Month: November 2022

Australian researchers have identified 1,500 additional locations across the country that could be used as pumped storage hydropower facilities. They have said it should reduce Australia’s reliance on fossil fuels.

Academics at the Australian National University have said pumped storage hydropower is a “low-cost, mass storage option” that could help Australia reach its emissions reduction targets.

Emeritus Professor Andrew Blakers at the university’s College of Engineering, Computing and Cybernetics told VOA the process involves transferring water between two reservoirs or lakes at different elevations.

He said water is pumped to the higher reservoir when there are plentiful supplies of wind and solar energy. The water is then released at night, or at other times when it is not windy or sunny, maximizing the use of the stored energy in the reservoirs.

“We have two reservoirs; one at the top of a hill and the other down in a valley connected with a pipe or tunnel,” he said. “On sunny and windy days, the pump turbine pumps water uphill to the upper reservoir and then in the middle of the night the water is allowed to come back down through the turbine to recover the energy that was stored. So, the same water goes up and down between the two reservoirs for 100 years. So, if you want large-scale storage, you go to pumped hydro.”

Researchers studied the area near every reservoir in Australia looking for a potential site for another reservoir that could be used as pumped storage hydropower.

They identified 1,500 locations that could help Australia store the energy it generates from wind and solar projects.

Blakers says Australia is becoming a world leader in the field.

“All Australian governments and companies are focused on very rapid construction of solar and wind, and equally rapid construction of new transmission to bring the new power to the cities, and pumped hydro and battery storage to balance the variable solar and wind. Australia is the global pathfinder. We are leading in every department,” he said.

Australia has a target of producing 82% of its electricity from renewable sources by 2030.

Because of the country’s heavy reliance on coal and natural gas, it has been one of the world’s worst emitters of greenhouse gases, per capita.

Those fossil fuels continue to generate much of Australia’s electricity, but researchers believe that the country’s path toward a cleaner energy future is well underway.

The Australian National University study released Friday follows the team’s identification of 530,000 potential pumped-storage hydro sites across the world.
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Crypto exchange FTX filed for U.S. bankruptcy proceedings on Friday and founder Sam Bankman-Fried stepped down as CEO, in a stunning downfall that has sent shock waves through markets and drawn calls for better regulation of the digital industry.

The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal.

The company said in a statement shared on Twitter on Friday that FTX, its affiliated crypto trading firm Alameda Research and about 130 other companies have commenced voluntary Chapter 11 bankruptcy proceedings in Delaware.

FTX had raised $400 million from investors in January, valuing the company at $32 billion. It attracted money from investors such as Singapore state investor Temasek and the Ontario Teachers’ Pension Plan as well as celebrities and sports stars.

Bankman-Fried, 30, known for his trademark shorts and T-shirt attire, has morphed from being the poster child of crypto’s successes to the protagonist of the industry’s highest-profile blowup.

“The shock was that this guy was the face of the crypto industry, and it turned out that the emperor had no clothes,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

The week’s turmoil hit already-struggling cryptocurrency markets, sending bitcoin to two-year lows. Bitcoin dropped after FTX’s announcement and was down 4.3% at $16,803 on Friday afternoon.

Shares of cryptocurrency and blockchain-related firms also dropped on the news.

FTX’s token FTT plunged 30% on Friday to $2.57, facing an 88% weekly loss.

Bankman-Fried, whose net worth was estimated as high as $26.5 billion by Forbes a year ago, repeatedly apologized.

“I’m really sorry, again, that we ended up here,” he said in a series of tweets.

Bankman-Fried did not respond to requests for comment.

Possible contagion effect

In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors. John J. Ray III, a restructuring expert, has been appointed to take over as CEO.

“The next question is how wide of a contagion effect this is going to have on other exchanges and where the next potential losses can occur,” said John Griffin, founder of Integra FEC, which consults on financial fraud investigations.

FTX was scrambling to raise about $9.4 billion from investors and rivals, Reuters reported, citing sources as the exchange sought to save itself after customer withdrawals.

