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[hermana3] 26/8/2022 21:04

Menton was way too much of an "insider" to stick the boot into Minister Ryan and his bootlicking associates. O'Leary of Ryanair would drag the poisoned tongue out of slippery Eamon's potty mouth...

[feelbo2] 26/8/2022 12:57

Providence Resources PLC25 August 2022Chairman intends to stand downDublin and London - 25 August 2022 - The Board of Providence Resources P.l.c. (PVR), the Irish based energy company, has been advised by James Menton of his intention to stand down as both a director and Chair of Providence Resources P.l.c. within the next 90 days.Mr Menton has informed the Board that his decision is for personal reasons and also has regard for his other ongoing professional commitments, which predated his appointment as a PVR director in May 2021.The Board will now commence the search for his successor and would like to sincerely thank James Menton for his stewardship and leadership of Providence during a very difficult period for the Irish oil and gas industry.

[roadster750] 26/8/2022 09:30

Yes, i'm hearing the same thing, energy futures traders are entering unchartered territory and are incredulous at the way prices are heading. A popular pastime for people in Germany at the moment is collecting wood!, the German economy in particular with its reliance on industry is looking very vulnerable to collapse. It's already to late for Ireland, it's just a matter of how bad is it going to get.



Live wind generation figures,

[swizz] 26/8/2022 07:35

Questions for Ryan next Tuesday,..GL S

Listening to European Electricity Traders Is Very, Very Scary

Keeping the lights on in Europe this winter may prove more difficult than governments are currently admitting.

Every week, the people who trade electricity in the UK get to quiz the managers of the national grid for an hour. The conference call, which anyone can monitor, offers an insight into what the men and women on the front line of the power market are worried about. Listening to them is getting scarier by the week — and suggests keeping the lights on this winter will be a lot more challenging than European governments are admitting.

Prices are worrying enough. British households were told on Friday that their power and gas bills will increase from Oct. 1 by 80%. The so-called energy price cap was set at £3,549 ($4,189) per year, up from £1,971 over the past six months and £1,277 during last winter.

Here’s a question from last week’s session: “Are you war-gaming possible options for if/when cross-border trading collapses under security of supply pressures this winter?” And another: “Can we have a session where we talk through the emergency arrangements?” Another participant said that the forecast for demand-and-supply electricity balance showed “how bad the winter could be for anyone who can do the maths.” The same caller was blunt about the grid’s own predictions: “I don't think you believe what you've written, and nobody else does.”

One intervention was particularly revealing. “Based on where winter ‘22 products are trading, where does this position yourself with respect to securing power over the winter?” asked one participant. The background? In the forward market, UK power for December 2022 is fast approaching £1,000 per megawatt hour, up 50% from current prices. The implication? Power shortages

[swizz] 26/8/2022 01:22

Roads, I think you may have mentioned the following comments a few weeks ago, I would suggest they are even more pertinent today, …GL S



Green Party TD Eamon Ryan, Minister for Communications, Energy and Natural Resources, said profitable oil and gas fields could reap huge sums for the Exchequer.

“Profitable fields will pay up to 40% in taxation to the Exchequer. That’s a top rate increase of 15% for the oil and gas companies involved,” he said.

“Ireland’s oil and gas is a resource of the people. I want to ensure that our waters are fully explored and also that we get a proper return to the State.”

Mr Ryan warned Ireland’s dependence on imported oil and gas has grown to over 85%.

“This reliance on imported fuels from areas of the world that are geopolitically volatile, contributes to price instability and vulnerability in Ireland,” he said.

“New domestic sources of oil and gas would ease this pressure.”

[roadster750] 25/8/2022 22:23

Mr Ryan said: “The real challenge this coming winter is going to be on the price side and that, for the household, is particularly important and for businesses.”

He claimed the Government has done more than any other EU nation to try and protect householders from energy insecurity, but added: “We’re going to have to do a lot more.”

He said the Government needs to “make sure we have the funding and finance available to get through what is an unprecedented time in terms of the price shock.

“As well as keep the lights on, we have to make sure people can afford the power coming through.”

He added: “We will be able to keep the lights on.”

As i've said before this guy is just mentally unstable.

[gofkc] 25/8/2022 21:02

We will see a licence or litigation very soon. My money is on a licence as many ministers at cabinet are going to force this licence as well as the Corrib extension for Europa.

[roadster750] 25/8/2022 20:01

A good read, basically everything we've been highlighting here for months.

