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PM Edition: Tallgrass buyout wins over investors; US adds 1,500 MW of wind in Q3

Top News

Blackstone's updated Tallgrass buyout bid wins over investors, analysts

Investors and industry analysts applauded The Blackstone Group Inc.'s revised offer for taking Tallgrass Energy LP private following months of pressure on the pipeline company to increase public unit holders' compensation for a buyout. Under the merger agreement announced Dec. 17, Tallgrass will sell its outstanding common shares to affiliates of Blackstone's infrastructure arm and other buyers for $22.45 per share, an approximately 15% premium to the $19.50 per share offered Aug. 28.

Data Dispatch: Nearly 1,500 MW of US wind power capacity added in Q3

Six projects, totaling 1,491 MW of generation capacity, came online in the U.S. in the third quarter of 2019 at a combined estimated cost of $2.7 billion, according to S&P Global Market Intelligence data.

Dominion plans to build nearly 1,000-MW gas-fired peaker in Virginia

Dominion Energy Virginia is planning to build a nearly 1,000-MW natural gas peaking plant in Chesterfield County, Va. The utility said the peaking units would be built in two phases, with the first phase online in the spring of 2023 and the second phase online in the spring of 2024.

Calif. carbon allowance prices recover due to increased trading

After stumbling in early December, California carbon allowance prices at the secondary market ramped higher during the week ended Dec. 16 due to increased trading activity. Market sources attributed the rise in over-the-counter allowance prices to the fact that participants have started to roll positions from the vintage 2019 contract to future vintages before year's end.

Other energy headlines

* Alberta's top court has started hearing evidence in a dispute between the province and the Canadian government over a wide-ranging federal levy on emissions that has already been the subject of unsuccessful challenges in other provinces.

* Global coal power generation is expected to decline in 2019, but that is unlikely to be the start of a lasting trend as demand for the fuel will remain stable due to rising demand in India and other Asian countries offsetting declines in the United States and Europe, wrote the International Energy Agency in its latest analysis of coal markets. "Although it will probably decline in 2019, we expect it to remain broadly steady thereafter through 2024," the report states.

* AltaGas Ltd. plans to lower 2020 capital spending 31% from prior-year guidance, focusing on projects in its low-risk utility business. The company forecasts a 100% increase in annual export volumes to Asia in 2020, driven by a full year of operations and increased utilization at the Ridley Island propane export terminal in British Columbia, which began shipping cargoes in May.


SNL Image

In the first three quarters of 2019, 4,251 MW worth of wind power capacity came online in the U.S., making this one of the hottest years on record for the industry, according to S&P Global Market Intelligence data. Developers are pushing to get projects across the line before the 2020 expiration of the federal production tax credit for wind energy projects.

Research and data

* RRA Financial Focus: New Jersey Clean Energy Act poised to boost wind development

* RRA Financial Focus: Utility financials continue weaker, especially in electric and multi sectors

* RRA Regulatory Focus: Ark. PSC approves base rate increase in Entergy's formula rate plan

* RRA Regulatory Focus: American Water files in New Jersey; 2 additional filings expected in 2020

* RRA Regulatory Focus: Elizabethtown Gas rate decision contains no real surprises

* RRA Regulatory Focus: Consumers Energy seeks $245M gas rate increase in Michigan

Top pick of the day

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