Top News
Citing uncertainties, PG&E files Chapter 11 reorganization plan
More than seven months after California's largest utility, Pacific Gas and Electric Co., entered Chapter 11 bankruptcy protection together with its parent company, PG&E Corp., the companies on Sept. 9 filed their joint plan of reorganization with a federal court in San Francisco.
ERCOT predicts it will have enough power to meet fall 2019 demand
The Electric Reliability Council Of Texas predicts there will be enough installed generation capacity to meet peak electricity demand in the upcoming fall and winter.
More energy companies could cross key credit rating line in 2019, Moody's says
Seven American energy companies are on the boundary between investment and speculative corporate-level credit ratings, according to a Moody's report.
Major Callon shareholder comes out against 'value-destructive' Carrizo deal
Shares of Callon Petroleum Co. were up sharply on news one of the company's largest shareholders has come out in opposition to its planned acquisition of Carrizo Oil & Gas Inc., suggesting instead that Callon itself should be up for sale.
Rhino Resource Partners to sell some Illinois Basin coal assets to Alliance
Rhino Resource Partners LP agreed to sell some of its assets relating to the Pennyrile mining complex to a subsidiary of Alliance Resource Partners LP in a Sept. 6 announcement.
Quoted
"The energy industry is primed for further mergers and acquisitions, and for industry consolidation. The large number of companies near the crossover zone raises the prospect that events will prompt further movement within or near the zone," analysts at Moody's wrote.
Power
* Straddling the eastern and western interconnections, three multistate public power entities have decided to participate in the Southwest Power Pool's energy imbalance market in the West.
* A coalition of large electric utilities, including Exelon Corp., Pacific Gas and Electric and Public Service Enterprise Group Inc., is challenging the Environmental Protection Agency's Affordable Clean Energy rule and repeal of the Clean Power Plan.
* Independent power producers and marketers are pushing back on claims that proposed changes in the PJM Interconnection capacity market could cost consumers billions of dollars while limiting the participation of state-supported clean energy resources.
* Santee Cooper hopes stop its possible sale with a new plan to add more solar, cut coal generation and pay down nuclear debt, The Post and Courier of Charleston, S.C., reported.
* Suncor Energy Inc. plans to invest C$1.4 billion to replace coke-fired boilers with two cogeneration units at its Oil Sands Base Plant. The cogeneration units will generate 800 MW of power.
* Two holdout bond insurers, National Public Finance Guarantee Corp. and Syncora Guarantee Inc., have finally agreed to join a deal to restructure Puerto Rico Electric Power Authority's debt, according to Reuters.
Natural gas
* In a decision that could have implications for other U.S. natural gas infrastructure projects with foreign customers, a federal court refused to throw out the certificate for the 1.5-Bcf/d NEXUS Gas Transmission LLC pipeline but questioned the certificate's eminent domain authorization because some gas on the line goes to Canada.
* New Hampshire Gov. Chris Sununu, a Republican, is set to sign today a bill banning oil and gas drilling along the state's shore, according to The Associated Press.
* The Federal Energy Regulatory Commission granted a change in the permit for an approximately 1.4-Bcf/d natural gas pipeline project partly owned by Cheniere Energy Inc. that will allow much of the pipeline to enter service on a date that appeases committed shippers, even as the developer seeks other customers for the rest of the gas transportation capacity.
* California lawmakers approved a bill that would block pipelines and related infrastructure of new oil or gas projects in federally protected areas from crossing state lands, the Los Angeles Times reported.
* Canadian natural gas producers could soon be removed from the main Toronto Stock Exchange due to falling stock prices, the Calgary Herald reported, citing analysts.
Oil
* The startup of new, more profitable projects, rising production and improved downstream results should help drive healthy financials for the top European majors in the second half of the year. However, sluggish oil and natural gas prices could continue to weigh on
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* Oil majors could be left holding stranded assets as they continue to invest heavily in oil and natural gas while governments around the world look to cut emissions and meet the goals of the Paris Agreement on climate change, according to a new report from climate-focused think tank Carbon Tracker Initiative.
* Saudi Arabian Oil Co. will "very soon" list on the Saudi Stock Exchange, according to AP. CEO Amin Nasser, however, did not reveal how much would be listed.
* Saudi Arabia's newest oil minister, Prince Abdulaziz bin Salman, is keeping the country's oil production policy, The Wall Street Journal reported.
* The Iowa Utilities Board has ordered Dakota Access LLC to file a permit amendment to increase the oil pipeline's capacity.
* Valero Energy Corp. is working with Darling Ingredients Inc. on a possible second renewable diesel plant in Port Arthur, Texas, the San Antonio Business Journal reported.
* Essar Oil (UK) Ltd. hopes to increase U.S. oil processing at its Stanlow refinery to 40% from 35%, according to Reuters. The company is also in talks to sell a majority stake in its Stanlow Oil Terminal Ltd infrastructure business.
* Subsea 7 SA CEO Jean Cahuzac is stepping down at the end of the year and will continue as a non-executive director of the company. He will be succeeded by COO John Evans on Jan. 1, 2020.
Coal
* Two Democratic U.S. Representatives from Pennsylvania introduced a bill aimed at cleaning up abandoned coal mines across the nation, according to a Sept. 9 release.
* The company that purchased Westmoreland Coal Co.'s Ohio assets plans to cut more than half of its workforce starting at the end of October, according to The Daily Jeffersonian, an Ohio newspaper.
ChartWatch

U.S. Environmental Protection Agency officials have released a draft policy assessment for fine particulate matter, estimating that current federal air quality safeguards for the harmful soot-forming pollutant are set at a level that could allow tens of thousands of deaths annually.
New from RRA
* In an effort to determine those utility holding companies that have high earned ROEs, i.e., profitability, compared to relative stock price variability, as represented by beta, Financial Focus has compared the ratio of each company's average annual earned equity return from 2016 through 2018 to its three-year beta.
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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