Chicago Climate Exchange still flatlining – employee cuts

From the “unsustainable business” department, who wants carbon at 10 cents a ton? Apparently, nobody. Data below as of August 8 2010:

Source: http://www.chicagoclimatex.com/market/data/summary.jsf

From Reuters, news of layoffs. At least their carbon footprint will be lower…

ICE cuts staff at Chicago Climate Exchange-sources

* ICE to cut around half of 50-person CCX workforce

* 1st round of layoffs began July 23, more to come in autumn

* Sources cite U.S. climate inaction as main reason for cuts

* ICE collecting feedback on what to do with climate bourse

By Michael Szabo

LONDON, Aug 11 (Reuters) – Market operator Intercontinental Exchange Inc. (ICE.N) is laying off staff at newly acquired U.S. environmental bourse the Chicago Climate Exchange (CCX), industry sources told Reuters, citing a lack of U.S. action on climate change.

They said the first round of layoffs began on July 23 and, although the total number of jobs to be cut was unknown, one said around 25 employees, or roughly half CCX’s headcount at the time of ICE’s acquisition, had already been or were being let go.

ICE would not confirm or comment on the layoffs.

“ICE just came in one day and started hacking away … We were told the company was restructuring,” said one source, who declined to be named.

full story: ICE cuts staff at Chicago Climate Exchange-sources

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Craig

This surprises who?

Evan Jones

I’ll bet you a dollar to a dime . . . no, wait . . .

ThousandsOfMilesAway

“At least their carbon footprint will be lower…”
rofl…

kwik

Isnt this MUCH more interesting;
http://www.climatechangefraud.com/climate-reports/7491-official-satellite-failure-means-decade-of-global-warming-data-doubtful
REPLY: No, because he’s making some inflated claims that aren’t supportable, which is why I’m not jumping on to it – Anthony

pyromancer76

Can’t think of a better group/organization/market exchange to be flat-lining today — except for the political opportunities of all current and former members of Democratic Socialists of America

Chris B

Maybe when they realize that CO2 is plant food and not a pollutant carbon will have a positive value.
Maybe I should buy a few tons……… if they drop the price a little more. LOL

Henry chance

If you look at the daily dollar volume, it looks like it could be handled by one person and a PC.
Newsweek sold for less than the price of a single copy. CCX may be worth less for the total exchange than the price of a ton of CO2.

It’s tough to sell a lie, when everybody knows you are lying. The CO2 comes out slowly.

wws

“ICE collecting feedback on what to do with climate bourse.”
I think their best business plan is to open it to the public, put in an attractive counter, give their “traders” some aprons and just keep those Latte’s comin!

latitude

Sell a product that no one wants.
What’s the Obama, Gore connection? 😉

John S.

Their entire ‘business model’ relied solely on government regulations mandating carbon credit exchange. Without such legislation in place, of course they will go out of business.

It’s been flatlining long enough now. Tag it and bring it to the morgue.

rbateman

* ICE collecting feedback on what to do with climate bourse
Stuff the turkey and cook it. Serve with lots of gravy.
Eat hearty until you get a knock on the door, indicating party is over.

Curiousgeorge

But, but, but won’t windmills save us? Apparently not, according to this Scottish study – http://scotlandonsunday.scotsman.com/news/Windfarms-only-giving-half-power.6426015.jp

a dood

It’s mindbending that the whole scheme ever even existed in the first place.

Jeremy

I’d rather see jobs cut there than in some manufacturing industry as a result of cap-and-tax.

JB Williamson

Meanwhile in the UK:
Companies face further fines under new ‘green tax’
http://www.telegraph.co.uk/news/7941076/Companies-face-further-fines-under-new-green-tax.html

Ten cents a ton is the lowest value for any commodity I have ever heard of. That’s $0.0005 dollars per pound. The difference between that and free is inconsequential.
The Grand Carbon Marketing Scheme has collapsed. The balloon has burst. The scammers like Algore took their ill-gotten gains and got out long ago.
The Malarkeys in Congress wanted to invest your money at $12 per ton. Remember? They still do. Corruption has no limit.

Fred

The great climate hoax spawned the great Carbon Exchange hoax and both are flat lining.
If only mother nature would cooperate with those computer generated climate models.

Whoops. Somehow I left out another zero. $0.00005 per pound. Not that it makes any real difference.

bubbagyro

I’ll buy CO2 at $0.10 per ton. A ton of solid CO2 (dry ice) would keep my freezer cold for a month at a time and I could leave it outside and not spend $$$ on electricity. $0.10 a month to run a freezer? Who wouldn’t?
They do sell it in solid form, don’t they?

Bernd Felsche

Dare I say:
It’s dead, Jim.

