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☆ How Hedge Funds Are Betting on Electricity and the Changing Power Grid
▼ + stars: | 2024-03-05 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +19 min

A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.

Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia

☆ New York’s Near Zombie Apocalypse
▼ + stars: | 2023-12-01 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Allysia Finley and Dan Henninger. Images: AP/Zuma Press Composite: Mark KellyImagine if nearly half of New York City lost heat for months during the winter. That’s not the plot of a new survival drama. Such a catastrophe nearly occurred last Christmas, according to an alarming recent report by energy regulators that deserves more attention. It was the fifth time in 11 years that power plant failures caused by cold weather jeopardized grid reliability.

Persons: Kim Strassel, Allysia Finley, Dan Henninger, Mark Kelly, Elliott Organizations: Zuma, New York, Federal Energy Regulatory Commission, FERC, North American Electric Reliability Corporation Locations: New, New York City

☆ Make America Build Again
▼ + stars: | 2023-11-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +37 min

America is the sixth-most-expensive place in the world to build subways and trolleys. The solutions will cost trillions of dollars and require a pace of building unseen in America since World War II. Perhaps the single most pressing question we face today is: How do we make America build again? "For this class of projects, federal environmental laws are more the exception." The prospect of overhauling our hard-won environmental laws might feel like sacrilege to anyone who cares about the Earth.

Persons: Anne, Marie Griger's, Griger, —, They're, Obama, I'm, we've, We've, I'd, It's, Matt Harrison Clough, Jamie Pleune, AECOM, Joe Biden's, There's, David Adelman, David Spence, Spence, James Coleman, NECA, Coleman, everyone's, Danielle Stokes, Nobody, Bill McKibben, Mother Jones, McKibben, Michael Gerrard, Columbia University —, they've, David Pettit, it's, Zachary Liscow, That's who's, Adam Rogers Organizations: RES Group, Environmental, Infrastructure Investment, Jobs, Land Management, Forest Service, University of Utah, Harvard Joint Center for Housing Studies, Brookings, Bureau of Ocean Energy Management, White, University of Texas, Greenpeace, Natural Resources Defense Council, Act, NEPA, Berkeley, University of California, University of Southern, Southern Methodist University, Ecosystems Conservation, GOP, Biden, Motorola, Telecommunications, Conservatives, Federal Energy Regulatory Commission, FERC, University of Richmond, UC Berkeley, USC, Star, Sabin, Climate, Columbia University, Natural Resources Defense, Republicans, Democrats, Management, Budget, Yale Law School Locations: Panama, Colorado, . California, Los Angeles, San Francisco, China, America, Washington, , Wyoming, Nantucket, New England, San Francisco ., University of Southern California, California, New York, Florida, Southern California, Las Vegas

☆ How shipping more US natural gas to Europe helped fuel CO2 pollution
▼ + stars: | 2023-11-08 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +6 min

The administration approved five U.S. LNG export licenses to serve the European market following Russia's invasion, having approved none beforehand. U.S. special climate envoy John Kerry told Reuters last year that greenhouse gas emissions were an inevitable "downside" to increasing LNG exports to European allies. CO2 emissions from the energy-intensive process of liquefying gas for export mark only one stage in the industry's overall climate impact. Critics argue that it is unclear whether the U.S. gas export boom to Europe is displacing coal or delaying a transition to renewables like solar and wind. NextDecade Corp has said its proposed terminal near Brownsville, Texas, could remove more than 90% of its expected 6.4 million tons per year of carbon emissions.

Persons: Arathy, Biden, John Kerry, Robert Fee, Critics, Alexandra Shaykevich, Sempra, Susan Richardson, Tim McLaughlin, Richard Valdmanis, Suzanne Goldenberg Organizations: Reuters, Cheniere Energy, United, U.S . Environmental Protection Agency, Federal Energy Regulatory, Biden White, LNG, The Energy Department, FERC, U.S, Energy Information Administration, Reuters Graphics, Washington, Venture Global, CCS, SEC, Talos Energy, NextDecade, Thomson Locations: Freeport, U.S, Freeport , Texas, United States, Russia, Ukraine, Europe, Texas, Cameron, Louisiana, Brownsville , Texas

