Jeremy Nicholson
@JeremyNic666
Followers
3K
Following
42K
Media
300
Statuses
10K
Lapsed civil engineer masquerading as an economist - specialist in energy markets, utility regulation and environmental economics. Opinions are my own.
London, England
Joined October 2018
@clim8resistance @AlokSharma_RDG We could 'create jobs' by breaking every window in the country and repairing them, over and over again. We could increase agricultural employment by abolishing the use of tractors and harvesters. This would not be progress - it's raising job productivity that makes us richer.
13
16
117
Forward the video to 1.40: “… While in 1990, one third of Europe's electricity came from nuclear, today it's only close to 15%. This reduction in the share of nuclear was a choice. And in hindsight, it was a strategic mistake…” Good to see a EU/German politician to admit it.
Europe needs homegrown, low-carbon energy sources. Nuclear & renewables together have a key role to play Nuclear energy is available around the clock, providing electricity all year. Europe has been a pioneer in nuclear technology. And can lead again ↓
73
198
932
In this case, the main difference isn't private vs public. It's that Norway does something with its oil, while Britain outsourced its energy policy to Greta Thunberg and Just Stop Oil.
Margaret Thatcher sold off the North Sea, Instead of building a sovereign wealth fund like Norges Bank Investment Management for Norwegian Government Pension Fund Global. Today Norway sits on a $1.5 trillion fund. Britain sits on immense debt. One country invested its natural
20
46
329
The Iran war highlights Britain's energy insecurity and the need for a gas strategy. Read my latest paper: https://t.co/nST6bp4fCg To receive my papers directly to your inbox, sign up to my mailing list here: https://t.co/ADdK2ArB8T.
#sustainableeconomy #climaterealism
3
15
45
If only we'd done this - how much better off we could have been by now:
My plan in 2022 was to lower the cost of domestic energy in Britain (relative to the international market) by: - abolishing windfall tax on North Sea - licensing new North Sea production - allowing fracking - abolishing green taxes and subsidies This would have lowered
0
0
5
The UK leaving North Sea gas in the ground while importing LNG is an energy policy contradiction of the highest order. Only Germany’s decision to close perfectly functional nuclear plants rivals it. Future historians may view this period as Europe’s great experiment in green
59
358
1K
More UK gas storage would help supply security - but let's keep things in perspective. Aside from Norway, Britain is the least gas import dependent country in western Europe. The North Sea IS a form of gas storage - we're very lucky to have it, and we should make the most of it.
We are facing an energy crisis. Britain is the worst exposed in Europe with only 2 days gas supply stored. If only we had our own gas to exploit. Or our own oil. Or our own coal…. Blame @Ed_Miliband
6
4
21
Wow. Must watch. Heckler shouts Free Palestine during German Chancellor Merz speech. He confidently responds with “WE STAND WITH ISRAEL” followed by powerful words. Crowd erupts in applause! He knows that “Free Palestine” is the new “Heil Hitler” https://t.co/IsPe1PYDiJ
1K
6K
32K
This chart is simply unreal, a comparison of electricity generation and CO₂ intensity. France (blue) generates barely any emissions, but look at Germany (brown). The German “green energy transition” has hurt its industry, jobs and the environment. Why would anyone do this?
132
575
2K
This is less than diplomatically worded and more than a little embarrassing for UK - but I suspect most British people would agree with Trump's message here:
The United Kingdom, our once Great Ally, maybe the Greatest of them all, is finally giving serious thought to sending two aircraft carriers to the Middle East. That’s OK, Prime Minister Starmer, we don’t need them any longer — But we will remember. We don’t need people that join
0
0
1
With both the North Sea and onshore fracking, if the argument is ‘uninvestable’ due to geology… declining stocks… etc. then the correct policy response is to treat the sector equally with any other business. No windfall or special taxes, no strange allowances, normal safety
As for the North Sea, the idea it’s a goldmine waiting to be exploited is at odds with reality.
2
46
186
A rather important observation. UK is unusual within Europe in being a major gas producer (around half our gas consumption is met from UK production). Maximising local gas production/reducing import dependency lowers the cost of managing price volatility.
The UK has some of the least volatile gas prices in Europe...
1
1
9
9 months ago. In that time Jackdaw and Rosebank have been allowed to remain in legal limbo….
If Iran retaliates by disrupting the Strait of Hormuz it will bring into sharp relief for the UK the folly of not maximising its domestic gas supply from the North Sea. Qatari supply may have fallen as a share of UK imports in recent years, but the spillover to global demand for
6
19
97
Some important perspective on the current energy price shock. Uncomfortable but (so far, at least) nowhere near as painful as previous crises:
Third Gulf War — the first week in energy: Brent crude: +27.9% (~36% below 2008 record) TTF nat gas: +67.0% (~84% below 2022 record) EU power: +18.6% (~85% below 2022 record) Asian coal: +15.5% (~70% below 2022 record) US nat gas: +11.2% (~79% below 2005 record)
0
0
0
@renewablesmiffy But Chris! Don't fossil fuel advocates say that the price of power is nothing to do with the wholesale price of gas? 😉😁 I know who to ask!
0
0
0
"What Miliband is saying, with his typical nursery-school level of insight, is that the wind and sun in the British Isles are more reliable and affordable than fossil fuels from the Middle East." My latest, just out
The Iran War needs to be the final nail in the coffin of Net Zero. Ed Miliband’s delusional plans to rid the UK of fossil fuels have left us dangerously exposed to another energy shock. We can’t afford Labour’s idiocy, says James Woudhuysen https://t.co/5t7nulWzdx
10
29
152
Always worth reading past headline- thanks @edking_I Key point is that we need to reduce our dependency on gas through efficiency & electrification. Wind, solar, batteries good, nukes ok. While we do use gas, I'm happy if it comes from the N Sea rather than half way round world
Worth reading this @g__j piece beyond the misleading headline. @OctopusEnergy boss making case for energy diversification - renewables, batteries and 'not kid ourselves' that domestic / North Sea gas will cut bills.
21
18
87
The data speak for themselves - high UK electricity costs have done terrible damage to our standard of living:
UK electricity generation has fallen 25% from its peak in 2004. Per capita electricity consumption is a third the level of the United States. The UK has the most costly electricity in the world. Half the gas we consume comes from the Norwegian side of the North Sea basin. The
0
2
9
Nothing is wrong with @hmtreasury in this case. Rather they realise the tax rate is killing an industry that with the crisis in the middle east is more important than ever. Backbenchers need to realise government is harder than populist slogans. Hope you told them so, @HugoGye !
A Labour MP tells me: "This is absolutely insane. Politics of giving a tax cut to oil and gas while raising them on working people. What is wrong with HMT?"
0
12
126
Let's hope another U-turn is on the way - the EPL has already done great damage - the sooner it goes the better.
NEW Rachel Reeves promises oil & gas bosses that govt is working on ways to end the North Sea windfall tax Govt source: "The Chancellor was clear with industry that she wants the Energy Profits Levy to come to an end. She has made that promise and she stands by it."
0
0
2
Great graphics - tanker traffic down massively, of course. It seems remarkable any oil cargos are managing to get through the Strait at all under the current circumstances.
This from @MarineTraffic is a great visual representation of oil tanker traffic in the Strait of Hormuz. They reckong that tanker traffic is ~90% below pre-war levels.
0
0
0