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New tariffs threaten US energy sector; Colo. governor eyeing CO2 pricing options

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New tariffs threaten US energy sector; Colo. governor eyeing CO2 pricing options

Top News

Steel, aluminum tariffs threaten US energy sector

President Donald Trump stoked tensions with trading partners and outraged much of the U.S. energy industry March 1 when he announced plans to impose tariffs on steel and aluminum imports that are stiffer than his own commerce secretary recommended.

Russian company tried to influence US energy policy via social media, report finds

A Russian company used social media to propagate controversy related to U.S. energy and environmental issues in an attempt to influence policy, according to a report by Republicans on a U.S. House of Representatives committee.

Exports, declining stockpiles drive strong Q4'17 for Natural Resource Partners

Declining utility stockpiles and export demand for thermal and metallurgical coal contributed to a strong 2017 fourth quarter year over year for Natural Resource Partners LP. However, a company executive cautioned that lack of access to capital and a skilled labor shortage are roadblocks to metallurgical players ramping up production.

Power

* Colorado Gov. John Hickenlooper is looking at potential pricing mechanisms for carbon dioxide emissions. Speaking in Denver on March 1, Hickenlooper, a Democrat, said he participated in discussions about carbon pricing options with officials from Canadian provinces and mountain west states when he was in Washington, D.C., in late February.

* Colorado Attorney General Cynthia Coffman is opposing a plan by 18 states to fight a legal battle against the U.S. Environmental Protection Agency's proposed repeal of Clean Power Plan, The Denver Post reported.

* With asset sales set to exceed $3 billion, NRG Energy Inc. is moving to recycle the proceeds toward $1 billion in share buy-backs, all while keeping an eye on growth opportunities for its retail business.

* GE Renewable Energy plans to invest more than $400 million over the next three to five years to develop a 12-MW offshore wind turbine. The Haliade-X turbine would have a 63% gross capacity factor, five to seven points above the current industry benchmark, the company said.

* A report from watchdog group Public Citizen shows that more than 75 Trump administration lawyers present revolving door concerns, as they either previously represented companies with business before the government or worked in the same field they now oversee.

* The U.S. Nuclear Regulatory Commission has begun its technical review of Holtec Inc.'s proposed plan to build and operate a consolidated interim storage facility for spent fuel from commercial nuclear power reactors in Lea County, N.M.

* Even under normal operating and weather conditions during the upcoming summer, Texas' grid operator expects reserve generating capacity to fall below levels that would trigger brownouts and extreme prices.

* Washington Gov. Jay Inslee's efforts to impose a tax on carbon emissions faltered after Senate Bill 6203 failed to secure enough votes to pass out of the Democrat-controlled Senate, the Associated Press reported. The bill would have imposed a $12/tonne tax on carbon emissions starting July 1, 2019.

* The British Columbia Utilities Commission rejected a request by the provincial government to freeze BC Hydro and Power Authority electric rates this year. Instead, the commission approved rate increases for BC Hydro of 4% effective April 1, 2016, 3.5% effective April 1, 2017, and 3% effective April 1, 2018.

* Eversource Energy disconnected electricity accounts of about 52,298 customers over their failure to pay the bills in 2017, twice the number of disconnections of 28,851 in 2015, the AP reported.

* The Wind Coalition denied it ever hired the Texas political consultant George Shipley, who was said to be involved in placing a tracker on Oklahoma state Rep. Mark McBride's vehicle, The Oklahoman reported.

* Moody's revised its outlook on Talen Energy Supply LLC to negative from stable given the company's reduced financial flexibility following the payment of a $500 million special cash dividend to its stockholders.

Natural gas/Oil

* Canadian utility owner AltaGas Ltd. expects regulators to issue some of the final decisions on its US$6.63 billion purchase of WGL Holdings Inc. within months, CEO David Harris said on a conference call.

* Energy Capital Partners LLC affiliate Sendero Midstream Partners LP plans to expand its recently completed 130-MMcf/d natural gas processing facility in Eddy County, N.M., with an additional 220-MMcf/d processing train.

