Baltic
Dry Index. 2138 -95 Brent Crude 84.69
Spot Gold 5135 Spot Silver 84.44
US 2 Year Yield 3.57 +0.03
US Federal Debt. 38.847 trillion
US GDP 31.211 trillion.
Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
George Soros
Day seven of the war to collapse the global economy. As the great war error escalates a rapidly growing crisis in oil and LNG supply, a desperate Trump team is now turning to Russian oil supply.
For now, this is called “temporary.” But unless Kuwaiti, southern Iraq, Saudi, UAE and Iranian crude oil supply resumes almost immediately, plus LNG shipments from Qatar, Russian oil and gas supply will become permanent.
The Great War Error of 2026, in just about a week, is already threatening to crash the fiat currency global economy, private credit, supply chains, food production and supply, airlines and tourism, and if it continues for much longer, the Dollar Reserve Standard.
Asia markets trade mixed after Wall Street losses,
oil prices dip after Thursday surge
Published Thu, Mar 5 2026 6:46 PM EST
Asia-Pacific markets were mixed Friday,
tracking Wall Street losses overnight, as the Iran conflict sends energy prices
higher.
Overnight, oil prices broke through the
$80 per barrel mark, although Brent futures dipped slightly Friday to trade at
$84.64. U.S. West Texas
Intermediate, which saw its biggest single day gain since May 2020, was
last down 1.12% at $80.12, paring some losses.
More uncertainty was also seen on the
global trade front after New York Attorney General Letitia
James and the top prosecutors of 23 other states once
again sued to block President Donald
Trump’s global tariff regime.
This comes after the U.S. Court of
International Trade had ruled Thursday that companies were entitled to tariff
refunds from Trump’s duties that were struck down by the Supreme Court.
South Korea’s Kospi tumbled once again,
falling 1.24%, after marking its best day since 2008 in the prior session. The
small-cap Kosdaq, however, extended gains to rise 1.86%. Kosdaq 150 futures
spiked 6%, triggering a buy trading curb for five minutes.
Defense heavyweight LIG Nex1 was up more
than 12%, and was one of the top Kospi gainers, after South Korean media reported its air defense systems were used to
successfully intercept Iranian missiles launched at the United Arab Emirates.
Japan’s Nikkei 225 was up 0.14%,
reversing earlier losses, while the Topix was marginally down.
Australia’s S&P/ASX 200 was down
1.12%, dragged by basic materials stocks.
Hong Kong’s Hang Seng index was up 1.84%,
extending gains from Thursday, while the mainland Chinese CSI 300 was up 0.2%.
Overnight in the U.S., all three major
indexes fell, with the stock sell-off led by Boeing, Caterpillar and other names
that stand to lose the most if the global economy slows.
The Dow Jones Industrial Average declined
1.61%, while the S&P 500 fell
0.56%. The tech heavy Nasdaq
Composite dipped 0.26%.
Asia
markets mixed as Iran conflict sends oil prices soaring
CNBC Daily Open: Oil surges as Iran war enters
seventh day
Published Thu, Mar 5 2026 8:08 PM EST
What you need to know today
Crude oil crossed $80 per barrel Thursday, as the
Iran war enters its seventh day and continues disrupting global
fuel supplies. Iran’s Foreign Minister Abbas Araghchi said Thursday
that his country was “not asking for a ceasefire” from the U.S. and Israel,
while President Donald Trump said that
his administration will turn its focus to Cuba after the U.S. military
operations in Iran are finished.
Besides energy disruption, the turmoil in
the Middle East has shattered Dubai’s
status as a global wealth hub, as the rich scramble to escape the largely
tax-free haven. Over the past week, UAE has seen projectiles hit tourist and
civilian spaces, including the 5-star Fairmont The Palm Hotel and the Dubai
airport.
