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In This List

Calif. aggregators supply growing share of load; Marathon Oil posts biggest beat

A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

S&P podcast - Coronavirus pandemic, oil price crash shake up energy sector

Case Study: A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

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Calif. aggregators supply growing share of load; Marathon Oil posts biggest beat

Top News

Aggregators supply nearly one-quarter of regulated load in California

California's cities and counties are at the center of a sweeping local takeover of power procurement as the world's fifth-largest economy strives to decarbonize its electric system.

Major pipeline firms overcame weakened commodity prices in Q2

Major North American midstream companies reported another round of year-over-year financial gains as slumping commodity prices loomed over smaller pipeline firms.

Marathon Oil posts biggest beat, Apache the biggest miss for independents in Q2

Second-quarter earnings were a very mixed bag for the larger independent oil and gas producers, with a roughly even split between those that beat earnings expectations and those that came up short.

US coal export volume sank 18.1% in Q2'19 compared to year-ago

U.S. coal exports were roughly flat in the second quarter compared to shipments made in the prior period but remained down 18.1% compared to the second quarter of 2018.

Quoted

"These impending losses will destroy GE's balance sheet, debt ratios and likely also violate debt covenants," according to a report by Harry Markopolos, the investigator who exposed Bernie Madoff's Ponzi scheme, accusing the industrial conglomerate of running a decades-long accounting fraud to conceal the extent of its financial woes, claims that the company called "meritless."

Power

* Wind turbine suppliers are struggling with unpredictable headwinds as the trade war between the U.S. and China threatens to slow a long-awaited recovery in equipment margins.

* Sen. Elizabeth Warren, D-Mass., told the Nuclear Regulatory Commission that Entergy Corp.'s retired Pilgrim Nuclear Power Station "should not be allowed to change hands" to Holtec International Inc. until "residents have their concerns addressed appropriately."

* The U.S. Bureau of Industry and Security on Aug. 14 placed China General Nuclear Power Group and three of its subsidiaries on its entity list for allegedly stealing U.S. technology for military use. The placement bans U.S. companies from supplying the Chinese group without obtaining licenses.

* The California Public Utilities Commission on Aug. 15 unanimously adopted energy efficiency goals that are lower than those the regulators adopted two years ago.

* Russia and China are set to position nuclear reactors on portable floating platforms, Bloomberg reported. Russia's Akademik Lomonosov floating nuclear plant will be dispatched into the sea later this month with China set to launch up to 20 floating nuclear plants by 2030.

* U.K. onshore wind developer Banks Renewables Ltd. filed a lawsuit against the British government over management of the Allocation Round 3 auction, alleging the auction rules discriminate against onshore wind projects.

* In Montana, Rosebud County commissioners voted to delay a decision on whether to allow a 50% tax cut for Orion Renewable Energy Group's 750-MW Clearwater Wind Farm. If approved, the wind project will pay about $2.9 million in taxes annually for five years under the tax break.

Natural gas

* Federal inspectors found in 2018 that construction on the Dominion Energy Inc.-led Atlantic Coast Pipeline in West Virginia likely violated safety standards, according to a July letter addressed to a company subsidiary.

* The aggregate debt from bankruptcy filings in the oil and gas sectors has surged to approximately $20 billion in 2019, compared to about $17 billion in 2018 following restrained prices and slowing drilling activity, the Houston Chronicle reported, citing Houston law firm Haynes and Boone.

* NiSource Inc. utility subsidiary Columbia Gas of Massachusetts has nearly completed the second phase of restoration of areas impacted by a series of explosions and fires in Massachusetts in September 2018, The Associated Press reported.

* Papua New Guinea's Ministry of Petroleum has sent a team to Singapore to renegotiate with French major TOTAL SA the terms of the Papua LNG Gas Agreement, which was signed by the country's previous government in April.

Oil

* The Trump administration is planning to end direct federal regulation of methane leaks from oil and gas facilities despite some energy companies saying they do not want the relief, Bloomberg reported.

* Russia's PJSC Gazprom, PetroChina Co. Ltd. and EQT Corp. rank as the top three fastest-growing oil and gas producers since 2014, according to a report from Rystad Energy. Gazprom is the only company with total growth of more than 1 million bpd over the last five years.

* The U.S. intends to seize the Iranian Grace 1 oil supertanker detained by British forces in Gibraltar, Bloomberg reported. The vessel was detained on suspicion that it was carrying Iranian crude oil to Syria, violating European sanctions. The ship's detention order is set to expire Aug. 17.

* Occidental Petroleum Corp. plans to exchange up to $11.9 billion of notes issued by Anadarko Petroleum Corp. and its former subsidiaries for new Occidental notes.

* Russian oil companies amassed about $905 million in additional revenues for the period of November 2018 to July 2019 due to additional demand for the country's crude oil after the Trump administration imposed sanctions on Iran and Venezuela, Bloomberg reported.

Coal

* Roughly five months after the so-called bomb cyclone pummeled the Rockies with snow and the Midwest with rain, railroads and barge companies that carry coal are still dealing with impacts from the historic flooding.

* The New York Times reported on a plan by Indian industrial firm Adani Enterprises Ltd. to use coal supplied by a mine in Australia to generate power at a plant in India and then sell that power to Bangladesh.

* Total U.S. coal production for the week ended Aug. 10 declined 13.7% year over year to 13.2 million tons from 15.3 million tons, according to data from the U.S. Energy Information Administration.

ChartWatch

SNL Image

Over-the-counter U.S. renewable energy credit prices were mixed at major markets during the week ended Aug. 15.

New from RRA

* As environmental and sustainability considerations continue to come into alignment with utility sector investment plans and operational outlooks, renewable energy spending remains a significant part of many utility capital expenditure programs in the coming years.

* The water utility sector has recently experienced interest from environmental, social and governance investors as water utilities are stewards of an important natural resource. Management teams have begun focusing on improving their ESG practices to attract these investors.

The day ahead

* 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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Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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