Baltic Dry Index. 2371 -08 Brent Crude 72.23
Spot Gold 1793
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 21/12/21 World 275,816,815
Deaths 5,377,238
In any great organization it is far, far safer to be wrong with the majority than to be right alone.
John Kenneth Galbraith.
In the Asian stock casinos, it’s rebound Tuesday, but with the global media still in full panic over the spread of the omicron Covid-19 variant, busy hyping governments and the populace into slowing the global economic recovery, I’m sceptical on the wisdom of buying grossly over-priced stocks in a thinly traded holiday shortened trading week.
Below, Asia attempts a year-end rally to save year-end bonuses, led by yet more Magic Money Tree fiat money from Japan.
Japan’s Nikkei 225 jumps 2% as investors assess omicron risks; semiconductor stocks in Asia rise
SINGAPORE — Shares in Asia-Pacific rose in Tuesday trade as investors continued to monitor the situation surrounding the omicron Covid variant.
Japanese stocks led gains regionally, with the Nikkei 225 in Japan rising 2.03% while the Topix index advanced 1.67%. South Korea’s Kospi climbed 0.41%.
Mainland Chinese stocks rose, with the Shanghai composite up about 0.4% while the Shenzhen component advanced slightly. Hong Kong’s Hang Seng index gained 0.54%.
Shares in Australia also rose as the S&P/ASX 200 gained 0.78%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.73% higher.
Investors continued to track the situation around the omicron variant, which has cast a shadow over the festive holiday period as curbs have already been introduced in countries across Europe.
Global stocks tumbled on Monday as concerns surrounding the fast-spreading omicron strain weighed on investor sentiment.
Chip stocks rise
Semiconductor stocks in Asia-Pacific rose in Tuesday trade after Micron delivered stronger-than-expected quarterly earnings. Shares of the U.S.-listed firm soared nearly 7% in after hours trading on Monday.
In Japan, shares of Tokyo Electron jumped almost 4% while Advantest gained 4.31%.
Elsewhere in South Korea, shares of industry heavyweight Samsung Electronics gained 1.17% while SK Hynix surged 2.9%. Hong Kong-listed shares of SMIC also rose more than 1%.
Overnight stateside, the major averages dropped more than 1% each amid the uncertainty around omicron. The Dow Jones Industrial Average fell 433.28 points, or 1.23%, to 34,932.16 while the S&P 500 shed 1.14% to 4,568.02. The Nasdaq Composite declined 1.24% to 14,980.94.
----Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.76% to $72.06 per barrel. U.S. crude futures rose 0.99% to $69.29 per barrel.
https://www.cnbc.com/2021/12/21/asia-markets-omicron-covid-variant-currencies-oil.html
Japan enacts record extra budget to boost virus-hit economy
Issued on: 20/12/2021 - 11:26
Tokyo (AFP) – Japan's parliament enacted a record supplementary budget worth over $300 billion on Monday as part of measures to bolster the world's third largest economy as the pandemic threat drags on.
The extra budget -- larger than the total annual GDP of countries such as Colombia, Vietnam and Finland -- will fund part of the massive virus stimulus package announced last month by new Prime Minister Fumio Kishida.
Upper House lawmakers approved the 35.98 trillion yen ($317 billion) supplementary budget for the current fiscal year, with the majority allocated for economic measures.
They include cash handouts for children under 18, subsidies for small businesses, and pay rises for nurses and care-givers.
Japan passed three extra budgets in fiscal 2020-21 as manufacturing slowed during the pandemic and restrictions hit nightlife and tourism, but this marks the first for 2021-22 and the biggest yet.
Kishida became prime minister in October after his predecessor Yoshihide Suga stepped down partly over public discontent with his pandemic response.
After leading the ruling coalition to election victory, Kishida quickly announced a record 56 trillion yen in stimulus spending, roughly 10 percent of Japan's total GDP.
The country has recorded fewer than 18,400 Covid-19 deaths in its population of 126 million, despite avoiding harsh lockdowns.
Emergency measures targeting evening entertainment and crowd sizes at events were in place in major cities and other parts of Japan for much of the year, but were lifted in October.
