Hello there everyone and welcome. This is Melissa Armell and I own the Stock Swoosh. I thought I would review the tracking results from November and October to very solid months. If you have more questions for me and you'd like more information you can email me at Melissa at thestockswoosh.com or call me at 929-3200 Gap. You can also watch for me on Fox Business Network or Fox News where I discuss stocks and the market on a regular basis. In order to be successful day trading what do you need to do? Chunk it out. Day trade. You take it trade by trade day by day. For example today there wasn't anything to do and some days you have that in the market. You really have to look at every day as an individual person and you look at it and if you don't look at it like that there's a potential that you can have a loss. So you really have to look at it day by day, week by week, month by month. Chunk it out to get your whole year to get the results that you want because some days will be huge. So it's it's not necessary to fight it if the market isn't giving it to you which there really wasn't anything there today. So what do I do? I follow the GoldenGap system which is a system that I myself created and if you wanted to come and learn my method that's what you'd learn. You'd learn the Golden Gap 26 points. So going back, gosh it seems a long time ago now but it was only two months ago. October 2nd I was on TV, TV day off, 10-3, TTS, 1500 profit, TVA, 3000 profit, 10-5 no trades, 10-6 was cost. That was a good one 1100 and that was a solid solid week to start off of October's. 5600 profit for the week.  Nice good one and Tiva that's been a great short, 1800 profit, 10-13 TV day off, total for the week 65-25 that's a great week.  So that was a nice strong positive week, third week of October, 11,205. And again you have to be very specific with what you're doing, be very focused. I usually do one trade a day but sometimes I might do two. The more you trade the more you are at risk of losing. So I say you know condense it, one, two. I mean if I'm doing three things I'm probably not having a good day to be honest with you. So I try to stick it to the one. 10-23, Matt was a nice one, 1250, 10-24, G was a loser, Loji was a loser, Matt, break even. That was a losing day. Turned it around, 10-25, Juniper was a loser, huge winner in AMD, 6300, 10-26 CLG, 1400 loser, CLG a second trade, 6700, big, big move for CLG. If you go back and look at the gap, 10-26, 6,000 plus on that day and I will tell you that going back I'm like the first trade actually was a winner. I just missed the exit because I felt 100% conviction it would have a big move in the day, which it did you know. So again when you're day trading you've got to take it get the move and get out but ended up really hammering it that day, held the conviction. 10-27 TB day off, nice week, 9,350, 10-30 MRK winner, 910, 10-31 UA was a loser, Q-Con was a winner, two trades in that, October total 35,080 and that's you know really solid, solid month. Going into November DDD, 1,200, 11-2 TB day off, 11-3 was on radio, did Fox radio, that was interesting experience, it was fun actually. And then going into the next week, 11-6 no trades on Monday, typically the slowest trading day of the week, 11-7 trip, 39-60, 11-8 snap, 16-40 that was a good gap actually could have held that longer, 11-9 AMD, 1,050, there's that AMD showed up again, 11-10 Disney, 15-75 and again November was one of those months where you say I got to be really careful because knowing there's a holiday, 11-13 no trades, 11-14 no trades, 11-15 target, nice one, 5,700, 11-16, VIAB was a loser, it cut it short, 500 loss and WMT was a winner, 18-75 and 19-20 and then the Friday 11-17 unfortunately WSM did not work out for the morning although on the day it ended up being a good short, didn't go after it again, lost, Ross was a loser but on the daily chart guess what, that continue was a really a better swing trade but took a loss as a day of trade on that, 10-20 through 10-20 I mean 11-20 through 11-27 the room was closed, had off for Thanksgiving and was on TV one of the days and it's nice to take a week off and the market was also very slow, low volume, not a lot to do, stocks were hardly trading, people take holiday, 11-28 MOMO was a good one, total profit on the day of MOMO was 4,080, 11-29 was, I was on TV, TV day off and 11-30 SPY was really a great call, that was just probably actually looking back now was one of the best calls of November because it was such an impossible call to call and it was a long which is really funny because I do prefer to short so 5,700 profit on the SPY so total for November 26,600, October November training results 61,680 and we just started December today so we'll see what December brings if you're interested in learning my method and trading and getting the live calls that I give daily in the room, the entry to stop, the exit, the targets and support resistance, my morning picks, you can take my class it's a full two-day course on how to strategically find pick and play stocks that are professional bearish gaps, the class is online and when I when I say strategically that's the most important point here because I'm honing in on what I'm doing every morning, remember you know being prepared is key so if you take two hours to prepare and you're only in the train for five minutes chances of you making a lot of money in that five minutes is huge because you did all the preparation beforehand the more prep work you do before you trade I'm telling you right now the better you're gonna trade the more money you're gonna make and the less time you're gonna have to invest in the trade and in the less time you're in a trade the less your risk which is another positive thing about trading gaps because I'm in and out usually very very quickly there were several trains that were longer holds over the course of the last two months but it's rare okay it's rare and if I would hold something it's only because I have a hundred percent conviction it's gonna go to a bigger number so it makes it worth it anyways last class of 2017 if you want to learn my method and trade with me all of 2018 and I would suggest you do December 16th and 17th 9 to 5 Eastern time cost of the class is $4,999 email me at Melissa at the stockswush.com if you want to sign up and I'm just look at that I'm gonna go see this I already went there during the day this is Soxford Avenue amazing Snow White the Seven Dwarfs display going on right now it's a light display I'm doing a special for the holidays New York is such a great time a great place to be during the holidays if you sign up for the Golden Gap course by Friday December 7th to receive the Soxwush show training room and the options letter free for one year so it's a savings of over six grand if you want to do it empower yourself to trade the market and if you'd like a trial because the offer is going through Friday of next week one solid week I'm giving for the holiday special to sign up you can email me if you really are serious and you want to learn my method email me at info at the stockswush.com for a trial I will tell you that you know you should observe if you're coming for a trial if you traded before and you want to do my calls in the next week okay fine but you're really not gonna know what to do until you do the class and that's why every person that's in the trading room is a Golden Gap course student I think it's important to know what you're doing before you actually trade so anyways have a great day everyone have a wonderful weekend and I will see you on Fox on Monday morning and I will see you next week in the live trading room email me a Melissa at the stockswush.com for more information


Good afternoon. I'm Alex White, Chair of the IAEA's Energy Group, and I'm delighted to welcome you to this event, which is part of the lecture series, Rethink Energy, brought to you by the ESB and the IAEA. And on behalf of the IAEA, I would like to thank the ESB for their continuing support and generous sponsorship of this series. This seminar will explore the potential of the European hydrogen economy. Hydrogen is expected to play an important role in achieving a carbon neutral economy in Europe by 2050. And while currently representing a modest fraction of the global energy mix, projections indicate that clean hydrogen could meet approximately 25% of the world's energy demand by mid-century. And of course, green hydrogen also has many possible applications in the Irish context as it does across the world. Today, we've convened a distinguished panel of experts to hear their assessments of the role that hydrogen could play in the transition to a clean and secure energy future. Today's event, just to say briefly about the event that lasts for around 70 minutes or so. And shortly, I'm going to invite each of our three panelists to offer some introductory remarks. Then we'll have a brief panel discussion amongst our distinguished guests before turning most importantly then to your questions. We really encourage your contributions. You can join the discussion using the Q&A function on Zoom, which you'll see there on your screen. And feel free to send in your questions throughout the session as they occur to you. It's always a hazard that questions, really good questions all come together towards the end and we just can't get to them because, you know, we just have to wrap up at some point. Once something occurs to you, just put the question in then and the sooner it comes in, the better chance there is that we'll actually reach it. And I would ask you, if you don't mind, to identify yourself when you put the question in and your affiliation if you have one when you do that. A reminder that the event, the whole event is on the record, and you can join the discussion on Twitter if you're motivated to do so, and you could use the hashtag, which is hashtag rethink energy. First though, before we introduce our panelists, I'm delighted to hand over to Jim Dollard, Executive Director of Generation and Trading at the ESB, and Jim will offer some opening remarks. Jim, over to you. Chairman, ladies and gentlemen, good afternoon, and you're all very welcome to what will be I hope a very exciting seminar today. ESB has worked really closely with the IEA for for a number of years now, but in particular to rethink energy series. I think this afternoon's discussion in particular is a tremendous fit with rethinking energy. This week ESB has announced a new corporate strategy in a similar vein. Its focus is net zero by 2040, which is a tremendous target of one we all need to deliver with. I think when you talk about net zero, Ireland has tremendous natural resources in terms of renewables, particularly off the West Coast, and they will bring emissions down, we will make big steps. However, solving intermittency of wind will be a final piece in the jigsaw of net zero and long term storage is essential to deliver that. And we believe green hydrogen will be a key aspect of that solution. Since 2019 as a result, we've been advocating hydro hydrogen as a storage solution green hydrogen as a storage solution for Ireland in particular, and ESB is intent on playing its part on driving that possibility for Ireland. As part of our overall strategy now, and we see hydrogen as a key plank in 2021 we announced green Atlantic, and which is a plan to repurpose money point which is a coal fired station which has been the cornerstone of the system for about 40 years. So it's particularly as well symbolic. We see ourselves repurposing that site as a green energy hope that processor that transition has already