Tag Archives: TRILLION

'China must pay!' Trump demands 10 TRILLION dollars from Beijing for 'starting' COVID-19

'China must pay!' Trump demands 10 TRILLION dollars from Beijing for 'starting' COVID-19

At a Republican Party rally in the US state of North Carolina on Saturday former US President Donald Trump called on world leaders to demand China pay “reparations” to “compensate” for the damage caused by Covid. In a brutal attack on China’s Xi Jinping, Mr Trump demanded a massive ten trillion dollar pay packet to cover the economic chaos covid has caused. The ex-President has long spearheaded claims that China is the source of coronavirus and has repeatedly attacked the East Asian powerhouse, famously labelling covid “the China virus”.

The former President said: “The time has come for America and the world to demand reparations and accountability from the Communist Party of China.

“We should all declare within one unified voice that China must pay, they must pay!”

He added: “In addition, all nations should work together to present China a bill for a minimum of ten trillion dollars to compensate for the damage they’ve caused.

“And that is a very low number, the damage is far, far greater than that.”

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The ex-President stressed: “As a first step all countries should collectively cancel all debt they owe to China as a down payment on reparations.”

Mr Trump’s comments come as theories of a possible cover-up by China following the outbreak of coronavirus begin to gain traction.

Speaking on Thursday, Sir Richard Dearlove, who was in charge of MI6 between 1999 and 2004 said evidence of any lab leak that could be the origin of the COVID-19 pandemic will likely have been destroyed by Chinese officials and that Trump’s claims should not have been cast off so quickly.

He also explained how the west had been naive in trusting China’s version of events up to and during the coronavirus pandemic which has brought the planet to a standstill for 15 months now.

READ MORE Donald Trump vows to ‘take back the White House’ from Biden in new video speech

Sir Richard told the Telegraph’s Planet Normal podcast: “We don’t know that’s what’s happened.

“But a lot of data has probably been destroyed or made to disappear so it’s going to be difficult to prove definitely the case for a ‘gain of function chimera’ being the cause of the pandemic.”

He added how China had originally been “let off the hook” on questions about the virus’s origins due to opposition and distrust over claims made by the then Trump administration, which were the first country to begin accusing China of releasing covid to the world.

The former spy chief also hit out at the World Health Organisation (WHO) branding it “a lost cause” following a deeply controversial report on the origin of China which many now understand was heavily “whitewashed” by the Chinese government.

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The WHO visited China in March this year but were strictly monitored and accompanied during the trip.

It was reported that state officials also barred the group from visiting certain sites and facilities during the covid origin investigation.

The final report explained how it was “unlikely” coronavirus originated in a lab or in a wet market in Wuhan.

There have been 173 million cases of coronavirus since the outbreak began last year while an estimated 3.72 million have died from the virus. 

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This post originally appeared on Daily Express :: World Feed

Cryptocurrency market has lost nearly $1 TRILLION in value since April peak

Cryptocurrency market has lost nearly $1 TRILLION in value since April peak

Wednesday’s bitcoin crash saw the entire cryptocurrency market lose nearly a third of its value with losses nearing $ 1 trillion since last month’s peak.

At its lowest point, the price of the world’s most popular digital asset tumbled $ 12,000, or nearly 30%, to trade just above $ 30,000. Ether, the second-biggest cryptocurrency, shed around 40% of its value, while joke token dogecoin lost as much as 50%.

As of 13:58 GMT, bitcoin was down more than 50% from its record price of almost $ 65,000 set in April.

The sharp downturn came shortly after the People’s Bank of China announced that digital tokens can’t be used as a form of payment. The regulator said virtual currencies were not real, claiming that they “should not and cannot be used as currency in the market.” It also referred to a recent surge in crypto prices as speculation.

“Part of it is they have their own digital renminbi, part is the lack of control in terms of cash outflows and part of it is trying to make sure people don’t get scammed,” Paul Haswell, a partner at law firm Pinsent Masons in Hong Kong, told FT when commenting on China’s recent crypto crackdown. 

The announcement propelled the selloff that started a week ago after Tesla CEO Elon Musk said the carmaker had rejected the idea of accepting bitcoin as payment for vehicles. Bitcoin also plummeted 10% after rumors spread that Tesla might have sold or was thinking of selling its $ 1.5 billion in cryptocurrency. Bitcoin recovered slightly after Musk denied the rumors.
Also on rt.com Elon Musk crushes bitcoin again with just one word
“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong,” Ulrik Lykke, executive director at crypto hedge fund ARK36 said as quoted by Bloomberg.

