Author Archive: Tom Sanzillo

Director of Finance Tom Sanzillo has 30 years of experience in public and private finance, including as a first deputy comptroller of New York State, where he held oversight over a $156 billion pension fund and $200 billion in municipal bond programs.

IEEFA op ed: New York State pension fund should divest from fossil fuels

Investments need to address poor stock performance of fracking industry

A shock went through energy stock markets recently as Norway moved its $1 trillion sovereign wealth fund to dump oil and gas stocks, seeing the risk increasing. Recall this is a fund built on oil money. Yet state Comptroller Tom DiNapoli, the sole custodian of our $200 billion state pension fund, still can’t find good […]

March 20, 2019 Read More →

IEEFA update: Get out now — Norway’s fossil fuel epiphany

Divesting fossil fuel stocks challenges conventional wisdom on economic future of oil and gas industry

Norway’s Government Pension Fund Global (GPFG), the world’s largest sovereign wealth fund, has decided to “sell.” They have announced plans to divest from 134 oil and gas exploration and production companies held in its US$1 trillion investment fund. The fund will continue — at least for now — to hold onto the stocks of large, […]

IEEFA/Sightline Institute update: Chevron’s Permian refrain – “Wait ‘til next year”

Despite booming production, negative cash flows projected through 2020

It is a refrain uttered by sports fans at the end of every losing season: Wait ‘til next year. Only this time, it is coming from Chevron, one of the world’s largest private sector oil producers. The oil and gas giant is now admitting that its enormous bets on the Permian Basin will continue to bleed […]

IEEFA Puerto Rico: PREPA privatization plan overlooks unionized workers as best asset

Honoring collective bargaining agreements is fiscally sound and economically necessary

Puerto Rico’s Senate and House of Representatives are finalizing an energy policy bill that amends the existing privatization plan for the Puerto Rico Electric Power Authority (PREPA). One of the remaining issues is whether to require future private utility owners to honor existing PREPA collective bargaining agreements with labor unions. The legislature should protect these […]

and February 25, 2019 Read More →
IEEFA Argentina: El Gobierno no puede sufragar los subsidios a productores de petróleo y gas de Vaca Muerta

IEEFA Argentina: El Gobierno no puede sufragar los subsidios a productores de petróleo y gas de Vaca Muerta

El plan del gobierno argentino para explotar las reservas masivas de petróleo y gas en Vaca Muerta, en el norte de Patagonia, confronta un obstáculo mayor. El éxito del plan requiere que el gobierno argentino subsidie los costos iniciales del desarrollo, pero enfrenta penurias fiscales y recién anunció planes para recortar los subsidios. Como resultado, […]

and February 19, 2019 Read More →

IEEFA update: Andrew Cuomo got it right on New York’s fracking ban

Despite opponents’ fears, ban likely saved investors billions

New York State, under the leadership of Governor Andrew Cuomo, instituted a ban on hydraulic fracturing (fracking) in 2014. Not surprisingly, the ban was hotly contested. Opponents had portrayed fracking as a silver bullet that would create jobs and promote economic development.  They predicted the state’s citizens would regret Cuomo’s decision. A retrospective analysis of […]

IEEFA Argentina: Government cannot afford subsidies for Vaca Muerta oil and gas producers

Failure to achieve energy plan likely

The Argentine government’s plan to develop the massive Vaca Muerta oil and gas reserves in northern Patagonia has hit a major obstacle. The success of the plan requires the Argentine government to subsidize most of the development costs initially.  But the Argentine government is in fiscal distress and has recently made it known that it […]

and February 8, 2019 Read More →
IEEFA Puerto Rico: PREPA privatization means crushingly high electric rates

IEEFA Puerto Rico: PREPA privatization means crushingly high electric rates

“Nonpolitical” plan is poorly regulated and likely means more corrupt contracts

The Puerto Rican government is moving full-steam ahead with a series of privatization contracts for the Puerto Rico Electric Power Authority (PREPA) that are likely to lock customers into even more expensive electric rates than they currently pay. Instead of taking this opportunity to make electricity affordable and resilient, the government plan will tie the […]

and February 1, 2019 Read More →

IEEFA Puerto Rico: New natural gas deal fits same old pattern for choosing contractors

Lack of transparency, subversion of planning process, award to small company with questionable track record all sound familiar

The government of Puerto Rico is moving forward with plans to convert two units at the San Juan power plant from oil to natural gas. The Puerto Rico Electric Power Authority (PREPA) plans to contract with a third party that will make the necessary upgrades to the power plant to convert it and invest in […]

and January 22, 2019 Read More →

IEEFA Argentina: Los contratiempos en el plan de utilizar las reservas de petróleo y gas de Vaca Muerta para impulsar la economía

Perforador independiente se retira; no hay postores para la nueva oferta

Los funcionarios argentinos están atribuyendo gran parte de la recuperación económica del país a la atracción de inversión extranjera para explorar, bombear y vender petróleo y gas desde la región de Vaca Muerta en la provincia de Neuquén a un nuevo conjunto de clientes globales. La cuestión para Argentina es si sus problemas económicos minarán […]

and January 17, 2019 Read More →