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Article, Corporations, Economy / Finance, Organizations

Offshore drilling prospects dim amid productivity focus

May 8, 2016

The annual Offshore Technology Conference in Houston is one of the premier expositions of breakthroughs that enable oil and natural gas producers to reach deeper into the ocean faster, cheaper and safer. Unfortunately for the vendors displaying new implements at NRG Park this past week, the prolonged downturn in oil and gas prices makes it difficult for producers to expand their tool kits when they’re cutting investments and personnel. Bernard Looney, the chief executive for BP’ s global upstream operations, acknowledged as much in his presentation at the event. (Read more)

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by Bill Loveless
Article, Corporations, Defense, Energy, Technology

Avoiding a big blackout: There’s a drone for that

May 4, 2016

The biggest blackout ever in North America happened 13 years ago when high-voltage power lines brushed against overgrown trees in northern Ohio, triggering breakdowns on the grid that turned out lights in New York City and across eight states as well as Ontario, Canada. The incident in August 2003 demonstrated the importance of trimming trees adjacent to electricity transmission and distribution lines, and the difficulties of doing so when millions of trees dot hundreds of thousands of miles of lines. But now a Palo Alto, Calif., company is teaming up with the U.S. electric-power industry to test the effectiveness of using unmanned aerial vehicles – commonly known as drones – to help utilities scan power lines faster, cheaper and smarter. In the process, the collaboration between Sharper Shape and the Edison Electric Institute could help enable greater commercial use of…

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by Bill Loveless
Article, Economy / Finance, Energy, Government and Politics, International

Venezuela turmoil may alter region’s energy landscape

May 1, 2016

With Venezuela on the brink of economic collapse and oil prices low, Caribbean and Central American countries have an opportunity to cut their reliance on Caracas for oil and switch to low-carbon alternatives. The turmoil in Venezuela is only worsening, with President Nicolás Maduro having just reduced his country’s workweek to two days in the midst of an energy crisis. It comes as officials from Caribbean and Central American nations prepare to attend an energy summit in Washington where expanding international cooperation and improving energy security in the region will top the agenda. Vice President Joe Biden will preside over the May 3-4 meeting. (Read more)

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by Bill Loveless
Article, Corporations, Energy, Utilities and Providers

Growth powers natgas, renewable-energy mergers

April 27, 2016

The growth in natural-gas and renewable-energy trade in the U.S. is driving mergers and acquisitions to high levels in North America. That includes increasing interest from investors in Canada and other countries in assets in the U.S., where a relatively stable regulatory environment and low interest rates make American pipeline, transmission and distribution companies attractive targets. A new report from the accounting firm PricewaterhouseCoopers puts the total value of North American power and utilities deals at $41.4 billion in the first quarter of 2016, compared to $11.5 billion in the previous quarter. (Read more)

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by Bill Loveless
Article, Consumer, Energy, Technology, Utilities and Providers

Can N.Y. solar-electric deal recharge U.S. green-energy effort?

April 26, 2016

The head of the leading rooftop solar company in the U.S. told me last year that one of his top priorities was to strike deals with electric utilities that would make them partners rather than rivals in the changing power sector. “I’m very interested in finding a utility that we can work with that wants to solve problems, not prevent change,” Lyndon Rive, the co-founder and chief executive of SolarCity, said in June. “It would be learning for both of us.” Well, Rive got his wish last week as SolarCity and two other solar developers, SunPower and SunEdison, joined six New York utilities in announcing their formation of the “Solar Progress Partnership.” (Read more)

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by Bill Loveless
Article, Economy / Finance, Government and Politics, International

It’s back to normal for oil after Doha distraction

April 18, 2016

The world oil market can return to normal, at least the normal that has characterized it for the last couple of years, now that a hyped-up meeting of major oil producers has ended without striking a deal to freeze production and bolster prices. The mere hint that Saudi Arabia, Russia and other major oil producers would follow through on a commitment to limit oil output to January levels had contributed substantially to a 50% rebound in prices for the commodity since February, when the goal was announced. But even as delegates from the producing nations arrived in Doha over the weekend, expectations were widespread that the unusual meeting would end in stalemate, as it did on Sunday. (Read more)

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by Bill Loveless
Article, Economy / Finance, Energy, Utilities and Providers

Nat gas prices hit by surplus, mild winter

April 17, 2016

With the warmest winter on record this year and continued high levels of natural gas production, the U.S. ended the season with more gas stored than ever before. By producing so much gas and putting so much away, the industry is likely to face continued low prices for the commodity, not encouraging news for the sector. But the combination of factors also means more opportunities to sell gas to power plants, the U.S. Energy Information Administration says in a new report. (Read more)

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by Bill Loveless
Article, Consumer, Economy / Finance

College gift gears grads for oil’s ups, downs

April 13, 2016

The petroleum industry has historically been a cyclical one, with swings in prices periodically spelling boom and bust for companies and their workforces. But the current slump, which has seen prices fall by more than 60% since June 2014, is one of the worst ever for the sector, making job prospects that much less certain, especially for those just entering the field. With that in mind, the co-founders of a Houston oil and gas management-services company recently announced a donation of $12 million to their alma mater, Texas A&M University, to help students in petroleum engineering better understand the business side of oil and gas production. (Read more)

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by Bill Loveless
Article, Corporations, Economy / Finance, Energy, Organizations

Clean energy guru touts the power of diversity

April 10, 2016

For the makers of solar, wind and other forms of clean energy, the future looks bright, with all-time-high investments and expanding markets throughout the world. That was evident at a conference in New York held by Bloomberg New Energy Finance, where more than 1,000 producers, investors and others involved in cleaner alternatives to fossil fuels met to discuss the progress that has taken place so far and the opportunities that continue to unfold. No one is more bullish about the industry than Michael Liebreich, the chairman of BNEF, who founded the energy information and research company in 2004 and sold it to the media giant Bloomberg in 2009. (Read more)

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by Bill Loveless
Article, Corporations, Economy / Finance

Loveless: $6.8B Pepco-Exelon deal took a toll

April 4, 2016

Having just completed a $6.8 billion acquisition, Exelon CEO Chris Crane is as convinced as ever that consolidation is critical to electric power companies in the U.S. But he’s not in a hurry to make another deal. “If you look at the last few (utility) deals since we announced ours, the premiums are getting very high. So you have to be very prudent and diligent about further acquisitions in this environment,” Crane said Monday. “So, we’ll just focus on what we have right now.” What Crane has now is a new addition to Exelon, Pepco Holdings, which provides electricity to 2.2 million customers in Maryland, Delaware, New Jersey and the District of Columbia. (Read more)

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by Bill Loveless