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Six months ago, as OPEC prepared for its last meeting, I wrote that the event was likely to be a lull before the storm. At the time, oil prices were enjoying a bounce up, suggesting OPEC’s strategy of pumping more oil, protecting its market share and putting pressure on higher-cost oil in the USA and other countries was paying off. (Read more)
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The potential for a devastating attack on the U.S. electricity grid remains high on the minds of utility and government leaders, especially in light of the deadly terrorist actions in Paris on Nov. 13. Just days after the carnage in the French capital, the North American Electric Reliability Corporation (NERC) conducted a massive exercise simulating coordinated assaults on the grid in the U.S., Canada and Mexico, one that involved cyber and physical attacks that left millions of people without electricity for an extended period of time. (Read more)
Continue readingTop executives from investor-owned electric utilities across the U.S. gathered in Hollywood, Fla., last week for the annual financial conference held by their trade association, the Edison Electric Institute. They spent hours meeting with analysts, investment bankers and ratings agencies regarding their utilities’ financial returns and the outlook for capital spending, revenue and earnings. That’s the sort of talk that’s characterized the EEI meeting since it began 50 years ago. (Read more)
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Stagnant demand for electricity in the USA is forcing utilities to look elsewhere for revenue and earnings, prompting a surge in mergers and acquisitions. Recent announcements by Duke Energy and Southern Company illustrate the trend, which is likely to continue for some time, according to analysts, including the accounting firm EY, previously known as Ernst & Young. (Read More)
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Given the U.S. trade embargo against Cuba, can American companies participate in that country’s plans to resume drilling for offshore oil? That question came up frequently at a recent conference in Havana of U.S. and Cuban government and business interests, and for some participating in the event, the answer is: Yes, probably. (Read more)
Continue readingHAVANA — The thaw in U.S.-Cuba relations is raising prospects for new business opportunities for American companies in the island nation, among them energy. That was evident this past week in Havana, where more than 120 people from the U.S., Cuba and other countries gathered for a cutting-edge conference on offshore oil development. (Read more)
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Prospects for a nuclear renaissance in the U.S. suffered another blow last week with the announcement by Entergy that it will shut down its Pilgrim Nuclear Power Station in Plymouth, Mass., by 2019. The New Orleans-based company blamed competition from low-price natural gas as well as state and regional policies that favor gas and renewable energy as the main reasons for its decision to pull the plug on a 680-megawatt plant that can power more than 600,000 homes. (Read more)
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On the face of it, Benjamin Sporton’s job may not seem like a particularly enviable one. The head of the World Coal Association, a trade group for major coal producers, is making stops around the globe to promote the fossil fuel in the buildup to international climate talks in Paris next month. (Read more)
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Now may not be the best time to unveil plans to export liquefied natural gas from the U.S. But don’t tell Charles “Buddy” Roemer. The former governor of Louisiana will formally announce Monday one of the largest LNG-export proposals in the U.S., at a time when faltering demand for gas in Asia, as well as low prices, threaten the viability of ventures much further along the way than his. (Read more)
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Like Pope Francis, major corporations around the world are stepping up their calls for governments to take dramatic steps to address climate change. Among them is Mars Inc., the maker of M&Ms, Snickers bars and other foods, which is well known for its reputation for keeping quiet on most business matters. But when it comes to the environment, the company is outspoken. (Read more)
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