started with a key pieces are a 1200 megawatt floating offshore wind farm, which we believe will be in place partially before the end of the decade and in partnership with that a major hydrogen production and storage hope. And we believe that vision can be delivered in the time frame 2030 and beyond. We're also developing another light, a number of light house projects projects that will take us there in terms of our vision for hydrogen. They're across a range of areas one obvious one that I'll call out is we will build an electrolyzer on one of our wind farms in the coming years. We're partnering with companies like the Carbon X in terms of large scale storage, and we are working with a number of partners in terms of transport, how can we put transport solutions that are hydrogen based into operation in our economy. It's exciting times. We believe the green hydrogen will be a critical part of the energy landscape in terms of net zero, but also in terms of security supply. And to conclude, we have a tremendous panel today. So without further ado, I'll hand over for all I know will be a really informative lecture. And great to have you with us as always. And so now to turn to our first speaker, Dr. Isabel Cabrita is professor of energy solutions at the Institute of Education and Sciences in Lisbon. She serves as a researcher at Serena, hope I'm pronouncing that correctly, a Portuguese research and technological development Institute, which best specializes in innovative and sustainable energy solutions from 2015 to 2021. And the research directorate general of energy and geology in Portugal. In this role, Dr. Cabrita oversaw the implementation of the Portuguese energy and climate plan, and Portugal's national hydrogen strategy, which we're very interested to hear something about this afternoon. She has produced more than 300 publications and served as guest editor of an edition of energies in 2021. So, Isabel, the floor is yours. Very welcome. Thank you. Well, first of all, thank you. And I would like to thank the Institute of International and European Affairs for the invitation and the opportunity to share my knowledge and the experience I had with the Portuguese hydrogen strategy. I would like to start by referring to the flexibility that hydrogen can offer to the energy system. It can be used in various sectors, and also serves as an energy vector that goes into different products and service energy storage as was stated before, and provides or can provide clean solutions in the context of a circular economy. And this will contribute to meet the sustainability goals in the future and also to strengthen the economy. I think it's a very important factor that I think should be considered when we are discussing hydrogens with its advantages and disadvantages. In the case of Portugal, we have very favorable conditions to develop a hydrogen economy. We have a modern natural gas infrastructure that can be used to introduce hydrogen. We have very competitive prices related to electricity generation from renewable sources. And also it's a geographical location that facilitates business in terms of exports and also the use of water to produce hydrogen and I think very in a way similar to the conditions of Ireland. So taking this strategy was designed to promote an industrial policy around hydrogen and with the definition of a set of public policies which could drive public and private investment at all levels and from production to consumption of hydrogen. And together with this, we actually associated renewable gases. And I think that what that is an important fact, because we didn't only focus on hydrogen production but also in either types of gases through hydrogen and that also in a way promoted the project. Based on hydrogen. The instruments we had in the European context were the carbon neutrality roadmap. And the national energy and climate plan and the national investment plan that focus mostly in large structuring projects. We designed the national hydrogen strategy and this in support of the energy and climate plan and carbon neutrality to make it easier even to meet the targets that were set up in a faster way. Three phases were decided for the implementation of this strategy phase one for a three year period until 23. We focus on regulatory measures and pilot projects to be set up. Then on the second phase until 2030 and supporting the energy climate plan to consolidate and implement a larger national projects. And the phase three until 2050 for full development of a national hydrogen market, and this of course was with the definition of various targets in different sectors that are stated in the slide, in terms of greenhouse gases and the percentage of the introduction of hydrogen in different sectors and was projected a value of investment from seven to nine billion euros. The framework to enable the implementation of this strategy was designed and starting by the legal and regulatory framework. All the legislation that existed in Portugal was based on fossil fuels. So this had to be adapted and revised to be able to include green hydrogen for its production storage production, the transportation and distribution. Based on the fact that we have a high installed renewable energy source production capacity that we could even enhance this by promoting smaller projects even going into a higher consumption at the domestic level, so promoting the funding of smaller and pilot projects focusing on industry, but not only. And this was introduced into the strategy plan, together with other renewable gases so that would enable the, let's say the introduction of hydrogen in a faster way and in a more acceptable way. It was also defined the target for electrolyzer capacity of 2.5 gigawatt, but the larger project starting with 10 megawatt installations was defined and this would be set up at the regional level and assisted by dedicated installations using wind and solar energy. In the case of solar energy we were taking advantage of the conditions of Portuguese conditions that actually we have let's say an incidence in terms of solar energy that is the highest in Europe. In terms of promoting these projects and setting up the market, auctions were also designed to on hydrogen production and storage to temporarily support operating costs. So not only the cutbacks, but the opacs and I think this is very important issue because in this discussions with industry, industry showed that this was a very sensitive point and that it should be enabled and something done at this level. We introduced the revision of standards and the certification schemes and also looking into guarantees of origin, focusing on green hydrogen and other renewable gases. And one important point that was introduced in the strategy was the importance of research to include research and innovation to strengthen national competencies that exist and that could enable even technology development and some capacity building in this context so that Portugal could drive some new technologies to and contribute to this and the collaborative laboratory on hydrogen was launched where there is a very significant participation of private companies, universities and research centers, national and international level and monitoring of the implementation of this strategy was also considered with the creation of a task force. Very briefly I just speak about the CNES digital and hydrogen value, which is a hub for production and consumption of hydrogen. It has a good location and drives, let's say the potential for large production of hydrogen as well as the possibility of having a source and to be a lever also for the creation of a national hydrogen strategy. And in case of the concept, the strategy focus all, as I said, all levels from production to induce, I would like to stress here the fact that we are not only focusing on the production of hydrogen with electrolysis from grid surplus or dedicated installations, but also biomass gasification and taking advantage of even potential use in the future of results in terms of research of all biomass or other type of processes to contribute to the production of hydrogen and in a way to strengthen the national competence and to this level. As final comments, I would like to put some issues that come from the experience I had with this strategy and to start with the engagement of all sectors and stakeholders right from the beginning. We have the various meetings and workshops is very important that you engage all stakeholders in order to accept this change because you have to change into a different system. The second point is public policies and regulation need to address different issues and this leads to different ministries and entities to be involved, which needs a lot of coordination and articulations to have some efficacy when you implement the strategy so that everything goes into place. The third aspect I would like to address is to guarantee an integrated regulatory framework to include tax and incentive measures that are necessary for development of infrastructures should have a network, all components should be addressed at all level standards, investment, all sorts and also the level of technologies that offer to consumers and consider the consumers that they have in technologies that are efficient and also affordable and this is very important because you can have something but then people cannot take and this should be included in the strategy. Research and innovation to strengthen national competencies should be included in the plan of action because this also will drive education and capacity building and also contribute to the advances of this transition and even advance the hydrogen economy. And last, knowledge and experience change from through international cooperation that some is not only staying inside but going outside sharing like who we are now sharing the experiences and should, there should be a room for international cooperation, even in terms of think tank and I would like to acknowledge and comment the strategy regarding the Institute of International and European Affairs on this that is actually promoting this discussion and I think it's very important that this is taken internationally and for instance I think European level I think is very important discussions between the Member States to see what are the what Member States can offer in terms of positive aspects ones are offering hydrogen even others, they don't have this capacity that can receive so that an overall market can be established taking the characteristics and the different I'm trying to find the English word for values of each Member States that can contribute into this European strategy. Thank you. Thank you very much. Thank you very much for that and for your insights and Isabelle and also you know the experience of Portugal and which is as you make the point that we've a lot countries have a lot to learn from each other. That's really it's great to hear those points and those insights, and we come back to it in a few minutes for the discussion. Another country that has led the way that has a hydrogen strategy established one is Germany and we're delighted this afternoon to be joined by Franz Lerner, I nearly said Franz Lerner, I'm sorry, Franz Lerner, Head of International Cooperation at NOW and the German organization for hydrogen and fuel cell technology. NOW is responsible for the coordination and management of the German innovation program for hydrogen and fuel cell technology and the electoral mobility model regions program of the federal ministry of transport and digital infrastructure of Germany. An engineer