This month, the Bank of Japan's latest quarterly Tankan business survey showed major manufacturers remain cautious about the economy's trajectory, with business sentiment flat for the quarter.
In other news, despite the Asian stock casino’s rally, the global economy is still taking an omicron hit.
Omicron's global spread prompts renewed lockdowns, delayed reopenings
December 21, 2021 5:04 AM GMT
SYDNEY, Dec 21 (Reuters) - New Zealand delayed the planned reopening of its international border because of the sweeping spread of Omicron around the world on Tuesday, as several other countries reimposed social distancing measures.
Many nations are on high alert just days ahead of Christmas and New Year celebrations, as the latest health crisis also takes a toll on financial markets, which fear the impact on the global economic recovery.
Omicron infections are multiplying rapidly across Europe, the United States and Asia, including in Japan where a single cluster at a military base has grown to at least 180 cases.
New Zealand COVID-19 Response Minister Chris Hipkins said his country was delaying the start of a planned staggered reopening of its border until the end of February. The government had previously said quarantine-free travel would reopen by mid-January for New Zealand citizens and residents in Australia and by April for foreign tourists.
---- In Singapore, the health ministry was carrying out testing to determine whether Omicron was behind a potential cluster of cases at a gym.
"Given its high transmissibility and spread to many parts of the world, we should expect to find more Omicron cases at our borders and also within our community," Singapore's health ministry said on Tuesday.
The Omicron variant has become dominant in the United States with lightning speed, and claimed the life on Monday of an unvaccinated man in Texas, officials said. Lines for COVID-19 tests wrapped around the block in New York, Washington and other U.S. cities as people clamoured to find out if they were infected before celebrating the holidays with family. read more
South Korea, the Netherlands, Germany and Ireland were among countries to reimpose partial or full lockdowns, or other social distancing measures, in recent days. read more
More
World Economic Forum postpones Davos meeting on Covid uncertainty
Published Mon, Dec 20 2021 7:02 AM EST
The annual January get-together of world leaders, billionaires and executives in Davos, Switzerland will be postponed due to health and safety concerns over Covid-19.
“The World Economic Forum will defer its Annual Meeting in Davos, Switzerland, in the light of continued uncertainty over the Omicron outbreak,” the group said in a release Monday. “It is now planned for early summer.”
The in-person event had been scheduled from Jan. 17 to Jan. 21 with the aim of addressing “economic, environmental, political and social fault-lines exacerbated by the pandemic.”
Organizers say an online series of “State of the World” sessions will be held instead, “to focus on shaping solutions to the world’s most pressing challenges.”
WEF said pandemic conditions had made it “extremely difficult” to stage a global in-person meeting next month, adding that the transmissibility of the omicron Covid variant and its impact on travel and mobility had made deferral necessary.
The event is held annually in Davos, a picturesque Alpine ski resort, and is regarded by many as a cornerstone of international relations. It typically draws heads of government, business executives and activists from around the world to discuss global issues — although it is often criticized for being out of touch with reality.
U.S. President Joe Biden had been expected to skip the January meeting, Bloomberg reported last month, citing two unnamed sources familiar with the matter.
Former President Donald Trump attended WEF twice while in office, in 2018 and 2020. He had planned to attend in 2019 but canceled this trip due to a partial government shutdown.
The postponement of the January meeting comes at a time when the omicron Covid variant is spreading rapidly worldwide, prompting concerns that health services in some places could soon be overwhelmed.
More
https://www.cnbc.com/2021/12/20/davos-world-economic-forum-postpones-meeting-due-to-covid.html
In Europe news, this winter Europe shot itself in both feet by refusing to buy natural gas on long-term contracts from Russia, relying instead on spot contracts. It looks like being a long, cold, expensive winter in Europe.
Europe’s Energy Prices Soar as a Deep Freeze Arrives
Mon, December 20, 2021, 12:11 PM
(Bloomberg) -- Europe is bracing for energy shortages as freezing weather sets in, boosting demand and sending prices surging at a time when supply just can’t keep up.
