{"id":25506,"date":"2014-06-09T22:30:19","date_gmt":"2014-06-10T03:30:19","guid":{"rendered":"http:\/\/prefblog.com\/?p=25506"},"modified":"2014-06-09T22:30:19","modified_gmt":"2014-06-10T03:30:19","slug":"june-9-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25506","title":{"rendered":"June 9, 2014"},"content":{"rendered":"

Assiduous Reader JP brings the following to my attention, in response to the bit about renewables’ effect on utilities<\/a>:<\/p>\n

Europe\u2019s drive toward a power system based on renewable energy has gone so far that output will probably need to be cut within months because of oversupply.<\/p>\n

Network operators are likely to curb solar and wind generation at times of low demand to prevent overloading the region\u2019s 188,000 miles (302,557 kilometers) of power lines, Entso-e, the grid association in Brussels, said last month. Renewable output is poised to almost double to 18 percent by 2020, according to Energy Brainpool GmbH & Co. KG, a consulting firm in Berlin.<\/p>\n

Europe\u2019s fivefold surge in green energy in the past decade pushed prices to a nine-year low and wiped out $400 billion in market value of utilities from Germany\u2019s RWE AG to GDF Suez SA in Paris.
…<\/b>
European governments handed out $57 billion in 2012 for green energy projects, more than half of the global $101 billion, according to the International Energy Agency in Paris.<\/p>\n

Investment in new European projects slowed to $43 billion last year from as much as $80.2 billion in 2012, according to Bloomberg New Energy Finance in London.<\/p>\n

The spending came even as EU\u2019s power demand peaked in 2008 and is poised to slide 0.3 percent this year, according to IHS Inc., a consulting firm based in Englewood, Colorado.<\/p><\/blockquote>\n

At some point, grid operators and power suppliers are going to have to come up with some way to store electricity, de facto if not de jure. My guess is that the best way to do this is to increase surge capacity in hydroelectric plants, so you just turn off the generators and let the water build up a little bit more behind the dam, until you need the power and can let things run flat out. This happens every day at Niagara Falls<\/a>; surely the method could be extended to cover intermittent wind and solar supply with minimal tinkering.<\/p>\n

Anybody with more insights into this … eMail me! I have posted a question on the Straight Dope Message Board<\/a>, which is always a good resource.<\/p>\n

What with it being close to election day and all, I thought I’d pass along Assiduous Reader JP’s note about promises, promises<\/a>:<\/p>\n

In what appears to be a first, the Lisgar GO station in Mississauga is going green.<\/p>\n

As of about April 1 [2009], if plans stay on track, about 80 per cent of the busy train station’s electrical needs will be powered by the wind, courtesy of a brand new turbine that will generate roughly 56,000 kilowatts a day.<\/p>\n

GO Transit spokeswoman Jessica Kosmack suggests the turbine’s $620,000 price tag will prove a bargain and perhaps become a prototype for other eco-oriented initiatives across the 8,000-kilometre GO network, which comprises 59 rail stations and numerous bus routes.<\/p><\/blockquote>\n

… reality, reality<\/a>:<\/p>\n

A wind turbine pilot project at a GO station in Mississauga, built for $620,000, is producing 91 per cent less electricity than originally projected.<\/p>\n

The turbine, unveiled at Lisgar GO station in April 2009, was expected to produce 98,550 kilowatt hours (kWh) per year \u2014 enough to power 80 per cent of the station\u2019s electricity needs.<\/p>\n

More than four years later, it is only producing around 9,000 kWh per year, or about 9 per cent of projections.<\/p>\n

That\u2019s enough electricity to power a single typical household in Toronto for nine months.<\/p>\n

Metrolinx blamed \u201cinconsistent localized wind levels\u201d and new development in the area for the turbine\u2019s underperformance. A spokeswoman still called it a \u201cmarginal success.\u201d<\/p><\/blockquote>\n

Other marginal successes include Enron, Chrysler, Bre-X and Nortel.<\/p>\n

It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 14bp, FixedResets up 12bp and DeemedRetractibles gaining 8bp. Volatility was average and the Performance Highlights table is comprised entirely of FixedResets, which continue to adjust after the recent carnage and partial recovery. Volume was very low.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2618 %<\/td>\n2,513.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.56 %<\/td>\n3.81 %<\/td>\n30,237<\/td>\n17.78<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,768.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.90 %<\/td>\n3.03 %<\/td>\n45,595<\/td>\n19.58<\/td>\n4<\/td>\n-0.2618 %<\/td>\n2,713.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.38 %<\/td>\n-12.47 %<\/td>\n27,822<\/td>\n0.08<\/td>\n2<\/td>\n-0.1748 %<\/td>\n2,713.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.30 %<\/td>\n64,716<\/td>\n4.14<\/td>\n5<\/td>\n0.1753 %<\/td>\n3,114.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1748 %<\/td>\n2,480.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.52 %<\/td>\n2.65 %<\/td>\n82,715<\/td>\n0.08<\/td>\n17<\/td>\n-0.0139 %<\/td>\n2,398.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.27 %<\/td>\n5.28 %<\/td>\n107,160<\/td>\n14.97<\/td>\n20<\/td>\n0.1374 %<\/td>\n2,542.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.51 %<\/td>\n3.74 %<\/td>\n220,259<\/td>\n6.78<\/td>\n78<\/td>\n0.1214 %<\/td>\n2,525.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.01 %<\/td>\n1.44 %<\/td>\n148,691<\/td>\n0.21<\/td>\n43<\/td>\n0.0773 %<\/td>\n2,526.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.68 %<\/td>\n2.52 %<\/td>\n134,814<\/td>\n3.97<\/td>\n6<\/td>\n-0.0199 %<\/td>\n2,479.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.32
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.28
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.79
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n239,548<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n215,207<\/td>\nRBC crossed blocks of 133,700 and 64,800, both at 23.75.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n135,410<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.98
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n113,905<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.01
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n110,571<\/td>\nScotia crossed blocks of 58,200 and 30,000, both at 22.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.12
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n106,020<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.04
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
There were 18 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 24.32 – 24.95
\nSpot Rate : 0.6300
\nAverage : 0.4507<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.32
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.46 – 25.70
\nSpot Rate : 0.2400
\nAverage : 0.1604<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : -1.03 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.75 – 25.03
\nSpot Rate : 0.2800
\nAverage : 0.2075<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 24.33
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

RY.PR.I<\/td>\nFixedReset<\/td>\nQuote: 25.12 – 25.33
\nSpot Rate : 0.2100
\nAverage : 0.1390<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.65 – 26.00
\nSpot Rate : 0.3500
\nAverage : 0.2827<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n

ENB.PF.A<\/td>\nFixedReset<\/td>\nQuote: 25.10 – 25.33
\nSpot Rate : 0.2300
\nAverage : 0.1648<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-06-09
\nMaturity Price : 23.17
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Assiduous Reader JP brings the following to my attention, in response to the bit about renewables’ effect on utilities: Europe\u2019s drive toward a power system based on renewable energy has gone so far that output …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-25506","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25506"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25506\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}