by training Mr Lerner has more than 10 years of professional experience focusing on hydrogen, fuel cells, renewable fuels, and electric mobility. Before joining NOW in early 2021, Mr Lerner was managing consultant at the international energy transition consulting firm E4Tech in Lausanne in Switzerland from 2014 to 2019. He co-authored the annual fuel cell industry review published by E4Tech, the global benchmark report for the sector. So Franz, you're more than welcome this afternoon and we look forward to hear what you have to say. The floor is yours. Thank you very much, Alex, for this kind of introduction. It's an honor to be on this panel today. I hope you can see my screen because I can't see the video right now. So unless I hear anything different, I continue. So today I tried to capture a few topics in a relatively short presentation. So briefly a few words on NOW, who we are, what we do. And then a bit on the broader picture about hydrogen in reaching net zero by 2050. And then on a global energy transition picture, and then concluding with the latest policy developments in Germany for hydrogen. So briefly about NOW, it's the national organization for hydrogen fuel cell technology originally founded for that purpose to coordinate the national innovation program for hydrogen fuel cell technologies. Meanwhile, we are also having a number of other funding programs in our portfolio. So we are fully owned by the federal government and only get our assignments directly from ministries at the federal level. And beyond hydrogen fuel cells, what's very important to mention is also we are responsible for rolling out the national charging infrastructure in Germany for battery electric vehicles. And we also have a duty better electric vehicles. So I say this, especially because I know there are sometimes quite heated discussions on one or the other options. And the good thing is we have both of those technologies in our portfolio and very healthy discussions also internally on what are the pros and cons of each option. I would like to emphasize right at the start hydrogen works. So the technology is beyond the R&D stage today, which should not say we don't need to continue doing research and development to improve it. Of course we should do that but we don't have to wait for breaks through innovations to get started with deploying hydrogen and fuel cell technology. With NRW we support funding programs for using hydrogen and transport applications. So this is a snapshot of where we are currently in Germany for around 100 refueling stations across the country. So with the fuel cell vehicle you can basically drive across Germany today and with around 1500 vehicles on the road, mostly cars at the moment. But we've also of course funded a number of research and development projects and continue to do so as part of the second phase of the national innovation program. So for transport hydrogen maybe a bit more recent and a bit of a more new approach, but hydrogen generally is an industrial commodity that has been used for for decades, and also transported an industrial scale. So if you compare it on a global picture the problem is really how we produce hydrogen today so the emissions of producing hydrogen are basically corresponding with the emissions of the aviation sector today. So it's not hydrogen that we need to tackle, it's how we make hydrogen that we need to tackle. In the national corporations at NRW we have over the years established ourselves as a representative of Germany in this technology fields and so we are involved in multilateral initiatives, such as mission innovation. The IPHE, the IEA hydrogen technology collaboration program, and trying to bring here the right actors together to move forward on the standards and regulation side, which is important so we can share products across countries, and also on financing for the early market ramp up I'll get to that later in a little bit more detail. Now about the role of hydrogen in reaching net zero. I'd like to start with the relatively bold statement that 100% renewable energy system by mid century globally is feasible.  So it's not that it's not known that it's possible. It's more about the question, do we actually want to get there, and will be put in the right measures to to get on that journey. So we have to deal with a legacy technology fossil fuels. And so the transition gets, it gets quite complicated in some places. But the speed of transition is really key, because we have gone 28 years left mid century for Germany we have tightened the target so we want to be climate neutral ready by 2045 which is not really far away. So on the supply side I think the all options are important versus the, what are the fastest options we can deploy is an important question and we know that solar and wind have scaled up dramatically over the last 20 years so they've proven they are able to grow with 20% per year. And so we should, on the supply side not very too much that's the good thing should we know how to get there. We should not get distracted with too many options on the table. Beyond 2050, maybe another ball game but for the next 30 years I think we should focus on what we have today in our toolbox and use those wisely. When I move to 100% renewable energy system storage is of course very important because, as we all know the wind doesn't blow all the time and then the night. It's hard to run a heat pump with the solar solar panel. So underground gas storage is key here and the first step from getting from electrons from wind and solar to molecules is hydrogen. We can turn this hydrogen and other derivatives, but the easiest in the longer term picture will be to just use hydrogen as is, as a replacement for natural gas, and then use that also in natural gas power plants to seasonal balancing but also maybe more short term balancing. I'd like to conclude this slide with one important point that we will have to replace fossil fuels not just in the electricity sector, but also for industrial use cases the so called hard to bait applications. And we're getting very interesting questions in the chat. One debate that's also in Germany very prominent these days is where should we use green hydrogen should we use it only for those sectors where we don't have any other options to decarbonize. Or can it also be used in transport in building in heating buildings, etc. And I think if you're talking about using green hydrogen for industrial uses, we are working on the assumption that we'll get it cheap enough to be a broadly available commodity at the expenses of fossil fuels today otherwise we would have to subsidize our industrial sector forever to be CO2 neutral so the target should be getting hydrogen so cheap that it's really broadly available and not have the same mistake as we had in the 90s and 80s where we always said renewables will always be expensive from solar to renewable and wind. So we have to firstly reduce the demand and efficiency measures in place before we can move to renewables. You know the reality today is renewables are the cheapest source of electricity. And now the challenges to make in the next 20 years renewable hydrogen the cheapest form of molecular energy carriers. And so the question is, will we get there in time can electrolyzer technology scale quick enough to where we need to get them by 2050 or mid century around 10 terawatt hours of electrolyzer capacity today. We are manufacturing less than about 100 megawatts per year. So it's a huge upscaling that we have to get done in the next 20 years from 10s of gigawatts to hundreds of gigawatts between 2013 2040. The good thing is this has been done in the last 20 years for PV so we know it's possible and the pressure on climate policies much stronger today than it was in the early 2000s. So the framework conditions are in place. And the question comes often is the electrolyzer industry ready to scale so fast. And here we have conducted a study already in 2017 and 18 looking very detailed on what it takes to manufacture electrolyzers and the critical components that go into electrolyzers. So making five gigawatts a year, which will be in the horizon around 2030 and beyond for Germany, we came to the conclusion that it actually just takes for most of the components, a full sized industrial manufacturing line. So it's really no rocket science, we just have to have the right program in place to scale it up very quickly in the next years. And the good thing is also we have a pool of different technologies on the electrolysis side so we are not dependent on just one approach. And last slide on the global picture would like to touch on the discussion blue versus green hydrogen. Blue hydrogen is quite often mentioned as a bridge into a future where we ultimately reach green hydrogen. So that's the topic for the for the next talk by Shiva about the financing of green hydrogen projects the challenging thing here is that they are, I have a very high upfront costs, because you have to invest in the wind, or in the solar power plant, then also in the electrolyzer. But then once it's all running there are very little costs. That's quite the opposite with fossil fuels or bioenergy. But the good thing is that you know all your costs at the beginning so for the entire project lifetime, you are secure you you have all the factors under control with blue hydrogen. It's quite the opposite so you have little, you have less cost upfront but then you're exposed to a lot of risks, such as price, volatility of the natural gas sector something which has been overlooked in recent years but has become very prominent recently with the energy crisis, and then also regulatory risks such as methane leakage how will those methane emissions be accounted for in future regulations but price will they have to someone who runs a project and also the abatement of the remaining CO2 emissions so blue hydrogen with CO2 capture will usually not capture 100% of the emissions because that will be very, very expensive to capture the last few percentage points. And then you don't know how much abatement costs will those remaining emissions be in the net zero world you would have to abate them with some negative emission technologies at some point. So there's a risk that you end up with stranded assets with blue hydrogen over the investment cycle. And so I would argue that that is a strong factor for green hydrogen in investment decisions as soon as it's becoming large scale. So I'm looking forward to to probably have some some questions and discussions around these topics afterwards and now a brief, brief statement on Germany so we have done also this exercise that is able to describe for Portugal with establishing a national hydrogen strategy in 2020, also a lengthy process to get alignment and agreement with all the different ministries, and I can only support that it's very important those to involve the stakeholders at the industry level at the research level to get all these these I think it's helps to have this central document, which defined a number of measures and has also provided quite good stimulus package for supporting it. Two billion euros going into international hydrogen topics. And part of this is, for example, the so called H2 global program, where Germany will will cover the difference between the production costs for green hydrogen today, and the price rate on the market in Germany for green hydrogen that's being brought from outside of Europe to Germany or Europe, probably in the first phase through derivatives of hydrogen and then the longer term was as pure hydrogen. Now that was in 2020. Some of you might