A Knight of the Expense Account.
(SHPÆ zen RITT ah.)
Someone who rides his principles as if they were a horse.
This is translated into English as a dogmatist, pedant or stickler.
(Prints EEP ee en RYE tah.)
Some insight into why left-leaning governments along the very densely populated Ruhr river, even under an S.P.D. + Green party state coalition government such as that of governor Hannelore Kraft (S.P.D.), might persist in doubling down on the “losing bet” on coal-fired power plants: financially-strapped town governments, such as the city of Essen where the huge utility RWE is headquartered, are heavily invested in private utilities’ stock. Essen bought almost 19 million shares of RWE stock in 2007 at ~75 euros and was still listing the stock in its books as worth 75 euros though they were trading at 27 euros when ZDF heute journal reported on this last month. Update on 01 Apr 2014: Essen adjusted its books to reflect its RWE stock’s current trading price, because new rules required the city to do so, and consequently lost 680 million euros on paper. Essen’s capital has now shrunk to ~15 million euros. The city estimates it will have debts of 18 million euros at the end of 2014 and >50 million at the end of 2015 and 2016 (2015 and 2016?). FAZ.net said other Ruhrgebiet cities invested in RWE stock as well.
The city utilities of the towns of Essen, Dortmund, Oberhausen, Bochum, Dinslaken and Duisburg along the Rhine and Ruhr rivers formed an entity called the Stadtwerke Konsortium Rhein-Ruhr which in 2011 bought 51% of STEAG (“the Anthracite Electricity Co.”), a company that operates coal-fired power plants, for a total of 1.2 billion euros in borrowed money.
Academics interviewed on ZDF heute journal said Germany’s energy future is in decentralized renewables, especially solar power and wind. They worried that the utilities stock the financially imperiled Ruhrgebiet cities have borrowed money to invest in wasn’t just tempting city and state governments to make questionable environmental policy but that they would acquire so much debt throwing good money after bad to subvention the old coal power plants that the towns might never recover financially.
Update on 21 Nov 2013: An expert opinion report found that ex-governor of Baden-Württemberg Stefan Mappus (C.D.U.) overpaid by ~780 million euros when he bought into private energy utility company EnBW in 2010, negotiating a shares purchase package for 4.7 billion euros. The report was commissioned by the Stuttgart prosecutors’ office. N.B.: Mr. Mappus was succeeded in office by Winfried Kretschmann, Germany’s first Green party governor, as a result of the fierce protests against the Stuttgart 21 train station expansion project (C.D.U.).
Update on 28 Feb 2014: RWE lost 2.8 billion euros in 2013. This is its first loss year in sixty years. The majority of the losses are from write-downs on gas and coal-fired power plants. It had calculated that its conventional large coal-burning power plants would be selling electricity at 50 euros/megawatt hour in 2014/2015 that it’s selling for 35 euros because of Germany’s investments in decentralized renewable energy sources. RWE’s stock price was almost 29 euros though because shareholders were expecting the news, a trader said.
Update on 04 Mar 2014: RWE’s C.E.O. Peter Terium said at a press conference that the utility “made mistakes too” and was late to invest in renewable energy sources, “perhaps too late.”
Perhaps one-third of their large coal-burning power plants is not earning enough from electricity sales to cover operating costs. The company is 30 billion euros in debt. They said they will have to make cuts, including cutting 10% of jobs by the end of 2016 which is a clear dog whistle to the S.P.D, and asked the German government to help them out of their dead end. The chair of the Mining, Chemistry, Energy union where the new general secretary of the S.P.D. used to work, who is also the new general secretary of the S.P.D.’s life partner, called for the government to support RWE’s request for more government support. Payment for maintaining offlined unprofitable coal-burning power plants would not be a subsidy, said RWE’s C.E.O.