Temperatures are forecast to fall below zero degrees Celsius in several European capitals this week, straining electricity grids already coping with low wind speeds and severe nuclear outages in France. To make matters worse, Russia is limiting natural gas flows through a major transit route to Germany Monday after capping supplies over the weekend. The route is set to be only partially used in January.
Energy prices have spiraled out of control this year, with European gas surging some 600%. The region’s benchmark gas contract rose as much as 8.8% Monday, while short-term electricity also jumped. In France, day-ahead power rallied to the most since 2009 in an auction Monday, while the German contract soared to the highest on record.
Rising prices have fueled inflation, a headache for policy makers already contending with the spread of the omicron virus variant just before the holiday season. Geopolitical tensions between Russia and Ukraine could also make things worse, with a potential invasion likely to send prices even higher.
Jeremy Weir, chief executive officer of commodities trader Trafigura Group, last month warned that Europe could experience rolling blackouts in case of a cold winter. That was before Electricite de France SA said it was halting reactors accounting for 10% of the nation’s nuclear capacity, leaving the region at the mercy of the weather at the height of winter in January and February.
Benchmark Dutch gas prices jumped to almost 149 euros a megawatt-hour, the highest for a most-active contract since Oct. 6. The futures pared some of the gains after Gazprom PJSC booked about 21% of the Yamal-Europe pipeline to Germany for January at a month-ahead capacity auction Monday. Though limited, it’s a change from the less predictable daily auctions the exporter opted to use for December.
The auction results “will not ease the risk of very tight supplies -- given limited bookings for now,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “But with a market clutching straws every little helps.”
German year-ahead power, a benchmark in Europe, rose as much as 1.1% to 245 euros a megawatt-hour, just 0.8% off a record, before slipping to 241.75 euros.
With nuclear outages biting, electricity producers will have to use more gas to keep the lights on. Russia plans for gas flows into Germany via the key Yamal-Europe pipeline to remain capped, potentially forcing Europe to rely on its already depleted inventories. Storage sites are only 60% filled, a record-low for this time of year.
Only 4% of capacity was allocated for Monday to send gas through Germany’s Mallnow station, where the pipeline crossing Belarus and Poland terminates. That compares with about 35% of available space that Russia has booked for most days this month.
There’s no relief to market tightness in sight as temperatures are expected to remain below normal levels in the U.K., Denmark and northern Germany next week. While traders expect liquefied natural gas may help to some extent, due to lower demand in Asia, cargo diversions will take time and increased arrivals at European ports are unlikely to come before January.
Meanwhile, wind power is expected to stay low in Germany until Dec. 23. In France and Britain, generation is forecast to dip on Tuesday, causing further supply issues.
https://www.yahoo.com/news/europe-braces-energy-crunch-week-202745513.html
Finally, barring a sudden omicron induced recession, expect months more inflation still to come.
Freight Rates on Every Mode of Transport Are Boosting Inflation
By Vince Golle 20 December 2021, 12:00 GMTFrom the high seas and U.S. rail yards to the nation’s highways and airports, inflation pressures from shipping costs continue to mount.
The government’s latest data on producer prices showed the costs of transportation and warehousing goods for final demand soared more than 18% in November from a year earlier. That’s the largest annual advance in data back to 2009.
Higher freight costs are feeding an inflation beast that’s eating away a bigger share of consumers’ incomes and raising costs for companies. A flurry of demand earlier in the year set in motion instability in supply networks as producers and merchants scrambled for product.
Dive into the Labor Department’s detailed report on producer prices last week and you’ll see that the cost of moving freight across oceans in November was up almost 26% from a year ago, the biggest annual gain in data back to 1988. Freight costs via trucks are up more than 16%, the second-most on record, while shipments by air and rail have also posted big advances.
The rates ocean liners charge continue to soar as well. After holding below $8,000 per 40-foot container since late August, the Drewry Hong Kong-Los Angeles rate jumped 7.2% in the latest week to $8,510. They’re up a whopping 120% from the same period last year. The TAC Index for air freight from Asia to North America also hit a record high last week.
More
In central banking as in diplomacy, style, conservative tailoring, and an easy association with the affluent count greatly and results far much less.
