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…
J-Power, a Japanese gas-power company, will sell its stake to a US gas-power company
J-Power, a subsidiary of Japan's Electric Power Development, announced on Thursday that it had decided to sell its 50 percent stake in an American gas-fired energy company as part a reshuffle to its asset portfolio. This was done to increase capital efficiency. ACR IV Frontier Holdings, an investment fund, will purchase the Japanese utility's stake in Tenaska Frontier Partners, which operates a gas-fired 830 megawatt (MW), power station in Texas, for $155 millions.
PJM wants a delay in the auction of capacity after an environmentalist's complaint
PJM Interconnection will delay its next annual auction of capacity by six months, while the largest U.S. Grid Operator addresses a complaint made by environmental groups. The biggest U.S. Grid Operator said this in a letter sent on Thursday. PJM’s latest auction, which resulted to payments to power plants within its system that were 833% more than the previous years, raised concerns about a spike in power bills. The Sierra Club…
Offshore Wind: Half Empty or Half Full?
As a new decade starts, offshore wind development continues to progress. Actually, it’s probably more accurate to write that the development of the development of offshore wind (OFW) continues to, uh, well, develop.Apologies for that mild sarcasm. But even a quick look-back at OFW always raises the same familiar question: is the glass half empty or half full?Consider developments in the east coast leader in offshore wind: New…
Offshore Wind: a Freshening Breeze?
July brought news about offshore wind. There was something for everyone: optimism, disappointment, and construction, too.Finally, starting with Dominion Energy’s Coastal Virginia Offshore Wind Project, a joint venture with Danish wind developer Orsted is underway. True, this is a small project – just two wind turbines to be installed 27 miles east of Virginia Beach. But considering all the preceding hurdles, news about Dominion blew in as proverbial, hopeful fresh air.
Orsted to Build NJ's First OWF
Denmark’s Ørsted won New Jersey’s first offshore wind solicitation with a 1.1-gigawatt project Ocean Wind, the largest offshore wind project to secure a development deal with a U.S. state to date.The New Jersey Board of Public Utilities (NJBPU) announced in a press note that it has selected Ocean Wind, an offshore wind energy project proposed by Ørsted with support from Public Service Enterprise Group (PSEG), to negotiate a 20-year offshore wind renewable energy credit (OREC) for an offshore wind farm with a capacity of 1…
Renewables Sector Hails New York Climate Plan
Investors, developers and users of renewable energy at an industry conference in New York this week were buzzing about the state's ambitious plan to reduce greenhouse gas emissions to zero by 2050."New York is leading a path forward with public policy that signals to the capital markets and developers to deploy projects to achieve its ambitious goals," Susan Nickey, managing director at Hannon Armstrong Sustainable Infrastructure Capital Inc , said on Wednesday.
A New York State of Mind
“A new industry is being established in New York, with the primary stimulus being a state-driven procurement process.”New York State Public Service Commission (PSC), July 12, 2018.To a great extent, this PSC comment provides direct insight into the dynamics behind New York’s pace-setting moves to establish offshore wind. First, this new energy development is deliberate – not left to chance or laissez faire markets. Second, state officials are in control, from choosing a contractor to securing money for payment.
