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PG&E faces uncertainty in planning CapEx; global LNG trade rose 10% in 2017

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PG&E faces uncertainty in planning CapEx; global LNG trade rose 10% in 2017

Top News

Calif. wildfires create big uncertainty for PG&E in finding sources of capital

California state fire investigators have linked Pacific Gas and Electric Co.'s utility equipment to 12 more wildfires, adding to the "tremendous uncertainty" the PG&E Corp. subsidiary already faced in planning for future capital expenditures, according to the utility's vice president for regulatory affairs.

Study: Global LNG trade rose 10% in 2017 as Asian countries led demand growth

Global LNG trade increased 10% in 2017 to 290 million tonnes, or 38.2 Bcf/d, as Asian countries led demand growth and the U.S. and Australia contributed the most additional supply, according to an annual report from the International Group of Liquefied Natural Gas Importers.

Weather hurt earnings of 15% of S&P 500 companies, disclosures show

Approximately 15% of companies in the S&P 500 index between April 2017 and April 2018 disclosed that weather events such as drought, cold snaps and excessive rainfall had impacted their earnings, S&P Global Ratings said in a report released June 11.

Warrior Met Coal announces secondary offering of 4 million shares

Warrior Met Coal Inc. announced June 11 that some existing stockholders intend to offer 4 million shares of its common stock in an underwritten secondary offering.

Quoted

"Liability regardless of negligence undermines the financial health of the state's utilities, discourages investment in California and has the potential to materially impact the ability of utilities to access the capital markets to fund utility operations and California's bold clean energy vision," Pacific Gas and Electric said in a statement responding to a report from California state fire investigators that linked PG&E equipment to 12 more wildfires.

Power

* In launching its latest campaign to carve up Sempra Energy, Elliott Management Corp. has presented Sempra management with a playbook likely to leaven its stock price, while redefining the California utility and gas giant's approach to governance.

* South Carolina Electric & Gas Co. blasted the state Office of Regulatory Staff for seeking "irrelevant records" as part of an ongoing case with the state Public Service Commission to lower its rates for customers, The State of Columbia, S.C., reported.

* EnBW North America, a subsidiary of German power company EnBW Energie Baden-Württemberg AG, has formed a joint venture with Seattle-based Trident Winds LLC to develop the planned 650-MW to 1,000-MW Morro Bay Offshore Wind Project off the coast of central California, the companies announced June 11.

* New MACH Gen LLC, which owns three natural gas-fired power plants in the U.S., entered into a restructuring support agreement with its first-lien lender and equity owner. The restructuring is being implemented through a voluntary prepackaged plan of reorganization filed under a Chapter 11 bankruptcy.

* The U.S. sanctioned five Russian firms and three Russian individuals for directly contributing to "improving Russia's cyber and underwater capabilities through their work with the [Federal Security Service], according to the Treasury Department. These cyber activities include attacks to the U.S. energy grid.

* Separately, cyber experts do not see the Trump administration's planned bailout of coal and nuclear plant shielding the country's grid from hackers, Reuters reported.

* North Carolina's utility customer advocate has joined the growing opposition to Duke Energy Corp.'s proposed settlement of its $7.8 billion grid modernization program, the Charlotte Business Journal reported.

* U.S. Wind offered free electricity to appease concerns over its plan to build offshore wind turbines in Ocean City, Md., but town leaders rejected the offer, The Baltimore Sun reported.

* Battery energy storage company Powin Energy is planning to go private to relieve the burden of producing disclosures and reports, the Portland Business Journal reported.

Natural gas

* Northeast natural gas production will help the U.S. get underground storage levels back to and then up above the five-year average as long as the winter 2018-2019 is not too harsh, according to two gas market experts.

* The U.S. Department of Energy's Office of Fossil Energy has released the 2018 LNG export study for public input. The study found that in considering an entire range of scenarios, "the overall U.S. economic output is higher whenever global markets call for higher levels of LNG exports."

* A case that accused the controlling companies behind Boardwalk Pipeline Partners LP of artificially depressing the master limited partnership's share price is on hold until Boardwalk's parent decides if it will buy out the MLP.

* Howard Energy Partners has completed construction of the Nueva Era pipeline that will link natural gas production sites near Laredo, Texas, to Monterrey, Mexico, the San Antonio Business Journal reported. The pipeline is expected to enter service by the end of June.

Oil

* The Canada Pension Plan Investment Board is likely to explore the possibility of becoming an investor in the Trans Mountain pipeline project, The Canadian Press reported. CPPIB was approached by a federal government-hired investment bank to gauge its interest in the project.

The next big breakthrough for the oil and gas sector may come from applying quantum computer technology to the industry's data-intensive processes, executives said at KPMG's Global Energy Conference in Houston.

* Enbridge Inc. said it is taking steps to address concerns raised by BP PLC over its decision to implement, and then scrap, new rules for shipping crude on its mainline pipeline network, according to Reuters.

* The U.S. Army Corps of Engineers expects to complete an environmental study on the Dakota Access oil pipeline within the next two months, The Associated Press reported.

Coal

* A group of coal operators and the U.S. government were granted an extended stay to negotiate a settlement over an Obama-era change to a mine safety rule that targets repeat violators of federal mine safety law.

* China's May coal imports increased less than 1% year over year to 22.3 million tonnes as the government tried to curtail increasing prices by curbing shipments from outside the country, Reuters reported June 8.

ChartWatch

SNL Image

Two of the biggest investors in Appalachian shale stocks walked away from two of the biggest natural gas producers in the country during the first quarter, according to a review of SEC filings.

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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