Over in the U.S., the Anthropic-OpenAI
rivalry continues. OpenAI CEO Sam Altman took swipes at rival Anthropic
on Thursday and said he
thinks it’s “bad for society” if companies start abandoning their commitment to
the democratic process because “some people don’t like the person or people
currently in charge.” That comes after the Department of Defense clashed with
Anthropic in recent weeks over how the agency can use its AI models.
Adding another layer of uncertainty to
markets, Trump’s
tariffs face a new legal battle after New York Attorney General Letitia James
and the top prosecutors of 23 other states once again sued to
block his global tariff regime, just days after a landmark Supreme Court
decision struck down his previous effort.
And finally...
Iran’s
Shahed drone: How ‘the poor man’s cruise missile’ is shaping Tehran’s
retaliation
The Shahed-136 ‘kamikaze’ drone has become
central to Iran’s retaliation strategy against the U.S. and its regional
allies, with thousands unleashed so far.
First designed in Iran, the weapon has
already become a fixture of modern warfare, with Tehran’s strategic partner,
Russia, utilizing the technology in its years-long battle with Ukraine.
Though drone seems unremarkable compared
with cutting-edge weapon technologies and the majority have been struck down by
American allies, many Shaheds have still managed to hit their targets.
“The Shahed‑136, among other unmanned
aerial systems, has allowed states like Russia and Iran a cheap way to impose
disproportionate costs,” an analyst said.
— Dylan Butts
CNBC
Daily Open: Oil surges as Iran war enters seventh day
U.S. offers India a 30-day waiver for buying
Russian oil as Iran war deepens energy supply worries
Published Thu, Mar 5 2026 11:29 PM EST
After slapping 25% “penalty” tariffs on
India for buying Russian crude — revoked last month — the U.S. on
Thursday issued a 30-day waiver to New Delhi for purchasing
crude from Moscow as the Iran war upends global supplies.
The West Texas Intermediate oil
surged 8.51%, or $6.35, to close at $81.01 per barrel on Thursday in the
biggest single day gain since May 2020. Global benchmark Brent rose 4.93%, or $4.01,
to settle at $85.41 per barrel.
The waiver on purchasing Russian oil will
help ease supply worries globally, as India is the world’s fourth biggest
refiner and and fifth largest exporter of petroleum products. Brent and WTI crude fell over 1% on
Friday, and were last trading at $84.42 and $79.92 per barrel, respectively.
New Delhi, also the world’s third largest
oil importer, had been replacing Russian oil purchases with supply from Middle
East, experts said, but with the conflict affecting energy supplies from the
Gulf countries, it is starting to shore up energy from Moscow.
“I’ve heard that Indian refiners have been
actively seeking prompt Russian crude supplies since last weekend,” said Muyu
Xu, senior research analyst for crude at energy data tracker Kpler, adding that
based on “market chatter,” New Delhi is likely to have bought up to 6-8 million
barrels of Russian oil over the past 2–3 days.
This “short-term measure will not provide
significant financial benefit” to Russia as it only allows transactions of oil
already stranded at sea, the U.S. Secretary of the Treasury,
Scott Bessant said in a post on X.
The U.S. government is taking steps
to curb rising
oil prices, including offering political risk insurance for tankers transiting
the Gulf. U.S. crude prices have climbed about 20% this week on the back of
the escalating conflict
in the Middle East.
“Further action to reduce pressure on oil
is imminent and ... in the long-term, the actions we’re taking will
dramatically increase the stability of the region and oil prices,” U.S.
President Donald Trump said on Thursday.
“It [the waiver] is a relief valve, in
view of the loss of nearly 20 million barrel per day of crude from the Gulf
producers,” said Vandana Hari, CEO of energy research firm Vanda Insights,
adding that the 30-day waiver was “not nearly enough” and Washington continues
to put “band aids on a gunshot wound.”
Hari expects Brent crude to continue
“creeping higher than the $80s” as she feels chances of the Hormuz blockade
being lifted quickly are “extremely dim.” The traffic in the Strait of Hormuz,
the waterway used for 20% of global oil flows, remains at a standstill
following Iranian warnings and surging insurance costs for shippers.
