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Energy groups assail tariffs; gas utilities see cash constraints

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Energy groups assail tariffs; gas utilities see cash constraints

Top News

Energy groups assail tariffs, citing 'zero domestic availability' of some steel

Planned tariffs on imported steel could compromise national security and U.S. economic development by limiting access to key pipeline materials, a coalition of oil and gas industry groups said in a March 7 letter to President Donald Trump.

Gas utilities see cash constraints, chance for investment under new tax law

Gas utilities expect near-term cash constraints from federal tax code changes as customers pay less and corporate deduction options become more limited, but some companies are hoping that the lower corporate rate will open capital investment opportunities.

Carbon capture credits could create tax equity market that spurs new projects

The extension of federal tax credits for carbon capture, use and storage could open up a tax equity market that might help spur the development of projects in the U.S., proponents say.

Power

* As President Donald Trump moves ahead with his plan to impose global tariffs on steel and aluminum imports, clean energy industry groups are voicing their concerns that the duties will hurt their sector and the rest of the U.S. economy.

* General Electric Co. has launched an energy storage platform, called GE Reservoir, to deliver customized storage solutions to customers. The new platform already has a 20 MW, 80 MWh pre-launch commitment.

* After hitting a speed bump in 2017, U.S. energy storage installations are poised to grow 15-fold through 2023 to an annual market of 3,327 MW, worth $3.77 billion, GTM Research predicted in a new report.

* The Virginia House of Delegates approved a bill that will extend the moratorium on permanent coal ash pond closure, The Associated Press reported. The bill now heads to Gov. Ralph Northam's desk for his signature.

* Salt River Project and Tesla Inc. subsidiary SolarCity Corp. have taken a first step toward resolving SolarCity's 2015 lawsuit challenging SRP's rates for distributed solar customers.

* The U.S. Court of Appeals for the 9th Circuit turned down the Trump administration's request to dismiss a climate change lawsuit by a group of children, The Hill in Washington, D.C., reported.

* The Iowa Senate approved a bill that would rewrite some of the state's utilities laws and create a program for customers who want to opt out of energy efficiency initiatives and demand response incentive programs, the Des Moines (Iowa) Register reported.

* The government of British Columbia is reviewing its environmental assessment process for major projects, with changes expected in late fall.

* The South Carolina House of Representatives advanced a proposed legislation to stop customer payments for the failed V.C. Summer nuclear expansion project, according to the AP.

* Baillie Gifford & Co. and T. Rowe Price Group Inc., which own about 14% of Tesla Inc.'s stock combined, have come out in support of the proposed $2.6 billion compensation package for CEO Elon Musk, Bloomberg News reported.

Natural gas/Oil

* A federal appeals court gave the Federal Energy Regulatory Commission more time to issue new permits for the Enbridge Inc.-led, up to 1.1-Bcf/d Sabal Trail natural gas pipeline and two other projects that make up the Southeast Market Pipelines project.

* The Pennsylvania Public Utility Commission issued an emergency order to suspend operations at Sunoco Pipeline LP's Mariner East 1 pipeline due to safety concerns.

* An official with GAIL (India) Ltd. said the company will hold off its efforts to renegotiate LNG contracts with Cheniere Energy Inc. and Dominion Energy Inc. affiliates for up to two years before trying again to reopen the long-term agreements in the hopes of a better deal.

* Colorado lawmakers killed a bill that would have required the state Oil and Gas Conservation Commission to treat public health and safety protection as a precondition before allowing drilling in the state, The Denver Post reported.

* The U.S. Court of Appeals for the 5th Circuit will review an order halting the construction of the Bayou Bridge oil pipeline in Louisiana in a hearing scheduled for the week of March 12, the AP reported.

* Energen Corp. agreed to appoint two new independent directors to its board after reaching a deal with hedge fund Corvex Management LP, which previously threatened to launch a proxy battle against the oil-focused exploration and production company.

* Separately, Elliott Management Corp. said it will support Energen's decision to initiate a review of strategic alternatives to unlock the value of its Permian basin assets for shareholders.

* Mississippi Public Service Commission Chair Brandon Presley has been appointed as co-vice chair of the National Association of Regulatory Utility Commissioners' committee on gas.

Coal

* Corsa Coal Corp. is selling its thermal and industrial coal division, Central Appalachia, to transform itself to a pure-play metallurgical coal producer.

* Illinois Basin thermal coal producer Foresight Energy LP is increasing its focus on exports as it faces low natural gas prices and "comfortable" utility inventory levels on the domestic front.

* Bowie Resource Partners LLC is asking the U.S. Bureau of Land Management to reduce the royalties it pays for federal coal leases, The Salt Lake Tribune reported. The relief could be potentially worth millions of dollars.

* The U.S. government is developing a plan to build small-scale coal-fired power plants, according to a report from a major energy conference in Houston.

Commodities

* The natural gas inventory report to be released at 10:30 a.m. ET on March 8 by the U.S. Energy Information Administration is expected to show a modest withdrawal for the week to March 2.

* After ending the prior session 2.8 cents higher at $2.777/MMBtu, NYMEX April natural gas futures reflected little change overnight ahead of the Thursday, March 8, open and the midmorning release of the weekly storage data that is poised to become the next major catalyst for values.

* The price of power at the daily markets could vary Thursday, March 8, amid mixed demand outlooks for the close of the workweek. Natural gas markets will also be watched for price direction.

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New from RRA

* With no objections from the Connecticut General Assembly surfacing, the recommendation by the Connecticut Department of Energy and Environmental Protection and the Connecticut Public Utilities Regulatory Authority to permit the Millstone nuclear power station to compete for purchased power agreements as part of the state-sponsored competitive bid procurement will move forward.

Quoted

"I'm not sure he has made up his mind with clarity about where he wants to go with this," said U.S. Energy Secretary Rick Perry on President Donald Trump's announced intention to impose tariffs on imported steel and aluminum.

The day ahead

* Pennsylvania's solar energy planning group will hold a meeting at 9 a.m. to review draft plan to increase in-state, solar-generated electricity by 2030.

* The EIA natural gas storage report is due out today.

* Early morning futures indicators pointed to a higher 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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