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☆ Governments take action to keep offshore wind projects on track
▼ + stars: | 2023-12-05 | by ( Susanna Twidale | ) www.reuters.com time to read: +6 min

[1/2] Scroby Sands offshore wind farm can be seen off of the coast at Great Yarmouth, Britain, October 24, 2018. Investors told Reuters governments have since shown willingness to pay higher prices, helping to restore confidence in the future of the industry. Britain's last auction in September failed to attract any offshore wind projects, with developers saying the guaranteed price on offer was too low. Britain's Octopus launched a dedicated fund with Japan's Tokyo Gas (9531.T) to invest 3 billion pounds ($3.7 billion) in offshore wind projects by 2030. Soeren Lassen, head of offshore wind Research at WoodMac said more than 50 GW of offshore wind tenders globally are planned for 2024.

Persons: Chris Radburn, ”, Jonathan Cole, Corio's Cole, Keith Anderson, Anderson, Marc Hedin, Nathalie Gerl, Germany's RWE, Soeren Lassen, WoodMac, Susanna Twidale, Nichola Groom, Scott DiSavino, Simon Webb, Jane Merriman Organizations: REUTERS, Governments, Investors, Corio Generation, Power, New York, Energy, New York State Energy Research, Development Authority, Aurora Energy Research, Research, Ireland, Aurora, Gas, Thomson Locations: Great Yarmouth, Britain, U.S, New York State, China

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 16 (Reuters) - New York State will issue a new offshore wind solicitation on Nov. 30 with bids due in January 2024, the state government said, in a move that should support the troubled industry. This would allow the companies to re-offer their planned projects at higher prices and exit their old contracts. Those measures included the expedited solicitation for offshore wind and other renewable projects announced on Thursday. The offshore wind projects that the companies are developing are Orsted's 924-megawatt (MW) Sunrise, and the joint venture between Equinor and BP's 816-MW Empire Wind 1, 1,260-MW Empire Wind 2 and 1,230-MW Beacon Wind. In a positive sign for the companies, the New York State Energy Research and Development Authority (NYSERDA) on Oct. 24 awarded three offshore wind contracts at much higher prices than the earlier projects bid by Orsted, BP and Equinor.

Persons: Kathy Hochul, Brendan McDermid, New York Governor Hochul, Scott DiSavino, Jonathan Oatis, Nick Zieminski, Richard Chang Organizations: New, REUTERS, BP, New York Public Service Commission, New York Governor, New York State Energy Research, Development Authority, Orsted, Equinor, Thomson Locations: New York City, U.S, New York, Equinor

☆ Two-thirds of North America could face power shortages this winter -NERC
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

In its 2023-24 winter outlook, the regulatory authority warned that prolonged, wide-area cold snaps threaten the reliability of bulk power generation and availability of fuel supplies for natural gas-fired generation. "Recent extreme cold weather events have shown that energy delivery disruptions can have devastating consequences for electric and gas consumers in impacted areas," NERC said. It put the U.S. Midwest, Northeast, Mid-Atlantic, and South, along with some Canadian provinces, at the highest risk for electricity supply shortages this winter. NERC also found that load forecasting in winter is growing in complexity, and underestimating demand is a risk to reliability in extreme cold temperatures. Flows of gas into pipelines were reduced during Elliott, while demand for the fuel for heating and power generation increased, dramatically lowering line pressures.

Persons: Greenlee Beal, NERC, John Moura, Storm Elliott, Elliott, Anjana Anil, Scott DiSavino, Leslie Adler, Marguerita Choy Organizations: PIKE Energy, REUTERS, North American Electric Reliability Corp, U.S ., PJM, Reliability Corp, Texas, Federal Energy Regulatory, Storm, Consolidated Edison, Thomson Locations: Texas, San Antonio , Texas, U.S, Canada, U.S . Midwest, Northeast, South, New England, MISO , New York, New York City, Bengaluru, New York

☆ US natgas prices drop 7% on record output, mild weather
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

Front-month gas futures for December delivery on the New York Mercantile Exchange fell 25.1 cents, or 7.1%, to settle at $3.264 per million British thermal units (mmBtu), their lowest close since Oct. 27. One bearish factor that has weighed on the futures market for most of this year has been lower spot or next-day prices at the Henry Hub benchmark in Louisiana. The spot market has traded below front-month futures for 176 out of 212 trading days so far this year, according to data from financial firm LSEG. That premium could encourage some speculators to leave gas in storage for longer in hopes of higher prices later in the winter. With seasonally colder weather coming, LSEG forecast U.S. gas demand in the Lower 48 states, including exports, would jump from 101.5 bcfd this week to 109.2 bcfd next week.

Persons: El, Gelber, LSEG, Scott DiSavino, Bernadette Baum, Josie Kao Organizations: El Nino, Associates, U.S . Energy Information Administration, New York Mercantile Exchange, Henry, Thomson Locations: Louisiana, contango, U.S

☆ Tyson recalls 30,000 pounds of Dino Chicken Nuggets
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +1 min

The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 5 (Reuters) - U.S. food company Tyson Foods (TSN.N) has said it was voluntarily recalling approximately 30,000 pounds of frozen, fully cooked dinosaur-shaped chicken “Fun Nuggets” or Dino Chicken Nuggets. The company said the recall includes Tyson brand fully cooked “Fun Nuggets” sold to retailers in 29-ounce packages. The U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) said Tyson food is recalling around 30,000 pounds of fully cooked breaded chicken in a release on Saturday. It said it has received no additional reports of injury or illness from consumption of these products.