″Our data shows that no laden crude tankers
have transited the Strait of Hormuz since last weekend, including vessels that
may be bound for India,” said Xu.
Impact on India
India currently has “access to about 100
million barrels,” enough to cover up to 45 days of crude demand, Prateek
Pandey, head of APAC oil and gas research at energy intelligence firm Rystad
Energy, told CNBC’s “Inside India”
on Thursday.
Pandey said that Indian refineries will
not be impacted over the next three to four weeks, but “there will
be concerns,” if the disruption in Middle East continues beyond that.
Sourcing from alternate destinations such
as Venezuela poses challenges as these cargoes take almost a month to reach
India, he said.
More
U.S.
offers India a 30-day waiver for Russian oil amid supply worries
In other news, in the Israeli war on Iran
that dragged in Trump, collateral damage spreads.
Russia blames Ukrainian naval drones as tanker
sinks in Mediterranean
4 March 2026
A Russian liquefied natural gas (LNG)
tanker has sunk in the Mediterranean between Libya and Malta after it was hit
by explosions and a fire, Libyan port officials have said.
Russia accused Ukraine of targeting the
Arctic Metagaz with "uncrewed sea drones" launched from the Libyan
coast.
Ukraine's SBU state security service has
not commented on the allegation and the Libyan port authority said the cause of
the fire was unclear.
The Libyans said the tanker was carrying
about 62,000 tonnes of LNG before the blasts and that it sank about 130
nautical miles (240km) north of the Libyan port of Sirte.
Russia's transport ministry said 30
Russians were aboard the Arctic Metagaz. Maltese Home Affairs Minister Byron
Camilleri said they were all found "safe and sound in a lifeboat"
during a rescue operation by Malta's armed forces.
Unverified night-time footage has emerged
purportedly showing the ship ablaze after the attack, which occurred on
Tuesday.
Serhii Sternenko, a popular blogger and
adviser to Ukraine's defence minister, posted pictures on Wednesday morning of
what he said was the tanker in the Mediterranean, which had a "serious
hole in the engine room compartment and is beyond repair".
He did not elaborate where the pictures
came from and they have not been independently verified.
"This is a terrorist attack,"
Russia's Vladimir Putin told state TV. "This isn't the first time we've
encountered something like this."
Russia's transport ministry called it
"an act of international terrorism and maritime piracy", singling out
the European Union for complicity.
Moscow said the Arctic Metagaz - which had
been en route from Russia's northern port of Murmansk - was carrying cargo
cleared in accordance with international rules.
The tanker was apparently heading for Port
Said in Egypt and is considered part of Russia's so-called shadow fleet. It has
been widely sanctioned by Western countries.
The ministry provided no evidence to back
up its claim that the tanker was attacked by Ukrainian sea drones, though there
were earlier unconfirmed reports of attacks from the Libyan coast.
The SBU told BBC Ukraine it was not
commenting on "the situation with the tanker in the Mediterranean",
although a Ukrainian government-linked social media account, United24, teased
that the drones were "Definitely. Maybe" not part of the Ukrainian
fleet.
Marine tracking data indicated that the
day before the fire, the tanker had last reported that it was sailing off the
south-east coast of Malta.
It had sailed some considerable distance
by the time the fire was reported and it is assumed the crew deactivated its
automatic identification system.
Russia has deployed a surging number of
vessels to transport oil and gas in an attempt to avoid international
sanctions, which are aimed at slashing revenues that have been critical for
funding Moscow's war in Ukraine.
Its shadow fleet is largely made up of
aged tankers, many with obscure ownership or insurance.
Following Russia's full-scale invasion of
Ukraine, which began in 2022, Kyiv has carried out a number of attacks on such
vessels using naval drones.
However, nearly all of such strikes have
been in the Black Sea, which Russia and Ukraine both border.