know we have a new government from December almost last year. And they have pledged in their coalition treaty that they will continue the hydrogen stretch T have an update to that, which we are expecting in 2022. And the coalition treaty suggests that the approach and hydrogen will be even more ambitious. For example, the electrolyzer target for deployment has been doubled from previously five gigawatts by 2030 to now 10 gigawatts by 2030. And also commented in the treaty that they would take in the near term technology agnostic view on regulation so not prescribing everything, not to kill the momentum now in the startup phase which is very critical. And also support technologies such as fuel cells, etc. You can drive from the statement that that technologies will also be supported, even if green hydrogen is not yet broadly available immediately because take some time to do that ramp up. I will conclude with a statement from Chancellor Olaf Scholz recently, just a week ago where he said, we will transform our economy, for the most part, I guess is necessary to a hydrogen based one. And there will be a process which will happen much faster than some may think, but which will create a great future for all of us. So, I underlined the happen much faster than some may think. I think we have all the tools that we need to get this transition done as quick as we have to to get to Nancy by 2050. You just have to get started. Thank you very much for your attention. Thank you very much, friends for that intervention, which is so informative and interesting and I'm sure there's lots of stuff that we people want to come back on. I know certainly that I do and there is an early activity on the Q&A function. So please, if you're watching and listening and a question or comment or course to you, and put it in there on the Q&A, and keep it as succinct as you feel you can. Give us a chance to read it so we can turn around and actually put the question so it's great that people are taking interest in this, you know, there are hundreds of people on this call now, which is which is terrific. So, turning to our third speaker, Shiva Dostar is head of Innovation Finance Advisory at the European Investment Bank, a leading innovation finance expert with over 25 years experienced at JP Morgan, Fitch ratings and now at the European Investment Bank. Shiva specializes in identifying future investment opportunities and developing new business and market opportunities to finance the transition to a green and digital economy. She co-founded the European High Yield Association, EYEHYA, which is now part of the Association for Financial Markets in Europe. In 2006, Shiva was listed in the Top 50 Women in Credit by Credit Magazine. You didn't know that, did you not? Ms Dostar holds a BA in Economics from Columbia University in New York and an executive MBA from London Business School. So, Shiva, we're delighted to have you with us this afternoon and really welcome forward to what you have to say. Over to you. Thank you very much, Alex, and thank you to the IAEA for inviting the EIB and myself to this really important session of rethinking energy. So really happy to be here. I may ask for my slides indeed to show up. I wanted to ensure that the connections are stable, so I appreciate if somebody can help me passing through those slides. So the European Investment Bank and if we could maybe move to the next slide indeed. I hope you have all heard of the EIB, otherwise you are really missing out. And this is maybe your time to quickly get familiarized with the European Investment Bank and I would say the EIB group. This also includes the EIF. So you see here right now. The numbers that were released in our annual press conference just a few weeks ago. So we're hitting almost 100 billion on the group level, so EIB and EIF included. And you will see that we are very much sort of, you know, coming in all the key priorities of innovation, environment, infrastructure and SMEs. Now what is really, I think important to remember is that the bank has now the ambition and is really working towards to becoming the EU climate bank. I mean, this is quite an important step, I think, to also preserve the EU leadership. I think we had some really excellent presentations from Portugal, from Isabelle, on Portugal, from France, on Germany. I mean, I think Europe can really work on that leadership and the EIB both in its activities in the EU and outside plans to play an important role on the financing. We have put to ourselves to mobilize with our investments a trillion euros into climate action environmental sustainability in this crucial decade to increase our own share of financing dedicated to these two activities to 50% by 2025. And in 2021 we were already at 43%. So I think we are getting there. But it is indeed an important also reshifting of our business activities because there are clearly things that we no longer can finance with this very sort of strong commitment. And this is also the third bullet point, which is that we have as of actually last year aligned all our financing activities with the principles and the goals of the Paris Agreement. Hence, you know, with the 50% that we may not, that may not go into climate action environment environmental sustainability, they at least don't do any harm. Next slide please. Now this is just to give you a bit of a retrospective of the sort of financing that has happened. What is actually going to be quite interesting is how it will accelerate and, you know, gain in size and momentum if we now look forward if we took the same for five year period. You know, in the next five years I think you will see much bigger numbers just because of our huge commitments to really, you know, actively support climate action environmental sustainability. In a sense on the adaptation front alone we're planning to triple our activity to 15%. So, now, hydrogen and I think if we could move to the next slide please will play a really important role. And I think the hydrogen economy is actually going to be quite a capital intensive one as as much as we do have perhaps some of the technologies I think we will certainly our view is that quite a lot of the infrastructure needs in order to really get hydrogen across the whole value chain and get the full impact of hydrogen and decarbonizing our industries our transport systems will require massive investments and this is really where we believe at the EIB that we actually do have, you know, the right set of instruments it's just that they do need to now perhaps be tweaked and ensure that we take the right risk appetite and and use them therefore to support the investment needs. So here you see basically that we are they, you know, effectively together with our subsidiary operating across the public private sectors across the various instruments. And as we will see shortly, you know, in the case of hydrogen I would say we will need to deploy all of them, but where we perhaps see some of the gaps are indeed in this rather risk sharing blending type because of some of the particularities of right now the hydrogen economy. So next slide please. And, again, looking at therefore these instruments. You will see on the left hand side sort of this this famous valley of death that is very often referred to where we see some of the very interesting hydrogen technology solutions that are being coming to market they often require nevertheless this critical amount of capital at a stage where they are not considered to be bankable so the typical traditional commercial bank may not be able to come and finance them. The equity may be exhausted and at this stage in this valley, you know, very often we're looking at 10 to 30 40 million euros never less to get them to the commercial demonstration scale. And that's where the gap is and that's where we have a really important financing instrument called the enough in energy demo project, which actually is a risk sharing instrument between the European investment bank and the commission to precisely support these projects so you see on the right hand side a number of these projects some in hydrogen some, you know, in clean tech more broadly, where indeed this instrument has been extremely powerful and we'll see some examples later on. Next slide please. Now there's also advisory I'm of course representing the advisory side but I think when it comes to hydrogen. What we see is that currently looking at our own pipeline, quite of quite a number of projects are not yet bankable or they're not yet in a situation where they can actually go straight into due diligence and have, you know, a check coming their way in the next six months let's say. The reason for that is that we will see later on but indeed there's either the risk element or the wider value chain that is not properly set up in order to actually, you know, address all the various risks that that would be that need to be made a particular project bankable. So therefore the advisory is playing a very important role. And I would say it comes in both at the upstream project preparation level. And here we are fortunate to actually have some very interesting new initiatives by the European Commission that you may have heard of the Innovation Fund. These are the proceeds of the ETS mechanism that are now flowing into innovative technologies there are calls that the Innovation Fund is, you know, has underway and both large projects and small projects. What we are doing at the EIB is that for those projects that are not immediately ready to get the benefit of the grants from the Innovation Fund they get then project development assistance, either of technical nature or of financial advisory nature. The financial advisory part is handled by my own team and we actually see that a large part of the Innovation Fund projects that are in our current portfolio are hydrogen related so I think this is therefore, you know, there is a high demand for such to benefit from the Innovation Fund and to us this is also giving a sense of direction that those are the projects that we hope to then finance in the future with our other various financing instruments. You see that sort of the current type of projects are very interesting so on the one hand we have the typical sort of technology innovative technology type projects in the electrolyzer space. We are looking at sort of these giga factories that are right now being looked at the high deal it has recently also gotten some very interesting press attention so we are providing sort of this downstream financing advice to these type of projects. You once may know of the work we did with Germany on looking at PPP models for the next sort of set of hydrogen refueling stations to be financed beyond 100 and and how sort of, you know, the chicken egg the famous chicken egg of getting the financing for a network before we have all the, you know, trucks and the cars on the road how that could be established. So these are the type of projects that we are seeing in our advisory portfolio and very much also feeding into our landing portfolio. Next slide please. In summary the way our advisory is set up we provide this sort of project specific advice. And as I said in the hydrogen space that portfolio is actually growing up, you know, nicely, and the key is to get these parts into the due diligence phase. In summary, however, have seen that with hydrogen is actually really important to take a wider approach. And this we have done together with the European Commission, who have asked us to actually, you know, reach out to the wider investor community to better understand how they perceive