There's Something Happening Here, What It Is Ain't Exactly Clear -- July 14, 2020

A reader sent me this note, source:

Offshore wind financings in 1H 2020 totaled $35 billion, up 319 percent year-on-year and in fact well above 2019’s record full-year figure (a revised $31.9 billion).

The first half of this year saw investment decisions made on 28 sea-based wind farms, including the largest ever, the 1.5 GW Vattenfall Hollandse Zuid array off the coast of the Netherlands, costing an estimated $3.9 billion.

Other major offshore deals included the 1.1 GW SSE Seagreen project off the U.K., at an estimated $3.8 billion; the 600 MW CIP Changfang Xidao array off Taiwan, at an estimated $3.6 billion; and the Fecamp and Saint-Brieuc projects in French waters, together totaling 993 MW and $5.4 billion. There were no fewer than 17 Chinese installations financed, led by the Guangdong Yudean Yangjiang Yangxi Shapaat 600 MW and $1.8 billion. 

My not-ready-for-prime-time reply:

That is very, very interesting. There are some strange things going on. The global economy seems to be in a mess and yet there seems to be no limitations on amount of money spent for expensive wind. And then all of the interest in electric trucks recently, and TSLA shares blowing through $1700/share and the company now valued more than eight other major auto manufacturers combined.

Just before receiving that note I posted:

The bans are coming: no links. Google it. More and more jurisdictions are putting in place laws to restrict the sale of ICEs (gasoline/diesel vechicles) or ban them altogether. One example: Scotland, 2032. The grid can't possibly handle the load, but that's only one of many challenges. This will be fascinating to watch. 

On July 11, 2020, we had a long, long post on electric trucks.

And, then, of course, the move to shut down existing crude oil and natural gas pipelines in the US.

As noted the other day:

At times of revolutionary transformation, people realize only gradually that the whole world around them is changing.

As someone once wrote:

There's something happening here
What it is ain't exactly clear 

The next two lines of the song are prescient:

Buffalo Springfield
Supposedly written in response to a street demonstration in Hollywood, 1966.

Quick: what's the name of that song?

By the way, what is TSLA doing today? Up over 7%; up over $112; could open above $1600. Has traded as high as $1800/share.

By the way, as long as we're here, Jamie Dimon's JPMorgan "beats on earnings." Wow.  JPM could open right around $100 this morning.

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