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Energy Blast – Oct 19, 2010

In a ‘major step for carbon markets‘, the UN has approved its first carbon-reducing joint implementation project, between Germany’s E.On and the Shaturskaya Therman Power Plant. TNK-BP’s dollar bonds surged on the news that it will spend $1.8 billion buying assets in Vietnam and Venezuela from BP, which is seeking cash to pay for its oil spill in the Gulf of Mexico. ‘One of TNK-BP’s bigger problems is its dependence on Russia, so anything that can change that is a positive for investors.‘  China’s unconventional gas demand, including coalbed methane, shale and flammable gas, is likely to increase rapidly over the next ten years, says its Ministry of Land and Resources, potentially displacing its current appetite for coal.  The US is looking to start reducing its number of coal-fired power plants, which will struggle to meet environmental regulations.