4 o sylwadau ar “(English) Gasonomics – The Economics of the Welsh Gas Industry

  1. Brilliant Mike. I’m always bleating about the REAL economics of the Welsh economy, but at a very basic level. So i’m always very interested in subjects like this where someone knows their stuff and has investigated something which i’d, personally, have no idea about. So, i’ll store this away with my other bits and pieces for future reference.

    You ask about errors. In the last ‘More Detail’ section you refer to 1 tonne of LNG being worth ‘$267 when it arrives in the tanker, or around £342 at current exchange rates’. The pound is worth around $1.3 dollars so $267 is worth about £220. Am I misreading it ?


  2. John, Thanks for the feedback – and yes you are correct – i got the currency conversion the wrong way round! I will correct the calculations as soon as I get a chance but obviously it makes the economics even more beneficial – to someone but not us!!


  3. Good read, I notice the exchange rate was wrong but I can see you already know about it 👍🏻 an independent Wales can and will flourish one day.

  4. Great post as always by Mike but clearly the situation has changed quite radically in the last 2-3 years. I’ve been looking at the annual DUKES report which gives a breakdown of gas imports coming into Milford Haven; it only runs up to 2020 but the 2021 report will probably be released shortly and should make for interesting reading!

    I was particularly interested in Mike’s comments on VAT as I understood that import VAT on LNG had been abolished by the incoming Conservative government in 2010 – a year after the Terminals started operating. If you go by the DUKES figures that’s hundreds of millions of pounds of lost income – potentially to the Welsh Exchequer.

    Could do with talking to Mike as I’ve been crunching the numbers through Milford Haven and potentially they are politically quite explosive (not literally thank god!) when you consider that the price cap for gas and electric is going to be raised even further this autumn.

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