Update on 12 Apr 2014: Spiegel.de reported that Wirtschaftswoche reported that Handelsblatt Online reported that the just top twenty municipal governments owning the most RWE stock lost 2.5 billion euros on paper in the recent write-down to the stock’s current trading price. Essen lost 680 million euros. Mülheim an der Ruhr lost 480 million. “The stock price adjustment is bringing some of them to the verge of bankruptcy.” Also, RWE’s C.E.O. Peter Terium recently confirmed that the utility might issue new stock to get fresh capital, further pushing down the price of its old stock. Wirtschaftswoche and/or Handelsblatt said the affected North Rhine-Westphalian “counties” [Kreis] include Hochsauerland, Rhein-Sieg and Rheinisch-Bergische and the affected North Rhine-Westphalian regional authorities [Landschaftsverband] include Westfalen-Lippe and Rheinland.
No one has explained yet how RWE could be so massively in debt yet 2013 was its first loss year since World War II, unless they’re saying the utility did it by hiding losses on paper while hoping for government support. A 03 Mar 2014 article headlined “Complaining as a Strategy,” in which Spiegel.de said C.E.O. Peter Terium still lacked a plan for bringing the utility giant forward into greatness, cited an RWE presentation dated February 2014 that said the company had debts of ~19 billion in 2008 which increased to ~30 billion euros in 2013. It said it appears the management has cut costs and already budgeted in government aid it expects to receive by explaining how poorly the company is doing, but it still lacks a plan for getting out of the “vale of tears.” Laudable investments in decentralized renewable energy sources such as “Blockheizkraftwerke [decentralized combined heat and power station units], Solarspeicher [storage units for solar energy] and smart home concepts” cannot offset the huge losses from investments in giant dirty power plants.
(Ow! fss FALL shah FEAHD geh ZETTS t)
The Deutscher Fussball-Bund [“German Soccer Association”] and new Nationaler Antidoping-Agentur [“National Anti-doping Agency”] compromised on 500 anti-doping tests in professional German soccer in the coming season. That is 500 tests total for apparently all Bundesliga, second Liga and Junior teams, as well as the “A” national team. This averages out to fewer than two blood tests this year per each of the 36 professional teams, according to ZDF heute journal and Stern.de. There will be 75 blood and urine tests and 425 tests of urine only. A Dopingjäger pharmacologist criticized the numbers as insufficient and the current negotiation process as “pure cow trading* and nothing more.” He also said the new agreement includes a 15% reduction in urine tests. Canada’s C.B.C. reported that any anti-doping blood tests at all would be a new thing in the Bundesliga.
Statistics provided on the D.F.B. website at the time of the August 2013 announcement said the association had six million members.
* Cow trading means horse trading.
(DOPE ingk YAY gah.)
“Dutch intermediary dealers.” EU findings from a total of ~7000 genetic tests on food products to investigate mislabeled horsemeat were announced on 16 Apr 2013. 0% abnormal test results in the UK, 3.3% in Germany and 13.3% in France, where purchases from Dutch intermediaries turned out to be particularly mislabeled. A French Green Party member claimed it wasn’t even proper horse meat being mislabeled, but rather slaughterhouse wastes. On se demande encore comment est-il possible qu’il y ait tant de chevaux en Europe? Where are so many horses coming from, that horse meat could prove cheaper than farmed beef and mutton on the global market? Racetracks?
Particularly customers of the shadowy Dutch figure known as Willy Selten are affected. Yet again, Dutch is funny if you know English and German but not Dutch. Willy Selten’s large meat wholesaler delivered to ~500 companies in 16 EU countries.
The EU commissioner for consumers wants to change government food testing to verify truth in labeling from a national to a European matter. He said this is another problem whose scope exceeds the capacity of individual national government offices. Crowdsourced cheap DNA test kits for species-specific markers would also help.
(NEE derr lend ish eh TSVISH en hend lah.)
Children’s word for horse. From the hilarious rambling discussion of mislabeled horse meat in the first 2013 episode of Dittsche. “Bears can grow to be quite old… but horses aren’t getting old anymore, are they?”
Wiktionary writes that the word comes from the German words for “gee” and “haw,” with hott meaning right and hü meaning left.