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In This List

Calif. ISO warns of tight summer electric supplies; Enbridge on debt diet

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


Calif. ISO warns of tight summer electric supplies; Enbridge on debt diet

Calif. ISO warns of tight summer electric supplies, but future may be worse

California's electric grid operator warned consumers to prepare for tight supply conditions this summer due to lower hydroelectric production and retirement of gas-fired plant, and cautioned the state may face greater challenges in the future.

Enbridge on debt diet amid pivot to regulated operations

When Enbridge Inc. CEO Al Monaco pitched the company's debt-reduction plan and resolve to reinvent itself as an operator of regulated pipelines at its annual general meeting in Calgary, Alberta, May 9, it underlined the changes seen in the past two years.

US coal sector buys back stock to boost investors but shies away from CapEx

U.S. coal companies are again seeing steady free cash flow, but with little domestic growth expected in coal demand, that cash is largely going to shareholder value initiatives instead of spurring coal development.

Power

* Few shared the coal and nuclear sectors' interest in immediate action and market rule changes to stave off retirements of baseload generation as comments on grid resilience flowed into the Federal Energy Regulatory Commission to meet a May 9 deadline.

* South Carolina-owned troubled utility Santee Cooper paid $9 million in bonuses to SCANA Corp. executives for their performance tied to the abandoned V.C. Summer nuclear expansion project, The State of Columbia, S.C., reported.

* Renewable energy mandates and goals are becoming less important drivers to wind energy demand as the industry continues to mature, several analysts said at the American Wind Energy Association's annual conference in Chicago.

* American Electric Power Co. Inc. subsidiaries Appalachian Power Co. and Wheeling Power Co. are seeking approval to increase rates in West Virginia by approximately $115 million, or 7.85%, The Associated Press reported.

* A coalition led by acting New York Attorney General Barbara Underwood wants the D.C. Circuit to rule on the legal merits of the Clean Power Plan.

* The Colorado Public Utilities Commission again allowed Xcel Energy Inc. more time to submit its electricity plan, but noted it would be the last extension that the PUC was granting to the utility, The Denver Post reported.

* Canadian Utilities Ltd. is still considering legal action against Alberta for what it deems as inadequate compensation to retire its coal-fired power plants, Calgary Herald reported. Capital Power Corp. has recently sued the province for the compensation.

* New York state officials will ask the removal of East End areas for consideration for offshore wind development, according to Newsday.

Natural gas/Oil

* A Boardwalk Pipeline Partners LP shareholder alleged that parent company Loews Corp. is artificially depressing the partnership's share price and taking advantage of a federal regulator's recent tax ruling in an effort to buy out the partnership at a steep discount.

* Hedge fund Citadel is becoming a player in the U.S. natural gas market, trading over 450 billion cubic feet of gas in 2017, the Financial Times reported.

* CenterPoint Energy Inc.'s plan to internally spin off its stake in Enable Midstream Partners would make the company's expected earnings more predictable and could even bolster Enable's stock, ratings agency analysts said in recent commentary.

* Anadarko Petroleum Corp. is facing shareholder lawsuit for allegedly lowering safety budget and staff before the fatal house explosion in Colorado, The Associated Press reported.

* Hilcorp Energy Co. was again the only bidder in Alaska's annual Cook Inlet oil and gas lease sale, according to the Alaska Journal of Commerce.

* Total SA agreed to purchase up to 50.8 million shares of Clean Energy Fuels Corp.'s common stock for $83.4 million to drive deployment of new natural gas heavy-duty trucks.

* Canada's Saskatchewan province is seeking to become party to British Columbia's reference case over Kinder Morgan Inc.'s proposed Trans Mountain pipeline, The Canadian Press reported.

Coal

* While jobs in the industry ticked up in the first quarter, U.S. coal production totaled 187.0 million tons, the second straight quarter volumes have declined.

* Corsa Coal Corp. on May 9 reported net and comprehensive income from continuing operations of $2.0 million, or 1 cent per share, in the first quarter, compared with $11.9 million, or 8 cents per share, in the first quarter the previous year.

* The Pennsylvania Department of Environmental Protection announced $55.6 million in funding to support at least 150 abandoned coal mine reclamation projects in the state.

Commodities

* After ending the prior session with a modest 0.5-cent gain at $2.737/MMBtu, NYMEX June natural gas futures lost footing overnight ahead of the Thursday, May 10, open and the midmorning release of the weekly storage data that is poised to show an accelerated pace of inventory building.

* The price of power dailies could slump Thursday, May 10, in line with mostly retreating demand forecasts for Friday. Participants will also keep watch of natural gas markets for power price direction.

* The U.S. Energy Information Administration's natural gas inventory report slated for release at 10:30 a.m. ET on May 10 is expected to outline a better-than-average storage injection for the week to May 4.

* Regional Greenhouse Gas Initiative carbon dioxide allowance prices at the secondary market ran mixed during the week ended May 9 in thin trading.

SNL Image

New from RRA

* Parties intervening in Delmarva Power & Light Co.'s pending gas distribution rate case filed testimony with the Delaware Public Service Commission on May 7. The PSC staff and the Division of Public Advocate recommended that the commission authorize Delmarva a lower-than-requested rate increase and return on equity.

Quoted

"Crony capitalism by just a new name," said former FERC chairman Pat Wood, on the use of zero-emissions credits to keep uneconomic nuclear plants operating.

The day ahead

* The following companies will hold their earnings conference calls: Enbridge Inc., Energy Transfer Equity LP, Energy Transfer Partners LP and Spectra Energy Partners LP at 9 a.m. ET; BP Midstream Partners LP and Duke Energy Corp. at 10 a.m. ET; Pattern Energy Group Inc. at 10:30 a.m. ET; and Hawaiian Electric Industries Inc. at 1:30 p.m. ET.

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

* Early morning futures indicators pointed to a mixed 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.

The Daily Dose is updated as of 7:30 a.m. ET. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.