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JEA privatization on hold; court vacates key approval for Atlantic Coast pipe

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JEA privatization on hold; court vacates key approval for Atlantic Coast pipe

Top News

Jacksonville, Fla., utility board tables privatization activities

The Jacksonville, Fla., municipal utility's board of directors unanimously decided May 15 to put on hold any activities tied to possibly privatizing the entity, which could be valued upwards of $11 billion.

Disconnected: Midstream stocks lose trading link to oil as crude prices surge

During the worst days of the recent oil price collapse, midstream stocks could not escape their linkage to West Texas Intermediate crude prices.

US coal CEO sees 'worst of times' behind sector despite domestic challenges

After living through the "worst of times" in recent years, including a wave of industry bankruptcies, U.S. coal is finding some relief amid improved sector conditions despite some challenges at home, a coal executive told colleagues at an industry event late last week.

Power

* During a May 15 conference convened by the PJM Interconnection, federal officials and industry experts said power companies can better counter threats to the grid by broadening the risks they plan for and coordinating more with other sectors they rely on to operate.

* The White House is considering a range of options, including invoking a 2015 grid emergency law, to keep coal and nuclear power plants running, Bloomberg News reported, citing a senior Department of Energy official.

* New York, New England and eastern Canada will have enough supply to meet their electricity needs this summer, a new report by the Northeast Power Coordinating Council found.

* Oklahoma Attorney General Mike Hunter and Oklahoma Corporation Commission's Public Utility Division director Brandy Wreath continue to oppose Public Service Co. of Oklahoma's request for preapproval of recovering costs to build the Wind Catcher Connection project, The Oklahoman reported.

* The U.S. Environmental Protection Agency's inspector general has launched a new investigation into Administrator Scott Pruitt's use of nonpublic email accounts, The Hill in Washington, D.C., reported.

* Proxy firm Glass Lewis & Co. is recommending against the reelection of three directors to Tesla Inc. board, including CEO Elon Musk brother Kimbal Musk, Bloomberg News reported. The firm also support a proposal to separate chairman and CEO roles that Elon Musk currently holds.

* Ormat Technologies Inc. said it will restate its financial statements for the second, third and fourth quarters of 2017, as well as full-year 2017 due to errors in the income tax provision primarily relating to its valuation allowance.

Natural gas/Oil

* The U.S. Fourth Circuit Court of Appeals issued a decision that requires all construction and any activity associated with Dominion Energy Inc.'s Atlantic Coast Pipeline to halt immediately, after finding that the U.S. Fish and Wildlife Service's Biological Opinion "did not meet minimum legal standards," the Southern Environmental Law Center said.

* The Federal Energy Regulatory Commission asked a federal appeals court to dismiss environmental group and landowner challenges to the agency's approval of Transcontinental Gas Pipe Line Co. LLC's 1.7-Bcf/d Atlantic Sunrise natural gas pipeline project.

* A Minnesota Tax Court ruled that the state Department of Revenue overvalued Enbridge Inc.'s oil pipeline system, the Star Tribune of Minneapolis, Minn., reported.

* The Sierra Club asked the U.S. Department of Energy to reject a request by the developer of the Jordan Cove LNG project to alter a conditional export license granted during the stalled $10 billion venture's first attempt through the federal permitting process.

* The Canadian government will hold a media briefing today on its possible financial aid for Kinder Morgan Canada Ltd.'s Trans Mountain oil pipeline expansion project, Reuters reported.

Coal

* A federal judge in California struck down Oakland's ban on coal shipments, saying that it is a "breach of the development agreement" in a case between the city council and a developer of a proposed export terminal.

* An investor in Illinois Basin coal producer Hallador Energy Co. distributed 2.2% of the company's outstanding shares to general and limited partners.

Commodities

* Following a 0.6-cent slump to close at $2.836/MMBtu in the prior session, NYMEX June natural gas futures extended lower overnight ahead of the Wednesday, May 16, open, as warmer weather and robust production are keeping inventories on track to a healthy level ahead of the next major demand period.

* Day-ahead power prices could chop around Wednesday, May 16, in line with mixed load outlooks for Thursday. Little support is expected from natural gas.

* Total U.S. nuclear plant availability topped the 90% level early May 15 at 90.83%, up from 89.76% on May 14 and also much higher than the 79.45% reported on the same day last year.

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New from RRA

* Regulatory Research Associates, an offering of S&P Global Market Intelligence, views Minnesota regulation of energy utilities, overall, to be balanced and stable from an investor viewpoint.

Quoted

"We must recognize today's realities: resources are limited, and cyber threats continue to outpace our best defenses," the U.S. Department of Energy's five-year strategy for countering cybersecurity threats said.

The day ahead

* Early morning futures indicators pointed to a mixed 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.

The Daily Dose is updated as of 7:30 a.m. ET. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.