“The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative.”

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

Global consumers squirreled away over $5 TRILLION in savings during Covid pandemic – Moody’s

Author: RT
This post originally appeared on RT Business News

Global consumers squirreled away over $5 TRILLION in savings during Covid pandemic – Moody’s

Households around the globe have accumulated $ 5.4 trillion in additional savings compared with 2019’s spending patterns, Moody’s has said. That equates to more than 6% of global gross domestic product.

According to the rating agency, booming global consumer confidence suggests people will be willing to spend again as soon as shops, bars and restaurants reopen when coronavirus restrictions are eased. 

“The combination of an unleashing of significant pent-up demand and overflowing excess saving will drive a surge in consumer spending across the globe as countries approach herd immunity and open up,” said Mark Zandi, chief economist at Moody’s Analytics.

The agency estimates that if consumers spend about a third of their excess savings, they will boost global output by just over two percentage points both this year and next.

Also on rt.com Covid pandemic could push more than a BILLION people worldwide into extreme poverty, UN warns

Zandi said excess saving was highest in developed economies, particularly in North America and Europe where lockdowns have been widely implemented and government spending has been high.

In the US alone, households have stacked more than $ 2 trillion in extra savings, even before the $ 1.9 trillion stimulus program by President Joe Biden was launched. Statistics, however, show that savings have been largely accumulated by richer households in all regions.

Goldman Sachs economist Jan Hatzius told the Financial Times that according to his estimates nearly two-thirds of US excess savings were held by the richest 40% of the population. He suggested this could hold back the scale of the economic boost because “high-income households will hold [rather than spend] the bulk of excess savings.”

Adam Slater, lead economist at Oxford Economics, was quoted by FT as saying: “If excess savings are mostly held by wealthier households and these are treated as a wealth increase rather than an income addition, we would expect a much lower level of [additional] spending.”

For more stories on economy & finance visit RT’s business section

Biden’s $2.2 trillion ‘infrastructure’ plan is a Trojan Horse, market analyst tells Keiser Report

Biden’s $2.2 trillion ‘infrastructure’ plan is a Trojan Horse, market analyst tells Keiser Report

Max Keiser interviews Rick Ackerman, the editor and publisher of Rick’s Picks, who argues that the quadrillions in credit derivatives collapsing will outpace any amount of money printing.

They also talk about US President Joe Biden’s multi-trillion package plan, which Ackerman calls a “Trojan Horse.”

He explains: “Supposedly about 5% of that money is used for potholes, roads and bridges, and the other 95% is one way or another toward what we call social engineering, and there’s even little bit of weather control in there.”

“So, I’m afraid that this $ 2.2 trillion starter kit is just a downpayment on environmental plan that could cost a lot more,” Ackerman says.

For more stories on economy & finance visit RT’s business section

RT
This article originally appeared on RT Business News

Cryptocurrency market now worth almost as much as Apple after market cap hits record $2 TRILLION

Cryptocurrency market now worth almost as much as Apple after market cap hits record $2 TRILLION

The combined market capitalization of all cryptocurrencies has surpassed $ 2 trillion for the first time in history, boosted by explosive growth in bitcoin and other coins.

The value of all cryptocurrencies surpassed the $ 2-trillion mark on Monday evening and continued to rise after that, data from tracking website CoinGecko shows. On Tuesday morning the market capitalization of the crypto market hit an all-time peak of $ 2.039 trillion, before sliding to the current level of around $ 2.020 trillion. 

This means that all the cryptocurrencies available in the market are now nearly as valuable as Apple, the second-largest company in the world, or the combined value of Google and Tesla.
Also on rt.com One bitcoin will be worth a Lamborghini by year’s end, and a Bugatti by 2023 – Kraken CEO
It took the crypto market less than three months to gain more than one trillion dollars. The total market value of all cryptocurrencies hit $ 1 trillion for the first time in January. 

