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In This List

Democrats aim for 100% US clean energy standard; oil, gas deal tracker

Essential Energy Insights - June 11, 2020

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 28, 2020

Essential Energy Insights - May 14, 2020


Democrats aim for 100% US clean energy standard; oil, gas deal tracker

Top News

Democrats to target 100% US clean energy standard in pending climate bill

The U.S. would need to derive 100% of electricity sales from clean energy resources by 2050 under a draft climate change bill that Democratic lawmakers will unveil later in January.

Oil, gas deal tracker: Q4'19 saw focus on asset-level M&A

Apergy Corp.'s merger with the upstream segment of an Ecolab Inc. subsidiary was the biggest M&A deal announced in the 2019 fourth quarter across the U.S. oil and gas industry, and it joined the list of the biggest deals of 2019, according to S&P Global Market Intelligence data.

Direct confrontation between US, Iran returns risk premium to oil markets

Mounting tensions after the U.S. killed a top Iranian military commander Jan. 2 have reintroduced a recently absent supply-side risk premium to the oil market, analysts said.

6 coastal states back Washington in coal export terminal permit denial

Six coastal states filed a legal brief backing Washington Gov. Jay Inslee and his staff in a case regarding a coal export terminal.

Quoted

"CEOs are thinking about it. Insurance companies, frankly, are already pricing it in. Investors need to wake up and recognize this is a factor they've got to think about in their portfolio," Christopher Ailman, chief investment officer of the California State Teachers' Retirement System commented, on the slow reaction of institutional investors, particularly in the U.S. Midwest, to anticipate the risks of climate change.

Power

* Regulators across the United States in 2019 supported a range of proposals from utilities to support electric transportation.

* Southwestern Electric Power Co. agreed to retire the 642.1-MW Dolet Hills coal-fired plant in De Soto County, La., as part of a settlement with Sierra Club, the environmentalist said in a press release. SWEPCO co-owns the facility with Cleco Power LLC, Northeast Texas Electric Cooperative Inc. and Oklahoma Municipal Power Authority.

* To improve air quality and address climate change, Utah should set a goal this year of reducing its carbon dioxide emissions 80% below 2005 levels by 2050, according to the recommendations in a draft report drawn up at the request of the state Legislature.

* KKR & Co. Inc.-owned Calisen Group Holdings Ltd. plans to raise £300 million through an initial public offering on the London Stock Exchange. The company owns and manages energy infrastructure assets, including smart meters.

* Mexican President Andres Manuel Lopez Obrador said his government will review renewable subsidies, as they may be favoring private companies rather than customers, Bloomberg News reported.

* Global issuances of sustainable debt such as green bonds and sustainability-linked loans skyrocketed in 2019 to $465 billion, up 78% from $261.4 billion in 2018, BloombergNEF said.

Natural gas

* Coastal Gaslink Pipeline Ltd. through a court order gave project opponents 72 hours to clear the way to a construction site of its C$6.6 billion natural gas pipeline project and prohibited them from blocking access to the area.

* The natural gas policies of Russian President Vladimir Putin have suggested that the country will increasingly focus on competing for world LNG market share, especially in Asian markets, and that the energy giant PJSC Gazprom will play a smaller role in Russia's gas strategy, a leading expert on Russian energy said Jan. 8.

* DCP Midstream LP sold its Ladder Creek helium plant and gathering system to privately held Tumbleweed Midstream LLC for an unknown amount.

* Calgary, Alberta-based Pembina Pipeline Corp. plans to issue C$1 billion of senior unsecured medium-term notes in three tranches.

Oil

* Recent gains in U.S. oil producer stock values suggest threats to Middle East oil production and transport could provide ongoing upside support for U.S. oil producers as demand for U.S. oil could climb.

* U.S. retail gasoline prices averaged $2.60 per gallon in 2019, 4% below the average prices in 2018, according to a report by the U.S. Energy Information Administration.

* U.S. crude oil and gold stocks fell further after President Donald Trump signaled a move toward de-escalation, saying Iran seemed to be "standing down" from further retaliatory attacks, in his first televised address since a U.S. airstrike killed a top Iranian commander and Iran responded with a missile attack on U.S. installations in Iraq.

* China plans to invite private and foreign companies with assets of at least 300 million yuan for oil and natural gas exploration in the country, Bloomberg News. The policy will come ahead of the signing of a trade pact between the U.S. and China.

* The U.S. Energy Information Administration reported that U.S. crude oil and petroleum stockpiles moved higher in the week to Jan. 3.

* Occidental Petroleum Corp. will lay off employees primarily in Houston and Denver in an ongoing effort cut costs following the $57 billion acquisition of Anadarko Petroleum Corp., the Houston Chronicle reported Jan. 8, citing an internal email from Occidental CEO Vicki Hollub.

* Santos Ltd. is expected to charge a premium of $32 a barrel for Pyrenees, a dense and low-sulfur oil, as a result of new ship-fuel standards, Bloomberg News reported.

* Oil prices may jump above $100 per barrel if Iran blocks the Strait of Hormuz, analysts told CNBC.

Coal

* By limiting the use of the two generating units at its coal-fired Coronado Generating Station and sharing emissions control capability between them, the Salt River Project believes it will be able to keep both units running until 2032 without installing new selective catalytic reduction equipment.

* Navajo Transitional Energy Co. LLC received a 65-day extension to continue operating a coal mine for two more months while it continues talks with Montana regulators over the terms of a permit, The Associated Press reported.

* Georgia Power Co. is seeking proposals for the beneficial reuse of coal ash from active and retired coal-fired power plants.

* A group of institutional investors managing £130 billion in assets along with individual shareholders have filed what they say is the first climate change resolution at a European bank in which they call on Barclays Bank PLC to phase out its financing of fossil fuel companies.

ChartWatch

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Appalachian shale gas producer Range Resources Corp. will write off some or all of the remaining value of its Terryville, La., shale gas operation as natural gas prices stay stuck near $2/MMBtu in the middle of winter.

New from RRA

* States within the PJM Interconnection are forecast to install nearly 28,000 MW of wind and solar capacity just to meet state renewable portfolio standard mandates and offshore wind targets by 2030, according to S&P Global Market Intelligence's Power Forecast.

The day ahead

* The U.S. EIA natural gas storage report is due out today.

* 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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