Energy headlines

** Louisiana regulators consider changing decades-old rules to eliminate utility monopolies and introduce more competition into state energy markets.

** Baker Hughes plans to streamline business segments from four down to two, creating an Oil field Services and Equipment segment focusing on drilling equipment and services, as well as an Industrial and Energy Technology segment focusing on manufacturing and digital services reported Fuel Fix.

** The U.S. Energy Information Administration forecast that members of OPEC will collectively earn $842 billion in revenues from oil exports in 2022, the most (adjusted for inflation) for the group since 2014. Based on forecasts of both OPEC liquid fuels production and of crude oil prices in the EIA’s Short-Term Energy Outlook (STEO), OPEC revenues will be nearly 50% higher in 2022 than in 2021.

**  California’s worst September heat wave is putting its electricity grid through a big test. It held up Tuesday evening, with no rolling blackouts. This despite an all-time record-high power demand of 52,061 megawatts, though PG&E did report some small-scale heat-related outages.

Governor Gavin Newsom urged Californians on Tuesday to turn up their thermostats and “double down to save energy” as a record heat wave threatens to overwhelm the state’s energy grid and cause power outages.

** After a yearslong political fight over vehicle emission standards, Minnesota will soon be forced to choose whether to revert to weaker federal standards or join California in phasing out gas-powered car sales by 2035.

** President Biden plans to highlight America’s “electric vehicle manufacturing boom” during a trip to next week’s Detroit Auto Show.


** European Union countries should set a price cap on Russian natural gas and seek a “solidarity contribution” from European oil and gas companies making extraordinary profits as the war in Ukraine drives up energy costs, European Commission President Ursula von der Leyen said Wednesday.

** The euro sank below $0.99 to a new 20-year low on Monday after Russia’s halt to gas supplies down its main pipeline to Europe heightened fears about a deepening energy crisis across the region.

** Turkish President Tayyip Erdogan said on Tuesday that Russia is cutting natural gas flows to Europe in retaliation for sanctions, adding that Europe is “reaping what it sowed”.

** France will restart a shuttered pipeline to send natural gas to energy-strapped Germany, Reuters reported. The formerly east-west pipeline will deliver about 2% of Germany’s gas needs over the colder months.

** Repsol, the huge Spain-based multinational player, is selling a 25% stake in its exploration and production business to the private equity firm EIG in a $4.8 billion deal according to Axios Generate.

** Uzbekistan And Azerbaijan sign landmark energy deal with their aim to reduce dependence on Russian resources.