Inside the world of business
Power players thinking green
THE CHIEF executives of some of Europe’s bigger power companies joined forces yesterday to urge EU leaders to increase the target reduction for greenhouse gas emissions to 25 per cent by 2020 from its current level of 20 per cent.
The logic of their position is that it will be more cost effective to seek this level of cuts in the short term, as it will make the ultimate target, 80 per cent to 95 per cent by 2050, easier to achieve.
The signatories to what those involved called a joint declaration included Ian Marchant, chief executive of Scottish Southern Energy, which owns Airtricity, one of the big players in the Irish market.
The others included Jeroen de Haas of Eneco, Anders Eldrup of Dong, and Christian Rynning-Tønnesen of Starkraft. Not surprisingly, all these companies have made considerable investments in renewable energy, and have plans to continue on this road.
Across the EU, renewables depend on some form of market support, but there have been rumblings that some European governments no longer think that this is a good idea.
In January, German chancellor Angela Merkel expressed concern about that country’s energy prices, and a number of people have been quick to point to its feed-in tariff system for alternative energy as part of the problem.
Spain has rowed back on initially generous supports for solar power, while in Britain, the administration there recently expressed concern that supports aimed at encouraging smaller players and micro generation were being soaked up by the big operators.
The declaration made yesterday is a response to an agreement at EU level that we need a radical change in our energy system to achieve a “low-carbon Europe”.
But the companies believe that the EU carbon emissions trading scheme, which they will join next year, needs to be strengthened, and that there needs to be “effective national schemes to support renewable energy”, for this to happen.
Deadline looms for Anglo in Drumm case
THE TUSSLING in Boston between David Drumm and his former employer Anglo Irish Bank continues apace as the banker’s bankruptcy application nears an important deadline.
On Thursday, Drumm’s lawyers filed an objection to the Anglo Irish Bank submission that the former chief executive be instructed to hand over a copy of a report by the Chartered Accounts Regulatory Board into certain acts by Drumm while he was still with the bank.
Drumm is arguing that the report contains only prima facie findings and that only the board is authorised to release the report. He has also argued that the report is not relevant to the bankruptcy issue.
Drumm is also resisting efforts by the bank to question him further. He said he spent six hours and 28 minutes answering the bank’s questions on February 8th last, with most of the questions being about matters not connected with his bankruptcy.
It was a “vexatious waste of time and money”, he said.
If he is compelled to hand over the report, and submit himself to further questioning, he wants the Boston court to establish certain conditions, including one that the questioning be for a maximum of a further two hours.
The bank will be hoping it can make progress prior to March 18th. If it wants to argue that Drumm should not be allowed walk away from his debt to the bank, it has to make its case by then, and show bad faith on Drumm’s part.
Meanwhile, the filings in the case continue to be posted on the Boston court’s website, in a manner that reflects badly on the openness of the Irish legal system.
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