EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.2 millions barrels in the past week. The report prompted a rise in oil futures.
US Supreme Court dismisses state climate lawsuits against oil companies
The U.S. Supreme Court on Monday rejected a bid from 19 Republican-led state led by Alabama, to stop five Democratic-led state from pursuing lawsuits against major oil companies for deceiving public about the role that fossil fuels played in climate change. The justices refused to hear a case filed directly at the Supreme Court by Republican attorneys general. This case targeted cases filed against Exxon Mobil and other companies such as Chevron, ConocoPhillips Shell, BP, Shell, ConocoPhillips.
US utility PSEG increases spending plan as pipeline for data centers jumps
Public Service Enterprise Group, a U.S. Northeast gas and electric utility, raised its capital plan on Tuesday as interest in large power loads such as AI data centers increased. In the United States, power companies are increasing their spending plans in order to boost the grid and build new electricity sources in response to the record-breaking demand for electricity this year. Meanwhile, Big Tech is investing billions of dollars in developing artificial intelligence technology and infrastructure to support it.
Utility Public Service Enterprise raises its spending plan and forecasts a higher profit in 2025
Public Service Enterprise Group, a U.S. electric utility and gas company, forecasted a higher profit in 2025 compared to the previous year and increased its five-year plan for capital expenditures. Utilities are experiencing a surge in power demand as Big Tech invests billions of dollars in developing artificial intelligence technology and infrastructure to support it. PSEG expects to spend between $22,5 billion and $26 billion in the five years from 2025 to 2029. This is an increase of $3 billion over its previous plan.
US PJM electricity demand hits preliminary winter records during winter freeze
PJM Interconnection, a power grid operator in the United States, said on Wednesday that it had set a preliminary winter record with a peak load exceeding 145,000 megawatts. It also exported 8,000 MW due to extreme cold across the country. This record is higher than the previous one of 143.700 MW, set in February 2015. Data verification will be conducted by PJM. PJM serves 65 million people across 13 states, from Illinois to New Jersey. Mike Bryson said that PJM senior vice president for operations is expecting a high demand of nearly 140…
European firms exposed as Trump targets US offshore wind
U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.Former President Joe Biden supported the offshore wind industry, setting a target for 30 gigawatts (GW) of projects by 2030, up from 42 megawatts at the end of 2023, prompting many European project developers to acquire leases and plan wind farms in the United States.Trump's executive order is not expected to stop existing U.S.
US NatGas Demand Could Hit Record High
U.S. spot natural gas and power prices soared to multi-year highs in several parts of the country with extreme cold expected to boost gas demand to a daily record high on Tuesday.Extreme weather has created havoc for power and gas markets in recent years as demand has come close to outpacing supply.In February 2021, a freeze in Texas killed more than 200 people and left millions without power, water and heat for days after extreme cold caused gas supplies to drop by freezing oil and gas infrastructure…
The demand for US natgas is expected to reach a record high on Tuesday
The U.S. demand for natural gas is expected to hit a record on Tuesday as the extreme cold that has affected much of America puts pressure on power grids, and certain oil and gas operations. Last week, the February natural gas contract reached its highest price since December 30, 2022. The cold weather that accompanied the weekend had the potential to reduce output due to the freezing of gas wells and pipelines. However, it also increased the use of fuel for heating homes and businesses. Prices rose in several hubs on the spot market with the U.S. Henry H Hub benchmark.
BOEM ID's Environmental Measures for NY Bight Wind
In support of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030, the Bureau of Ocean Energy Management (BOEM) today issued a Record of Decision identifying environmental measures expected to be applied to future wind energy development of the six lease areas offshore New York and New Jersey in an area known as the New York Bight. BOEM estimates that full development of the six lease areas could generate up to 7 GW of offshore wind energy, enough to power up to two million homes.
