Top News
AEP chief wants further study of grid resilience as US DOE ponders broad plan
American Electric Power Co. Inc. President and CEO Nick Akins believes steps need to be taken to slow the loss of U.S. coal-fired and nuclear power plants, but the company wants individual regions to decide how to ensure grid resilience.
EnLink execs hesitate to detail simplification plans as Devon unloads the MLP
EnLink Midstream Partners LP executives were mum on whether Devon Energy Corp.'s decision to sell the oil and gas pipeline operator to a private investment fund for $3.13 billion would speed up structural simplification plans.
Moody's: Murray Energy financing improves cash flow but is a 'limited default'
A new financing transaction executed by Murray Energy Corp. will improve cash flow and extend maturities but will likely be labeled by Moody's as a limited default.
Glencore, partner looking to purchase Chevron's South African oil assets
Glencore PLC and Off The Shelf Investments Fifty Six (RF) Proprietary Ltd. are in the running to purchase Chevron Corp.'s South African assets in a 50/50 joint deal estimated to be worth US$900 million, a source familiar with the matter told S&P Global Market Intelligence on June 6.
Quoted
"One thing I know is when we shut a nuclear plant down, it's never coming back," said
Power
* Adoption of behind-the-meter batteries at U.S. homes and businesses surged
* Xcel Energy Inc. plans to retire two coal-fired units at the Comanche
* Tesla Inc. plans to build its first foreign "Gigafactory" in Shanghai followed by another in Europe, executives told shareholders June 5 at the integrated electric vehicle, energy storage and solar company's annual meeting in Silicon Valley.
* A study by the Natural Resources Defense Council found that the Palo Verde Nuclear Generating Station in Arizona will keep running even if a renewable energy measure passes in the state, Phoenix Business Journal reported.
* Entergy Corp. is offering $1 billion worth of its common shares with a forward component. Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers.
* FirstEnergy Solutions Corp.
* The U.S. Bureau of Reclamation is looking at requiring an Arizona water project to buy electricity from the Navajo coal-fired plant to delay its planned closure next year, according to Reuters. The proposal is in line with Trump administration's plan to save at-risk coal and nuclear plants.
* Colorado Gov. John Hickenlooper recently signed a bill that would require the state Public Utilities Commission to establish mechanisms for investor-owned utilities to procure energy storage systems.
Natural gas
* Enbridge Inc. has decided not to implement proposed rules to ease congestion at its mainline transportation system, which carries Canadian oil exports to the U.S., The Globe and Mail reported. The move came after a backlash from shippers against the new rules.
* Plains All American Pipeline LP executives said the pipeline partnership is working hard to get around crude oil transportation bottlenecks in West Texas and Western Canada, but it remains unclear whether aboveground alternatives can completely fill the gap.
* The Pennsylvania House of Representatives voted to pass a bill that would create a new regulatory framework for conventional drilling.
* The credit analysts at S&P Global Ratings like
* The U.S. Bureau of Land Management needs to better track actual costs incurred and potential liabilities for reclaiming oil and gas wells, according to the U.S. Government Accountability Office report.
Oil
* U.S. Sen. Charles Schumer is calling on the Department of Transportation and the Department of Energy to propose and quickly finalize volatility standards for crude oil shipped by rail.
* Spanish energy-giant Repsol SA plans to increase production to 750,000 barrels per day, hike its dividend to €1 per share by 2020 and could buy back shares, the company said June 5 in an update to its strategic plan for the next few years.
* Andeavor plans to invest $100 million to build a refined products terminal at Comisión Federal de Electricidad's Rosarito storage facility in Baja California, Mexico.
* The American Petroleum Institute has formed a new coalition in Virginia to support increased access to offshore U.S. oil and natural gas resources.
* USD Group LLC has executed a five-year, take-or-pay terminalling services agreement with a new refiner customer at the Hardisty rail terminal.
Coal
* S&P Global Ratings lowered Murray Energy Corp.'s corporate credit rating to CC from B-, citing a "distressed" private exchange offer between the company and its noteholders.
* A shuttle car operator died June 5 from head injuries incurred at an underground coal mine in West Virginia.
ChartWatch

The domestic wind industry saw installations in the first three months of 2018 sink by nearly three-quarters year over year, following a boom in 2017 spurred in part by changes to production tax credit. Meanwhile, 8,573 MW of wind projects were under construction with online dates ranging from 2018 to 2020.
New from RRA
* There was a fairly significant amount of rate case activity during May, with a handful of rate case filings and decisions occurring throughout the month. Merger developments and tax reform proceedings continued to be significantly prevalent within the regulatory sphere.
The day ahead
* 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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