Energy

Britain is losing out as a result of its changeable energy policy. That’s the main takeaway from Samos Energy’s recent closing of a $230 million initial public offering. On July 13, Samos Energy Acquisition Corporation announced the conclusion of its IPO of 23 million units, sold at $10 each to raise a total of $230 million. This number included an extra 3 million units that were bought due to high demand. The IPO comes after the company shifted its attention from the UK to Africa and South America, when co-founder Jacques Tohme called out the problems on the North Sea that influenced his decision. “The UK Treasury has become very unstable and lacks engagement with the industry,” Tohme said in 2023.

The energy price surge caused by war in the Middle East has sent shockwaves through Westminster. It has pushed up inflation and the cost of borrowing, causing panic in the cabinet and the recognition that government intervention could be needed on a vast scale to support the cost of living. The Prime Minister told a private audience: ‘The assumption that the growth of the developed countries can proceed steadily on the basis of cheap energy has been shattered almost overnight.’ He further observed: ‘The problem is not simply one of inflation. It is the whole structure of the economy.’ In the Treasury there is something approaching a siege mentality. The Chancellor has ‘to spend [her] time firefighting’.

Like Harold Wilson and his ill-defined ‘white heat of technology’, Keir Starmer has latched on to artificial intelligence as the saviour which is finally going to jolt Britain’s sluggish economy into growth. He once even suggested it would help fill potholes. A year ago he launched his AI Opportunities Action Plan, which is supposed to give the industry a huge boost through the designation of ‘AI Growth Zones’. But there is a big hole in Starmer’s plans. How are we going to power an industry that has become as voracious in its energy needs as the steel, shipbuilding and other heavy industries which it might one day replace? The high energy consumption of AI might not seem obvious to anyone playing around with ChatGPT. It all seems so clean and modern.

Bernie Sanders has been rolling out political hot takes for more than half a century, and in recent years his familiar socialist prescriptions have found a new focus: artificial intelligence. In 2023 he argued that workers who use it should be entitled to a four-day week. In October of last year he called on corporations who employ AI to be hit with a “robot tax”. And, just last month, he made his punchiest proposal yet: a complete moratorium on all AI data centers. In a characteristically plaintive video address, the Vermont Senator argued that halting data center construction would "give democracy a chance to catch up," preventing the benefits of AI from being monopolized by "the wealthiest people on Earth.

As a mighty US armada bobs in the Caribbean off the shores of Venezuela, President Trump just addressed the nation from the Diplomatic Reception Room at the White House. With characteristic delicacy and understatement, he outlined the accomplishments of the first 11 months of his second term in office, lightly criticized his predecessor and cautiously opined about what the future held in store for the United States of America in the coming semiquincentennial year.  Well, some viewers may wish to dispute my emphases and assessments of tone. But let’s just say that the President’s short speech was vintage Trump. It was hyperbolic, yes, over the top, indubitably, but in essence 100 percent true.