Greece Faces Electric Meltdown

Tyler Durden's picture




 

Maybe the electrician-in-chief can send them some of those unused Solyndra solar panels?

From Reuters:

Greece's power regulator RAE told Reuters on Friday it was calling an emergency meeting next week to avert a collapse of the debt-stricken country's electricity and natural gas system.

 

"RAE is taking crisis initiatives throughout next week to avert the collapse of the natural gas and electricity system," the regulator's chief Nikos Vasilakos told Reuters.

 

RAE took the decision after receiving a letter from Greece's natural gas company DEPA, which threatened to cut supplies to electricity producers if they failed to settle their arrears with the company

Or, as they call it in Greece, Friday.

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Fri, 06/01/2012 - 08:20 | 2483126 GeneMarchbanks
GeneMarchbanks's picture

Lost me at Reuters.

Fri, 06/01/2012 - 08:31 | 2483186 bdc63
bdc63's picture

wonder how Americans will act when this happens here ...

 

Fri, 06/01/2012 - 08:43 | 2483242 Ethics Gradient
Ethics Gradient's picture

edit: removed for being stupid

Fri, 06/01/2012 - 08:43 | 2483310 idea_hamster
idea_hamster's picture

Perhaps we could send Chesapeake's Aubrey McClendon over there to help out with the NatGas part. 

Fri, 06/01/2012 - 08:53 | 2483371 Harlequin001
Harlequin001's picture

but it's in the national interest...

DEPA should be honored to supply Greece with its natural gas for free...

screw the shareholders.

Fri, 06/01/2012 - 09:12 | 2483488 Jack Sheet
Jack Sheet's picture

That avatar vaguely resembles a toilet seat when viewed from a distance (no offense!!) or is it something from heavy mechanical engineering?

Fri, 06/01/2012 - 09:17 | 2483512 tarsubil
tarsubil's picture

I believe that is from a rotary combustion engine. Just like the diesel engine, this is an idea I had years after it was invented.

http://youtu.be/6BCgl2uumlI

Fri, 06/01/2012 - 10:30 | 2483994 Uncle Remus
Uncle Remus's picture

Not to be confused with the Bernank's Wanker Engine.

Fri, 06/01/2012 - 09:35 | 2483647 DeadFred
DeadFred's picture

I tend to avoid toilet seats that have teeth.

Fri, 06/01/2012 - 09:58 | 2483794 THX 1178
THX 1178's picture

There will be blood.

Fri, 06/01/2012 - 10:03 | 2483836 Newsboy
Newsboy's picture

E.G. presents a Wankel rotary engine rotor.

If my eyes don't fail me, it is from an RX-2 motor, identifiable by the thicker slots for the apex seals. the early ones were graphite, able to handle 13,000 RPM, but they wore down kinda' fast, and were replaced with iron seals, which were smaller, heavier, lasted longer, but really got dangerous above 12.000 RPM.

Everybody knows that.

Fri, 06/01/2012 - 10:27 | 2483977 mick_richfield
mick_richfield's picture

You removed a comment because you decided it was stupid?

Holy crap, man.  If I start doing that, I'll have to yank my entire freaking timeline.

Sat, 06/02/2012 - 03:59 | 2486939 StychoKiller
StychoKiller's picture

"I can't brain today, I have the stupid!"  LOL

Fri, 06/01/2012 - 09:05 | 2483451 Stuck on Zero
Stuck on Zero's picture

Enron, California, redux.

Fri, 06/01/2012 - 09:16 | 2483517 williambanzai7
williambanzai7's picture

Don't worry, Carl Icahn won't let it happen.

Fri, 06/01/2012 - 12:12 | 2484511 natty light
natty light's picture

 "Nobody warned us!" 

Fri, 06/01/2012 - 08:49 | 2483358 LeonardoFibonacci
LeonardoFibonacci's picture

Rockefeller - Rothschild partnership will fix this problem!

Fri, 06/01/2012 - 08:22 | 2483139 Thomas
Thomas's picture

There will be blood.

Fri, 06/01/2012 - 08:25 | 2483155 CPL
CPL's picture

None that we ever hear of.  The power is out and it'll stay down.  If people are murdered on masse will anyone notice?

 

Not without tv camera, power for handy cams, phones, cell service...it'll be quiet as a grave this weekend I bet.  And no one will know...

Fri, 06/01/2012 - 08:35 | 2483190 NewWorldOrange
NewWorldOrange's picture

Yeah, there wil be blood. There will also be profit for those here who ACT. I posted this a few days ago:

 

Well at least one POOR guy is fast growing rich off these fucks:

Been short EUR/USD for nearly a month, as well as NZD/USD and AUD/USD. Scaled in for two weeks. ALL IN NOW. Do or die. Thanks Tyler. The incessant "gloom and doom" on Europe definitely encouraged me. I owe you buddy;:

HERE'S HOW YOU GET RICH OFF THIS SHIT PEOPLE

Sun, 05/06/2012 - 17:37 | 2401652 NewWorldOrange "It's going to be a very interesting summer."