Joe

I am still laughing at the suckers who bought this CO2 ton of nothing for $7….then again our governments bought them… so I guess the joke is on us, the taxpayer.
The good news is that the CCX employees will be fully trained to work on Wall street, as experts in selling derivative crap. They can also be hired by the CIA, and exported to Iran, as experts in destroying economies. Or they can advise Al Gore on which massage therapists will provide ‘happy ending’ and how to tell the difference.

A Holmes

Reminds me when a TV reporter was up in Scotland in the middle of winter, snow and ice everywhere and way below zero temperatures , there was high pressure reigning with a lovely blue sky so you could see the windmills for miles – and not a single one was turning – no wind – and had been like that for ages ! Pity the locals trying to keep warm or cook with renewable energy , which probably renews itself in Spring !!

Håkan B

Curiousgeorge, that’s not as bad as in Sweden, have a look here:
http://www.vindstat.nu/driftsamfalla.htm
Right now when I’m writing this they produce 17% of installed effect. Look at the red line that’s the running mean for the last 30 days.
Short translation:
Antal verk = Number of windmills
Ej rapporterade = Not reported
Ur drift = out of service
Installerad effekt = Installed effect
Aktuell effect = Actual effect

CRS, Dr.P.H.

Here’s the website for CCX:
http://www.chicagoclimatex.com/
Interesting to scroll through the list of members, several of my clients bought into this as a hedge against future carbon controls. Now they scurry like mice….

Sean Peake

There is something fishy here. Would an astute company like ICE buy a business from a cast of characters like Goldman Sachs, Al Gore and Maurice Strong that is on the ropes? I don’t think so. It’s Chicago after all. No, there is another plan brewing behind the scenes and taxpayers are going to be paying for it all. It requires an investigative reporter to get to the bottom of it but I don’t see any one around in the media that isn’t already in the AGW tank.

J Gary Fox

Shouldn’t they receive TARP monies to continue their humanitarian work?
“This is unfortunate not only for the climate implications based on U.S. inaction but also for the number of really talented staff the CCX had to let go.” (Additional reporting by Timothy Gardner in Washington; Editing by James Jukwey)” (last part of complete article)
Yes, laying off 25-50 “talented” employees is equivalent the heat destruction of the earth.
In response to this news, my London Plane trees have been losing vast amounts of leaves. While some may think it is due to a local drought, my climate software modeling shows a high probability related to the fall of of Chicago Climate Exchange.

DR

Now look into President Wrecking Ball’s Obama’s incestuous relationship with CCX 🙂

AdderW

Can I buy just one (1) ? as a memento.

eo

It is surprising the carbon credits from Chicago Exchange still has some value. It should have gone down to zero the moment the US acceded ( it could not ratify as the Protocol was already in force although the US signed the Protocol) to the Kyoto Protocol. It was purely voluntary and the carbon credits traded did not conform to the verification procedures of the Kyoto Protocol. The Chicago carbon credits even if it complies with the Kyoto Protocol verifiction procedure could not be officially verified and registered because the US did not ratify it and was not a party to the Protocol although it is a party to the UNFCCC having ratified the treaty earlier.

Henry chance

Maurice Strong is a former Secretary General of the 1992 United Nations Conference on Environment UN’s ‘Oil for Food’ scandal. Strong is a criminal exiled in China.
Dr. Rajendra K. Pachauri is the Director-General of The Energy Research Institute
Daniel Weiss is co-founder and Managing Partner of Angeleno Soross sock Puppet
Richard L. Sandor, Ph.D., Dr. Sc.h.c. Founder
What a blue ribbon sample of board members, advisors and directors.
All they need is a marxist gubment mandate and the wheels turn CO2 into billions.

CRS, Dr.P.H.

From the Point Carbon newletter, Aug 6, 2010:
ICE calls US carbon business “loss making”
ICE may pare back its newly acquired US carbon business due to its low profits.
Jeff Sprecher, CEO and chairman of the IntercontinentalExchange (ICE), said the company is in talks about what it should do with the Chicago Climate Exchange (CCX), which it bought as part of its acquisition of Climate Exchange plc.
The CCX is a voluntary carbon program that was developed for the US in the absence of federal greenhouse gas limits.
“The US business is a loss-making business as it exists today,” Sprecher told analysts during its second-quarter earnings call Wednesday. “We will talk to the market on how it views the business and what we should do with it.”
The CCX was founded by Richard Sandor, the former chief economist of the Chicago Board of Trade, in 2002.
The exchange’s members make voluntary, but legally binding commitments to meet self-imposed annual GHG emissions reduction targets.
Members that have reduced emissions below their targets can sell or bank allowances, while those that emit above the target can buy carbon financial instruments (CFI), the exchange’s compliance instrument.
Many CCX members took part in the scheme expecting that their credits would have value in a US federal cap-and-trade program.
But with climate legislation delayed in the US Senate, Sprecher said it is uncertain whether companies will continue to seek to voluntarily reduce their emissions.
“It remains to be seen whether companies want to walk down their carbon footprint,” Sprecher told analysts.
He added ICE was targeting the Climate Exchange’s European business when it bought the carbon exchange for £395 million ($627 million) in April this year.
Scott Hill, ICE CFO, said the company sees growth opportunities in the European carbon market as the emissions trading scheme enters its third phase in 2013.
He added the company sees growth in the European carbon market as more industry groups fall under emission caps and more allowance auctioning takes place starting in 2011.
Developers see demand for CCX offsets despite uncertainty over the future of the US carbon system.
While the scheme’s emission allowances are deemed by many to be worthless because the program is overallocated, its offsets have maintained some value and companies continue to buy them.
Offset project developers say the CCX’s offset system is worth keeping and have called for it to continue beyond 2010.

