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Pilgrim retirement impact remains unclear; investors flocked to Enterprise in Q1

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COVID-19 Impact & Recovery: Energy Outlook for H2 2021

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US utility commissioners: Who they are and how they impact regulation

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Climate Credit Analytics: Linking climate scenarios to financial impacts

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Essential Energy Insights, April 2021


Pilgrim retirement impact remains unclear; investors flocked to Enterprise in Q1

Top News

On eve of permanent shutdown of Pilgrim nuke, impacts remain unclear

Almost 47 years after coming online, Massachusetts' last operating nuclear power plant — Entergy Corp.'s 683-MW Pilgrim facility in Plymouth — will permanently shut down May 31.

Large investors flocked to Enterprise and Energy Transfer in Q1

The biggest institutional buyers in the North American energy pipeline industry homed in on Enterprise Products Partners LP and Energy Transfer LP during the first quarter, an S&P Global Market Intelligence analysis of U.S. Securities and Exchange Commission filings shows.

Defaults on the rise in metals and mining sector, S&P Global Ratings data shows

Defaults are on the rise in the metals and mining sector in 2019, and many of the companies are based in the U.S., according to S&P Global Ratings. Most of the defaults in 2019 were either missed interest payments or distressed debt exchanges.

'Not a surprise': Chevron becomes latest major to divest aging North Sea assets

Ithaca Energy Ltd.'s $2 billion pending purchase of oil and gas producing assets in the North Sea from Chevron North Sea Ltd., a unit of Chevron Corp., comes as no surprise to analysts, as many of the majors continue to shuffle the deck, pulling out of regions no longer deemed viable for their business models.

Quoted

"Duke Energy's coal ash is injecting a witch's brew of toxic pollutants into North Carolina's waters, and now Duke Energy admits that the nasty flow is even worse than previously reported," Frank Holleman, senior attorney at the Southern Environmental Law Center, said in a May 30 news release after filings by Duke Energy Corp. identified additional groundwater pollutants, including mercury, barium, radium and cobalt, at four coal ash sites in North Carolina.

Power

* California regulators on May 30 approved legislatively mandated plans aimed at preventing wildfires by cutting back vegetation from electrical equipment, installing insulated electric lines, stepping up inspections and setting up monitoring cameras, among other measures.

* A group of creditors could float a restructuring plan worth at least $45 billion to help accelerate the bankruptcy exit process for PG&E Corp. and its utility subsidiary Pacific Gas and Electric Co., Bloomberg News reported, citing people close to the matter.

* Leadership at New Jersey-headquartered investor-owned utility Public Service Enterprise Group Inc. said May 29 that a state regulatory decision to support the company's nuclear power plants is expected to survive appeal, while additional support also is likely from pending wholesale power market changes.

* Mitsubishi Hitachi Power Systems Ltd. and Magnum Development LLC announced that they are developing the 1,000-MW Advanced Clean Energy Storage project in central Utah.

* California Public Utilities Commission President Michael Picker plans to retire after almost five years on the job, according to The Associated Press.

* The U.S. could have 60 GW of installed geothermal capacity by 2050, according to a new analysis released by the Energy Department.

Natural gas

* No major delays are expected for an expansion of the PNG LNG project in Papua New Guinea after the country's leadership change this week, said CEO and Managing Director Kevin Gallagher of project partner Santos Ltd.

* Sempra Energy's Cameron LNG moved one step closer to commercial operations after shipping its first commissioning cargo of liquefied natural gas from the liquefaction-export facility in Hackberry, La.

* BP PLC and Exxon Mobil Corp. have committed $20 million to help the $43 billion Alaska LNG project secure a key federal permit in 2020, the Anchorage Daily News reported.

* Altus Midstream Co. placed into service a 200-MMcf/d cryogenic processing train, one of the three facilities planned to serve production in the Alpine High play in the Delaware Basin.

Oil

* Activist investor Carl Icahn has filed suit against Occidental Petroleum Corp., claiming its "fundamentally misguided and hugely overpriced acquisition" of Anadarko Petroleum Corp. has destroyed shareholder value.

* The Trump administration approved year-round sales of gasoline with a 15% mix of ethanol, The Wall Street Journal reported. The oil industry, however, plans to challenge this move.

* The Port of Corpus Christi, Texas, has kicked off a $360 million expansion project intended to allow the port to receive supertankers which will export crude oil produced in the Permian Basin and Eagle Ford Shale.

* The U.S. Interior Department has vowed to hold the first oil lease sale in Alaska's Arctic National Wildlife Refuge this year, according to Reuters.

* Colombia's oil auction drew 22 qualified bidders that include Occidental Petroleum Corp., Reuters reported.

Coal

* A coal company owned by West Virginia Gov. Jim Justice has yet to make a payment on a $1.2 million court sanction imposed in early 2016, new court filings show.

* Atlantic metallurgical coal and metallurgical coke markets are facing potentially lower spot activity from a further weakening in European steel demand.

ChartWatch

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Record demand for natural gas this summer will result in flat price pressure as the effects of surging LNG exports and large weekly storage injections are balanced by booming production and other factors such as weather, the Natural Gas Supply Association forecast in a May 30 report.

New from RRA

* A commission looking at wildfire cost recovery by utilities in California has recommended the state replace the strict liability standard of inverse condemnation for utilities with a fault-based standard.

The day ahead

* The Baker-Hughes rig count is due out today.

* 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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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. S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.