[swizz] 25/8/2022 17:58

Based on what I am picking up on, there was nothing for Ryan to fend off, that’s exactly why JM has been moved on, I would suggest most of today’s RNS is the cursory narrative, the reality is probably very different, plus the four family offices that effectively own Providence are far from incapable of raising the funds required, the prospects for Barryroe have taken a significant step forwards today and the energy security disaster that Ryan has created will be on the agenda for many months ahead and Ryan is running out of places to hide, IMO you will see the LU signed off long before the first frost of this winter,..GL S

[peaeff] 25/8/2022 17:38

Mr Ryan must be laughing his socks off at how easy he is fending off these protagonists threatening his tunnel vision policies.

If he ever signs the lease to give the go ahead, and it doesn't look like happening soon, I can see it happening nearer Irish election time when he can proclaim that in conceding he has done it in the best interests of the country and has therefore saved the day for the Irish electorate. "Vote for Ryan and the greens".
and they probably will.

The alternative would be to keep the matter 'under consideration' until PVR can raise no more funds and stop pestering him for good.

regards

[richpassi] 25/8/2022 17:06

It was certainly tongue in cheek and not a drop of liquor passed my lips .....but it will in about an hour ;) Anyone care to work out the salary for the term in office ?

[steelwatch] 25/8/2022 16:11

rich - sure you didn't indulge in a few wee drams lunchtime?

[richpassi] 25/8/2022 15:47

What a shame, one of the greats, done so much for the company. We wouldn't be where we are today without all the past great board members. I'm sure I won't be the only one indulging in a dram tonight in all of their honours. Hip Hip......

[swizz] 25/8/2022 14:03

To be fair, it's not a huge surprise, JM was certainly spinning a lot of other plates and still is, especially with the maternity hospital being such a key project and you do wonder if the judicious approach by Providence with the Irish government, was in part as result of those distractions?, there has also been a seismic shift in the ownership of the company in recent months and I am sure their influence is very significant, a more robust approach in progressing the project is long overdue and there needs to be a step change in the companies PR, this will hopefully now follow,..GL S

[jotoha2] 25/8/2022 13:52

The potential here is truly massive , not only for the Irish people to control their own energy needs but for the company to become a serious business. Menton is a classic case of all talk and no action .

[gofkc] 25/8/2022 13:40

It no shock that Menton got the Bullet. The big boys stood in to give him his P45 during the summer. Word is that he lost the support of his fellow directors too. The big boys are not allowing any more time or money to be wasted. It’s their personal earned money not institutional finance that is setting the agenda here which is a positive for all shareholders.

[steelwatch] 25/8/2022 13:29

Revolving door...

[ianio5691] 25/8/2022 13:21

Another one bites the dust....

[patfishing] 25/8/2022 13:11

That's strange Menton gone he didn't last long. ????

[hermana3] 25/8/2022 07:53

Ryan says the lights will stay on this Winter. Wee Putin thinks otherwise and we know who is more credible. Two fakes hard at work...

[theshenagain] 24/8/2022 21:47

Hard to know if Micheál and Leo are giving him enough rope or just merely rolling over at the expense of both their parties.

[wpc9] 24/8/2022 17:57

Gov could be hone in a matter of weeks. Ryan knows he is in big trouble. Would not bother him to collapse gov to save his political skin and avoid answering for his ineptitude. Further delsys possible in CETA.

[swizz] 24/8/2022 14:02

The cracks are starting to appear,..GL S

Tánaiste Leo Varadkar backs controversial gas terminals opposed by Greens’ Eamon Ryan

Fine Gael leader told party Ireland would find itself in trouble if ‘something went wrong with the UK interconnector’

Tánaiste Leo Varadkar has privately told his party that he supports building liquefied natural gas (LNG) terminals to ensure the security of the State’s energy supply.

Mr Varadkar’s comments, at a private meeting with Fine Gael members last week, put him at odds with Environment Minister Eamon Ryan, who strongly opposes the controversial Shannon LNG project in Tarbert, north Kerry.

Amid concerns about the State’s capacity to meet energy demand this winter, the Irish Independent can reveal that Mr Varadkar told Fine Gael members last Friday in Cork that having LNG storage capacity would be “beneficial in terms of security supply”.

He argued that technological advancements to avoid using natural gas are decades away and warned that if something went wrong with the UK interconnector from which Ireland imports 75pc of its natural gas, there would be no other way to get gas into the country.

[g1lo] 24/8/2022 12:46

That might motivate Ryan a bit ; more likely other ministers might tell him to get back to reality and crack on with signing some documents asap