Russia blames Ukrainian naval
drones as tanker sinks in Mediterranean - BBC News
Globalisation is under threat from Iran war – and
Britain is uniquely vulnerable
5 March 2026
In retaliation for the US-Israeli missile
attacks, Iran has launched what amounts to all-out economic warfare. Should the
conflict continue even for another week, its impacts will start to be felt
around the world as the third price surge since the
pandemic washes through global markets.
For Britain, a further turn of the screw
on living standards arrives just as political instability mounts at home, with
the Labour and Conservative parties facing existential challenges to their left
and right.
Keir Starmer’s half-cocked response to war
reflects a deeper, strategic problem for the UK: an economy built over decades
for a globalised world cannot fit into a world where globalisation is falling
apart.
The creation of a tightly woven,
world-spanning economy has also created points of huge stress and tension,
where the flows of manufactured goods, people and raw materials that sustain it
must pass through the narrow spaces of our globe.
These include the 40-mile-wide Malacca
strait, a channel for 80%
of China’s imported oil flows; the Panama canal, only 91 metres at its
narrowest point; the Bab el-Mandeb strait, between Yemen and Eritrea, through
which 40%
of trade between
Asia and Europe passes; and the strait of Hormuz, a route for one-fifth of the
world’s oil.
Accidental, natural or intended, the
effect of a blockage on any of these channels is the same. When, in 2024, the
Panama canal was restricted by drought and the Houthis were blockading Bab
el-Mandeb, the combined effect was to contribute 0.6 percentage points, or
about one fifth
of the global inflation over the year as shipping companies diverted
away from both routes. The climate crisis has become a force multiplier for
asymmetric warfare: extreme weather, such as central America’s multi-year
drought, amplifies the disruptive potential of choke-point closures elsewhere.
Today, the straits of Bab el-Mandeb and
Hormuz, narrow apertures either side of the Arabian peninsula, are in effect
under a
blockade.
But now it is the other great, global system of the world economy – its
financial network – that multiplies the pure military threat. The decision by
major insurers to cancel
war-risk cover across
the Persian Gulf in effect closes both straits to shipping. Washington,
scrambling for a response, has pledged to provide
its own insurance,
plus navy escorts – but both could take weeks to organise.
More
Globalisation is
under threat from Iran war – and Britain is uniquely vulnerable
Inside India newsletter: Energy, airlines and now
over $50 billion in remittances to India at risk as Middle East conflict
deepens
Published Wed, Mar 4 2026 11:06 PM EST
The big story
India can’t seem to escape from the fallout of the
escalating conflict in the Middle East. A significant share of the country’s
energy imports risk disruptions and its aviation sector is staring at higher
costs due to airspace restrictions.
But there’s another multibillion-dollar
worry that the country will need to contend with: remittances.
India is the largest recipient of remittances globally and
they account for nearly 3.5% of the GDP — that’s higher than the share of
exports to the U.S. at 2% of the economy. More than 9 million Indians reside in the
Middle East and the money they send home plays a major role in shoring up
India’s finances, helping cut its current account deficit.
The Indian diaspora in the Gulf countries
contributes nearly 38% to India’s total remittance inflows, according to a Citi
report. Based on the inflows of $135.4 billion in financial year 2025, the
share of gulf countries is to the tune of $51.4 billion.
To put it in perspective: India’s total
trade surplus with the
U.S. was $58.2 billion in 2025.
According to experts, Indian workers in
the Gulf countries are mostly employed in oil services, construction,
hospitality and retail sectors, industries particularly vulnerable to the
disruption caused by Iranian attacks.
“A sharp decline [in remittance inflows] –
particularly if combined with higher oil prices due to the conflict – would
worsen India’s external position and could put some pressure on the rupee,”
said Alexandra Hermann, lead economist at Oxford Economics.
