Other energy headlines

** The U.S. Supreme Court agrees to hear a case brought by West Virginia and 18 other states that challenges the EPA’s ability to issue regulations to curb carbon emissions from fossil fuel-fired power plants.

** The U.S. Postal Service finalized plans Wednesday to purchase up to 148,000 gasoline-powered mail delivery trucks, defying Biden administration officials’ objections that the multibillion dollar contract would undercut the nation’s climate goals.

** Louisiana’s 1 million Entergy customers will pay $3.2 billion to reimburse the company its repair costs for five storms during 2020 and 2021 after the Public Service Commission agreed to the plan Wednesday.

** Exxon Mobil Corp said on Wednesday its global workforce fell by 9,000 people last year as part of a deep cost cutting program after the COVID-19 pandemic battered energy demand and prices.

** Quantum Energy Partners is raising a $2.25 billion fund that will lend to U.S. oil and gas firms as well as energy companies transitioning away from fossil fuels, allowing investors to pick whether they back activities that lead to higher greenhouse gas emissions, according to people familiar with the matter.

** After an onslaught of local opposition to a solar project, aimed at the farm fields , Delaware County commissioners in Indiana on Tuesday ordered a one-year moratorium on solar farm development.

** Entergy Corporation ETR reported fourth-quarter 2021 adjusted earnings of 76 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 8.6%. The reported figure also increased 7% from 71 cents per share in the year-ago quarter.

** Bidding began Wednesday in the biggest US offshore wind energy auction yet, involving nearly 500,000 acres off the coasts of New York and New Jersey. Through 13 rounds of bids by mid-afternoon, companies had offered $817 million for leases on on six tracts up for grabs, according to data from the Bureau of Ocean Energy Management.

World

** Russia’s assault on Ukraine is reverberating in the energy-rich Gulf, where top oil and gas producers face economic and political dilemmas in easing sky-high prices and alleviating shortages in Europe. As oil prices broke past $100 per barrel and risks of supply disruptions grew, eyes in Europe were increasingly focusing on oil kingpin Saudi Arabia, and Qatar, one of the biggest natural gas exporters.

** Natural gas prices in China have gained as much as 80 percent over the last month to reach a record high amid freezing weather and tight supply.

** Emissions of the potent greenhouse gas methane coming from the global energy sector are 70% higher than officially reported, the International Energy Agency (IEA) said on Wednesday, with the coal sector identified as the biggest single source.

** Vietnam is suffering from fuel shortages with hundreds of retailers forced to halt sales, prompting Prime Minister Pham Minh Chinh to order an investigation of the market including imports and exports of gasoline.