[1/3] Brett Isaac, founder and co-CEO of Navajo Power, attends the first annual Tribal Energy Equity Summit in Saint Paul, Minnesota, U.S., May 22, 2023. Tribes cannot access key incentives for larger clean energy projects until they secure an agreement to connect to the regional electrical grid. That could jeopardize a "once in a lifetime opportunity,” according to Cheri Smith, president of the Alliance for Tribal Clean Energy, a nonprofit that is helping tribes develop clean energy. The Standing Rock Sioux have so far spent $3 million on technical studies and fees to remain in the queue, with no guarantee of approval. A NEW DAYThe Standing Rock Sioux tribe's development authority, called SAGE, proposed the 235MW wind farm three years ago.

Persons: Brett Isaac, Sarah Arnoff Yeoman, Cheri Smith, Smith, Joe McNeil, McNeil, Eileen Briggs, Greg Anderson, Alliance's Smith, Jeremiah Baumann ,, Willie Phillips, Alliance’s Smith, Celeste Miller, It’s, ”, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Navajo Power, Tribal Energy Equity Summit, REUTERS, Alliance for Tribal Clean Energy, Reuters, National Renewable Energy Laboratory, Energy Information Administration, SAGE, Dakota, Interior Department, Southwest, Sierra Club Foundation, Wallace Global Fund, Bush Foundation, Moapa, Tesla, Federal Energy Regulatory Commission, Energy, Interior, Infrastructure, DOE, FERC, Thomson Locations: Navajo, Saint Paul , Minnesota, U.S, Sioux, North, South Dakota, United States, Phoenix, Bismarck , North Dakota, philanthropies, Paiute, Nevada, Las Vegas, St, Paul , Minnesota

☆ Feds vote to reduce bottlenecks in connecting new power sources to the energy grid
▼ + stars: | 2023-07-31 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

Also, power generators will have to meet certain requirements to keep their place in the queue, including a financial deposit. Deadlines and penalties for transmission providers: Transmission providers will have strict deadlines to to respond to power generators waiting in the queue, and will face penalties if they miss those deadlines. Also, power generators will be able to add a source of power to a single interconnection request. It can be so expensive to build new transmission, sometimes power generators can't afford the cost and have to cancel their power generation plans completely. Also, power generators wait for an average of five years in these queues because grid operators are flooded with interconnection queue applications.

Persons: Jeffrey Lamb, LADWP, Al Seib, George Rose, Rob Gramlich, Gramlich, Joseph Rand, Rand, Gregory Wetstone Organizations: Sylmar, Pacific DC, Los Angeles Department of Water, Los Angeles Times, Getty, Aera Energy, CNBC, Lawrence Berkeley National Laboratory, FERC, Vw, American, Renewable Energy Locations: Columbia, Oregon, California, Southern California, Angeles, Los Angeles , CA, CA, San Joaquin Valley, McKittrick , California, North, Lost, Kern County, Bakersfield, United States, Milford , Utah, Milford, Smithfield, ACORE

☆ Schumer’s $2.4 Trillion Tax Increase
▼ + stars: | 2023-07-27 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chuck-schumer-ferc-green-energy-red-states-reliable-transmission-458c0337

Persons: Dow Jones Organizations: schumer, ferc

☆ BP settles US natgas market manipulation case for $10.75 million
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

The U.S. Federal Energy Regulatory Commission (FERC) alleged that BP violated the Natural Gas Act by manipulating the next-day gas market at Houston Ship Channel from mid-September through Nov. 30, 2008. BP paid a civil penalty of $24,356,686 in December 2020 and disgorgement of unjust profits of $250,295 in January 2021 in the case. FERC said under the settlement BP will not seek return of the $250,295 of disgorgement it has paid. The case related to actions by BP traders to take advantage of market dislocations around the time Hurricane Ike smashed into the Houston area in September 2008. FERC's Office of Enforcement alleged BP traders made uneconomic physical gas sales to suppress the Houston Ship Channel Gas Daily index and boost the value of BP's financial position.