In recent years, India’s remittances
have exceeded its foreign
direct investment flows, with those from the UAE alone contributing nearly
one-fifth of the flows, second only to the U.S (27.7%).
Collateral damage
The good news, experts tell me, is that
only a prolonged conflict in the Middle East will dent India’s remittance flows
enough to impact the economy. The bad news is that no one is certain if this
conflict will be a short one.
Hermann told me that a “moderate and
temporary disruption” is manageable but “a bigger risk” would be if the
conflict leads to a slowdown in construction and services activity in the Gulf,
affecting Indian migrant workers.
The U.S.-Iran war is in its sixth day and
is spreading into the wider region with the U.S. embassies in Riyadh and Kuwait
also coming under attack. The U.S. Secretary of State Marco Rubio has vowed
that the United States and Israel’s offensive against Iran will increase in its
scope and intensity.
Deepa Kumar, head of Asia-Pacific country
risk and co-lead of India research chapter at S&P told me that if the
conflict lasts beyond six months, it will have a material impact on the Indian
economy.
In case of a contained conflict “there
could be some initial shocks to remittances” from the Middle East but that will
be limited to spot worker contracts, Kumar said. Over the next few days her
team will start assessing how a prolonged conflict could affect the economy.
Chances of the hostilities lasting longer
have risen as both sides intensify their attacks. U.S. President Donald Trump on Monday
said the military operation in Iran could go on “far longer” than the
estimated four to five weeks.
Citi in its note on Monday said that if
the conflict lasts long, remittances would be “negatively impacted” as income
opportunities of the Indian diaspora will get affected. In the short run,
however, “there could be a perverse positive impact if ‘risk aversion’ leads to
more repatriation,” the note said.
More
Asia scrambles for LNG as Qatar halts output due
to Iran war
Tue, 3 March 2026 at 9:50 am GMT
SINGAPORE, March 3 (Reuters) - India began
rationing natural gas on Tuesday while countries around Asia looked to the spot
market to replace supplies, activated emergency plans and prepared to step up
production, as the conflict in the Middle East curtailed shipping and halted
Qatari output.
Government officials and company
executives in Japan, Taiwan, Bangladesh and Pakistan said they did not expect
an immediate impact as some cargoes due this month had already arrived, but
they would diversify their import sources and buy liquefied natural gas (LNG)
from the spot market if the war drags on.
LNG buyers in Asia account for more than
80% of shipments from Qatar, the world's No. 2 producer after the U.S.,
according to data from analytics firm Kpler.
In India, gas firms on Tuesday reduced
supplies to companies in anticipation of tighter supply from the Middle East
after Qatar halted production, Reuters reported.
Taiwan, which generates more than 40% of
its electricity from LNG and imports a third of its supply from Qatar, will
buy more from the U.S. and could coordinate with South Korea and Japan if a
shipping blockade stretches on, its economy ministry said on Tuesday.
"We will continue moving in the
direction we have been pursuing all along: obtaining sufficient quantities of
energy through diversified markets," Taiwan Premier Cho Jung-tai said,
adding that an "emergency response mechanism" had been activated to
deal with the Qatari supply disruption.
Japan, which is the world's No. 2 LNG
importer and sources 4% of its gas from Qatar, could tap the spot market or
have utilities buy from each other if needed, its trade minister said.
SOUTH ASIA LNG SUPPLY
In Bangladesh and Pakistan, industry
officials likened the situation to the aftermath of Russia's 2022 invasion of
Ukraine, when LNG prices spiked and supply was disrupted, causing prolonged
power outages.
While Pakistan's significant solar
generation will prevent daytime power cuts, Bangladesh is at risk of shortages
and may need to increase coal and power imports from India, industry experts
said.
A senior official at state-run Petrobangla
said a prolonged disruption would pressure power generation and industrial
output as the peak summer season approaches.
So far, four out of Bangladesh's nine
scheduled Qatari cargoes for March have crossed through the Strait of Hormuz,
the official said, adding that Dhaka may seek to acquire spot cargoes.