Yes indeed it is. Perhaps even better than last summer (for currency traders.)

As for this evening, I think AUD/USD and/or NZD/USD are better shorts than EUR/USD. Always great "risk off" trades, especially on a Sunday evening after such a weekend. Whether the markets perceive increased volatility much in part due to the Europe elections, a decline in global markets, or are still just pricing in the Friday's jobs report, there is likely to be a flight to the "safety of the US dollar" (yeah, I know - LMAO too) and when that happens the Aussie and Kiwi usually take a real beating. Especially if commodities markets are trending down as they have been.

Shorted both and EUR/USD Friday afternoon. Just closed EUR/USD. Just added BIG to my already sizeable shorts on AUD/USD and NZD/USD. I'll either wake up with a huge profit or most of my earnings from the past two months wiped out. Because sometimes you just gotta' go for the gusto.

[UPDATE 5-30-12: I got back in EUR/USD shorts the next week...closed my AUD NZD shorts last week...still in the EUR/USD short and in fact just went all in on that with a target of 1.21...}

[UPDATE 6-1-12: The Big EUR/USD SHORT: The gift that keeps on giving! Break below 1.23 imminent...]

(I think I'm allowed to gloat a bit especially after the past few days, heh. I'M RICH BITCHES!)

 

Thanks again Tyler! I owe you buddy!

Fri, 06/01/2012 - 08:43 | 2483298 ThirdWorldDude
ThirdWorldDude's picture

Well done, but now you better be wise with how you spend it.

Fri, 06/01/2012 - 09:41 | 2483691 DeadFred
DeadFred's picture

The key is to know when to leave the table. No matter how bad it gets it will bottom out somewhere. If you hang in there expecting an even lower bottom it will all disappear.

Fri, 06/01/2012 - 10:24 | 2483963 NewWorldOrange
NewWorldOrange's picture

TRUE. That's why I took a million off the table yesterday.

I got a ton of credit cards a month ago. Applied for every one I could find on the Internet a few months ago. Even posted a long post suggesting that to everyone and telling how to do so without violating laws (don't overstate income.) Used ALL that credit to finance a forex account at www.fxcm.com.

Two months ago I had a net worth of about $60,000. If I lose everything I have in this trade now (stop at 1.2660, limit at 1.2100) I'll still have that million. If it hits my limit before my stop...I'll be like Steve Austin, Astronaut...AFTER taxes;)

Fri, 06/01/2012 - 10:26 | 2483971 CrashisOptimistic
CrashisOptimistic's picture

You're about 42% right.

The future is a downward sloping sawtooth, because oil scarcity is killing everything.  The individual sawteeth do have tiny moments of uptick, but down they will go, to the next lower lows.

And it's forever.  We only had this planet of oil to drain using fewer BTUs to get it out than we got out.  The other places, like Titan, with hydrocarbons, could be converted to oil, but the BTU total required to do it would far exceed what we get.

Oil is the fuel of transportation and no other fuel works for that.

 

Fri, 06/01/2012 - 15:06 | 2485427 BooMushroom
BooMushroom's picture

Short the fucking rise, then? If the slope is -5% per year, and inflation is 7.5% per year, your sawtooth is nominally up, not down. Not disagreeing with your BTU theory, just pointing out the trade may not work out like you think.

Fri, 06/01/2012 - 15:32 | 2485527 Mentaliusanything
Mentaliusanything's picture

"You never count your money when your sitting at the table. There be time enough for counting when the dealings done".

Fri, 06/01/2012 - 08:23 | 2483143 CPL
CPL's picture

Don't pay engineers, engineers don't work = everything breaks fast.

 

People are surprised by this?  The world doesn't run on magic, runs because 1 tiny group of people keep it running so the other 99.9% don't die from something as simple as a door way or a bridge.

 

BTW no electricity also means no transportation, water (unless a hand drawn well) or petrol/gas/NG/oil/Coal.

 

The media will be effected first...then hospitals shut down...then data centers.

Fri, 06/01/2012 - 08:27 | 2483160 the not so migh...
the not so mighty maximiza's picture

your forgetting sewage treatment, generators can only last a few days.

Fri, 06/01/2012 - 08:29 | 2483173 CPL
CPL's picture

They haven't been running for months.  One of the reasons for Polio and plague outbreaks in towns with more than 500 people.  Over flow is in the drinking water table now.  With the power out I can't even confirm that Hep B and C aren't on the rise.