and when I say they these are both financial and corporate investors, how they perceive the hydrogen economy where they see the risks and where they would like to see the public sector come in. So I will briefly give you some highlights of that work in a minute. So also in the hydrogen space in very close collaboration with the various hydrogen associations that are around in particular hydrogen council hydrogen Europe, and also on a national level with the French Association we have also recently been engaged with some other national associations. The key here is for us to not have only good access to a potential deal flow but to also help those associations have a better understanding of the bankability issue so that they can help their members to have not only a good understanding of what it takes, you know, to be bankable and finance but also where to come to for the level of support that they meet. So this is therefore in a sense for us an important approach through advisor to have a good holistic understanding of the space that is also quite dynamic to have a sort of hand on the pulse. And, and then prepare in a way that EIB to have the right financing instruments and also the right internal capacity to actually handle the projects. Next slide please. So briefly giving you an insight into our study that I mentioned that was a request by European Commission it will actually be launch end of March so the audience here gets a glimpse of what is not yet sort of publicly out there so this there's a benefit to the discussion on this session today. This is basically what we did is we reached out to 46 corporate and financial investors you see on the right hand side of the distribution of the type of investors along the whole value chain of hydrogen and also geographically so they strong focus on Europe but we really also try to nevertheless reach out to some Asian and non European investors to get also global perspective. Next slide please. So our study basically then or our market, you know, outreach highlighted where investors see the key risks and I would, and I don't think any of them will surprise you per se and I think it's more what are we going to do about this risk and how with the EIB together with the Commission and other public sector institutions actually help to unblock and mitigate this risk so that actually these projects become bankable. So you will see that they are in the three categories of economic risks and also the first point of market regulatory conditions. We heard earlier about the green premium about initiatives like H2Global which are going to be quite critical. That regulatory clarity is extremely important I think for a lot of investors and they're still looking for, you know, more clarity to come and more standardization to follow. Looking at it from a more sort of specific access to finance perspective. When you look at the whole value chain there are certainly there is more risk capital needed in in the space that I mentioned earlier with some of the technological solutions, but actually downstream you will have also risks that are more standard project than financial it's just because of the way the dynamic works you may not have, even if you have offtake agreements they may not have the same tenor that is required, you know, they may not have the same tenor as a loan that is maybe required so we see that there is actually important role that public sector banks and also entities generally can play to mitigate some of these key deployment risks. And this whole value chain approach is actually increasingly viewed by the wider investor community as being critical. And this is where we hope that also the EIB will play a role in bringing the wider ecosystem together and and better understand really in a more dynamic way, not just one of outreach, how, how these sort of risks are shifting and how it can play an important role going forward. Next slide please. Now here just a few examples of products that we have financed before these are primarily sort of on the more higher risk element using various sort of thematic instruments that we have a future mobility and the energy demo project. So we see that you know the amounts are somewhere between 12 million to 25 million so we are in that high risk, high impact sort of category here. Next slide please. Then for instance an interesting project that we financed with a slightly higher amount of 40 million to establish a corridor in, you know, in France that sort of green hydrogen corridor. And again we hope and we already see some interest in other parts of Europe for that type of financing, again looking at it from a mobility perspective. Next slide please. And then I guess to conclude, as you see that you know the EIB as a climate bank has of course ambitious objectives hydrogen will be critical for us to not only be the true climate bank but really also to decarbonize more broadly hence, you know we need to make sure that we are keeping a pace with the development of the hydrogen economy. We have the financing tools available, we are also well set up with the advisory services to help projects to become bankable to identify them and also have the right financing instruments so therefore I guess there's nothing to stop us to lead a role and really looking forward to an interesting discussion. I think the next slide is just our contact details, yeah, in case you wish to reach out directly to us or through our inoffin advisory mailbox and with that I stop thanks a lot. Thank you very much. They were three superb contributions thank you so much Shiva for yours and to each of the speakers. Instead of me asking the questions that I had in mind and taking up 10 minutes to do that. I think really we should, you know we should start looking at the questions that we've got in from our very engaged, our very engaged audience. Actually can I just say they're engaged but so are our speakers because our speakers going above and beyond the call of duty are already replying to some of the questions that have come up on the chat on the Q&A and I want to thank them for that. As I said that's more than we asked you to do and it's very professional and very decent of you to start into answering some of those questions specifically that have come in. So, I'm going to just dip into one of those questions I think France has already been looking at it. So, but it has a general, it occurs to me as a general question from Raj Tiwari, and it's like, so we've heard the climate bank. And we've heard the example of Portugal, we've heard the example of Germany two countries that actually have established strategies in place, and Raj Tiwari is asking a question. Well, if we, if we already have a hydrogen infrastructure in Europe, why are we not sharing it across, I presume he means across Europe to save time and cost analysis, if we have a developed fuel, fuel cell technology, why are we researching again, why can't we implement what we have, and then work on further research and my question, what occurs to me is, is there a danger of duplication obviously the conditions for individual countries are different. Very different anyway. But to me as a lay person in this area, is there a risk that there's duplication that, you know, countries go off and do their own strategy where somebody's already got one. And if they just implemented that one or at least adopted it to their conditions that we could move more quickly and achieve what France was talking about which is the speed that we need. So maybe Isabel, do you have a view about that as to whether you know there can be better sharing between countries on this whole agenda, so that we can save time. Well, as my presentation actually I stated that there should be more cooperation among countries to come to agreements, of course, but when it comes to, for instance, in the case of fuel cell and we have been debating that in Portugal. The use of fuel cell when you, you kind of store hydrogen or you get the hydrogen from the grid, then you store and you use in the fuel cell. There is a loss of efficiency, you know, the yield and, for instance, we don't fund, for example, those projects, we put them out of the line not to promote the production of hydrogen to then to be used on the hydrogen. But I mean, everything has to have a solution and I mean the conditions are different so I do agree that even in the global policy and in Europe, I really think that countries should sit and see what they have and don't have and see how they could contribute, you know, to have a share on it. That's my point of view and analyze the situation of each one because they are all different. Franz, are you on that? Yeah, I tried to clarify in the chat so I want to make the point that the infrastructure is working in industrial context so we don't have to reinvent the technology itself obviously we have to build hydrogen infrastructure before refueling metals for transporting hydrogen. That could be through repurposing existing natural gas infrastructure, but we are just at the starting point there in terms of deploying the technology but we understand how the technology works that is what I wanted to make clear and for across borders, their standards, regulations are very important so I think having an umbrella at the European level, like the hydrogen strategy from the European level but also then for 55 package which sets the boundary conditions so that we benefit from synergies across the different countries. Shira? Yes, I would concur with what was said and indeed I think a lot of the products that we see have by nature a cross border dimension. You know you have the demand very often in heavy industries in one part of Europe you have the generation of the green hydrogen in a different part. So really and I think this is what will make the financing in some ways complex but also I think this is why we see as the EU bank that there is an important role that that capital has to play in order to take that sort of more holistic value chain approach, you know in order to get these projects bankable. So I actually, you know I would say, I don't think you know you can think in national terms I mean energy systems are global and in fact it's not even think enough to think of Europe you know we will see that there is actually even a dimension with Africa and other places when it comes to hydrogen. So, Paul McCormack. Thank you for your comment hydrogen Ireland fully agree that the focus should be on green hydrogen plan and invest for a zero carbon future, and not be investing in blue hydrogen which is a fossil fuel past. Paul McCormack McKay says that, and that blue hydrogen is greenwashing and Gavin Blake wonders whether blue hydrogen should be treated with a lot of skepticism, given skepticism, given the claims that the powerful fossil fuel industry is essentially behind it as a means of manufacturing, surviving in the medium to long term. So what, what does, what do any of you like to say about that make those distinctions between blue and green, and the politics of what I suppose as well. Anybody. Yes, please. The difference is you can't just switch your fingers and you are with hydrogen you you really have to have a transition period and blue hydrogen can, can help that. And to my view, of course you have the plan that and you want to have it as short as possible. I think also that one should also consider in terms of even the sequestration of CO2 all together and try to analyze that in terms of the impacts because there are always impacts even with green hydrogen there are impacts. So is not you don't have a solution whatever you do you are going to disrupt something, but you, you need to go from one point to the other, and the blue hydrogen probably is a good way to go, because you could also consider, as I stated in my presentation we included biomass classification, and there are the hydro thermal processes with the algae and so on but they are not mature enough yet and they are costly. And you have to look into the other side, if you can afford those technologies. And so, I would say yes, let's go for it in within a certain term and analyze and see the impact, and of course you can look into different scenarios, because when it comes to also biomass gasification that you have the sustainability and you have to look into these things and the natural gas is available as Franz put it we have a network already. So, let's minimize it let's put this. I'll go to you next if you don't mind. I come to France then because I'm going to ask France a question, which is more specific to Germany and I go to ask and deal with the two questions together so Shiva on blue and green and everything in between.  