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PM Edition: Private equity struggling to exit midstream; solar stocks battered

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PM Edition: Private equity struggling to exit midstream; solar stocks battered

S&P Global Market Intelligence is excited to announce the launch of an afternoon edition of our Daily Dose feature for energy. This new offering will highlight the best of our energy news, data and research. It is available by email and on the Market Intelligence platform.

Top News

Private equity firms face setbacks in monetizing midstream investments

Some investment firms, including EnCap Flatrock Midstream and TPG Capital Management LP, are struggling to unload their midstream assets as their portfolio companies run into roadblocks in both the public and private markets, industry experts said.

Solar stocks battered by China headwinds

Solar stocks took a beating at the end of September as concerns mounted over the outlook in China, underscoring the outsized influence that the world's biggest solar market continues to wield even as the industry diversifies geographically.

PG&E secures $14B of backstop commitments

PG&E Corp. and its utility subsidiary Pacific Gas and Electric Co. reached an agreement with additional backstop parties to issue up to $14 billion of new PG&E common shares to help the companies emerge from bankruptcy by June 30, 2020.

The debtors entered into Chapter 11 backstop commitment letters with several investment funds including GoldenTree Asset Management LP, Appaloosa LP, Soros Fund Management LLC and Pentwater Capital Management LP.

Goldman Sachs sees few short-term positives for independent producers

Independent oil and gas producers are taking steps that investors have long demanded and are seeing their share prices drop anyway, Goldman Sachs said in a recent sector update. The firm said most management teams are intent on spending less capital, even if that means seeing less growth.

Other energy headlines

* North American pipeline giant Kinder Morgan Inc. received authorization from the Federal Energy Regulatory Commission on Sept. 30 for the Elba Island LNG export terminal in Georgia to start commercial operations.

* Warburg Pincus LLC affiliate Citizen Energy Operating LLC agreed to acquire Anadarko Basin-focused Roan Resources Inc. in an all-cash deal valued at about $1.0 billion, including the assumption of the oil and gas company's debt of roughly $780 million.

* The subsidiaries of Illinois Basin coal producer Foresight Energy LP opted to use a 30-day grace period to defer the approximately $24.4 million interest payment on their 11.50% second lien senior secured notes due 2023.

ChartWatch

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Industry experts are split on whether MPLX LP's potential separation from parent Marathon Petroleum Corp. would benefit the pipeline master limited partnership and its shareholders amid an activist investor's bid to make it an independent entity.

Research and Data

Data Dispatch: New RWE bets big on green growth

RRA Regulatory Focus: Intervenors could carve up utilities' rate requests during testimony in October

RRA Regulatory Focus: Duke Energy Progress plans to file NC electric rate case on or around Oct. 30

RRA Regulatory Focus: NY utilities' gas moratorium prompts lawmaker response

Top pick of the day

Years-overdue gas transmission safety rule sees light of day

This extra edition of the Daily Dose has an editorial deadline of 1:30 p.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.