Top News
Corporate renewable demand could reach 85 GW by 2030, but challenges loom
Demand by the largest U.S. companies' demand for renewable energy could grow to as high as 85 GW through 2030, according to a recent report by energy research firm Wood Mackenzie and trade group the American Wind Energy Association.
Volatile Permian natural gas prices recovering from dip into negative territory
After diving back down to negative territory at the beginning of August, natural gas spot prices at the Permian Basin's Waha Hub have rebounded as Kinder Morgan Inc.'s 2 Bcf/d Gulf Coast Express Pipeline LLC began taking gas to test its system ahead of a Sept. 20 opening.
Colo. drillers PDC Energy, SRC Energy to merge in $1.7B deal
PDC Energy Inc. agreed to merge with its fellow Colorado-based oil and gas driller SRC Energy Inc. in an all-stock deal worth about $1.7 billion, creating the second-largest producer operating in the DJ Basin.
As Kinder Morgan exits Canada, rival midstream operator sees opportunity
Almost 14 years after Rich Kinder made his first big buy in Canada, the Texas midstream magnate is ready to close the book on a profitable foray into the north.
Powder River Basin coal production down 4.9% in recent 12-month period
Powder River Basin coal production increased slightly in the second quarter compared to the prior quarter, but production for the 12 months ending in the period was down about 4.9% compared to production levels a year ago.
Quoted
"Together, we look forward to pursuing our mutual goal of a sustainable energy future. Above all else, both companies want each and every system to operate reliably, efficiently, and safely," according to a joint statement by Walmart Inc. and Tesla Inc., announcing that the two companies are in talks to resolve a lawsuit filed by Walmart over fires allegedly sparked by solar panels installed by Tesla's solar unit.
Power
* A federal appeals court Aug. 23 handed environmental groups a victory by ordering the U.S. Environmental Protection Agency to reconsider its secondary 2015 ozone standard aimed at preventing damage to plants and animals.
* The U.S. wind industry installed about 7,588 MW of capacity in 2018, bringing total utility-scale wind capacity to over 96 GW, according to an annual wind market reports by the U.S. Department of Energy. "And with over [25 GW] in the development pipeline, U.S. offshore wind is poised to be a significant part of our comprehensive energy portfolio in the coming years," said Mark Menezes, under secretary of Energy.
* Bloomberg News carries a report on the "unintended consequences" of transitioning away from coal and nuclear generation to wind and solar energy, noting that the transition resulted to a 40,000% surge in power prices in Texas this month and that wind power could have played a part in power outages in the U.K. and Australia.
* Amid increasing competition in the the North Sea, Ørsted A/S is shifting its focus to North American and Asian markets and solar and onshore wind segments, the Financial Times reported. "We're going to go global with offshore wind, and we're going to expand technologically into onshore wind, solar and storage," Ørsted CEO Henrik Poulsen was quoted as saying.
* At least three offshore wind energy developers — Bay State Wind LLC, Mayflower Wind Energy LLC and Vineyard Wind LLC — have submitted bids to Massachusetts' second offshore wind request for proposals for up to 800 MW.
* U.S. battery startup Form Energy completed a $40 million series B financing round to develop engineering prototypes and a megawatt-scale commercial pilot of long-duration energy storage systems. The round was led by Eni Next LLC.
* Australian investor-owned global fund manager IFM Investors Pty. set targets to reduce emissions by more than 200,000 tonnes CO2 equivalent annually by 2030 through alternate power sources, the uptake of electric and low emissions vehicles, LED lighting, rooftop and large scale solar, smart management systems and energy efficient office spaces.
Natural gas
* A wave of offshore project commitments is increasing the backlog for equipment and services providers that operate in the space, indicating revenues for these struggling companies should begin to climb.
* The Mexican government may be nearing a deal to settle a conflict over natural gas pipeline contracts with four companies, including TC Energy Corp. and Sempra Energy's Mexico unit IEnova, The Wall Street Journal reported, citing sources close to the matter. The settlement, which could be announced Aug. 27, would allow the South Texas-Tuxpan marine pipeline to commence operations.
* The Export-Import Bank of the United States intends to vote on a proposed $5 billion direct loan to support the development and construction of an integrated liquefied natural gas project located on the Afungi Peninsula in northern Mozambique.
* Sabine Pass LNG LP received a positive environmental assessment from the Federal Energy Regulatory Commission for a marine berth expansion project at its liquefied natural gas export terminal in Louisiana, which should allow the developer to add an additional 180 LNG cargoes annually.
Oil
* The Nebraska Supreme Court affirmed the Nebraska Public Service Commission's approval of a route that the Keystone XL crude oil pipeline could take through the state.
* Venezuela could see nearly half of its oil rigs close down by Oct. 25 if the Trump administration does not extend a 90-day waiver from its sanctions, Bloomberg News reported, citing data compiled by Caracas Capital Markets.
* China imported a record 1.35 million of crude oil from Malaysia in July, more than double from a year ago, Reuters reported, citing data from China’s General Administration of Customs.
* Australia-based Woodside Petroleum Ltd. said it achieved first oil production from the $1.9 billion Greater Enfield project off western Australia. The project would help the company meet its annual production target of about 100 million barrels of oil equivalent in 2020.
* Royal Dutch Shell PLC unit Shell Lubricants signed an agreement with Qatar Fuel Co. to supply engine lubricants over a five-year period. Financial details of the agreement were not disclosed.
* The combined U.S. oil and natural gas rig count fell by 19 to total 916 rigs during the week ended Aug. 23, according to the latest Rotary Rig Count from Baker Hughes a GE company.
* Petróleo Brasileiro SA invited a consortium formed by Itaúsa - Investimentos Itaú SA, Copagaz and Nacional Gás Butano to take part in the negotiation phase for the potential sale of its entire stake in Liquigás Distribuidora SA.
Coal
* Federal officials released a final management plan for the Grand Staircase-Escalante National Monument in Utah that would open more land to potential extraction of oil, gas, coal and other minerals.
* Mike Tracy is stepping down as CEO of coal producer Drummond Co. Inc. on Oct. 31.
ChartWatch

Allentown, Pa.-headquartered PPL Corp. is still the most profitable utility in Canada and the U.S., despite its recurring EBITDA margin falling 0.5 percentage points to 54.0% of recurring revenues in the 2019 second quarter.
New from RRA
* Investors continue to turn to utilities, with this market segment outperforming the broad market measures for the fourth consecutive week. Through midday Friday, the Dow Jones Utility Average rose 0.9%, while the S&P 500 and Nasdaq Composite were down 0.6% and 0.8%, respectively.
* Ethanol capital expenditures have been on a downward arc. The 10% ethanol fuel standard, known as E10, forms a "blend wall" that meters industry growth in near lockstep with gasoline demand. E15 could provide an avenue to growth.
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.

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.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