John Kenneth Galbraith.
Global Inflation/Stagflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
Wage rises set to push up Dutch inflation through 2023 - central bank
December 20, 202111:00 AM GMT
AMSTERDAM, Dec 20 (Reuters) - Inflation in the Netherlands is set to remain elevated until at least 2023 as a labour shortage drives up wages during an economic boom, the Dutch central bank (DNB) said on Monday.
Inflation in the euro zone's fifth-largest economy is likely to run at 3.0% in 2022 and 2.9% in 2023, after a spike in energy prices drove up consumer prices by an estimated 2.7% on average this year, the DNB said.
"Inflation will be driven up by higher wages in a labour market that continues to be tight", the DNB said.
"But for now, we don't see undesirable levels of wage inflation", the central bank added, as wages are expected to rise by 2.5% on average in the next two years.
---- The Dutch economy has rebounded more strongly than most other euro countries from its coronavirus slump, and the DNB said it expects it to expand by 4.5% this year and 3.6% in 2022 before growth moderates to 1.7% in 2023.
This strong recovery is also visible in the labour market, where the number of vacancies has been higher than the number of unemployed for months and the DNB expects unemployment to remain at historically low levels until at least the end of 2023.
The outlook could worsen, however, if the coronavirus pandemic continues to limit activity throughout next year, the bank said.
The Netherlands reverted to a strict lockdown on Sunday, closing all but essential stores and most other public places in a bid to limit the spread of the Omicron variant. read more
Analysis: After inflation, a bond supply shock may be next for markets
December 20, 2021 9:29 AM GMT
LONDON, Dec 20 (Reuters) - Central banks, the developed world's most reliable group of bond buyers, could slash debt purchases next year by as much as $2 trillion across the four big advanced economies, implying a potentially hefty rise in many governments' borrowing costs.
For years, but particularly since the COVID-19 pandemic erupted in March 2020, central banks have effectively backstopped government spending, mopping up a significant proportion of the debt hitting markets and preventing yields from rising too high.
But if central banks set a schedule for unwinding pandemic-era stimulus, a dearth of highly-rated bonds, especially in Europe, may turn into an excess.
JPMorgan estimates central bank bond demand across the United States, Britain, Japan and the euro zone will drop by $2 trillion in 2022 following a $1.7 trillion reduction this year.
It expects U.S., German and British 10-year yields to rise 75, 45 and 55 basis points respectively by end-2022, although it did not specify the impact of supply on bonds.
Globally, JPMorgan predicts central banks will lead a roughly $3 trillion drop in bond buying, translating into an average yield rise of 20-25 basis points.
More
Inflation squeezes holiday budgets for low-income shoppers
NEW YORK (AP) — Emarilis Velazquez is paying higher prices on everything from food to clothing.
Her monthly grocery bill has ballooned from $650 to almost $850 in recent months. To save money, she looks for less expensive cuts of meat and has switched to a cheaper detergent. She also clips coupons and shops for her kids’ clothing at thrift stores insted of Children’s Place.
For the holidays, she’s scaling back on gifts. She plans to spend $600 on her three young children instead of $1,000, and she won’t be buying any gifts for relatives.
“It’s stressful,” said the 33-year-old stay-at-home mother from Boardman, Ohio, whose husband earns $30,000 a year making pallets for stores. “You want to give it all to your kids, even though (Christmas) is about family. They still expect things. It is hard that you can’t give them what they ask for.”
Retailers may be forecasting record-breaking sales for the holiday shopping season, but low-income customers are struggling as they bear the brunt of the highest inflation in 39 years.
The government’s report last week that consumer prices jumped 6.8% over the past year showed that some of the largest cost spikes have been for such necessities as food, energy, housing, autos and clothing.
Overall, rising prices are changing shopping habits for many Americans. For some, they’re a mere inconvenience, pushing them to delay building a deck on their house amid higher lumber prices. But for lower-income households with little or no cash cushions, they’re making harder choices such as whether they can put food on the table or if they’ll have to drastically scale back on holiday presents for their children — or forgo them completely.
