Australia Natural Gas Export Overbuild Is Collapsing

first_imgAustralia Natural Gas Export Overbuild Is Collapsing FacebookTwitterLinkedInEmailPrint分享The Guardian:Australia’s natural gas export boom, which is causing soaring gas prices and pushing up carbon emissions, appears to be rapidly shedding value.Santos wiped more than $1bn off the value of its liquefied natural gas plant in Queensland on Tuesday, just a week after Origin announced a similar devaluation.The devaluations were predicted by commentators, who pointed out previous devaluations of the projects relied on overly-optimistic forecasts.The Santos share price dipped a further 2.39% on Tuesday morning after a drop of more than 85% since its peak in 2008.“This industry has torn up its shareholders’ wealth and now it’s tearing up the nation’s wealth,” said Bruce Robertson from the pro-renewables Institute for Energy Economics and Financial Analysis.On Tuesday Santos announced it was expecting to wipe more than A$1bn off the value of its GLNG plant on Curtis Island in Queensland.Just last week Origin announced a post-tax $815m devaluation of its APLNG facility on Curtis Island – a figure that implies more than a billion-dollar devaluation before tax.Along with another facility on Curtis Island owned by Shell, the three plants are responsible for Australia’s LNG export boom, which has been vacuuming Australia’s gas and caused domestic prices to skyrocket.Each plant has been shedding value since construction began. Shell’s plant was US$7bn over budget, and then suffered a $5.4bn pre-tax devaluation in 2015. Between Santos and Origin, the two plants have now been devalued by about $6bn.More: Australia’s gas export industry sheds value while tightening local supplylast_img read more

Commissioner Levine Cava Leads Effort to Provide Assistance to Miami-Dade Businesses…

first_imgThe funding allocations include nearly $8 million in Community Development Block Grant funds and nearly $4 million in Emergency Solutions Grant funds derived from the federal 2020 Coronavirus Aid, Relief and Economic Security Act. The legislation, sponsored by Commissioner Levine Cava, authorizes the County to use federal CARES Act dollars to provide direct assistance to local businesses and families. A small business assistance program will provide forgivable loans to businesses with 25 or fewer employees. The loans will be available for the payment of business expenses, including employee payroll costs. Businesses receiving the loans will be required to document job creation and/or retention, with the majority of jobs to be held by individuals with low to moderate income – those less than 80 percent of area median income. MIAMI-DADE – The Miami-Dade Board of County Commissioners today (May 19) approved legislation to provide stimulus funding to local small businesses and direct assistance to families affected by the COVID-19 pandemic. In addition, the legislation provides substantial food and housing assistance for individuals with low to moderate income. Nutritional assistance funds will be available for an estimated 10,000 individuals in public housing that are income eligible and have not already received pandemic relief assistance for groceries. These are likely residents that lost their service sector jobs when COVID-19 caused the shutdown of the tourism and hospitality industry. Funds will also go towards homeless prevention and rapid re-housing activities.center_img “It is critical that the County be able to act quickly to get needed funding into the community to assist our small businesses – the backbone of our economy – and our most vulnerable populations that have been hit hardest by the pandemic crisis,” said Commissioner Levine Cava. “This legislation will enable the County to continue working with its community development partners to better meet the needs of our small business owners and our residents whose safety nets have been damaged.”last_img read more