NextEra will raise $1.5 billion for energy projects
NextEra Energy, a utility firm, announced on Monday that it plans to raise $1.5 Billion through the sale equity units in order to fund new projects. Utility companies across the United States are increasing their investments in power projects in order to meet a spike in demand that is expected, driven by artificial intelligence data centres. This would be the company's second fund raising initiative this year. The funds raised will be used to invest primarily in the energy and power projects.
Russia's Floating Power Plant Plugged In
Russia’s state-owned nuclear company Rosatom said its floating nuclear power plant has been connected to the grid and has commenced electricity production for the first time in a remote region of Russia.The floating power unit (FPU) Akademik Lomonosov has been connected to the grid, generating electricity for the first time in the isolated Chaun-Bilibino network in Pevek, Chukotka, Russia’s Far East. This happened after the Russian regulator Rostekhnadzor issued an operations permit…
Energean Targets Net Zero Carbon Output by 2050
Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday.Oil and gas producers have come under heavy pressure in recent years to tackle greenhouse gas emissions as the world battles climate change.Energean's pledge came as the 25th annual United Nations Climate Change Conference — also known as COP 25 — begins in Madrid.The company said in a statement it was the first London-listed oil and gas exploration an
Kogas, EVC Pact for Vietnam LNG Terminal
South Korean public natural gas company Korea Gas Corporation (Kogas) and Vietnam-focused development and asset management company Energy Capital Vietnam (ECV) have entered into a memorandum of understanding (MOU) for the development of a privately-funded LNG regasification terminal in Vietnam.The MOU also covers the development of a storage facility, gas supply system, and a 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan Province…
Total in Talks to Sell North Sea Assets
French energy giant Total is in advanced talks with privately owned firms Albion Energy and First Alpha Energy Capital on the sale of some of its British North Sea assets, two industry sources said.In July, four banking sources told Reuters Total was set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets North Sea that could fetch a total of $1.5 billion.Total and First Alpha had no comment.
Vistra to Buy Dynegy in $1.7bln Deal
Vistra Energy Corp said on Monday it would buy Dynegy Inc in an all-stock deal worth $1.74 billion, combining two Texas-based power producers in the latest merger in an industry dealing with shrinking profit margins. Debt-laden power producers such as Dynegy have seen their margins fall, as cheap natural gas from shale fields drives electricity prices lower, leading a handful of power companies to merge to cut costs and streamline operations.
Energy Capital-led Consortium to buy Calpine Corp
Debt-laden power producer Calpine Corp said it agreed to be acquired by a consortium of investors led by Energy Capital Partners for $5.6 billion. Calpine's shares were up 10.5 percent at $14.93 in premarket trading on Friday. The $15.25 cash per share offer, represents a 13 percent premium to Calpine's closing price on Thursday. The consortium includes billionaire industrialist Leonard Blavatnik's Access Industries and Canada Pension Plan Investment Board. U.S.
Innovators Toil to Revive Canada Oil Sands
In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's vast underground bitumen reservoirs and better compete with the booming shale industry in the United States. If they fail, a bigger chunk of the world's third-largest oil reserves will stay in the ground.
Proserv Opening New Subsea Tech Center
Energy services company Proserv informs it is investing in a new purpose-built technology center for subsea controls and communications in Great Yarmouth. The move will see around 190 employees consolidate from two sites in the area into the new 65,000 sq ft Beacon Park site in Gorleston-on-Sea which will feature modern office, manufacturing and yard space and provides the flexibility to add a further 20,000 sq ft of workshop capacity. Construction will commence next month with the building expected to be completed during March 2018.
Waterous Targets Canadian, U.S. Energy Assets
Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said. Calgary-based Waterous Energy, which invests C$100 million to C$400 million ($75 million to $300 million) per deal in energy assets, is targeting companies in Canada and the United States…
Trump's Win Revives Keystone XL Discussion
Republican Donald Trump's victory in the U.S. presidential election cheered investors in Canadian energy producers eager to revive the stalled drive to approve the controversial Keystone XL pipeline, giving oil sands crude better access to U.S. markets. President Barack Obama denied a permit to TransCanada Corp's proposed cross-border Keystone XL pipeline last year. In May, Trump said that if elected, he would "100 percent" approve Keystone XL…
Canada Crude-Grades steady as post-wildfires ramp-up speed questioned
Canadian cash crude differentials remained steady on Friday as market players questioned how fast crude volumes would come back online after wildfires slashed production in northern Alberta's oil sands region. Western Canada Select heavy blend crude for July delivery last traded at $12.25 per barrel below benchmark West Texas Intermediate (WTI) futures, according to Shorcan Energy brokers. That was 15 cents wider than Thursday's settle of $12.10 per barrel below WTI.