* In need of investment to meet the growing demands of exploration and production companies, oilfield service companies continue to struggle for funding while E&Ps have seen revenues rise.

* Avangrid Inc. completed the sale of its natural gas trading business, ENSTOR Energy Services LLC, to a Castleton Commodities International LLC affiliate.

* BP Capital Fund Advisors LLC affiliate TriLine Index Solutions launched a new exchange-traded fund that will track the performance of the NYSE's Pickens Oil Response Index. The index is based on oilman T. Boone Pickens' philosophy for American energy, called the Pickens Plan.

* Atmos Energy Corp. is shutting off gas to 2,800 homes to allow for expedited pipeline replacement in northwestern Dallas in the wake of an explosion and heavy rains that caused widespread system leaks in the area.

* Xcel Energy Inc. plans to pass on $20 million in federal tax savings to its natural gas customers in Colorado, The Denver Post reported. Average residential customers could save 87 cents per month, or $10.44 annually.

* UBS Group AG said Exxon Mobil Corp.'s $19 billion liquefied natural gas project in Papua New Guinea is likely to remain shut for six weeks in the wake of a 7.5 magnitude earthquake that rocked the country Feb. 26, Bloomberg News reported.

* Sen. Ted Cruz, R-Texas, pushed the Trump administration to lower the cost for oil refineries to meet the biofuels mandate during a meeting with Trump on March 1, The Houston Chronicle reported.

Coal

* Total U.S. coal rail traffic for the week ended Feb. 24 inched up nearly 1% year over year to 85,600 carloads, according to data from the Association of American Railroads.

* BNSF Railway Co. is joining a lawsuit filed by Lighthouse Resources Inc. against Washington officials over a proposed coal export terminal.

Commodities

* Natural gas demand in the U.S. was almost unchanged during the week ended Feb. 28 amid diverging trends across consuming sectors while supply was higher due to rising production and imports, the U.S. Energy Information Administration said in its latest "Natural Gas Weekly Update" released March 1.

* After ending the prior session up 3.1 cents at $2.698/MMBtu, NYMEX April natural gas futures moved in seesaw fashion overnight ahead of the Friday, March 2, open, as traders considered a changing fundamental landscape.

* Power dailies could post gains in the week's closing session Friday, March 2, on the back of expectations for elevated demand in much of the country coming off the weekend.

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New from RRA

* The Florida Public Service Commission on March 1 voted to approve an agreement between Tampa Electric Co. and several intervenors that offsets the need for a $102.5 million storm cost-related electric rate increase with savings from the Tax Cuts and Jobs Act of 2017.

* In a rate case application that became publicly available March 1 in Docket No. 18-0463, Ameren Corp. subsidiary Ameren Illinois Co. requested a $48.6 million, or 12.1%, gas distribution base rate increase premised upon a 10.3% return on equity (50% of capital) and a 7.36% return on an average rate base valued at $1.611 billion for a test year ending Dec. 31, 2019.

* In testimony filed Feb. 28, the Virginia State Corporation Commission staff recommended a $1.3 million, or 2.1%, rate increase for PPL Corp. subsidiary Kentucky Utilities Co. versus the $6.7 million increase requested by Kentucky Utilities.

Quoted

* "If the import of steel plate is shut off, U.S. manufacturers are going to increase their prices." said Broadwind investor relations and corporate communications director Joni Konstantelos, remarking on new tariffs on imported steel and aluminum to be established by the Trump administration.

The day ahead

* The following companies will hold their earnings conference calls: Atlantic Power Corp. at 8:30 a.m. ET; Algonquin Power & Utilities Corp. at 10:00 a.m. ET; Chesapeake Utilities Corp. at 10:30 a.m. ET; and Boralex Inc. at 11 a.m. ET.

* 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.

The Daily Dose is updated as of 7:30 a.m. ET. Some links may require registration or a subscription.