Ørsted Bids to Build NJ's First Offshore Wind Farm
Danish energy company Ørsted submitted a bid to the New Jersey Board of Public Utilities (NJBPU) to build an offshore wind farm in response to the first offshore wind request for proposal under Gov. Phil Murphy’s clean energy agenda.Ørsted, the global leader in offshore wind energy, has pioneered and refined the approach to developing and constructing offshore wind farms since it launched the world’s first offshore wind farm in 1991.Ørsted owns and operates the Block Island Wind Farm…
EU Approves State Aid for Lithuania’s Klaipėda LNG Terminal
The European Commission said that the EC has approved under EU State aid rules the compensation granted by Lithuania to LITGAS for supplying a mandatory quantity of liquefied natural gas (LNG) to the LNG terminal in Klaipėda.In November 2013, the Commission approved under EU State aid rules an aid scheme to support the construction and operation of a liquefied natural gas (LNG) terminal at the Klaipėda seaportin Lithuania The LNG terminal has…
EU Approves State Aid for Lithuanian LNG Terminal
The European Commission approved on Wednesday new government support terms to the liquefied natural gas (LNG) terminal at the Klaipeda seaport, after the Lithuanian authorities changed some of the conditions it got approval for already in 2013.The new terms include the imposition of a public service obligation on gas company Litgas to supply of a mandatory quantity of liquefied natural gas to the LNG terminal in Klaipeda in exchange for compensation from the government.The second change is the scrapping of an obligation for Lithu
US Sees Little Impact from Keystone XL Pipeline's Planned Route
The Keystone XL crude oil pipeline project cleared a hurdle on Monday as the Trump administration said in a draft environmental assessment that an alternative route through Nebraska would not do major harm to water and wildlife.The State Department's assessment of a plan for an alternative route through Nebraska submitted by TransCanada Corp, the company trying to complete the pipeline, said Keystone XL's cumulative effects would…
FERC Urgerd to Cut Pipeline Risks
New York State agencies urged the Federal Energy Regulatory Commission (FERC) to take action to reduce pipelines risks near the Indian Point nuclear facility in Westchester County, the Department of Public Service said. The New York Division of Homeland Security and Emergency Services, and the Departments of Public Service, Environmental Conservation, and Health called on the FERC to ban additional natural gas capacity on the Algonquin pipelines, the Department of Public Service said in a press release on Friday.
PHMSA Orders Further Keystone Analysis, Studies
A U.S. regulator's preliminary investigation into the biggest oil pipeline spill this year has raised a red flag that could trigger an extensive and costly inspection of tens of thousands of miles of underground energy lines. The 5,000-barrel leak on TransCanada Corp's Keystone pipeline on Nov. 16 in South Dakota might have stemmed from damage caused by a weight put in place when it was built in 2008, the Pipeline and Hazardous Materials Safety Administration said in a report published on Tuesday.
Nebraska Mulls Keystone Pipeline's Fate
Nebraska regulators will announce their decision on Monday on whether to approve TransCanada Corp’s Keystone XL pipeline route through the state, the last big hurdle for the long-delayed project. Just days ago, TransCanada's existing Keystone system spilled 5,000 barrels in South Dakota and pipeline opponents said the spill highlighted the risks posed by the proposed XL expansion. The stakes are big. President Donald Trump, a Republican, has made Keystone XL’s success a plank in his effort to boost the U.S. energy industry.
Nebraska Regulator Set to Issue Keystone XL Permit Decision
The Nebraska Public Service Commission announced Monday it will issue its decision on whether to approve the permit to allow construction of the Keystone XL pipeline on Nov. 20, the last regulatory hurdle for the controversial project. The five-member PSC will take a vote on the decision in Lincoln, Nebraska, which will be open to the public. (Reporting by Valerie Volcovici and Timothy Gardner)
TransCanada Revenue Tops Estimates
TransCanada Corp reported better-than-expected quarterly revenue on Thursday, helped by performance in the company's U.S. natural gas pipelines. Revenue from the company's U.S. natural gas pipelines unit rose to C$337 million ($265.40 million) in the third quarter ended Sept. 30, from C$332 million a year earlier. However, revenue in its Canadian natural gas pipelines fell 4 percent to C$316 million. TransCanada is trying to build its 830…
KeystoneXL Opponents Vow Long Fight as Nebraska Hearing Concludes
Opponents of the Keystone XL pipeline vowed on Thursday to block construction of the controversial project if Nebraska regulators approve the proposed route later this year. Nebraska regulators wrapped up a final public hearing a day early on Thursday on TransCanada Corp's proposed Keystone XL pipeline after four days of contentious exchanges between lawyers. They will make their final decision by Nov. 23. After the hearing,…
Keystone XL Pipeline Fate in Balance as Nebraska Opens Hearings
Nebraska regulators will hear final arguments for and against TransCanada Corp’s proposed Keystone XL pipeline this week before deciding whether to approve its route later this year, the last big hurdle for the long-delayed project after President Donald Trump gave it federal approval. The proposed 1,179-mile (1,897-km) pipeline linking Canada’s Alberta oil sands to U.S. refineries has been a lightning rod of controversy for nearly a decade…
Regulators Block Testimony ahead of Keystone XL Hearings
Nebraska regulators weighing the fate of TransCanada Corp’s proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best arguments against it in final hearings next week: that America does not need the oil. The state’s five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7 to 11 before deciding whether to approve the project’s route, marking the final hurdle for the long-delayed project after President Donald Trump gave it federal approval in March.