“Inflation is devastating the pocketbooks of low-income households,” said C. Britt Beemer, chairman of the America’s Research Group, estimating that low-income households are cutting back their holiday buying by 20% from a year ago. “They are going to have to decide what they are going to buy and what they’re going to eat.”
More
Covid-19 Corner
This section will continue until it becomes unneeded.
Israel bans travel to U.S. over Omicron concerns
December 20, 20217:51 AM GMT
JERUSALEM, Dec 20 (Reuters) - Israel on Monday added the United States to its "no-fly" list, citing concerns over the spread of the COVID-19 Omicron variant.
Under the edict, which goes into effect at 2200 GMT on Tuesday, Israelis would need special permission to fly to the United States, now one of more than 50 countries to which its citizens cannot travel.
In a televised address on Sunday, Prime Minister Naftali Bennett said Israel had bought some time by moving fast to limit travel when Omicron was first detected last month, but that this was now waning. He predicted a surge of sicknesses within a few weeks.
Acting on Health Ministry recommendations, cabinet ministers voted on Monday to put the United States, Italy, Belgium, Germany, Hungary, Morocco, Portugal, Canada, Switzerland and Turkey on the no-fly roster, Bennett's office said in a statement.
Israel has logged 134 confirmed Omicron cases and another 307 suspected cases, the Health Ministry said. Of these, 167 were symptomatic, it said.
In a rapid first response to Omicron, which was first detected in southern Africa and Hong Kong, Israel banned the entry of foreigners on Nov. 25 and has imposed three- to 14-day quarantine orders for Israelis returning from abroad.
Omicron sweeps across nation, now 73% of new US COVID cases
NEW YORK (AP) — Omicron has raced ahead of other variants and is now the dominant version of the coronavirus in the U.S., accounting for 73% of new infections last week, federal health officials said Monday.
The Centers for Disease Control and Prevention numbers showed nearly a six-fold increase in omicron’s share of infections in only one week.
In much of the country, it’s even higher. Omicron is responsible for an estimated 90% or more of new infections in the New York area, the Southeast, the industrial Midwest and the Pacific Northwest. The national rate suggests that more than 650,000 omicron infections occurred in the U.S. last week.
Since the end of June, the delta variant had been the main version causing U.S. infections. As recently as the end of November, more than 99.5% of coronaviruses were delta, according to CDC data.
CDC Director Dr. Rochelle Walensky said the new numbers reflect the kind of growth seen in other countries.
---- Scientists in Africa first sounded the alarm about omicron less than a month ago and on Nov. 26 the World Health Organization designated it as a “variant of concern.” The mutant has since shown up in about 90 countries.
Much about the omicron variant remains unknown, including whether it causes more or less severe illness. Early studies suggest the vaccinated will need a booster shot for the best chance at preventing omicron infection but even without the extra dose, vaccination still should offer strong protection against severe illness and death.
More
https://apnews.com/article/omicron-majority-us-cases-833001ef99862bd6ac17935f65c896cf
Omicron may sideline two leading drugs against COVID-19
Sun, December 19, 2021, 3:46 PM
WASHINGTON (AP) — As strained U.S. hospitals brace for a new surge of COVID-19 cases caused by the fast-spreading omicron variant, doctors are warning of yet another challenge: the two standard drugs they’ve used to fight infections are unlikely to work against the new strain.
For more than a year antibody drugs from Regeneron and Eli Lilly have been the go-to treatments for early COVID-19, thanks to their ability to head off severe disease and keep patients out of the hospital.
But both drugmakers recently warned that laboratory testing suggests their therapies will be much less potent against omicron, which contains dozens of mutations that make it harder for antibodies to attack the virus. And while the companies say they can quickly develop new omicron-targeting antibodies, those aren’t expected to launch for at least several months.
A third antibody from British drugmaker GlaxoSmithKline appears to be the best positioned to fight omicron. But Glaxo’s drug is not widely available in the U.S., accounting for a small portion of the millions of doses purchased and distributed by the federal government. U.S. health officials are now rationing scarce drug supplies to states.