The new record was driven by massive gains of major digital currencies, such as bitcoin. The market capitalization of bitcoin has not fallen below $ 1 trillion since the end of March and currently stands at around $ 1.1 trillion. The price of the world’s largest cryptocurrency more than doubled this year and recently touched a record high of $ 61,556.59 on CoinDesk. It is currently trading at around $ 58,800.
Also on rt.com Goldman set to join bitcoin stampede with plans to offer cryptos to wealthy investors
Meanwhile, the second-largest virtual currency, ethereum, hit an all-time peak of $ 2,151.25 on Tuesday morning. According to CoinDesk data, it was still up 5% and trading near the record price as of 07:30am GMT.

In addition to the increased inflow of retail investors, more institutional players have turned to the crypto market over the past several months, including financial heavyweights like Goldman Sachs and Deutsche Bank, as well as major payments providers. Last week, online payment giant PayPal revealed a feature introducing cryptocurrencies as a form of payment, while Visa enabled payments in stablecoin USD Coin (USDC).

For more stories on economy & finance visit RT’s business section

RT

Global stocks shoot past all-time high of $106 TRILLION as imminent end of Covid-19 pandemic heats up market sentiment

Global stocks shoot past all-time high of $106 TRILLION as imminent end of Covid-19 pandemic heats up market sentiment

The total price of shares on the world’s stock markets has reportedly pushed past $ 106 trillion, marking a record high in the entire history of global financial trading.

The value of stock markets across the world outpaced the total global gross domestic product (GDP), the world’s largest financial newspaper, Nikkei, reports.

The total price of shares on global stock exchanges has increased by nearly 60 percentage points over the past year, according to analysts’ estimates, as quoted by the Tokyo-based media outlet.
Also on rt.com US dollar share of global reserves sinks to lowest since 1995 – IMF
The surge reportedly comes as global investors rushed to the equity markets to increase profits in hope that the end of the pandemic is near, thus bolstering the imminent recovery of the global economy. However, the skyrocketing figures are seen as a serious risk for the markets amid excessive overheating.

According to experts cited by the media, the share of the US stock exchanges accounts for $ 45 trillion out of the entire volume of $ 106 trillion. US stocks reportedly grew by nearly 70 percentage points, mostly because of loose state financial policy along with substantial financial support provided by Washington in the face of the pandemic.

For more stories on economy & finance visit RT’s business section

RT

S&P 500 crosses 4,000 for the first time after Biden unveils $2.25 trillion spending plan for infrastructure

S&P 500 crosses 4,000 for the first time after Biden unveils $2.25 trillion spending plan for infrastructure

Technology shares, led by chipmakers, have seen major gains as investors’ sentiment lifted on strong optimism about US economic growth, along with a buoyant earnings outlook by US computer chip maker Micron.

The S&P 500, which tracks the stock performances of 500 large companies listed on stock exchanges in the US, jumped 0.8% to cross the 4,000 mark for the first time, while the Dow Jones Industrial Average rose 0.25% to 33,062.

Meanwhile, broad market index also set an all-time intraday high as the Nasdaq rose 1.74%.Seven of the eleven S&P sectors grew, with technology and communication services gaining more than 1.5%.
Also on rt.com Boom Bust explores what Biden’s $ 2 TRILLION infrastructure plan is all about
Stocks reportedly jumped after US President Joe Biden announced a massive infrastructure spending plan totaling $ 2.25 trillion. The proposal comes as the first of a two-part program to help the nation’s economy recover from the coronavirus pandemic.

The plan includes a doubling of federal funding for public transportation, $ 650 billion for clean water and high-speed broadband, more than $ 500 billion in spending on manufacturing, and $ 400 billion for improved care for the elderly and people with disabilities.
Also on rt.com Global banks bracing for losses amid US hedge fund collapse
The forthcoming report on the US jobs market, which is expected to reveal that massive fiscal stimulus and vaccination drive is helping the labor market to recover, also boosted sentiment, as investors shrug off the latest data from last week, about the rise in the number of Americans filing new claims for jobless benefits.  

Micron Technology has turned up the heat after gaining 4.8% on a better-than-expected forecast for third-quarter revenues amid higher demand for memory chips.

For more stories on economy & finance visit RT’s business section

RT

President Joe Bidens $2 trillion jobs and climate change plan

President Joe Bidens $2 trillion jobs and climate change plan

President Biden unveiled a $ 2 trillion jobs and infrastructure plan[2] Wednesday to address some of the country’s most pressing problems, including damaged bridges, unequal broadband access, climate change and care for people with disabilities and older people.

