Report – No Need for New U.S. Coal Ports: Data Shows Oversupply in Capacity
No Need for New U.S. Coal Ports: Data Shows Oversupply in Capacity (pdf) By Tom Sanzillo, Director of Finance, IEEFA
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ExxonMobil to take $20 billion writedown, cut development spending
Bloomberg: Exxon Mobil Corp. is about to incur the biggest writedown in its modern history as the giant U.S. oil and gas producer reels from this year’s collapse in energy prices. Exxon — traditionally far more reluctant to cut the book value of its business than other oil majors — on Monday disclosed it will […]
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State judge’s ruling raises another hurdle for planned $9.4 billion Formosa Plastics plant in Louisiana
The Advocate: A state district judge sent critical air permits for a $9.4 billion Formosa Plastics complex back to state environmental regulators so they can take a closer look at the St. James Parish facility’s emissions impacts on Black residents living nearby. Nineteenth Judicial District Judge Trudy White issued the finding during a hearing Wednesday, […]
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Venture Global delays final investment decision on Plaquemines LNG export project
S&P Global Market Intelligence ($): Venture Global LNG is delaying the financial close of its proposed Plaquemines LNG export facility in Plaquemines Parish, La., to mid-2021. The Plaquemines LNG facility, which will have an export capacity of up to 20 million tonnes per year, is anticipated to start commercial operations in 2024, Venture Global said […]
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Offshore wind potential in Louisiana, California attracting developer interest
S&P Global Market Intelligence ($): With the East Coast of the U.S. becoming saturated with planned offshore wind projects, momentum is picking up to kick-start development elsewhere — in particular, off the coasts of Louisiana and California. In Louisiana, Gov. John Bel Edwards, a Democrat, told his Climate Initiatives Task Force at its inaugural meeting […]
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Entergy, Mitsubishi team up to boost hydrogen, battery storage in U.S. utility’s service territory
S&P Global Market Intelligence ($): In another indication of growing U.S. utility interest in energy from hydrogen and in large-scale battery storage, Entergy Corp. and Mitsubishi Power Americas Inc., an affiliate of Japan’s Mitsubishi Heavy Industries Ltd., said that they will jointly develop “decarbonization projects” for Entergy’s utility operations in Arkansas, Louisiana, Mississippi and Texas. […]
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Fed survey finds most oil and gas executives think U.S. oil production has peaked
Reuters: Nearly two-thirds of U.S. energy company executives polled by the Federal Reserve Bank of Dallas believe U.S. crude oil production has peaked, according to a survey released on Wednesday. The COVID-19 pandemic has knocked global oil demand and prices, prompting deep cuts in drilling this year by shale oil producers. The United States last […]
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U.S. shale pioneer Chesapeake Energy files for bankruptcy
CNBC: Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic. Chesapeake said that $7 billion in debt will be wiped out through the […]
IEEFA
AEP CEO: Ratepayers will save $3 billion from utility’s investment in new Oklahoma wind projects
S&P Global Market Intelligence ($): American Electric Power Co. Inc. (AEP) said May 27 it will proceed with a $2 billion investment in 1,485 MW of wind energy resources to be built in Oklahoma following state approval. Also on May 27, the Louisiana Public Service Commission has approved a proposal from AEP subsidiary Southwestern Electric Power […]
IEEFA
Trade group says LNG oversupply situation likely to last through 2021
S&P Global Market Intelligence ($): LNG developers “need to brace themselves for a continued glut” in world gas markets with rising supplies potentially outpacing demand growth for another two years, the International Gas Union said in an April 27 outlook. “This will mean continued depressed prices,” said the International Gas Union, or IGU. “This is […]
IEEFA Energy Finance Conference 2020: Coal, LNG, petrochemical sectors face poor outlook and uphill battle for investors
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel-based industries—coal, liquefied natural gas, and plastics—were becoming less financially attractive even before the global coronavirus pandemic, according to experts who spoke during the second week of IEEFA’s 2020 Energy Finance Conference. The annual meeting of international energy, finance and policy experts, which was offered online this year because of COVID-related restrictions, […]