** The American oil industry is on high alert for an escalation of the violence in the Middle East that disrupts the flow of oil out of the region. Mike Sommers, CEO of the American Petroleum Institute, worries there is a growing chance the crisis will intensify and derail oil supplies. ** A low-carbon $1 billion ammonia …
Category: Wind Energy
Energy quick reads
** Exxon Mobil Corp. warned investors of a $2.5 billion write down of the value of some California operations. ** The U.S. environmental regulatory agency will hold a hearing this week on whether to approve California’s plan to require all new vehicles sold in the state by 2035 to be electric or plug-in electric hybrids. …
Energy quick reads
** Offshore wind turbines at two commercial-scale sites are now sending power to the U.S. grid. Moments before midnight on Tuesday, a single turbine near Martha’s Vineyard delivered 5 megawatts of renewable energy to the New England grid, developers said. ** APA Corp. agreed to acquire Permian Basin shale explorer Callon Petroleum Co. for $2.6 billion, the latest in …
Energy quick reads
** US auto sales softened at the end of last year as higher financing costs and near-record prices took their toll on would-be buyers. ** General Motors said it will make sure its new electric vehicles remain price competitive even as new rules from U.S. Treasury disqualify some of the carmakers’ electric vehicles for the …
Energy quick reads
** The Biden administration approved Louisiana’s bid to take the lead role in vetting and overseeing carbon dioxide storage wells in the state, a blow to environmentalists and some local residents who battled the plan. ** NextEra Energy Partners, LP NEP completed the previously announced sale of its Texas natural gas pipeline portfolio for $1.815 billion …
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, …
Financing secured for $11 billion SunZia project in New Mexico
After 17 years of working to get approval for the massive wind and solar energy project in New Mexico, developer Pattern Energy Group LP announced it has secured $11 billion in financing. Construction is underway on the 3.5 gigawatt SunZia project which will carry electricity out of state to Arizona and is the …
Quick energy reads
** The West Texas Intermediate (WTI) crude oil price is once again nearing the $75 per barrel threshold and is expected to stay robust into the coming year. Specifically, the U.S. Energy Information Administration (“EIA”) anticipates a WTI oil price of $78.07 per barrel in 2024, slightly surpassing its projected figure of $77.63 for the …
Judge orders removal of wind towers on Osage Nation land
A Tulsa federal judge came down hard on Enel energy, ordering the company to remove dozens of wind towers it installed on Osage Nation land in northeast Oklahoma. The order came in a lawsuit brought by the Osage Nation which controls virtually the entire county when it comes to energy projects. The suit was …
Quick energy reads
** Thousands of autoworkers from foreign-owned non-union factories across the Southeast are seeking to organize their workplaces amid the electric vehicle (EV) manufacturing boom. Over the past two weeks, workers at an Indiana Honda plant, an Alabama Hyundai plant and a Tennessee Volkswagen plant complained to federal regulators that management had made illegal moves to prevent them from organizing. ** Oil …