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PG&E 'bailout' bill stumbles; Ky. coal to factor in McConnell's reelection bid

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PG&E 'bailout' bill stumbles; Ky. coal to factor in McConnell's reelection bid

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PG&E 'bailout' bill stumbles, further muddling reorganization bid

The author of a last-minute measure in the California Legislature to enable embattled utility Pacific Gas and Electric Co., or PG&E, to tap billions of dollars in tax-exempt wildfire recovery bonds to compensate victims of blazes linked to its infrastructure on Sept. 6 conceded the proposal will not move forward this year.

DC gridlock bleeding into historically bipartisan pipeline safety bill

Democrats and Republicans have substantial differences to resolve ahead of a looming deadline to reauthorize the nation's pipeline safety agency, stoking concerns that Washington rancor is creeping into what has historically been a relatively bipartisan process.

Experts say Ky. coal likely an important factor in McConnell's reelection bid

Kentucky coal production and employment have significantly declined in recent years, but political experts in the state said the commodity could still play an important role in determining whether Senate Majority Leader Mitch McConnell is able to keep his seat in 2020.

Though not surprising, Exxon's bump from S&P 500 top 10 could be a sign to buy

Exxon Mobil Corp.'s departure from the S&P 500 index's top ten companies came as no surprise to analysts and reflects the overall poor performance of the wider energy sector in recent years, but it could also mark a buying opportunity.

Quoted

"On the surface, the lower federal fund rates are, the lower Treasury yields are, the lower interest rates in general are, the more appealing utility stocks are," said Andrew Weisel, an analyst at Scotia Capital, noting that the Federal Reserve's July 31 rate cut has possibly furnished regulated utility stocks with justification for share prices previously considered inflated.

Power

* Electric utilities across the southeastern U.S. weathered the impacts of Hurricane Dorian without sustaining major damage, but companies are still taking precautions as the storm moves away from the Carolinas.

* The Federal Energy Regulatory Commission is considering whether to name the electric utilities that violated grid security rules, according to The Wall Street Journal.

* PacifiCorp said it will submit an integrated resource plan on Oct. 18 that could propose savings of up to $599 million over 20 years if coal-fired plants are retired earlier than previously planned.

* San Francisco has bid $2.5 billion for PG&E's equipment in the city, an offer the utility said would not be in customers' or stakeholders' best interest, the San Francisco Chronicle reported.

* The Nuclear Energy Institute is asking the Trump administration to revive domestic mining and enrichment by authorizing funds through the Cold War-era Defense Production Act, Reuters reported.

* The Red Cliff Band of Lake Superior Chippewa is asking Wisconsin regulators to reject the planned natural gas-fired Nemadji Trail Energy Center because of possible damage to local wetlands and the promotion of hydraulic fracturing, the Wisconsin State Journal reported.

Natural gas

* A small North Carolina investment adviser is pressuring Gulfport Energy Corp. to cut spending and sell some assets to finance the quick buyback of 30 million shares, about $80 million at current prices.

* The Alberta government is planning a review of the Alberta Energy Regulator to identify changes and enhancements to its mandate, governance and system operations. The province has also decided to replace the current board with an interim board of directors.

* New Jersey regulators found PennEast Pipeline Co. LLC's new application for a number of wetlands and flood hazard permits deficient in the latest setback for the natural gas project designed to connect the Marcellus Shale in Pennsylvania to New Jersey.

* Italy's Snam SpA is considering a bid for a 33% stake in Energy Transfer LP's Rover pipeline, Reuters reported, citing four sources.

* New York plans to challenge FERC's approval of Williams Cos. Inc.'s planned Constitution natural gas pipeline, according to AP.

* A $15 billion natural gas deal that has helped strengthen ties between Israel and Egypt is facing uncertainty due to legal challenges and potential security threats from the Islamic State, WSJ reported.

* Canada's Brookfield Asset Management Inc. is among those interested in GAIL (India) Ltd.'s gas pipeline assets, Deal Street Asia reported, citing three people aware of the matter.

Oil

* A rift has emerged among large Canadian oil producers over Enbridge Inc.'s plan to convert Canada's largest crude conduit from common carrier status to long-term contracting.

* JPMorgan Chase & Co. is close to being named lead adviser on the initial public offering of Saudi Arabian Oil Co., CNBC reported, citing people with knowledge of the situation.

* The South Coast Air Quality Management District has decided to accept an oil industry plan to address dangerous acid use at two refineries in California instead of implementing stronger regulation, the Los Angeles Times reported.

* State-owned Petróleo Brasileiro SA started the binding phase in the process of divesting its stakes in 27 onshore fields, called the Cricaré Cluster, in Brazil, according to a Sept. 6 securities filing.

* Norway's Equinor ASA announced plans to clean up spills from its South Riding Point oil terminal in the Bahamas. The terminal sustained damages from Hurricane Dorian.

Coal

* A miner was found dead in the Cardinal coal mine in Kentucky, which is operated by Warrior Coal LLC, a subsidiary of Alliance Resource Partners LP, 14 News reported, citing a company statement.

* Wyoming legislators voted to create a committee to tackle the fallout from coal bankruptcies in the state, the Casper (Wyo.) Star-Tribune reported.

ChartWatch

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Hurricane Dorian was battering the coasts of the Carolinas on Sept. 6, bringing heavy rains, storm surge and flooding with it. An S&P Global Market Intelligence analysis found that more than 5,000 MW of operating coal and nuclear capacity lie in areas the National Ocean and Atmospheric Association determined are at risk for significant river flooding over the next five days as of Sept. 6.

New from RRA

* An agreement in principle has apparently been reached by at least some of the parties to Consolidated Edison Co. of New York Inc.'s pending electric and gas rate cases before the New York Public Service Commission. As such, the start of evidentiary hearings that were scheduled for Sept. 16 has been cancelled.

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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