Biden’s proposal, the American Jobs Plan[3], would be paid for, in part, by raising the corporate tax rate and global minimum tax. Many of these measures would reverse the Trump administration’s 2017 tax cuts[4].

The proposal comes just a few weeks after Biden’s $ 1.9 trillion coronavirus relief package[5] was signed into law, sending $ 1,400 stimulus checks to most Americans and extending unemployment benefits.

The American Jobs Plan is expected to be followed by a second economic package in April that includes a major expansion in health insurance coverage, child-care subsidies, free access to community colleges and other proposals.

Republicans and prominent business groups, such as the U.S. Chamber of Commerce[6],[7] have already come out against the plan, particularly the proposed tax increases, arguing they would damage U.S. investment and global competitiveness. The White House’s stance is that higher taxes would offset concerns about adding to the federal deficit.

Meanwhile, economists are still debating[8] whether Biden’s last major bill will overheat the economy and trigger cycles of inflation[9], compounding Republicans’ spending worries.

Here’s what’s in the proposal, according to White House summaries and breakdowns:

Infrastructure: $ 621 billion

  • The plan would invest $ 115 billion to revamp highways and roads, including 10 major and 10,000 smaller bridges in need of reconstruction. It also includes $ 20 billion to improve road safety, including for cyclists and pedestrians.
  • The plan calls for $ 85 billion to modernize existing transit systems and help agencies expand to meet rider demand. The investment would double federal funding for public transit.
  • Biden is proposing $ 80 billion to fix Amtrak’s repair backlog.
  • It would establish $ 174 billion in grant and incentive programs for state and local governments and the private sector to build a national network of 500,000 electric-vehicle chargers by 2030.
  • The proposal seeks to replace 50,000 diesel transit vehicles and electrify at least 20% of the country’s yellow school bus fleet.
  • The plan would invest $ 25 billion in airports, including programs to renovate terminals and expand car-free access to air travel.
  • Biden is also pitching $ 17 billion for inland waterways, coastal ports, land ports of entry and ferries to invest in the nation’s freight system.

Infrastructure ‘at home’: $ 650 billion

  • Biden’s proposal would invest $ 213 billion to build and retrofit more than 2 million homes. The plan would build and rehabilitate more than 500,000 homes for low- and middle-income home buyers and invest $ 40 billion to improve public housing.
  • Biden’s proposal aims to deliver universal broadband, including to more than 35% of rural Americans who lack access to high-speed internet[10].
  • The plan would invest $ 111 billion for clean drinking water, $ 45 billion of which would be used to replace the country’s lead pipes and service lines. The effort would reduce lead exposure in 400,000 schools and child-care facilities and improve the safety of drinking water.
  • The proposal calls for $ 100 billion to upgrade and build new public schools. It also would invest $ 12 billion in community college infrastructure and $ 25 billion to upgrade child-care facilities.
  • Biden is proposing $ 18 billion to modernize Department of Veterans Affairs hospitals and clinics and $ 10 billion to revamp federal buildings.

Care economy: $ 400 billion

  • The plan expands access to home- or community-based care for seniors and people with disabilities. It would extend a Medicaid program, Money Follows the Person[11], to move older residents out of nursing homes and back into their own homes or into the care of loved ones.
  • Biden also calls for improving working conditions, including higher wages and more benefits, for caretakers, who are disproportionately women of color and who have largely stayed on the job during the coronavirus pandemic.

Research and development, manufacturing and training: $ 580 billion

  • Biden’s proposal would invest $ 180 billion in research and development. That includes a major clean-energy push to reduce emissions, build climate resilience and boost climate-focused research.
  • The plan would invest $ 50 billion in domestic semiconductor manufacturing.
  • It would provide incentives for companies to locate local manufacturing jobs in the “industrial heartland.”
  • The plan would double the number of registered apprenticeships to more than 1 million and invest in a more inclusive science and technology workforce.

Tax overhaul

  • The White House plan calls for about $ 2 trillion in new spending over eight years. The proposed tax increases would cover that cost over 15 years and become permanent.
  • The plan raises the corporate tax rate from 21% to 28%.
  • It also increases the global minimum tax paid from about 13%t to 21%.
  • The proposal ends federal tax breaks for fossil fuel companies.
  • It also ramps up tax enforcement against corporations and prevents U.S. corporations from claiming tax havens as their residence.

