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In This List

Investors flee Plains All American; NRP affiliate president resigns

Essential Energy Insights - September, 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Bull market leaves US utilities behind in August

Utilities, midstream reckon with energy transformation on the horizon


Investors flee Plains All American; NRP affiliate president resigns

Top News

SC governor, lawmakers attempting to save abandoned nuke, protect ratepayers

South Carolina's governor is reportedly exploring a range of options to salvage at least one of the abandoned V.C. Summer reactors, while some state lawmakers push for a special legislative session to temporarily halt future rate hikes tied to the project.

Plains All American's 'brutal reality,' poor results cause drastic selloff

Investors fled from Plains All American Pipeline LP on Aug. 8, pushing down the partnership's valuation by as much as 20% in afternoon trading after its supply and logistics segment dragged down quarterly results and prompted executives to lower full year guidance once again and consider a dividend cut.

Alliance simplification should allow more sustainable growth, analysts say

A structural streamlining announced recently by Alliance Resource Partners LP and Alliance Holdings GP LP should allow more sustainable growth for the energy producer, according to analysts.

President of Natural Resource Partners affiliate announces resignation

The head of Natural Resource Partners LP's general partner has announced his resignation, after the coal producer reported a slight dip in attributable net income year over year in the second quarter.

Power

* The law firm representing Suniva Inc., a U.S. solar panel manufacturer that is asking Washington to impose tariffs and price controls on imported equipment, claims that "effective remedies" would result in up to 144,000 new domestic solar jobs. That stands in sharp contrast to broad industry expectations.

* U.S. Secretary of State Rex Tillerson asked U.S. diplomats to dodge questions on re-engaging the country in the Paris climate agreement, Reuters reports, citing a diplomatic cable.

* Arizona Corporation Commission members voted to hire attorneys to defend themselves against a suit brought by a fellow commissioner seeking a court order for Arizona Public Service Co. to turn over campaign financing records.

* Ameren Illinois Co. is requesting the Illinois Commerce Commission to lower its energy efficiency targets under the state's energy law, contending that it is more difficult to convince its rural customers to reduce their energy use compared to Commonwealth Edison Co. customers, Midwest Energy News reported.

* The U.S. wind industry experienced strong growth in 2016, adding more than 8,200 MW of capacity last year, according to the U.S. Department of Energy. However, the DOE said "prospects for growth beyond the current PTC cycle remain uncertain, given declining federal tax support, expectations for low natural gas prices, and modest electricity demand growth."

* The Chelan County Public Utility District No. 1 secured two new power sales contracts for its Rocky Reach and Rock Island hydroelectric facilities in Washington that will boost its forecasted revenue by $40 million, starting in 2019, according to a news release. The sales are for five years to Avangrid Renewables LLC and for 10 years to Avista Corp.

* In studying a coal-ash spill in North Carolina, scientists have found a fossil fuel byproduct that could be detrimental to public health, Bloomberg News reports.

* Consolidated Edison Inc. plans to issue 4.1 million common shares on Aug. 14 and invest the sale proceeds in its subsidiaries, principally Consolidated Edison Co. of New York Inc. and Con Edison Clean Energy Businesses Inc., according to a news release.

* The Sacramento Municipal Utility District is partnering with NEC Corp. and SpaceTime Insight to deliver smart energy solutions to Japanese electric power companies and others in the Asia Pacific region, according to a news release.

* South Carolina Electric & Gas Co. is nearing completion of its coal ash cleanup, as it has removed more than 2 million tons of coal ash and its underlying soil from its coal ash lagoon on the banks of the Wateree River, according to the Southern Environmental Law Center.

* NRG Energy Inc. laid off an undisclosed number of employees around the country as part of its efforts to reduce its costs and debt, and to boost its stock price, the Houston Chronicle reported.

