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Dynegy to shut another 1,835-MW coal capacity; NY denial 'potentially fatal' for Constitution line

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

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


Dynegy to shut another 1,835-MW coal capacity; NY denial 'potentially fatal' for Constitution line

Top news

said May 3 that it willshutter three coal-fired units in Illinois over the next year, adding another1,835 MW to the list of power plants the company says it has to close due toalleged flaws in the wholesale market run by the

NewYork's refusal to issue a key water permit for Constitution Pipeline Co. LLCcould signal the end for the proposed interstate natural gas pipeline,according to an energy analyst who follows such projects.

In acontinuing attempt to mend ties with coal producing parts of the countryfollowing controversial comments regarding the future of the industry,Democratic frontrunner Hillary Clinton traveled to West Virginia and Kentuckythis week, but found few willing to listen.

Power

*Latest in a string of challenges for the now-bankrupt , David Tepper'sAppaloosa ManagementLP is calling for an independent probe into the troubled solarcompany's bankruptcyproceedings, TheWall Street Journal reports. Appaloosa, a shareholder of , reportedlysaid "SunEdison's creditors need a voice in the selection" of anindependent examiner.

*Dominion ResourcesInc. beat analyst estimates by 2 cents per share afterpostingoperating earnings of $572 million, or 96 cents per share, for the firstquarter ended March 31. However, the result is below the first-quarter 2015operating earnings of $584 million, or 99 cents per share.

*The New York ISO hastaken back itswarning that the impending shutdown of the nuclearplant will threaten reliability by leaving New York's grid with a statewidegeneration resource deficiency starting in 2019.

*Massachusetts lawmakers are working on a bill that would require utilities topurchase power from wind farms off the Atlantic coast, BloombergNews reports. The bill, which would help spur development of $10 billionworth of offshore wind industry, could be unveiled this month.

*Utah Municipal PowerAgency has acquired the 205-MW West Valley City natural gas-fired facility inSalt Lake County, Utah, for an undisclosed sum, the DailyHerald of Provo, Utah, reports.

* subsidiary has wonapproval from Arizona regulators to develop two 10-MW energy storage systems in partnershipwith E.ON Climate &Renewables and NextEra Energy Resources LLC, according to a news release.Both projects will be developed under 10-year contracts.

*Duke Energy ProgressLLC has warned that any potential delays in the of its proposed project could cost up to $140 million, the CharlotteBusiness Journal reports. The news comes as opponents, including NCWARN, are planning to appeal the state approval of the natural gas-firedproject. The Duke EnergyCorp. subsidiary wants the opponents to post $50 million as itseeks to shift any additional costs to the opponents.

Natural gas/midstream

*Royal Dutch Shell plcis slashingits 2016 capital spending plan to $30 billion from $33 billion in a bid to"manage the financial framework in today's lower oil priceenvironment." The reduction, which is some 36% lower than combined Shelland BG Group plcinvestment in 2014, came after the energy giant recorded a 58% drop infirst-quarter 2016 CCS earnings attributable to shareholders to $1.6 billion from$3.7 billion a year ago.

*Spectra Energy Corp reportedfirst-quarter 2016 ongoing net income from controlling interests of $238million, or 35 cents per share, compared with $274 million, or 41 cents pershare, in same quarter of 2015. The first-quarter consensus normalized EPSestimate was 38 cents, according to S&P Global Market Intelligence. Thecompany posted first-quarter 2016 ongoing EBITDA of $757 million, down from$788 million a year ago. Ongoing EBITDA from Spectra Energy Partners LP was $473 million in the mostrecent quarter, compared with $464 million a year ago.

*When the shale gas boom hit northeast Pennsylvania's Susquehanna County,stretches of it were a postcard for rural poverty. Prices and production may bedown now, but the county isspiffed up with new stores and optimism of a gas rebound. This isthe first article in a three-part series.