"The real question is where prices
will go," the executive said. "Prices could rise manyfold and
frankly, we simply cannot afford that."
Benchmark Asian LNG prices rose as much as
nearly 40% on Monday, while benchmark European wholesale gas prices closed
around 35% to 40% higher.
More
Asia scrambles for
LNG as Qatar halts output due to Iran war
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Morgan Stanley To Lay Off Thousands Of Employees: Here Are Reasons Why
Updated Wed, March 4, 2026 at 10:39 PM GMT
Morgan Stanley is laying
off approximately 2,500 employees, representing about three percent of its
global workforce, according to an exclusive report by The Wall Street Journal.
The layoffs will impact
employees across the multinational company's three major divisions: investment
banking and trading, wealth management, and investment management, The Journal
reported on Wednesday, March 4.
Reasons Behind Cuts
While Morgan Stanley
reported strong financial performance in 2025, the job cuts are part of a
broader effort to streamline operations and adapt to changing market
conditions.
According to The Journal,
the reductions are driven by:
·
Shifting Priorities: The bank is reallocating resources to high-growth
areas.
·
Performance Reviews: Some layoffs are tied to individual job
performance.
·
Operational Efficiency: The bank is managing costs amid economic pressures.
·
AI, Automation: Increased use of artificial intelligence is
automating routine tasks, reducing the need for certain roles.
Broader Industry Trends
Morgan Stanley’s move
aligns with a wave of layoffs across Wall Street as major banks adjust to
economic uncertainty and technological advancements. Competitors like Goldman
Sachs and Bank of America have also announced workforce reductions in recent
months.
This is not the first
time Morgan Stanley has cut jobs. In March 2025, the bank laid off
approximately 2,000 employees as part of a similar cost-cutting initiative.
Impact On Employees
Morgan Stanley has not
disclosed specific details about severance packages or support for affected
workers.
Morgan Stanley’s
workforce totaled approximately 80,000 employees at the end of 2025.
Morgan Stanley To Lay Off Thousands Of Employees: Here Are Reasons Why
Judge orders U.S. Customs to process refunds on illegal Trump tariffs
Published Wed, Mar 4 2026 10:34 PM EST
A U.S. trade court judge on Wednesday ordered the
government to begin paying potentially billions of dollars in refunds to
importers who paid tariffs that the Supreme Court said last month were
collected illegally.
Judge Richard Eaton of the U.S. Court of
International Trade in Manhattan ordered the government to finalize the cost of
bringing millions of shipments into the U.S. without assessing a tariff,
according to a court filing. He ordered the refunds to be made with interest.
When merchandise is brought into the United States,
an importer pays an estimated amount at entry which is then finalized around
314 days later, a process known as liquidation. Eaton directed Customs and
Border Protection to finalize the entry cost on shipments without the tariff
being assessed, resulting in a refund.
“Customs knows how to do this,” he told a court
hearing on Wednesday, according to a recording on the court’s website. He said
the agency should be able to program its system to issue refunds, which are
regularly issued when an importer overpays on an estimated duty.
“They do it every day. They liquidate entries and
make refunds,” he said.
Eaton also set a hearing for Friday in which he
asked for updates on CBP’s refund plans. He said in his order that the court’s
chief judge indicated that Eaton is the only judge who will hear tariff refund
cases.
Customs and Border Protection has said in court
filings that the task of finalizing entry costs without assessing a tariff was
“unprecedented” in scale and could require manual review of more than 70
million entries. The agency had said in other court filings it wanted up to
four months to assess its options for paying refunds.
CBP did not respond to a request for comment.
More
Judge
orders U.S. Customs to process refunds on illegal Trump tariffs
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section Updates as they get reported.
Revera reaches
FID on 400MWh Scotland BESS; GE Vernova providing BESS, Danske to optimise
Revera
and Danske have signed a ten-year optimising agreement for the Windyhill
battery energy storage system (BESS), which is located just outside Glasgow,
Scotland. It is a 10-year revenue floor covering 100% project capacity.