Natural gas/midstream

* After an Indian news outlet reported that GAIL (India) Ltd. is looking to renegotiate the terms of its 20-year contract for LNG from Cheniere Energy Inc.'s Sabine Pass export terminal in Louisiana, Cheniere CEO Jack Fusco said he expects customers to hold up their end of the bargain.

* Sunoco Pipeline LP reached a settlement with Pennsylvania regulators and environmental groups that would allow the company to resume underground boring on its Mariner East 2 natural gas liquids pipeline, the Pittsburgh Post-Gazette reports.

* Business lobbyists from across Pennsylvania's industrial landscape said they plan a full-court press on legislators in the state House to sideline proposed taxes on natural gas production and consumption, taxes the Senate is counting on to fill a $2 billion gap in Pennsylvania 2017-2018 budget.

* The Standing Rock Sioux Tribe has proposed more public reporting of pipeline issues and a spill response plan as an "alternative relief" if the judge presiding over its fight against the Dakota Access pipeline does not agree to shut down the project, The Associated Press reports.

* CNOOC Ltd.'s Hangingstone project in Alberta has commenced production and is expected to reach a peak production rate of approximately 20,000 barrels of bitumen per day in 2018, according to a news release.

* Noble Energy Inc. priced $600 million of its 3.850% senior notes due Jan. 15, 2028, and $500 million of its 4.950% senior notes due Aug. 15, 2047, at 99.688% and 99.643% of the principal amounts, respectively, according to a news release. The company will use the sale proceeds to help fund a cash tender offer.

* WPX Energy Inc. launched a $150 million public offering of its 5.25% senior notes due 2025, according to a news release. The company plans to use the sale proceeds, along with any borrowings under its senior secured credit facility, to fund cash tender offers for certain series of its outstanding senior notes.

Coal

* The California Public Employees' Retirement System has divested nearly all its coal stocks despite the recent rebound seen in the industry, The Sacramento Bee reported Aug. 7.

* The U.S. Mine Safety and Health Administration issued 79 citations and one safeguard to nine U.S. coal mines in June during special impact inspections, data from the agency showed.

Commodities

* The U.S. Energy Information Administration boosted its power-sector coal demand outlook through 2018, as it now expects coal and natural gas to provide a nearly equal share of the nation's electricity in 2018.

* After ending the prior session up 2.1 cents at $2.822/MMBtu, NYMEX September natural gas futures lost footing overnight ahead of the Wednesday, Aug. 9, open, amid overriding bearish fundamentals. At 7:00 a.m. ET, the front-month contract was up just 0.4 cent to trade at $2.826/MMBtu.

* Power dailies could have a mixed showing Wednesday, Aug. 9, as predominantly stronger demand forecasts for the latter part of the workweek run counter to stalled natural gas futures.

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New from RRA

* Increasing the utilization of renewable resources and decarbonization are the focus of the draft comprehensive energy strategy, or CES, issued by the Connecticut Department of Energy and Environmental Protection on July 26.

Quoted

"It's a very circular and very incestuous transaction," said CBRE Clarion Securities analyst Hinds Howard on a structural streamlining announced recently by Alliance Resource Partners LP and its general partner.

The day ahead

* The following companies will hold their second-quarter 2017 earnings conference calls: Energy Transfer Equity LP, Energy Transfer Partners LP and EV Energy Partners LP at 9 a.m. ET; Westar Energy Inc. at 10 a.m. ET; Boralex Inc. and Global Partners LP at 10 a.m. ET; Sunoco LP at 10:30 a.m. ET; Andeavor Logistics LP at 12 p.m. ET; Southwest Gas Holdings Inc. and Sprague Resources LP at 1 p.m. ET; Hallador Energy Co. at 2 p.m. ET; and Real Goods Solar Inc at 4:30 p.m. ET.

* Gaz Métro LP and Valener Inc. will hold their fiscal third-quarter 2017 earnings conference calls at 1 p.m. ET.

* 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.

The Daily Dose is updated as of 7:30 a.m. ET. Some links may require registration or a subscription.