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Wind seen pushing SPP's congestion costs; investors warm to Appalachian drillers

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Wind seen pushing SPP's congestion costs; investors warm to Appalachian drillers

Top News

Market monitor sees wind power boosting SPP's price volatility, congestion costs

The Southwest Power Pool's surging wind fleet prompted negative real-time pricing to double in 2017, price volatility to almost double and congestion costs to jump by 70%, a report released May 11 concluded. Expanding transmission could improve the situation, an industry official maintained.

Investors warm to Appalachian gas drillers that limit spending, buy back shares

Investors reacted positively to the first-quarter results of Appalachia's publicly traded shale gas drillers, sending six of the 10 issues higher after their earnings announcements showed capital discipline and plans to use asset sales for debt reduction or share buybacks.

Consol Energy a believer in coal's future for those working within cash flow

Consol Energy Inc. executives are feeling good about coal's future in the U.S. and abroad but said the company will be moving cautiously to work within its cash flow and keep risk off the balance sheet.

Power

* A new report used ISO New England data to undermine the grid operator's repeated warnings of regional fuel insecurity during winter cold snaps.

* FirstEnergy Solutions Corp. has received approval from the bankruptcy court to stop paying its share for two coal-fired power plants operated by Ohio Valley Electric Corp., The Plain Dealer of Cleveland, Ohio, reported.

* U.S. sales of solar panels are expected to remain depressed during the second quarter, driving South Korean supplier Hanwha Q CELLS Co. Ltd., one of the world’s largest makers of solar cells and modules, to seek out new markets in other regions.

* The New Hampshire Supreme Court has allowed Antrim Wind Energy to move forward with its planned 28.8-MW wind project, the Keene (N.H.) Sentinel reported.

* The Nevada Latin Chamber of Commerce is opposing a ballot initiative that would restructure the state's energy market and allow customers to select their own energy provider, the Las Vegas Review-Journal reported.

* EDP - Energias de Portugal SA called China Three Gorges Corp.'s takeover offer "as low considering what is customary for European utilities where the offeror has acquired control."

* A special subcommittee of Virginia lawmakers is set to meet for the first time to study the future course of action for coal ash stored at four power plants of Dominion Energy Inc., The Associated Press reported.

Natural gas/Oil

* Groups representing landowners and Native American tribes asked the U.S. Appeals Court for the 4th Circuit to stay work on the EQT Midstream Partners LP-led Mountain Valley Pipeline LLC natural gas transportation project, alleging that letters from the Federal Energy Regulatory Commission authorizing construction were unlawfully approved by a project manager who lacked delegated authority to make such decisions.

* A group of institutional investors urged more than 100 oil and gas companies and major banks to not participate in any oil and gas development in the Arctic National Wildlife Refuge, according to the Sierra Club.

* A Dominion Energy Inc. representative said conversations with stakeholders early in the development of a natural gas transportation project are important, even as the federal government wants to reduce opportunities for opposition groups to stall projects and as environmental groups criticize the approach of pipeline developers and regulators.

* Baker Hughes is said to be in discussions to acquire a minority stake in Abu Dhabi National Oil Co. drilling unit Adnoc, sources told Bloomberg News reported.

* Houston-based Yuma Energy Inc., an independent exploration and production company, is exploring strategic alternatives that may include merger or sale of assets to enhance and maximize shareholder value.

Coal

* Six western states, including Wyoming, Montana and Utah, have filed a joint amicus brief in support of Lighthouse Resources Inc. in its fight against Washington state for denying approvals for the Millennium Bulk Terminals-Longview project, The Associated Press reported. The other three states are Kansas, South Dakota and Nebraska.

* Kentucky coal production declined 11% year over year in the first quarter, while coal mining jobs decreased 5.7%. The state produced 10.2 million tons of coal in the quarter, a 1.5% increase from the final quarter of 2017, according to its Energy and Environment Cabinet.

* Cloud Peak Energy Inc. is trying to revise its 1977 permit for Youngs Creek, an idle coal mine along the Montana border with the potential to produce up to 1 million tons of coal per year, the Casper (Wyo.) Star Tribune reported May 11.

Commodities

* After ending the week's opening session with a 3.6-cent gain at $2.842/MMBtu, NYMEX June natural gas futures slipped in profit taking overnight ahead of the Tuesday, May 15, open.

* Next-day power markets could have a weak showing Tuesday, May 15, as traders consider predominantly softer midweek demand prospects.

* Total U.S. nuclear plant availability was higher early May 14, moving up to 89.76%, from 85.89% on May 11 and well above the 77.55% reported on the same day last year.

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New from RRA

* Renewable portfolio standards have helped drive distributed renewable energy installations across the Northeast, according to data gathered by S&P Global Market Intelligence.

Quoted

"The sheer magnitude of short carnage will be unreal. If you're short, I suggest tiptoeing quietly to the exit," said Tesla Inc. CEO Elon Musk, speaking to equities traders who have short-sold Tesla shares in the wake of the company's recent financial results.

The day ahead

* Early morning futures indicators pointed to a lower opening for the U.S. equity markets. To view more SNL equity market indexes, click here. To view more SNL Energy commodities prices, click here.

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