Alberta Court Ruling may Trigger rise in Orphaned Wells
Lawyers in Canada's energy capital Calgary warned on Friday that a judge's decision to grant lenders priority over environmental clean-up costs in oil and gas bankruptcies could lead to a surge in orphaned wells in Alberta. An Alberta chief justice ruled this week that proceeds from the sale of assets belonging to junior producer Redwater Energy Corp will go first to secured creditors, rather than towards cleaning up the company's inactive oil and gas wells.
Dynegy, Energy Capital to buy Engie's U.S. Plants
Dynegy, Energy Capital JV to buy power plants worth $3.3 bln. U.S. electric power company Dynegy Inc said it had partnered with private equity firm Energy Capital Partners to buy French utility Engie SA's U.S. power plants worth $3.3 billion to expand in regulated power markets. Falling demand for electricity in the United States due to increased energy efficiency has led to a spate of mergers as utilities look to cut their exposure to unregulated markets, where prices are volatile.
Sheltered from Biggest Risks, Green Fuel to Ride Out Oil Crash
Green power is cheap enough to compete with fossil fuels and will buck the trend of falling investment in oil and gas as it can offer long-term returns sheltered from political risk, investors and industry analysts say. Oil prices have dropped by around 75 percent since mid-2014, leading the International Energy Agency (IEA) to predict a second successive year of falling hydrocarbon investment, marking the most sustained decline since the 1980s.
ARENA Boosts 22 Mega Solar Projects
The Australian Renewable Energy Agency (ARENA) today announced the short-list of projects invited to progress to the next stage of its $100 million large-scale solar photovoltaic (PV) competitive round. ARENA CEO, Ivor Frischknecht, said the expression of interest (EOI) phase had attracted strong interest, including several new entrants to the market, and the overall quality of proposals was high. “ARENA received 77 eligible EOIs and…
US Restructuring Firms Bulk up as Crude Drops
Law firms and banks are adding staff to their restructuring practices from Houston to New York City to scoop up new business as oil prices sink near 11-year lows, pressuring energy companies to slash debt or file for bankruptcy. At least two investment banks and one law firm have bulked up their energy and restructuring departments with new hires to handle the building workload. Another three law firms have re-jigged staff for the new work…
North Dakota 'man camps' Face Eviction
Providers of temporary housing for North Dakota's oilfield workers are fighting a plan by the state's energy capital to evict their "man camps," fearing it could set an example for others and add to the sector's woes caused by a global commodity slump. Earlier this month, the Williston City Commission voted 3-2 in favor of an ordinance that would deny "man camps" occupancy permit extensions beyond July 2016. Should the ordinance pass in a final vote on Nov. 24, which appears likely, it would mark the first time since the U.S.
North Dakota Oil Hub Boasts Being 'last great place' for Growth
With oil prices falling, you wouldn't think Williston, North Dakota, was "the last great place for opportunity," but that is the slogan the state's oil hub has come up with to try to shake off its economic downturn. Those lured by that promise will find apartment rents have begun to plunge in Williston after a 50 percent fall in the price of oil caused hundreds of layoffs and put off job seekers in search of the town's legendary six-figure pay packets.
Oil and Gas Pipeline Company Caliber Seeks Sale
Caliber Midstream Partners LP, the owner of an oil and gas pipeline network in North Dakota, is exploring a sale that it hopes could value it at as much as $1 billion, including debt, according to people familiar with the process. Caliber's owners, private equity firm First Reserve Corp and oil and gas exploration and production company Triangle Petroleum Corporation, have interviewed investment banks in recent weeks about hiring a financial advisor to help run an auction for the company, the people said.