Persons: Ike, Scott DiSavino, Bill Berkrot Organizations: Bp, BP, U.S . Federal Energy Regulatory Commission, Houston Ship Channel, U.S ., Appeals, Fifth Circuit, FERC, U.S . Court, Federal, FERC's, Enforcement, Houston Ship Channel Gas, Thomson Locations: U.S, Houston

☆ Exclusive: LNG developer Venture Global spars with customers over cargoes
▼ + stars: | 2023-06-09 | by ( Curtis Williams | ) www.reuters.com time to read: +5 min

Italian electric utility company, Edison SpA (EDNn.MI), in May brought an arbitration proceeding against Venture Global over its failure to supply cargoes, Edison's spokeswoman said. Venture Global described the complex at the time of its first cargo shipment last year as holding "the global record for the fastest large-scale greenfield LNG facility to ever be built." Edison and Repsol signed purchase contracts with Venture Global in 2017 and 2018, respectively. That volume irked contract customers who believe Venture Global took advantage of high spot LNG prices at their expense. In its reply to DOE, Venture Global chastised Repsol as an "impatient" customer.

Persons: Shaylyn Hynes, Hynes, Repsol, Portugal's, Edison, Venture Global's Hynes, Curtis Williams, Gary McWilliams, Paul Simao Organizations: HOUSTON, Venture Global LNG, U.S, LNG, Edison SpA, Venture Global, Repsol SA, U.S . Department of Energy, DOE, Venture, Reuters, Edison, Shell, Federal Energy Regulatory Commission, General Electric Co, Thomson Locations: Calcasieu, Spanish, Arlington , Virginia, Cameron Parish , Louisiana, Europe, Russia, Ukraine

May 8 (Reuters) - Vanguard Group, the largest provider of mutual funds, has secured regulatory approval to continue to own big stakes in U.S. power utilities, overcoming Republican concerns over its environmental, social and governance (ESG) policies. Regulators had previously allowed Vanguard to exceed that antitrust limit on the basis that this would not interfere with the utilities' operations. Vanguard countered that its funds do not exert control over the decisions of the utilities. Vanguard reiterated in a statement on Monday that it leaves "management decisions to companies and policy decisions to policymakers." A representative for Indiana Attorney General Todd Rokita, one of the leaders of the group challenging the FERC extension, said he would comment in coming days.

☆ Wind and solar power generators wait in yearslong lines to put clean electricity on the grid, then face huge interconnection fees they can't afford
▼ + stars: | 2023-04-06 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +18 min

The local utility in charge of overseeing the interconnection process told Pine Gate it would be more than $30 million. Pine Gate had to terminate the project because it couldn't afford the new fees, its vice president of regulatory affairs, Brett White, told CNBC. "Those projects ended up withdrawing from the queue or terminating, because they don't pencil anymore," White told CNBC. "There is Texas, and then there's the rest of the country with respects to interconnection," White of Pine Gate told CNBC. And that means getting those engineers out of some of the rote manual data entry and into the actual analysis," White told CNBC.

☆ Why Blackouts, Power Outages Are Becoming More Common
▼ + stars: | 2023-03-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +14 min

Power outages have increased 64% from the early 2000s, and weather-related outages — many driven by the worsening climate crisis — have increased 78%. A record-breaking blizzard in Buffalo, New York, this winter caused power outages throughout the city, resulting in the deaths of 47 residents. In 2021, a heat wave led to power outages and the deaths of hundreds in the Pacific Northwest. While regional organizations might use fees to penalize companies for power outages, it's now much harder to pinpoint and hold a person or entity responsible. In the meantime, the climate crisis will continue to wreak havoc on an aging grid system that puts profits over reliability.

☆ U.S. regulators seek more answers from Freeport LNG to weigh restart request
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

Companies Freeport LNG Development LP FollowMarch 6 (Reuters) - U.S. regulators sent another list of questions seeking information to Freeport LNG on Monday, as they evaluate its request to restart full commercial operations of its export facility in Texas. Last month, the privately held LNG export facility, the second-biggest in the U.S., started to exit an eight-month outage that was caused by a fire in June 2022. FERC and the Pipeline and Hazardous Materials Safety Administration (PHMSA) sought answers on operating conditions and steps taken to improve safety. The request asked for "a status update on Freeport LNG’s hiring efforts to address operator fatigue and training status of the new hires," according to FERC's letter to Freeport. The fiery blast that knocked the facility offline last June resulted from inadequate operating and testing procedures, operator fatigue and other shortcomings, a review found.