I mean, I be clearly comes into primary two areas where there is market failure and where, where, you know, as I mentioned earlier the risks and, you know, returns are in balance. And therefore I mean I think from a, you know, even though our energy lending policy guidelines which were updated in 2019 allow us also to support natural gas as a transitional fuel and so on. I think the main focus is going to be on green hydrogen because that's where a lot of the, you know, that's what we want to move towards from also from a fake market failure perspective that that's where maybe the harder part of the puzzle is. And the other thing from a risk perspective, you know, if you come in as a long term lender into, you know, as a patient long term provider of capital, you know the issue of stranded assets is also going to be an important consideration. So I think there are dynamics, you know, that would probably put our emphasis much more on on the green than anything else and there's plenty of we see plenty of projects that need our capital. Sure, sure. That's interesting. And France, I go to ask you maybe to comment on that but just while you're thinking about what you might add. Frank daily, the German Irish Chamber of Industry and Commerce, Frank says has established the German Irish Hydrogen Council to build stronger links between the two countries in the field of green hydrogen. Two questions we're very interested in, what is the most likely form hydrogen will be imported as for example ammonia etc. And what is the expected delivered cost to Germany per kilogram. Yeah, very good. No pressure, no pressure. No specific question. So I think that's worth saying here that we have seen a breath of studies over the last years that have calculated the cost of potential costs currently future cost of green hydrogen. And I'm very pleased that with the age to global program, we have now an initiative that is starting, hopefully this year with the first auction system where we will first round of options where we will actually get real prices what it will cost to make green hydrogen somewhere in the world and bring it to Germany. So then then we would have a real world data point for the first time. Obviously, in the smaller scale we are doing this today but for really thinking about a commoditized approach, we don't have real world data right now. So where we have to get to is by 2030, at least in the order of two euros $2 per kilogram ideally lower us is even more ambitious there with a $1 per kilogram target, which brings you in the, in the range of fossil hydrogen today. So, and all those studies and ambitions have have calculated, is it feasible and yeah you have to squeeze out all the little bits and you can maybe get there. So, which carrier we would use for age to global right now it's clear it will not be hydrogen as gas, because liquid hydrogen tankers are not yet out there that that can move around the oceans. And the pipelines are not refurbished hydrogen yet to import it. So, that's why we, I would expect that the first option will probably go in the direction of ammonia maybe methanol. We could also imagine that something like products for for the for the mineral oil industry to make chat fuel and these things could be could be some of the commodities in the early rounds. Okay, thank you. I'm Gavin Blake, and I think we mentioned Gavin earlier and burn Wallace law firm here in Dublin as an interesting question which is kind of puts it on to a broader global level which some of you have already touched on and obviously we're talking about the view of Europe but Gavin says does the panel field of the successful future deployment of green hydrogen could be reliant on China, getting fully behind it, and driving down the cost of electrolyzers in a similar fashion to how contributed to bringing down the cost of solar PV. So would China be the whatever the game changer. Is that is that is that a possibility. And do you want to have a crack at that Shiva. What's your sense of. I was, I mean I of course I think anything that can drive the price down is going to be important. Having said that I guess from an maybe EU perspective. I also hope that we learn from perhaps the past and you know let's try to keep some of the technology solutions in Europe. And I mean as you know certainly down the PV manufacturing, you know, Europe unfortunately did lose out in that, in that situation. Yes, I mean I would certainly say I mean we have some really excellent energy hydrogen solution technologies that are being right now developed in Europe I think be excellent if they have good access to global markets. And I think this is therefore the role of the European Union and certainly the role of the bank to ensure that you know it's not the financing that may drive them away from Europe in order to, you know, keep them grow and scale up. As companies in Europe and have that technology also be very much available in Europe. But yeah, I mean I think China brings scale China is an important has invested the most in renewable energy of the last how many years so indeed they will play an important role. I'm going to just stay with you Shiva and I promise I'm not drawing you into the politics but the Brexit is something that we're, you know, we're, we're conscious of, don't worry, I'm not going to go into the detail of that it's more just the broader question of whether McGurk is here and he says, he's wondering whether you think Brexit might present but let's let's call it the post Brexit situation that we're in, rather than Brexit itself so we're now in a new world where we have Brexit. So, where Aiden McGurk is wondering whether that might present problems for British and Northern Irish companies accessing finance from the IB for hydrogen projects. I mean again there needs to be some more political agreements between the EU and obviously the UK on these things but I would say generally, if their investments are in, again in territories where we have these agreements or EU or elsewhere. Those are eligible. So let's say a company, you know, wants to invest in a project in France, Germany anywhere in the EU or indeed in countries outside of the EU where there's a framework agreement that is okay. You know I think anything that is right now specifically for investments into the UK we're still waiting for some of these agreements I certainly hope that they you know that these agreements come in place. So until then I think we need to just see how we can support the companies maybe for the investments outside. Thanks for that. Joseph Cummins has very interesting comment and question. He says this this has been a very useful session and we all agree with him on that the focus has understandably been on supply side preparedness. And in the first instance the demand side is focused on the transport sector. What would the panel have views on stimulating demand in industry or electricity sectors. Do other countries foresee quote unquote directing hydrogen to those hard to carbonize areas, such as high temperature requirements, steel production and so on, or is a more market based approach. Is there any ongoing demand to emerge where consumers are willing to pay a premium. Would that market based approach be preferable and is about. Well, that level. What happens is we have a carbon tax and that you know, he is a motivation for industry to go into other options. And actually, for instance cement industry has, as you know, high levels of CO2 emissions and there is a motivation to reduce this substantially, and is actually making an effort and I have contacts to for introducing hydrogen into the combustion system to decrease the level of CO2 production along with other sectors I mean we've been discussing that and I think there is a very good potential to have them shifting to hydrogen. At the beginning not fully and but I mean because even you need some other materials to to be combusted and but I'm sure that we the past combustion. I mean, specific systems, the beginning and then we the experience we get from there, we develop new burners and so on. And that's why I think is very important to work with industry and at least industries in Portugal is motivated to that to change their system to have some small pilots to see how it works and economic works to and to have bigger projects and I think is it's a good way to go with pilots and then to drive into other projects. Yeah, thank you for that France. This. Okay, the question of tension between our question between stimulating, you know proactively pushing into our directing into new areas, or allowing the market perhaps to find the level that you might expect it to find. As I touched upon in my talk it's also very debated topic in Germany, because of the notion of having limited amounts in the beginning in contrast to that, the premium for using it in transport is something you might want to use in the beginning because that makes it easier to reach some competitiveness so they are different views on this topic I would say so there's no real consensus in Germany right now where you should start from. I will give you I'm afraid what will have to be the last word because way over time here so. No sorry I just want to say that I recently read a study where the premium on a car that was made with green steel for consumer was I don't know 4050 euros more. If you therefore look at it from a whole value chain perspective, you know, maybe indeed we should be stimulating demand by the end customer for green cars with green steel because that's what would incentivize the steel manufacturers to provide the green car you know manufacturers so I mean i'm just putting that last thought. Yeah no no interesting and very interesting, as indeed all of the contributions have been and i'm only sorry that we've run out of time, and but these things have to stop sometime and the people have other things to do, including i'm sure our speakers, I want to thank each one of them, each one of the three of you for the generosity of shown in terms of the time that you gave the preparation of the presentations and also your willingness to deal with them to answer questions and engage with our audience. It's been a really, really stimulating session. So thank you once again, and I hope in the future we'll see one or all of you in this, you know, continuing debate that we're having. And thank you for viewing this seminar this webinar this afternoon. Thank you for all your support. Thanks again to the ESP and I'm sure we'll see you again before too long. Good afternoon.