Responding to climate change

  • Much of Biden’s spending package focuses on green infrastructure and job creation. For example, the White House says automakers could hire workers to make batteries and parts for electric vehicles, shoring up their own supply chains. Consumers would also get tax incentives to buy American-made electric vehicles.
  • The White House says that 40% of the benefits of its climate and clean-infrastructure investments would go to disadvantaged communities.
  • The Biden administration argues that retrofitting homes and public infrastructure will reduce the billions of dollars in damage caused by climate disasters. The plan calls for $ 50 billion to improve resilience to climate change, including by protecting electric grids[12], food systems, urban infrastructure and hospitals in communities most vulnerable to flooding and other severe weather events.
  • The infrastructure overhaul would also cover protection from wildfires, sea-level rise, hurricanes and droughts and shore up dam safety.
  • The plan would put $ 35 billion toward clean-energy technology, new methods for reducing emissions and other broad-based climate research.
  • The plan would establish an Energy Efficiency and Clean Electricity Standard that would set specific targets to cut how much coal- and gas-fired electricity power companies use over time.

Worker rights

Jeff Stein contributed to this report.

Disclosure: US Chamber of Commerce has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here[13].

References

  1. ^ Sign up for The Brief (www.texastribune.org)
  2. ^ jobs and infrastructure plan (www.washingtonpost.com)
  3. ^ American Jobs Plan (www.washingtonpost.com)
  4. ^ 2017 tax cuts (www.washingtonpost.com)
  5. ^ $ 1.9 trillion coronavirus relief package (www.washingtonpost.com)
  6. ^ U.S. Chamber of Commerce (www.uschamber.com)
  7. ^ , (twitter.com)
  8. ^ debating (www.washingtonpost.com)
  9. ^ inflation (www.washingtonpost.com)
  10. ^ who lack access to high-speed internet (www.texastribune.org)
  11. ^ Money Follows the Person (www.payingforseniorcare.com)
  12. ^ protecting electric grids (www.texastribune.org)
  13. ^ list of them here (www.texastribune.org)

Rachel Siegel, The Washington Post

Boom Bust explores what Biden’s $2 TRILLION infrastructure plan is all about

Boom Bust explores what Biden’s $2 TRILLION infrastructure plan is all about

US President Joe Biden is expected to unveil a massive infrastructure spending plan, the first of a two-part proposal to help the nation’s economy recover from the coronavirus pandemic.

RT’s Boom Bust talks to Michele Schneider of MarketGauge.com, who says that it’s a “very wide-ranging” package.

“In terms of what this is going to do for the economy, no one is going to argue with the fact that an infrastructure package is desperately needed in this country for many reasons, not from just job growth but even for morale, as we continue to slip behind Asian countries in terms of our infrastructure,” Schneider explains.

She adds that, as for “the taxes and the costs and the spending, that’s where I think we’ll start to see some sticking points and how effective, if any, agreement can be made between the two sides of the fence.”

For more stories on economy & finance visit RT’s business section

RT

The $7 TRILLION cost of upgrading the US power grid

The $7 TRILLION cost of upgrading the US power grid

The Texas freeze that led to numerous blackouts has made the state painfully aware of the shortcomings of its power grid, but the real problem is much larger, and goes way beyond Texas.

We have just witnessed the damage caused by poorly designed energy grids—rolling blackouts, skyrocketing electricity prices, people sleeping in their cars and in one insulated room to keep warm. At the same time a weaponized right wing media swings into action blaming wind turbines and the green new deal for Texas’s energy woes. There is a pattern here. These are variants of stories told after California’s forest fires and resulting power outages. But we see no easy end of power outages that have plagued electricity supply in recent years while adverse weather events seem to get more frequent and impactful. (See Figure 1)

But this is the bottom line. In a way an electric system is like maintaining a car. Spend adequately on repairs maintenance etc. and reliable performance is reasonably assured. Or one could skimp repeatedly on maintenance, save a lot of money over the years and take one’s chances on vehicle reliability. The electric system in Texas was built it appears around the latter proposition. Their reserve margins are the lowest in the country (about eight percent). And this is the third time the electric system failed to perform adequately in winter (1989, 2011 and 2021). Our point here is that any system that consistently fails in this manner regardless of the governance regime is designed that way— despite claims and protests to the contrary. This is a big problem for any region because an increasingly digital economy requires highly reliable electricity service. And what is being provided at present in ERCOT is anything but.