☆ U.S. energy regulators questioned on oversight of Freeport, Texas, LNG plant
▼ + stars: | 2023-02-11 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Companies Freeport LNG Development LP FollowFREEPORT, Texas, Feb 11 (Reuters) - U.S. energy regulators on Saturday assured Texas residents they are monitoring repairs and the eventual restart of the fire-idled Freeport LNG plant as a vessel this week began taking the first fuel out of its storage tanks in eight months. When fully operational, Freeport LNG processes about 2 billion cubic feet per day of natural gas and exports up to 15 million tonnes of LNG per year. Methane is the main component of natural gas and a potent greenhouse gas. Freeport LNG was invited to send a representative to Saturday's meeting, PHMSA said. Reporting by Arathy Somsekhar in Freeport, Texas Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ LNG developer NextDecade blasts inaction by U.S. energy regulator
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

HOUSTON, Feb 6 (Reuters) - U.S. liquefied natural gas developer NextDecade Corp (NEXT.O) on Monday criticized regulator the Federal Energy Regulatory Commission for what it called "inexcusable" delays in reviewing information that would allow it to move ahead with a $15.7 billion export project. The court asked FERC to revisit its environmental review but did not invalidate the original approval. He called on FERC Chairman Willie Phillips to put the project on the commission's meeting agenda this month. The inaction "far exceeds the length of time FERC has taken to respond to other federal appellate court remands," wrote Schatzman. Reporting by Gary McWilliams in Houston Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Skyrocketing natural gas prices should be investigated for market manipulation, California Governor Gavin Newsom says
▼ + stars: | 2023-02-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

California residents are paying nearly a 600% premium on natural gas prices, according to recent estimates. "It is clear that the root causes of these extraordinary prices warrant further examination," Governor Gavin Newsom said in a letter. While overall US gas prices have plunged to $2.80 per million British thermal units, down over 70% from their highs in August of last year, California's gas prices averaged $19.40 per million BTUs in early January, according to the Wall Street Journal. He added that natural gas prices affect the state's industrial, agricultural, and water utilities, and urged regulators to look into the market's price pressures in the west. I therefore ask that FERC immediately focus its investigatory resources on assessing whether market manipulation, anticompetitive behavior, or other anomalous activities are driving these ongoing elevated prices in Western gas markets," Newsom said.

☆ Chatterjee: U.S. LNG is so important to the European energy equation
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChatterjee: U.S. LNG is so important to the European energy equationFormer FERC chairman Neil Chatterjee discusses whether Europe is really out of the woods with its energy crisis, and why nuclear power isn't being considered more as a feasible alternative to oil, gas and coal.

☆ Biden names Phillips acting head of energy regulator
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Companies Federal Energy Regulatory Commission FollowWASHINGTON, Jan 3 (Reuters) - President Joe Biden has named Willie Phillips, a Democrat, acting chairman of the Federal Energy Regulatory Commission, FERC said on Tuesday. Phillips joined the commission in December, 2021 after being appointed by Biden and approved by Congress. After Phillips joined FERC, that began to change as Democrats had a 3-2 majority and the Biden administration pursued policies to transition to low-carbon energy. But now Phillips is acting chairman, FERC will be locked at a 2-2 because the former head, Richard Glick, left FERC after Senator Joe Manchin, a conservative Democrat, did not hold a confirmation hearing to consider Biden's re-nomination of Glick. Phillips will serve as temporary chief of the commission as the Biden administration considers nominating a permanent chair.

☆ U.S. regulators to probe power outages during historic winter storm
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - An inquiry will be opened into the power outages caused by extreme weather during historic winter storm Elliott, the U.S. Federal Energy Regulatory Commission (FERC) and other North American regulatory authorities said on Wednesday. FERC will probe operations of the bulk power system to identify performance issues and recommend solutions alongside the North American Electric Reliability Corporation (NERC) and its six regional entities which encompass nearly 400 million customers, mainly in the U.S. and Canada. "This storm underscores the increasing frequency of significant extreme weather events and underscores the need for the electric sector to change its planning scenarios and preparations for extreme events,” said NERC CEO and President Jim Robb. And this was in the early weeks of a projected 'mild' winter," Robb said. Reporting by Deep Vakil in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ California and the Midwest face 'high risk' of electricity shortages in next five years
▼ + stars: | 2022-12-15 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

Projected energy shortfalls have been projected in that region since 2018, Olson said. The Southwest could also suffer when demand is high and wind energy generation is low in the region. For its annual long-term electricity security assessment, NERC looks at the coming decade, but energy and capacity risk assessment goes out for the coming five years, from 2023 to 2027. There are too many moving parts and uncertainties for a risk assessment past the next five years to be worthwhile, according to NERC. The Federal Energy Regulatory Commission certified NERC to measure and enforce safety standards for the energy grid in the United States in 2006.