March 2, 2026
Carlyle-backed owner-operator Revera
Energy has reached financial close on its 200MW/400MWh Windyhill BESS in
Scotland, enlisting energy trader Danske Commodities to optimise it and GE
Vernova to supply the batteries.
The announcements came just days after
we discussed the evolution of floors and tolls with a Danske Commodities
executive at the Energy Storage Summit 2026.
Revera and the trading firm have signed
a ten-year optimising agreement for the Windyhill battery energy storage system
(BESS), which is located just outside Glasgow, Scotland. It is a revenue floor
covering 100% project capacity.
The operator has issued a
notice-to-proceed (NTP) to its technology and construction partners, with
construction to commence immediately and COD expected in Q1 2028.
BESS and long-term maintenance services
will be provided by GE Vernova, the energy technology and services firm spun
out of electronics giant General Electric (GE) in 2024.
Balance of Plant (BoP) works will be
provided by G2 Energy, the EPC and grid connection specialist which ceased
trading in 2023 before being acquired by outsourcing giant Mitie the
following year.
It is Danske's biggest BESS asset yet.
Danske Commodities last year secured an optimisation deal for a 200MWh
co-located BESS at the Kvosted solar and storage plant in Denmark with owner
European Energy, then its biggest so far.
Windyhill is the first project to launch
construction in a portfolio (spanning UK and Australia) for which Revera secured a £110 million credit
facility last month.
More
Revera reaches FID on 400MWh Scotland BESS
NESO awards no
contracts to battery storage in Stability Market Round 2
In
Stability Market Round 2, all BESS submissions failed at the technical
assessment stage, while synchronous condensers and open cycle gas turbines took
7.3 GVAs of contracts, market intelligence and analytics firm Modo Energy said.
March 2, 2026
The UK National Energy System Operator
(NESO) awarded no contracts to battery storage projects in the Stability Market
Round 2, despite the recent Stability Pathfinder which proved the technology’s
capabilities in grid-forming and system stability.
In Stability Market Round 2, all battery
energy storage system (BESS) submissions failed at the technical assessment
stage, while synchronous condensers and open cycle gas turbines (OCGTs) took
7.3 GVAs of contracts, market intelligence and analytics firm Modo Energy
said.
Some of the failed batteries are already
operational with active NESO Stability Pathfinder contracts, added Modo Energy
analyst Zachary Jennings, posting the company’s analysis on LinkedIn.
That is despite NESO having spent £323
million on its Stability Pathfinder programme which set out to show how newer technologies
like BESS could provide inertia and other grid stability services which have
historically been provided by gas plants. The Stability Market is the regular,
long-term procurement mechanism for such stability services.
Owner-operator Zenobē has been the
leading player in deploying BESS within the Pathfinder scheme, with two
projects online: the Blackhillock and Kilmarnock South projects.
Comments from industry sources on Modo’s
post showed frustration and concern at the lack of BESS awards despite the
Pathfinder programme.
Multiple commenters suggested NESO
favours synchronous/thermal assets over proven zero-carbon alternatives, with
eligibility criteria appearing ‘written around incumbents rather than
outcomes’, according to one.
However, one commenter said that NESO
was being ‘reassuringly conservative’ when it came to procuring inertia,
considering how critical the services are to a stable grid.
More
NESO gives no contracts to batteries in Stability Market Round 2
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks
(usdebtclock.org)
Another
weekend and another war weekend at that. Another 20 million barrels per day of Gulf oil
missing from the global economy. Have a great weekend everyone.
For every mistake that you learn from you will save thousands of
similar mistakes in the future, so if you treat mistakes as learning
opportunities that yield rapid improvements you should be excited by them. But
if you treat them as bad things, you will make yourself and others miserable,
and you won’t grow.
Ray Dalio
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