Singapore is "well-positioned" to become a hydrogen producing centre: BP

UK energy giant BP says Singapore is well-positioned to become a hydrogen producing centre. BP also expects Singapore to be an early adopter of hydrogen as a source of transport fuel, but that is provided hydrogen fuel-cell cars are priced at affordable levels. With oil prices not stabilising anytime soon, the need to develop alternative energy sources has become even more pressing.

BP has been actively developing hydrogen as a major source of fuel, currently producing 5,000 tonnes of hydrogen a day. BP says its main challenge is to produce hydrogen at affordable prices as hydrogen needs to be able to compete with conventional fuel such as petrol and diesel. At the moment, BP says it is still a long way from achieving its target of US$2 a gallon gasoline equivalent for untaxed hydrogen.

BP opened the world's first hydrogen station within the compounds of an existing petrol station at Upper East Coast last year. And it is set to launch a second station, at North Buona Vista, on Friday, which makes hydrogen on-site through electrolysis. BP says Singapore's push towards natural gas offers a good opportunity to develop the infrastructure needed for hydrogen production.

Deutsche Bank freezes property fund

channelnewsasia.com :

Deutsche Bank, the biggest German bank, found itself under fire after its real estate division DB Real Estate took the unprecedented step of freezing one of its so-called open-ended property funds. Lawyers said that investors may be able to sue the bank for damages for the unusual step, which is only allowed in grave circumstances. And even the financial sector watchdog BaFin questioned the need for such a move. The affair sent Deutsche Bank's shares into a tail spin on the Frankfurt stock exchange.

DB Real Estate had announced on Tuesday that it was temporarily freezing its six-billion-euro (7.2-billion-dollar) Grundbesitz-Invest fund to prevent a run on withdrawals in the face of a threat of asset writedowns in its underlying property holdings. The doors of the fund would remain closed until the beginning of February by which time a revaluation of the assets would have been completed, DB Real Estate said.

Some may face choice: Whether to heat or eat

peakoil.com -> usatoday.com :

The Bush administration has denied requests from five states to increase food stamps for low-income families facing higher heating bills this winter. Maine, New York, Kansas, Virginia and South Carolina sought to raise monthly food stamp allotments by projecting what families will pay to heat their homes. The Energy Department has forecast 25% average increases in heating bills this winter. Research shows that when utility bills rise, some poor families reduce food purchases.

The Agriculture Department, which runs the food stamp program, said the best solution to rising utility bills is an increase not in food stamps, but in the low-income heating assistance program. The administration supports a $1 billion increase, pending in Congress. Advocates for the poor say as much as $4 billion is needed.

The federal food stamp program helps 25.7 million Americans pay for food by giving them an average of $92.70 in purchasing power each month. To be eligible, family income generally must be below 130% of the federal poverty level, or about $25,100 for a family of four.

- Just an observation : the American "federal poverty level" mentioned is US$25,100 per year which translates to about S$3500 per month in local terms. Hmm, indeed.

(2005-12-15 12:57:31 SGT) [Energy] Permalink

Italy faces natural gas shortage

peakoil.com -> forbes.com :

Enel SpA chief executive Fulvio Conti said that Italy risks electricity blackouts due to a shortage in gas supplies. Speaking at a parliamentary hearing, Conti said that gas demand is increasing due to further consumption by gas-fuelled power plants, while supply capacity is limited. Conti called for the construction of regasification terminals in Italy to foster imports of liquefied gas.

- First the US, then the UK and now it seems Italy as well. NG is hovering at $14-$15 on the markets (almost tripled y-o-y), and then of course there was the Burlington mega-merger. So, are you long natural gas yet?

(2005-12-15 12:42:47 SGT) [Energy] Permalink

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