"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Thursday, November 08, 2007

UK Nuclear Flet 2 stations shut indefinitely.

Drax (DRX) are trading at £1.00 above when we mentioned them on October 24th when British Energy announced further problems with their nuclear power stations.

British Energy have announced subsequently ..."We are in the process of developing the methodology to secure the return to service of the units." All 4 reactors at Hartlepool and Hetsham have been shut down indefinitely.

What this means is, that they haven't a clue how to deal with the highly stressed multi core cables that act to control blast and as previously exlained at the time of the first announcement by BE took enormous effort to install.

So far all the company will says is .."“This is a complex issue and a timetable for the return to service of these units can only be formed when inspections and a full assessment of the situation have been completed,” and more information will be given when they announce their latest financial results next week.

Don't hold your breath and watch imported gas prices rise... and pray for a warm winter.

On Tuesday night, November 13th, (at 11 p.m. EST/PST - 10 p.m. CST), the History Channel will present Megadisasters: Oil Apocalypse, a documentary that Los Angeles-based filmmaker Martin Kent is calling "a wake up call," about the world's energy crisis. "We can no longer count on getting all the gasoline we need -- and there's no plan B."

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