Hello, in this lecture we will define carrying value of bonds support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems PDF files and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it according to fundamental accounting principles wild 22nd edition the definition of carrying value of bonds is net amount at which bonds are reported on the balance sheet equals the par value of the bonds less any unamortized discount plus any unamortized premium also called carrying account or book value when we're thinking about bonds we could be thinking about the issuer of the bonds or purchasing of the bonds we often take a purchasing of bonds as a form of investment however we're going to think about it from this case in this example as the issuing of the bond so we are a corporation we can issue the bond as a form of revenue generation a form of cash flow similar to a note us receiving money for the bond the bond being a promise to pay at some point in the future there could be some different terms to the bond but one of the main characteristics of a bond is that the interest rate is typically going to be on the bond as is the carrying amount meaning the amount that will be due at the end of the term of the bond so in this case we have the face amount at 240,000 of bonds that we're going to issue now we cannot just ask for 240,000 dollars now and promise to repay the 240 as we would with a note because the varying factor within a note typically would be the interest rate but in this case we're saying hey the interest rates already on the bond it's not we're going to say it's 6% so if the bond has 6% interest rate and if that is different than the market rate then we're going to have a problem here we're going to have to do something in order to sell our bonds if we cannot adjust the interest rate what are we going to have to adjust the amount of money that we're going to receive for those bonds so the difference between bonds and notes is that in order to adjust for market forces in the case of notes we usually adjust the interest rate in the case of bonds we're typically going to adjust the amount of money we're going to receive in our example here the market rate is going to be higher than the rate that we have meaning people could put money somewhere else and get a higher rate what does that mean in terms of our issue price it's going to have to be lower we're going to have to accept more money I mean less money than the face value of the bond in this case because we're offering a lower interest rate which is already on the bond so in our case how are we going to record this we're going to say that we are issuing the bond for 198 484 it's lower than the face amount we're not going to calculate how to get to that amount at this point but we're recognizing the fact that because the rate of the bond is lower than the market rate market rate not being something on the bond something that we would need to know through the market because of that we're getting less money than the face value of the bond we're going to put the bond on the books as a liability in a similar way as we would if it was a loan meaning we owe the money back and of course we have a difference between the debits and credits we're going to shore that up with the discount so we were to record this we would reduce the cash I mean we would increase the cash for the issuance we put the bonds on the books as a credit we owe that money back in the future and then we have this discount notice it's a liability notice it has a debit balance what that means is that we owe back the entire bond of the 240 however when the the carrying value of the bonds will be the 240,000 minus the 41 516 and that's going to be the carrying amount amount of 198 484 that difference being due to the fact that the rates are different here so what we're going to do over the life of this bond is to expense this amount out lower it at some in some fashion in and expense it in the form of interest expense over the life of the bond


Hi, my name is Sergeant First Class Jeffrey Jackson at Camp Lemoneeer, Djibouti I would like to say happy Father's Day to my father Ralph E. Jackson from Monfield, Connecticut Want to say that I miss you and I can't wait to go fishing with you when I get back. I love you dad I want to wish a happy Father's Day to my dad Vietnam veteran Ralph Mugretta who lives in Detroit, Michigan I love you dad My name is Staff Sergeant Zita at Camp Lemoneeer, Djibouti and I would like to wish a happy Father's Day to my boyfriend Pete Monaco in Connecticut You are an amazing father and I hope you have a good day Hi, my name is Lieutenant Cabela at Camp Lemoneeer, Djibouti and I would like to say happy Father's Day to my dad Phil Abney in Missouri


hey guys it's been kind of a it's just been a wacky couple of weeks but I did start to vlog it and I thought you know if I could share a little bit of what these last two couple of weeks have been like and show you some of the things that we've done maybe yeah just get a little taste of what life is like in New Hampshire or New England. I struggle sometimes with videos you know because it's it's like I don't want to just do the same old same old and I love vlogging but I don't want to vlog when I don't have anything to share and so the last couple of weeks have been really really interesting so first of all I ended up gosh you know I I don't know whether it's the change of seasons which I think is what it is but I ended up just with the most horrible dry flaky skin it was like my lower face was like peeling off in sheets and I was like going holy mackerel how how am I gonna deal with this because I couldn't stand it and it was right around the time that I was doing a lot of teaching I was doing a lot of teaching via zoom which you know it's like when you are when you're in speaker mode they see you you know up close and personal and quite frankly my day-to-day you know makeup is going to be more low-key than say if I was going to be doing you know a film like right now I have I well actually I shouldn't say that right now I have about the same makeup I have on as if I was going to work because it's my eyes are the same everything is the same the only thing that's different would be my hair but anyways I was like so modified you know with my skin coming off in sheets I just I couldn't believe it but so I kept thinking what is it you know my rent what am I ramping up what am I changing and I really I couldn't think of anything so I think it was just like this season so I exfoliated a little bit more I ended up using my microdermic abrasion which I try to use like once a month my skin doesn't really need it because I use the retin A and I do other exfoliation that I don't need that deep exfoliation as much but I ended up using that and you know I use the I mean I have my favorite tools you know skincare tools and I use the spatula from trophy skin a couple of times you know a week maybe almost every day but I use it a lot so I feel that my pores are getting cleaned out but I think the retin A the change of the season just kind of like did a number on me so I did a good exfoliation with my microderm and you know a lot of the dead skin went away and then I sat under and I do this every day and many of you've kind of asked about this but I do the red light therapy I've been using the trophy skin they have red light therapy for I think it's been a year now and it was that was the one big tool that was initially sent to me complimentary from trophy skin I have bought all my other trophy skin tools that I use but they sent that to me complimentary in exchange for a review and I love that I really I think if you research red light therapy I think you will understand all the benefits you know the the red light you know if you have the right light output it can make a huge difference on your skin so the only thing on that one is I have to lie down because it's a big thing that when I'm traveling I'm not going to bring it with me I'm not going to pack it I'm not going to put it in my motorhome it just takes up too much room well not too long ago Natalie the beauty diva had reviewed a product or had gotten a product complimentary and it was another light is like really kind of wild but so I said oh yeah and I believe this is on sale right now too so I wanted to turn it on like right here that's the red light that's the blue amber so it's like you know the cool thing about this is that I don't I don't think the I don't think it's quite as strong as my trophy skin when I'm lying there for five minutes the output but this because you can it doesn't harm your eyes and you can walk around and you can do things but the red light itself is there are so many benefits for anti aging just for turning over the collagen the blue is more for texture acne anyways I got this and I was like so psyched it comes with a USB charger but the reason super psyched about this is that I can put this in my motorhome so when we went away and I'll tell you I'll I'll review it I'll do a better or thorough look at it in my next video because I've been using it for a little bit now but when we went away and we were camping we went up we did our last camping hurrah and we went up to booth Bay Harbor and we stay in this little campground in booth Bay Harbor and it's not on the water it's it's one of we we stay on the water an awful lot but up in booth Bay Shore Hills this is this particular one is not on the water several years ago I'm online maybe about three years ago maybe four I had done a video in East booth Bay has the most beautiful stretch of oceanfront land it's called Ocean Point and and over at Ocean Point in East booth Bay they have a beach a rocky beach they have rocks that you can walk out and they have a lighthouse and they have this most gorgeous ocean drive with this little church anyway several years ago we discovered it and every year we go back we go back over and over again I think about maybe three years ago I did a recording I was sitting in the back seat of the car and Jay was driving and I drove all along Ocean Point and it was beautiful and I published it on my YouTube channel if I can find it I'll post a link and in his long story shot we were actually contacted by somebody that called us and they said you know we love your videos we watch your video we just bought that house you drove by and you showed in your video we've shared your video with our friends and family so they could see our house they were super super friendly and they said next time you're up if we're there knock on the door come visit us if we're not there come sit on that deck and actually look at the sunset you were trying to fill from the road from our deck well long story shot every time we've gone up to booth Bay they've never been there and we just never really felt comfortable actually going on their tech even though they had sent the invitation but this year we got there on Friday night and we drove down Friday nights one of the first things we do we drove down Ocean Point and we had our friends with us and sure enough we got up to their house and they were outside working so Jay kind of stops and you know like not really on the side of the road because it's like really no side of the road there right but he kind of stops and they kind of look up and they start walking and Jay rolled down the window and I'm like this and they go ah it's Jay and Monica they recognized us so anyways they invited us in they gave us a tour of the house and they were gonna be leaving the very next day because they were going back to I think they're heading to Pennsylvania or maybe Florida I'm not too sure which their properties there so anyways they said hey we're leaving first thing in the morning but if you guys are around still and you want to the sunset supposed to be beautiful come out and enjoy our deck and that is what we did we drove down to Ocean Point and you can see the little cottage coming up we just had brought our own chairs we sat out on the deck it was totally magnificent to be out on their deck at Ocean Point in East Booth Bay watching the sunset I mean all these years we've gone there and walked on that road and taken pictures of all the different properties but to actually be on someone's deck with our own chairs we brought wine we brought cheese and crackers we're very very careful to not leave anything behind when we left but it was just just an amazing amazing thing we love love love East Booth Bay we love that whole area and you know here is just the campground is sort of no frills but the the the location it is there's like a tidal river that abuts it so this is me sort of walking down to the end of the campground and and you know you could see a little bit of the tidal river it's just really super peaceful down there and while peak was too it was too early for peak over in Maine the foliage the colors and all that it was still really gorgeous and I can imagine it was like a week later but we did that and then as tradition we always go up to Pemicut Point Lighthouse when we're there and at Pemicut Point Lighthouse there is this restaurant and gift shop that is just this quaint quaint little thing on the edge of the ocean the lighthouse is on one side and every year we go there multiple times and sometimes we