The exploration companies are skint. They have massive debts. The banks are showing less willingness than they were to keep funding their bottomless debt pit. The Minister for Energy & Infrastructure Greg Clark threw into the system the requirement for ‘financial resilience’ before permission to drill would be granted. The decision as to whether a company has the necessary ‘financial resilience’, he said, would not reside with him, however. It’s been given to ex-BP Tony Meggs, who also carried out the MIT study into future of natural gas. He was asked to form the Infrastructure Projects Board, which he leads on a salary of £195k a year.
A motherfracker if there ever was one, given the power to decide whether fracking companies are to be allowed to operate while insolvent. Hmmmm.
As yet, he has not given any guidance as to what consists of the necessary ‘financial resilience’ for the development companies, which all operate on a financial knife edge.
Meggs reports to the Chancellor Philip Hammond, and to the Rt Hon David Liddington, at The Cabinet Office. There is not one MP from close to the sacrifice zone in the North of England involved in fracking decisions. All the civil servants and politicians are from the super rich South, where dead Northerners are a total irrelevance.
All the four, Clark, Meggs, Liddington and Hammond are a buggers’ muddle hoping not to attract any attention. Their fracking role has anonymity in the media, while they draw nice salaries, hiding behind acronyms like IPA – The Infrastructure Projects Authority. Get after these people, who have so much power to sacrifice lives of people they will never meet, and inflict environmental catastrophe, without their faces appearing in public as the guilty ones.
They admit they have no idea how much water will be needed by frackers, how many jobs the industry will (Not) create, or what the plans there are for the waste disposal (There are no plans). Get your MP to ask them about these things, and about why all the developers are running on negative net worth, being unable to do their jobs properly due to lack of cash even if they wanted to. Expose these servants of evil skulking in their cowardly hidyholes in Westminster and drag them out into the light.
PNR and British gas
PNR Preston New Rd and Cuadrilla is the only frack risk this year 2018. The focus right now needs to be on British Gas trading as Cuadrilla. If British Gas decide not to pump any more money into Cuadrilla, Cuadrilla would have no choice but to close their operations. They are broke. The collective negative net worth of the Cuadrilla network is minus £10 million. They don’t have any ‘financial resilience’ to carry on as things stand right now. So where is Meggs?
Why doesn’t Meggs suggest that British Gas transfers £20 million cash now or he closes the development at PNR immediately? If British Gas won’t fund the work properly, then who will pick up the losses? The banks – i.e. the taxpayers – that’s you and me, where these mother frackers like all the financial risks to be carried.
In Lancashire, get your local MPs to demand information of the buggers in the muddle. Expose them.
Cuadrilla are claiming to be on time to frack about mid-year. Time is running out.
People should focus on the administrative and the financial angles now, join together as a community and get after British Gas. Expose David Liddington, Cabinet Office, Tony Meggs, IPA, Philip Hammond, the Chancellor, and Greg Clark, the Minister for Infrastructure and Energy. Let them know they will be held personally accountable for the terrible losses which will be suffered by the people of the North of England if fracks go ahead. They haven’t done their research. They don’t have the hard information. They are blagging and hoping they can pass through under the radar. They’re hoping to keep their huge salaries rolling in all the while. It’s time they were stopped.
Here’s Meggs. That’s what boys shout when the ball passes between a player’s legs. The ideal place to go for. That and the wallet. He doesn’t give a toss about anyone or anything other than that, you can be quite sure about that. It’s simply greed and damn the consequences to the people of the North of England who are threatened by their actions.