The recent attack on two North Carolina substations that cut power to thousands of people has raised concerns about security standards for the country’s electric grid and its numerous power stations, which have faced greater threats in recent years. Nearly 600 electric emergency incidents and disturbances were caused by suspected and confirmed physical attacks and vandalism on the electric grid in those nine years, the reports show. The incidents, which are self-reported by power companies to the federal government, provide little to no detail about what occurred. Paths forward for a new standardThose who want a new security standard said there remain significant bureaucratic headwinds against such a proposal. The North American Electric Reliability Corporation, a nonprofit originally created by the electricity industry, said it created security requirements based on risk, rather than a one-size-fits-all approach.

☆ U.S. regulators want more data on Texas Freeport LNG plant before restart
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - U.S. federal regulators have told Freeport LNG to provide information needed for the planned restart of its liquefied natural gas (LNG) export plant in Texas, the second-largest U.S. LNG export plant, as soon as possible to allow sufficient time for review. Freeport cannot restart without regulatory approval. At least four vessels were already lined up to pick up LNG at Freeport, according to Refinitiv data. Prism Brilliance and Prism Diversity were waiting off the coast from the plant, while Prism Courage was expected to arrive on Nov. 1 and Grace Freesia on Nov. 27. The plant's restart will provide needed fuel for heating and power as winter descends on the Northern Hemisphere.

☆ U.S. FERC says winter natgas prices will be up from recent years
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 20 (Reuters) - Natural gas prices at major U.S. trading hubs for the upcoming winter are expected to remain higher than in recent years, the Federal Energy Regulatory Commission (FERC) said on Thursday. Even if domestic gas production grows faster than domestic demand, "forecasts anticipate that continued growth in net exports, including from liquefied natural gas (LNG) export facilities, will place additional pressure on natural gas prices this winter," the agency said. "In total, the U.S. will add 43 gigawatts(GW)of net winter capacity between March 2022 and February 2023, mostly from solar and wind generation." "Natural gas pipelines in California may also face constraints this winter due to ongoing pipeline outages." The FERC warned that this winter, international markets will likely also affect the U.S. market, as they did at times last winter.

☆ U.S. natgas languishes near 7-month low after big storage build
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

Oct 20 (Reuters) - U.S. natural gas futures fell to their lowest since March on Thursday, after a federal report showed a larger-than-expected storage build last week and as the market is expected to see increases in output. Front-month gas futures fell 1.9% to settle at $5.358 per million British thermal units, after sliding to $5.253 per mmBtu earlier in the session. It was also the fifth week in a row that stockpiles increased by over 100 bcf. With milder weather coming, Refinitiv projected average U.S. gas demand, including exports, would fall from 100.6 bcf per day this week to 95.5 bcf per day next week. Even though natural gas production growth will likely outpace domestic natural gas demand growth in winter 2022-2023, the continued growth in net exports and reduced natural gas storage inventories are expected to place additional upward pressure on natural gas prices this winter, the Federal Energy Regulatory Commission (FERC) said on Thursday.

☆ PG&E files to separate non-nuclear generation assets into standalone unit
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - PG&E Corp has moved to separate its non-nuclear generation assets into a standalone unit by filing an application with the California Public Utilities Commission (CPUC), the utility said on Wednesday. The company is seeking regulatory approval to sell a stake of up to 49.9% in the new non-nuclear generation unit called Pacific Generation LLC, which would provide a source of equity financing to help PG&E fund wildfire risk mitigation and clean energy investments, it added. PG&E would maintain majority ownership in the unit. The power company has been blamed for sparking numerous wildfires, including some of the state's most deadly and destructive. The company expects to launch the minority stake sale process in first-quarter 2023 and said the deal would have no impact on PG&E customer bills.

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