 

Doesn't matter I suppose.  Greece is going to be made the example of to illustrate how bad things get.

Fri, 06/01/2012 - 08:32 | 2483194 mayhem_korner
mayhem_korner's picture

 Greece is going to be made the example of to illustrate how bad things get.

 

But will people heed the lesson?  No, they will celebrate that it didn't happen to them, and return to normalcy bias convinced it won't happen to them.

Physical - it's not just about gold, folks!

Fri, 06/01/2012 - 08:59 | 2483414 Widowmaker
Widowmaker's picture

FUCK THE POOR!

Now, who's got my check?

Fri, 06/01/2012 - 08:34 | 2483210 Peter Pan
Peter Pan's picture

Will Athens traffic improve once traffic lights cease to function?

Fri, 06/01/2012 - 08:44 | 2483299 CPL
CPL's picture

Yes, I can promise there won't be a single car driving after a week from a complete lack of gas because the diesel and coal fired electrical plants don't have anything feeding them because electricity is a primary power source for 70% of society to function.  it is 100% dependant on oil and coal...hydrocarbons.  All "green" tech is 100% dependant as well

 

If anyone hasn't understood yet, this is the Peak Sweet Light Crude and Peak Diesel scenario in a nutshell.  Didn't think refineries were shutting down because of "profit".  Refineries are a cost center, they are always included in the price of a gallon or a litre.

 

They are shutting down because there is nothing to process.

Fri, 06/01/2012 - 09:14 | 2483510 aerojet
aerojet's picture

How do you draw such idiotic conclusions?  If they have nothing to process, it is because they didn't pay their bills, not because oil is running out. 

Fri, 06/01/2012 - 09:21 | 2483538 CPL
CPL's picture

Run this query in google news in private browsing mode.

(oil|crude|diesel|electric|electricity) (energy|fuel|power) (peak|change|broke|default|expansion|availability|supply|import|inventory|delivery) (low|high)

 

Tell me again that energy supplies are perfectly stable and abundant.

 

Don't assume because the idiot box tells you something that it's true.

Fri, 06/01/2012 - 10:19 | 2483941 Citxmech
Citxmech's picture

Notice CPL said "Peak Sweet Light Crude" - and for the umpteenth time, "Peak" does not mean "about to run out."

Fri, 06/01/2012 - 09:19 | 2483527 illyia
illyia's picture

So the dynamics of too much supply currently is? Slow-down economy, speed up pumping, count your chickens, prevent hatching?

?

Fri, 06/01/2012 - 08:47 | 2483329 Rock the Casbah
Rock the Casbah's picture

yes

Fri, 06/01/2012 - 08:23 | 2483146 RobotTrader
RobotTrader's picture

Crude oil in a full fledged meltdown as a result.

Wow!

Fri, 06/01/2012 - 08:27 | 2483162 mayhem_korner
mayhem_korner's picture

 

 

Please post at 0930 EDT when the Dow opens down 150 and tell us about retail stocks.

Fri, 06/01/2012 - 09:21 | 2483535 wrs1
wrs1's picture

Mattress stocks have been a terrific short the last month and a half, huge money maker for me on SCSS it's a perefect short but now everyone will be piling on.

Fri, 06/01/2012 - 09:13 | 2483502 wrs1
wrs1's picture

Crude down, gold up, means one thing, RATIO TRADERS ARE FUCKED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

HUI TO THE SKY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Fri, 06/01/2012 - 08:23 | 2483148 disabledvet
disabledvet's picture

"I'm in the dark here!" Al Pacino, Scent of a Woman.

Fri, 06/01/2012 - 09:06 | 2483458 Killtruck
Killtruck's picture

One of his finest performances. "I'd take a FLAMETHROWER to this place!"

Fri, 06/01/2012 - 08:24 | 2483149 cnhedge2
cnhedge2's picture

Q&A on the European Debt Redemption Fund
http://www.cnhedge.com/thread-6595-1-1.html

Fri, 06/01/2012 - 08:24 | 2483151 mayhem_korner
mayhem_korner's picture

 

 

Hope there aren't whitecaps in the Mediterranean today.

Fri, 06/01/2012 - 08:27 | 2483158 5880
5880's picture

sow, reap

Fri, 06/01/2012 - 08:26 | 2483156 SelfGov
SelfGov's picture

"This ground is not the rock I thought it to be!" - Maynard - Flood

The faster crude falls the bigger the economic decline behind it.

Gotta love "demand destruction" aka...

 

COLLAPSE
Fri, 06/01/2012 - 09:08 | 2483471 brooklynlou
brooklynlou's picture

The faster crude falls, the stronger the dollar is, the weaker gold and the Euro are. 

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