* signed a dealto sell certain oil and natural gas properties in the Greeley Crescent areaof Weld County, Colo., to Synergy Resources for $505 million, according to acompany statement. The transaction includes the sale of approximately 33,100primarily undeveloped net acres within the DJ Basin.

*The U.S. Pipeline and Hazardous Materials Safety Administration is crafting newminimum standards for underground natural gas storage facilities across theU.S. in the wake of the recent natural gas leak at Southern California Gas Co. storage facility in AlisoCanyon, Calif., the Argus Mediareported, citing PHMSA administrator Marie Therese Dominguez.

*Compass Manufacturing LLC, a Chesapeake Energy Corp. subsidiary, laid off 98employees from its manufacturing facility due to the persistent downturn in theoil and gas industry, The Oklahoman reports.

Coal

*London-listed New World ResourcesPlc's shares have been suspended from trading just a day after its main coal-miningunit OKD a.s. filed a bankruptcypetition in a Czech court.

*The U.S. Department of Justice has asked the U.S. District Court for theNorthern District of West Virginia to dismiss Murray Energy Corp.'s lawsuit against the U.S. EPA overthe agency's regulatory agenda and its potential impact on employment, TheHill in Washington, D.C., reports.

Commodities

*The natural gas markethas experienced a sideways-to-higher trend over the past two months, buttechnical action implies that more weakness may be in store as a bearish flagcontinuation pattern will oppose support from longer-term moving averages.

*The glut of natural gas liquids moderated further in February, as a third consecutivemonth of record propane exports reduced the inventory surplus to the five-yearaverage to the lowest in a year.

*Following a 4.4-cent advance in the prior session to a settle at $2.086/MMBtu,June natural gas futures driftednear unchanged overnight ahead of the Wednesday, May 4, open, astraders considered production woes alongside lackluster weather-related demandexpectations.

*Next-day power prices at most major markets across the country could seechoppy moves in theWednesday, May 4, trading session, as traders look to varied demand outlooksbut recent gains for natural gas.

New from RRA

*On May 3, the MarylandPublic Service Commission effectively approved Southern Co.'s proposed acquisition of , and in doing so,approved a public utility law judge's proposed order adopting a settlement thatwas reached by Southern, AGL, the Maryland PSC staff and the Office of People'sCounsel.

Quoted

"Ourobjective will be to optimize the value of the portfolio … but I would saywe're off to a solid start on the process," Duke Energy Chairman,President and CEO Lynn Good said about the company's plan to sell 4,400 MW ofinternational assets.

The day ahead

* At9 a.m. ET, Dynegy Inc. will holdits first-quarter 2016 earnings call.

* At10 a.m. ET, Dominion ResourcesInc. will holdits first-quarter 2016 earnings call.

* At10 a.m. ET, MDU Resources GroupInc. will hold itsfirst-quarter 2016 earnings call.

* At10 a.m. ET, New Jersey ResourcesCorp. will holdits second-quarter fiscal 2016 earnings call.

* At10 a.m. ET, Westar EnergyInc. will holdits first-quarter 2016 earnings call.

* At10:30 a.m. ET, AvistaCorp. will holdits first-quarter 2016 earnings call.

* At11 a.m. ET, Black HillsCorp. will hold itsfirst-quarter 2016 earnings call.

* At11 a.m. ET, PG&ECorp. will holdits first-quarter 2016 earnings call.

* At1 p.m. ET, SempraEnergy will holdits first-quarter 2016 earnings call.

* At2 p.m. ET, Hawaiian ElectricIndustries Inc. will holdits first-quarter 2016 earnings call.

*Among the midstream operators hosting earnings conference calls, andONEOK Inc. will holdcalls at 9 a.m. ET and 11 a.m. ET, respectively.

* At10 a.m. ET, Enable MidstreamPartners will holdits first-quarter 2016 earnings call.

*Early morning futures indicators pointed to a lower opening for the U.S. equitymarkets. To view more SNL equity market indexes, click here.To view more SNL Energy commodities prices, click here.