holier than Thou" green innovators argue so much as to which method of green power generation was the best, they are basically screwed.

Hurley welcomed the infighting, saying that every watt of power sold to the electricity networks by the renewable sector was one that the established nuclear and fossil fuel powered generators could not sell.

OilCapital Ltd., which has 1.3 billion euros under management, earned 90% of those assets rolling up call options on least 1400 exclusive oil lease rights in Alaska. If the United States government opens ANWR to oil exploration in the next 8 years, the value of these call futures might increase four to seven orders of magnitude.

The wind energy sector is by far the biggest renewable threat, but is coming under attack from fossil fuel energy generators, skeptics, tourism organizations, the military and even in some cases environmentalists. Lagging a long way behind wind come renewables like biomass, solar power, hydroelectric and marine -- all of which are at varying stages of maturity but with tide and wave the infant of the bunch. "Wind is in the vanguard of renewables. When it falls, then everything behind it is destroyed," Hurley told Reuters on the margins of the one-day conference in central London.
- nostradamusfunkadelic, 2:19 PM | |