“The Chapter 11 filing is a necessary step to allow the company to assess the situation and develop plans to move forward for the benefit of stakeholders,” Ray said in a Slack memo to FTX staff seen by Reuters.

Ray, 63, oversaw the liquidation of Enron after its bankruptcy filing and served as the senior officer of what became Enron Creditors Recovery Corp. He also oversaw the bankruptcy restructuring at Nortel Networks.

He did not respond to a request for comment.

Some investors, including Sequoia and SoftBank, had already marked FTX investments to zero. SkyBridge Capital is working to buy back its FTX stake, the alternative investment firm’s founder, Anthony Scaramucci, said in an interview with CNBC on Friday.

The reverberation went beyond the financial markets where the exchange has a significant presence, with the Mercedes Formula One team suspending its partnership agreement ahead of the season’s penultimate race in Brazil.

‘The writing was on the wall’

As FTX’s troubles mounted, regulators around the world stepped in.

FTX is under investigation by the U.S. Securities and Exchange Commission, the U.S. Justice Department and the Commodity Futures Trading Commission, according to a source familiar with the investigations.

“Once Binance walked away from buying FTX after only 24 hours of due diligence the writing was on the wall for FTX,” said Antoni Trenchev, co-founder of crypto lender Nexo.

“Now we enter the next phase of the fallout, where we witness the second order effects and discover which entities were exposed to FTX and Alameda.”
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Twitter paused its recently announced $8 blue check subscription service Friday as fake accounts mushroomed and new owner Elon Musk brought back the “official” badge to some users of the social media platform.

The coveted blue check mark was previously reserved for verified accounts of politicians, famous personalities, journalists and other public figures. But a subscription option, open to anyone prepared to pay, was rolled out earlier this week to help Twitter grow revenue as Musk fights to retain advertisers.

The flip-flop is part of a chaotic two weeks at Twitter since Musk completed his $44 billion acquisition. Musk has fired nearly half of Twitter’s workforce, removed its board and senior executives, and raised the prospect of Twitter’s bankruptcy. The U.S. Federal Trade Commission said Thursday it was watching Twitter with “deep concern.”

Several users reported Friday that the new subscription option for the blue verification check mark had disappeared, while a source told Reuters the offering has been dropped.

Twitter did not reply to a request for comment.

Fake accounts purporting to be big brands have popped up with the blue check since the new roll-out, including Musk’s Tesla TSLA.O and SpaceX, as well as Roblox, Nestle NESN.S and Lockheed Martin LMT.N.

“To combat impersonation, we’ve added an ‘Official’ label to some accounts,” Twitter’s support account – which has the “official” tag – tweeted on Friday.

The label was originally introduced Wednesday, but “killed” by Musk just hours later.

Drugmaker Eli Lilly and Co LLY.N issued an apology after an impostor account tweeted that insulin would be free, amid the political backlash and scrutiny of the high prices of the medicine.

“We apologize to those who have been served a misleading message from a fake Lilly account,” the company said, reiterating the name of its Twitter handle.

A number of misleading tweets about Tesla from a verified account with the same profile picture as the company’s official account were also being circulated on the platform.

“Twitter has over the past several years worked to try to improve that (misinformation). And it seems like Elon Musk has unraveled it within a matter of weeks,” said A.J. Bauer, a professor at the University of Alabama.

Musk had said Twitter users engaging in impersonation without clearly specifying it as a “parody” account would be permanently suspended without a warning. Several fake brand accounts, including those of Nintendo 7974.T and BP BP.L, have been suspended.

On Thursday, in his first company-wide email, Musk warned that Twitter would not be able to “survive the upcoming economic downturn” if it failed to boost subscription revenue to offset falling advertising income, three people who saw the message told Reuters.

Many companies, including General Motors GM.N and United Airlines UAL.O, have paused or pulled back from advertising on the platform since Musk took over. In response, the billionaire said Wednesday he aimed to turn Twitter into a force for truth and stop fake accounts.
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