Grid operator PJM faces a new complaint regarding power supply
Consumer advocacy group filed a complaint with PJM Interconnection. They claim that the U.S.'s largest grid operator unfairly awards record-high payments to power plants, driving up electricity prices for households and businesses. The Federal Energy Regulatory Commission received a complaint on Monday, the second in recent times regarding PJM Interconnection’s capacity market auction for 2025-2026. This auction set prices that were over 800% higher than those of the previous year.
Public Service Enterprise Group exceeds Q3 profit expectations on the back of higher sales
Public Service Enterprise Group surpassed Wall Street expectations for the third quarter profit on Monday as the electric utility and gas utility benefitted from higher retail sales and growth in distribution margins.U.S. Electric firms are looking to increase customer bills in order to fund upgrades to the grid. This is due to extreme weather conditions, such as hurricanes and storms, and an increased demand for industrial consumers, like data centers.Public Service…
US Governors push back against PJM following record-high prices for power plants
Five governors urged PJM Interconnection on Tuesday to change its process for determining the price of power plants, after the auction that saw record prices. Prices in the most recent PJM auction were almost 10 times higher than last year. This was largely due to a shrinking supply of electricity and an increasing demand for electricity. Prices were set at levels that raised concern about the cost of electricity for homes and businesses on PJM territory. Environmental groups filed a complaint to PJM over its pricing process.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Ecological Cable Protection in Long Island Sound
December 2020 marked the deployment of fifty 150-sq. ft. nature-inclusive ECOncrete Marine Mattresses, providing large-scale armoring and protection for the Northport to Norwalk Submarine Cable, a 24 mile underwater electrical transmission cable under contract by Eversource and the Long Island Power Authority." Photo courtesy ECOncrete Marine MattressesOperated by PSEG Long Island, as agent to LIPA, the cable runs along the bed of the Long Island Sound allowing electricity to be transmitted between Long Island and Connecticut.
Shell to Shut Its Convent, La. Refinery Amid Pandemic
Royal Dutch Shell said on Thursday it will shut down its refinery in Convent, Louisiana, the largest U.S. facility to close since the coronavirus pandemic first hit and devastated economic demand worldwide.The shutdown, to occur this month, comes after Shell failed to find a buyer.The refinery is the ninth in North America either to announce a shutdown or to be idled since the pandemic, which has delivered a heavy blow to fuel demand globally. The United States is the world's largest fuel consumer.Shell said it failed to find a buyer for the 211…
Offshore Wind Will Bring Jobs, Growth to New Jersey, Other Coastal States
NOIA President Erik Milito issued the following statement after New Jersey Governor Phil Murphy announced the creation of the nation's first purpose-built marshalling and manufacturing port dedicated to the offshore wind industry:"New Jersey is making a smart move by betting on offshore wind. A thriving and innovative American offshore wind sector is close, but we need to invest in improved ports and infrastructure to make it a reality. Expanded port and manufacturing facilities up and down the East Coast will bolster the construction bandwidth for offshore wind…
Reinauer Group Ramps Up for the Business of Offshore Wind
The promise of a vibrant U.S. offshore wind business has been long in the making. While questions remain on timing and pace, there is renewed confidence in the offshore wind sector, particularly in the northeast United States (global pandemic notwithstanding). Investment in the sector had escalated to start 2020, embodied best by Reinauer Group and its WindServe Marine unit, which when combined with its Senesco Marine boatbuilding and logistics hub give its an ‘ A-to-Z…
Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts
Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures…
NY Congressman Backs Arthur Kill OWP
Congressman Max Rose has called on Governor Andrew Cuomo to support the offshore wind development at Arthur Kill Terminal, Staten Island, New York. "The offshore wind project at the Arthur Kill Terminal is an incredible opportunity to provide more reliable energy for New Yorkers, bring over $400 million in economic growth, and best of all, to do it on the back of good-paying union jobs," tweeted Max Rose.“The Arthur Kill Terminal is the most suitable site in New York for offshore wind development…
