Energy quick reads

** PNM Resources, Inc.PNM and American Electric Power AEP announced an agreement to sell their 50% ownership interest each in renewable joint venture New Mexico Renewable Development, LLC (“NMRD”) to Exus North America Holdings. This agreement is worth approximately $230 million, subject to true-up adjustments at close.

** Two U.S. senators have written to Elon Musk, Tesla’s top executive, calling on him to “swiftly” recall any steering and suspension parts that pose a safety risk. The letter cites “an alarming” Reuters investigation published on December 20 that exposed how Tesla has blamed drivers for frequent failures of components it has long known were defective.

** General Motors has sued the city of San Francisco, seeking to recover more than $100 million, alleging that it was charged a higher tax bill than warranted because its Cruise self-driving car unit was improperly used to make the calculations.

** Gas prices will fall in 2024 for the second year in a row, according to GasBuddy projections shared exclusively with CNN. GasBuddy, which had a forecast for 2023 that proved to be eerily accurate, expects US gas prices will average $3.38 a gallon in the key election year of 2024.


**  A gas tanker’s long, circuitous journey is highlighting the toll that war and climate change are taking on the shipping industry. Pacific Weihai loaded in Houston on Dec. 14 with a cargo of liquified petroleum gas intended for Ningbo, China, a route that should typically take 30 days. Instead, it faces an additional 15 days at sea, 8,000 kilometers in travel distance and potentially $1.8 million in shipping rates to avoid two key chokepoints that are upending global trade.

** Payment issues have caused delays in shipments of Russian Sokol crude oil to India, forcing Indian Oil Corp (IOC) to purchase more oil from the Middle East, Reuters reported Dec. 26, citing sources close to the matter.

** Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle on Thursday and promptly announced it was aiming to become one of the world’s top five automakers.

** Mandara Capital, the London-based oil trader that once was one of the biggest market makers in crude and fuel, is shutting down its operations.

** Daihatsu, the Japanese automaker owned by Toyota, has halted domestic production after admitting it forged the results of safety tests for its vehicles for more than 30 years.