Figure 1. Major disturbances and unusual occurrences on USA electric grids

Now let’s add another ingredient to the mix. Automobile makers are in a very clear transition from internal combustion to electric vehicles. A key step we believe to decarbonize the economy. But first as a society we have to decarbonize our electricity supply, and then sell decarbonized electricity to the transportation sector (which plan, if successfully executed could reduce carbon emissions by 40 percent or more).

But how will the electricity grid handle this incremental demand from the transportation sector well as the needs of existing customers under the increasingly stressful conditions imposed by climate change? One obvious answer: upgrade and expand. If the grid does not, outsiders — including industrial consumers acting to protect their individual electric supply — will.

We have previously written that decarbonizing and modernizing the US’s existing electricity plant (whose average age is 35 years) could cost $ 7-8 trillion. Electricity suppliers might need 20 years to complete the job, meaning $ 350-400 billion per year to get into shape. Currently, they spend about $ 150 billion per year which means a lot of catching up to do.

Also on rt.com Natural gas production plunged 45% during the Texas freeze

Those numbers look huge, but the actual payments will stretch out over decades like a mortgage. And financings of this magnitude will make little dent in US capital markets, where the electricity industry accounts for only 3-4 percent of total capital expenditures and financing. In order to pay for new equipment, without government subsidy, we calculate that electricity suppliers would have to raise prices by 3 – 4 percent per year in real terms. (Academic studies optimistically calculate no price increase under the right operating conditions.) The electric bill equals about two percent of the US’s gross domestic product and the household bill about two percent of household income. Paying for modernization and decarbonization together, spread over decades, would add about $ 45 each year to the average household electric bill. Not an enormous burden, and one that could be spread to mitigate financial hardship.

Admittedly, we should view long term projections with caution. Markets, technology, institutions and solutions change over time. What the numbers show, at best, is that the electric industry can finance modernization and decarbonization without placing undue burdens on consumers. That should be enough to encourage faster action.

What will encourage the industry to raise the ante? Legislation in Congress reprises Obama administration policies: a mix of emissions restrictions, generous tax handouts and regulatory incentives. The industry pushed back then and might do so again, considering that the courts have become friendlier to business. Overall, greenhouse gas emissions per kwh generated fell about two percent per year during the Obama presidency and three percent per year during Trump’s term, largely for economic reasons. Generators shifted from burning coal (high carbon content) to natural gas (lower carbon content) because gas was cheaper. In order to approach zero in 20 years, greenhouse gas emissions per kwh must fall more than ten percent a year.

Also on rt.com Four board members of Texas grid operator RESIGN over blackouts during deadly winter storm

We believe that policy makers would accelerate decarbonization and modernization of the electricity sector by making it a business opportunity for electric companies to embrace rather than as an environmental compliance problem, using tried and true components such as securitization to pay for the most polluting regulated power stations if retired promptly, granting higher returns on assets that support decarbonization, and a bonus to electric companies for the fossil-free electricity that they produce or deliver. Add a Federal guarantee for the securitization bonds or any other deferrals designed to smooth the price impact of the capital program, and that will lower costs to consumers at practically no cost to the government.

(For details of proposed policies, see blog page, lenhyman.com.) Businesspeople do not oppose or stall policies that might raise their profits.

We can’t argue that with the notion that recent polar vortex events or summer wildfires reveal serious shortfalls in electricity regulation, governance and market structure. And this includes lack of financial accountability. But from an operating perspective we also see inadequate reserve capacity, plants in the wrong place or unable to stand up to severe weather. Combine those inadequacies with the need to decarbonize, and it all adds up to a lot of capital spending. Even if the energy market decentralizes—we would think the ERCOT disaster drives people away—some public or private corporation has to spend money for a modernized electricity grid. And needless to say energy consumers will eventually pay. However the good news is if we start this massive grid redesign and rebuilding process now at least the cost of money is very low.

By Leonard Hyman and William Tilles for Oilprice.com