“I think there’s going to be a shortage,” said Dr. Jonathan Li, director of the Harvard/Brigham Virology Specialty Laboratory. “We’re down to one FDA-authorized monoclonal antibody” with omicron because of the reduced effectiveness of Regeneron and Lilly's drugs.
The delta variant still accounts for more than 95% of estimated U.S. cases, according to the Centers for Disease Control and Prevention. But agency leaders say omicron is spreading faster than any past variant and will become the dominant strain nationwide within weeks.
More
https://www.yahoo.com/news/omicron-may-sideline-two-leading-154642435.html
'Everything was so confusing': 44 people test positive for COVID on Royal Caribbean Symphony of the Seas ship
Mon, December 20, 2021, 3:30 AM
At least 44 people on board Royal Caribbean's Symphony of the Seas ship that ended a 7-day cruise in Miami on Saturday were positive for COVID-19 during the sailing, the cruise line said.
Those 44 people who tested positive represented 0.72% of the 6,074 passengers and crew members on board Symphony of the Seas, which left Miami on Dec. 11 and made stops in St. Maarten, St. Thomas, and Perfect Day at CocoCay (Royal Caribbean's private island), spokesperson Lyan Sierra-Caro told USA TODAY.
The cruise line also notified passengers Saturday from that trip and from two others (a sailing that departed Dec. 4 and one that departed Dec. 18) that a passenger who sailed on that same ship earlier this month tested positive for the omicron variant of the coronavirus.
"We were notified by the (Centers for Disease Control and Prevention) that a guest on board our (December) 4th cruise tested positive and it was identified as omicron," Sierra-Caro said. "They (CDC) asked us to notify guests on the sailing — the one that ended today — and the current one."
In the email to the passengers who sailed on the three cruises on Symphony of the Seas, Royal Caribbean outlined what happened.
"This guest did not report symptoms to our onboard medical teams as outlined in our health protocols," the cruise line said in a copy of the email obtained by USA TODAY. "Their post cruise test results were subsequently confirmed as the omicron variant."
The 44 cases on the recently disembarked cruise "were found as a result of immediately identifying close contacts after a guest tested positive," Sierra-Caro said, noting each person was quarantined quickly. "Everyone who tested positive is asymptomatic, and we continually monitored their health. Six guests were disembarked earlier in the cruise and transported home. The remaining guests received assistance today upon our arrival."
---- The cruise line advised that passengers visit a certified testing center three to five days after disembarkation, per CDC guidance.
On Saturday, the CDC said in a statement that the agency was aware of the situation on Symphony of the Seas and that it was "working with RCI to gather more information about the cases and possible exposures, and RCI will be collecting specimens from the current voyage for genetic sequencing."
More
https://www.yahoo.com/news/44-people-test-positive-covid-162014912.html
Next, some vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.
World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.
EnBW signs 63MW solar power play
Materials manufacturer Covestro has agreed a PPA for the developer's 187MW Weesow-Willmersdorf project
20 December 2021 11:40
EnBW has signed a 63MW power purchase agreement with materials manufacturer Covestro for electricity from the former’s 187MW Weesow-Willmersdorf in Germany.
Under this agreement the power obtained by Covestro will be deployed at its German sites in Dormagen and Krefeld-Uerdingen for 15 years from the beginning of 2022.
The company will use the renewable energy there primarily for the production of more sustainable, mass-balanced plastics manufactured in a so-called drop-in process using alternative raw materials.
These include mass-balanced polycarbonates and mass-balanced thermoplastic polyurethanes.
Polycarbonates are used in electronics products and car headlights, among other things. While thermoplastic polyurethanes are used, for example, in household products, ski boots and industrial applications.
The EnBW-operated Weesow-Willmersdorf solar farm features 465,000 solar panels and has been fully connected to the grid since March 2021.
EnBW said that the site is currently the biggest of its kind in Germany and has been implemented without any subsidy under the German Renewable Energy Sources Act.
This is the first PPA for the solar farm and also the first PPA for solar power in Europe, the company added.
More
https://renews.biz/74475/enbw-signs-63mw-solar-power-play/
If all else fails, immortality can always be assured by spectacular error.
John Kenneth Galbraith.
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