have a little lunch at a little dining room and you can also eat outside and of course this ice cream the J has to have his ice cream and I was usually get some sort of either hot or I get something I get some sort of little gifty thing we were devastated when we got there because we're like first of all we drove down we could see there was this like this tag sale and then we said oh my gosh you know oh my gosh the building was gone they had had now this this was Columbus Day weekend you know in the beginning of October that they had a fire in September that totally totally destroyed the place I was like and there were other cottages nearby that you know were slightly affected by the heat and a little bit of damage but I was like amazed I couldn't believe this I mean it's so shocking for us that this had happened and and so they were doing a fundraiser and all that you know that the people weren't sure they are going to rebuild but holy mackerel that was such such a shock to see all that and we're thinking of taking a trip up to booth Bay over the Christmas holiday depending on whether or not they have they have these unbelievable gardens that are all done up for the holidays and we've never gone at the holiday you know during Christmas but we were thinking about doing an overnight trip to stay in a hotel we'll see but we came back home and I had all sorts of goodies in the mail I had I think I already talked about the skin pseudocals that I got this package from skin pseudocals I've been using the next stuff oh my gosh it was really I mean I've been using it it feels really good I don't know if it's gonna make any difference yet but it feels really good and then I'm getting another another package in the mail it's coming Tuesday anyways we decided that weekend we came home the following weekend Wednesday grandson's August first birthday and then the Saturday before his birthday party Jay and I decided we're gonna take a ride up to the town of budding us Chester has every year they have these they have a scarecrow fundraiser and they they the fundraiser goes to the historical society and Chester and the town's people just just support this fundraiser like crazy and they they deck out these scarecrows I guess you buy the frame and all that and then you get as creative as you want with it but the frame that you purchase goes to the historical society and whatever else that they might sell with it so people were putting these scarecrows up all over their yards and every year we want to go and take a look at it you know obviously and as you can see from some of the photos that I've hopefully been posted in here superimposed in here this some fabulous fabulous fabulous works of art you know scarecrows and we got up there in time I mean the scenery was beautiful Jay and I walked all around we took tons of pictures and I absolutely loved loved exploring Chester that day it was just so perfect this one really cracked me up at the campers and Jay said this reminded him of the two of us I bet you they like that up at night and the two campers not cute and then you know this other guy on on the bench just never know what you're gonna see on the side of the road it's like awesome can you see the little crows but it was like amazing you know everywhere we turned everything we did in Chester that day the views were just beautiful we went all the way to Auburn and we took pictures of by the little waterfall in Auburn and this is a place that we go to all the time and I was so glad we did because I do love fall I mean we were so lucky this year because it doesn't always happen this way that we were able to go to the mountains and enjoy that even though we didn't it was past peak up there and then when we got home from Columbus Day weekend it was peak here in southern New Hampshire so we did get to enjoy the really really beautiful scenery and then the next day was the birthday party for my I was blessed that you know my mother was there my kids were there you know we missed my dad we did we missed my dad everyone missed my dad he was just such a huge presence you know in all our lives it's still hard to believe that he's not there but anyways other than that I mean I have had the itch I've had the itch yeah I'm back to having an itch and the itches just you know I've been like drooling over some of the pallets and all that I did buy the Natasha Denona this year and I think that's in the hood up the hood of mauve upset purple haze I got the mauve obsessions for my Sheila for my birthday was last year was last year and so yeah I haven't really been tempted by a lot of the new releases and I've seen so many new you know releases coming out but I haven't been that tempted by it at all I've been more tempted by some of the skincare stuff that I've got City Beauty has some stuff coming out that they're sending out and and I'll tell you I love a lot of the City Beauty products I do and out in there are some of the products that don't work for me you know and I don't mind saying that you know it's not everything is going to work for everybody so but skin pseudocals and then I'm getting another another it should be arriving this week and I'm gonna do a separate video on that one because that's a special like a spec not a holiday but it's a special limited edition product and I and I'm really excited about that so yeah so I think the other thing I'm excited about is I'm trying hard to get back on track with diet boy this vlog is all over the place I started out with like what am I gonna say and I'm like whoa motor mouth to you guys you're all gonna go oh my god be quiet but yeah I'm getting super motivated for you know getting back on my fitness track I know I said this before over and over again but I've had I used to do 10,000 steps a day I have an eye watch Apple watch I have the Apple watch I think it's the two and it's still going strong I love it so I got back into trying to increase my steps I was looking at what I had done most of this last year which was really poor I know my dad was sick and I was back and forth the hospital and making extremely poor choices on food not so much choices on food but the amount of the you know the portions so I was looking at it you know and I used to always hit 10,000 a day easy and this last year my average was like 3,000 3500 2900 and I'm like oh my gosh you know no wonder I'm not losing weight no wonder I'm gaining weight no wonder I feel so sluggish so I've been increasing this past week I've hit over 7,000 each day not quite at my 10,000 yet but over it over 7,000 each day I am so happy about that I've increased my water intake I really think that especially with everything going on in the world with COVID all the political stuff and all that stuff I really think you need to find a balance you know you need to find a balance and for me that balances I avoid the negativity everyone has the right to their opinion God bless you all believe in God or not God bless you all you all have the right to your own opinions and I would never ever ever judge anyone that believes in something different than I do and I hope I hope it's the same you know from I hope I get extended the same but I really believe I have to work on keeping my life balance and I got out of whack with my diet with my fitness COVID my dad's illness and this political crap that's going on so I choose to avoid a lot of all the stuff you know I avoided I I do what I have to do for my balance my my well-being my family's well-being and that's just really what I'm working on taking the time to breathe the air without a mask on outside when possible if I'm in if I'm in a situation like at work and I have in the store with people the mask is on but walking around my yard you know the beach the mountains now breathe the air is so good for you and drinking my water you know just increasing my water so monitoring those steps against getting me all pumped up it really is it's getting me like all pumped up and then just increasing my water and staying positive no matter what happens you know I don't even know when this is gonna go public but no matter what happens out there in the world none of us can just give up we have to we have to keep on working at it and that's part of our positive attitude and you know and for me with my dad the mourning process accepting the fact that I'm going to mourn him forever and it's okay you know it's okay to cry it's okay to get upset but it's more important for you to put a good attitude on you know to kind of take expel all the negativity breathe it out exercise a little bit walk even if it's a slow pace I'm moving and that's what matters why am I preaching I don't know but I am so I'm gonna stop preaching this law this I'm sure is gonna be super long vlog you guys are not gonna watch it all I hope you do though but anyways yeah I don't know what my next vlog will be if I have one because I don't have anything coming up that's really shareable but if it is you know other than me just walking around the house and circles talking about what I have to do whatever else I'll share it obviously if it's shareable so anyways guys you have a good one bye bye


Hello everyone how you doing needed to make a little video here I'm not at the John Boy media office I'm in my spare bedroom slash home office so enjoy the decor behind me but I have something very important to tell you and that is that Clifthwing Clifton was a subscriber before most of you okay now five years ago this channel wasn't even what it is now it was something completely different it was just something I did for fun never really thought it was gonna be a career yet alone a media company that it's become and Clifwing Clifton who has since changed his name on YouTube commented on a blind taste test video he said strange to think when this channel gets a million subs I can say I was subscribed way earlier than most to that I replied if it gets a million subs I'll make a video stating that Clifwing Clifton was a subscriber way earlier than most that's a promise and this is from 2015 but a promise is a promise Clifwing Clifton was a subscriber way earlier than most fact he said ha ha good I'll hold you to it this will happen I'm sure of it love the confidence from my dude Clifwing there want to know how many subscribers we had when he made that decision to say that it was September of 2015 going through it here we had less than 2000 subscribers when Clifwing said that five years ago and I mean we didn't get subscribers you look at the chart here for a long time it's really been a two-year just absolute crazy unreal stretch today's what April 20 something on April 25th two years ago today I had 4,767 subscribers and it's just been going crazy like that and subscribers are one thing and I appreciate everyone that subscribes I do but a lot of people are watching these damn videos man it's insane in the last 90 days we've had 21.3 unique viewers means 21.3 different people have watched this channel in the last 90 days good for just south of 100 million impressions in the last 90 days it's absolutely unreal it's unbelievable I thank every single one of you and it means a lot and I appreciate it I mean I think I remember when we got 10k I made a video about that thanking everyone we got a hundred K you know my family was really excited everyone's really excited and and now it's just insane so thanks to everyone for subscribing and for watching and for being part of this and if you don't know the full story I made a video about it on YouTube a little bit ago and we can like plug in right here if you want to hear about it and if you want to hear about every other thing that we do at Johnboy Media I think we have 20 to 30 podcasts in the network we're dominating baseball coverage our our our baseball podcasts are going crazy right now it's not just the breakdowns even though those are juggernaut obviously but everything we're doing is is just getting lifted and it's it's really fun and special and yeah I want to thank everyone for subscribing being part of this journey with us love you guys and thank you to Jake and the crew and everyone at Johnboy Media for doing all of this so there you go all right back to regular back to your regularly scheduled breakdown videos goodbye


3, 2, 1, go! 100 That's a right push, right? 100 2.5, then double That double is 50 That's right, 2.5, right? That's a 3 100 Right, right over the crest 100 That's right, 3 100 That's what we wait for Very long Not really long That's in the radius That's 50 long, and then we there That's what we look at That's 50, 200 We go up to 100 We're up at red, twice to three, and we're at eight, one hundred over. Right, left two sharp, it's a right three. Right, left two sharp, it's a right three. Then right at two. Right, left one hundred, that's fifty, red cross, one fifty. Right, left two sharp, right. Right, left two sharp, right. Left at one, two hundred over. Left at one, then left three, left, sharp, right. Left three, left, sharp, right. Then right, left three, lower the press. Left at five, right three. Left, right three. Fifty. Left, right three, right. Left three, left one. Left three, left one. Fifty. Left three, left right. Left three, left right. Left one, left one hundred. Left two right, lower the press. Left two right, lower the press.