RayG

OMG, we can’t let the Chicago Climate Exchange go extinct. It would be a catastrophic loss to market biodiversity. I am sure that the EPA has the authority to declare markets to be endangered species bringing the full force of various governmental agencies to bear in protecting the vital resource. Perhaps they can slip it into their CO2 regulations.

Lance

I don’t like to see anyone lose their job, so for the employees, my sympathy. As for this exchange losing, YES!!!

CRS, Dr.P.H.

Mods, thanks for fixing my CCX post!

 LucVC

10 cents is not a bad price at all. If I order it will they bring it to my garden? I think their business failed because they never clearly resolved the transport.

Everyone should buy one ton and demand a printed certificate.
The mailing costs alone will drive them over the edge…

John of Kent

….and suddenly everyone realised they were just selling…….thin air!………

peterhodges

buy! buy! buy!

RockyRoad

Chris B says:
August 13, 2010 at 7:40 am
Maybe when they realize that CO2 is plant food and not a pollutant carbon will have a positive value.
Maybe I should buy a few tons……… if they drop the price a little more. LOL
———-Reply:
I got gobs of CO2 for free: I just tilled up a big plot this past spring, planted about 20 rows, put in a bunch of soaker hoses to keep ’em wet, and voila! Garden! I’m currently harvesting lettuce, spinach, beets and summer squash, beans, peas and some early tomatoes! Corn is next, followed by peppers and carrots. And the CO2 was delivered without a hitch!

bruce

Is there enough CO2 on the Globe then to ballance the US budget deficit? (calculations anyone at 10 cents/ton?)

Enneagram

Carbon is DEAD!….Where will they bury it?, Did it die from natural causes or there is someone or something to blame for it?

PhilJourdan

Language Error! Mine. I read it and thought – ICE? What has immigration got to do with Carbon Credits? (But then with the current administration, any connection is a good excuse). Fortunately I found out it was just a European company that apparently has not heard of American ICE. 😉

This seems awful bad to me.
“US Government admits satellite temperature readings “degraded.” All data taken offline in shock move. Global warming temperatures may be 10 to 15 degrees too high”
…but this i don’t understand…
REPLY: No, because he’s making some inflated claims that aren’t supportable, which is why I’m not jumping on to it – Anthony

Cassandra King

The carbon traders and carpet baggers and their stooge politicians were so so sure that the scam would make billions, trillions even and its failed!
Still the good new is that the BBC(UK state Marxist propaganda outlet) has their pension funds invested in the eco fraud and they stand to lose their shirts, so every cloud has a silver lining. The comrades can now live the poverty stricken lifestyle they wish on us.
All that effort to tax a harmless trace gas and control world economic production and useage for nothing, all the taxpayers money frittered away and wasted for nothing more than a Brooklyn bridge confidence scam.
Never give a politician too much power and an open cheque book and never let them get too close to the spivs and sharks that infest the capitalist world, what about the econutters you ask? The foot soldiers of the scam, the PBI were just useful idiots to be used and discarded in the attempt to carry off the biggest ever financial fraud.

Dan in California

ICE bought the climate exchange in April of this year for $604 Million:
http://www.livetradingnews.com/ice-buys-up-climate-exchange-for-us604m-12800.htm
I have to wonder who received that $604 Million. Presumably the founders and earlier investors of the company.

Garry

Mike D. says August 13, 2010 at 8:23 am:
“Ten cents a ton is the lowest value for any commodity I have ever heard of. That’s $0.0005 dollars per pound.”
This has been a criminally-inspired effort to monetize the air.
Nothing more, nothing less.

upcountrywater

So, is the carbon packaged in lovely designer cubes?
HURRY Investment opportunities like this only come along, every 500 or so years.
http://www.investopedia.com/features/crashes/crashes2.asp
Tulips are a deal at these prices, and much prettier to look at.

KTWO

May have a connection with Gore’s temper tantrum a few days ago. (He was so angry he even forgot to blame Bush.) Correlation isn’t causation. But in this case I sure hope it was.
Since CFIs have nowhere to go but up he probably holds millions of them and wants federal legislation to boost their value. And he may still get it in the lame duck session.