Persons: Arnd, Dino, Tyson, FSIS, Scott DiSavino, Aurora Ellis Organizations: Tyson Foods, REUTERS, U.S . Department of Agriculture’s, Inspection, Thomson Locations: Davos, Switzerland

The world's biggest offshore wind farm company on Tuesday said it would cease all development on the Ocean Wind projects even as it moves forward with developments off neighboring New York, triggering an angry response from New Jersey Governor Phil Murphy. "People did not anticipate (Orsted) backing out of Ocean Wind," said Timothy Fox, VP at research firm ClearView Energy Partners. Nipper told analysts that unlike Ocean Wind, Orsted is still pursuing Sunrise for several reasons, including the fact that the company has already lined up a vessel to build it. Under the most accelerated proposal, the New York State Energy Research & Development Authority said it could release the next offshore wind request for proposals in late November or early December. The Ocean Wind cancellation was the latest setback for the nascent U.S. offshore wind industry in recent months, which U.S. President Joe Biden and several states have counted on to fight global warming.

Persons: Phil Murphy, Timothy Fox, Mads Nipper, Nipper, Orsted, Joe Biden, Murphy, Scott DiSavino, Jarrett Renshaw, Nichola Groom, Bill Berkrot Organizations: ClearView Energy Partners, Sunrise, New York State Energy Research, Development Authority, Analysts, BP, U.S, Thomson Locations: New Jersey, New York, U.S, Massachusetts, Connecticut, Culver City , California

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

☆ US Home Heating Bills Seen Flat to Lower This Winter -EIA
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

EIA forecast the 46% of U.S. households that use natural gas as their main heating fuel will likely spend less on heating this winter than last year because gas prices will likely be lower. Combined, households that heat with gas and those that are in the West account for a total of 56% of all U.S. households, EIA said. Because average demand for heating fuels in the winter exceeds U.S. production, EIA said inventories were an important source of winter supply. The 60.1 million U.S. households burning gas as their primary heating fuel can expect to spend about $601 to heat their homes this winter, down about 21% from last winter, EIA projected. For a list of total heating costs by fuel, see:Fuel U.S. Household Heating U.S. Household Heating U.S.

Persons: Scott DiSavino, David Gregorio Organizations: Reuters, U.S . Energy Information Administration, EIA, Household, Wood, U.S Locations: U.S, West

☆ New England states join to buy offshore wind power as US industry struggles
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +3 min

By joining forces, the states hope to counter the pain rippling across the nascent U.S. offshore wind industry, which is expected to play a key part in decarbonizing the power sector and revitalizing domestic manufacturing. The three states will seek multi-state offshore wind proposals for selection in 2024 for up to 6,000 megawatts (MW) of power. “One year ago, Avangrid was the first offshore wind developer in the United States to make public the unprecedented economic headwinds facing the industry," Avangrid said in a release. Avangrid has said it planned to rebid the Park City project in future offshore wind solicitations. Those Massachusetts power companies include units of Eversource Energy (ES.N), National Grid (NG.L) and Unitil (UTL.N).

Persons: Brian Snyder, Maura Healey, Avangrid, France's, Scott DiSavino, Aurora Ellis Organizations: REUTERS, American, Offshore WINDPOWER Conference, Eversource Energy, Grid, Shell, Thomson Locations: Rhode, U.S, New England, Massachusetts, Rhode Island and Connecticut, Connecticut, Boston, Park City, United States, Park

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. On its first day as the front-month, Brent futures for December delivery settled $1.49, or 1.6%, lower at $90.71 a barrel, or down about 5% from where the November contract expired on Friday. Analysts said some traders took profits after crude prices rose nearly 30% to 10-month highs in the third quarter. Higher interest rates along with a stronger dollar, which makes oil more expensive for holders of other currencies, could dent oil demand. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia.

Persons: Agustin Marcarian, Brent, Gelber, Edward Moya, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio Our Organizations: REUTERS, U.S ., . West Texas, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading Commission, Associates, U.S, . Federal Reserve, World Bank, ING, Organization of, Petroleum, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, U.S, Europe, Germany, Britain, China, Iraq, Saudi Arabia, OPEC, Russia, New York, London, Tokyo

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. U.S. West Texas Intermediate (WTI) crude fell $1.90, or 2.1%, to $88.89 per barrel. Energy analysts cited profit taking after crude prices rose nearly 30% in the third quarter to 10-month highs. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia. In Europe, manufacturing data showed the euro zone, Germany and Britain remained mired in a downturn in September, pressuring oil demand.

Persons: Agustin Marcarian, Brent, Jerome Powell, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Kim Coghill, Kirsten Donovan, Sharon Singleton Organizations: REUTERS, U.S ., . West Texas, Energy, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading, U.S, U.S . Federal Reserve, Treasury, ING, Organization of, Petroleum, Reuters, Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Friday's, U.S, Iraq, Saudi Arabia, OPEC, Russia, Europe, Germany, Britain, China, New York, London, Tokyo

Horizontal drilling rigs operate in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford Acquire Licensing RightsSept 22 - U.S. energy firms this week cut the number of oil and natural gas rigs operating for first time in three weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell by eight to 507 this week, their lowest since February 2022, while gas rigs dropped by three to 118. In the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil basin, drillers cut five rigs, bringing the total oil and gas count down to 317, the lowest since March 2022, according to Baker Hughes. In the Haynesville shale in Arkansas, Louisiana and Texas, drillers cut the number of gas rigs operating by two to 39, the lowest since November 2020.

Persons: Nick Oxford, Baker Hughes, TD Cowen, Scott DiSavino, Marguerita Choy Organizations: Wink , Texas U.S, REUTERS, drillers, Energy Information Administration, Thomson Locations: Wink , Texas, West Texas, New Mexico, Arkansas , Louisiana, Texas, U.S

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTNEW YORK, Sept 20 (Reuters) - Oil prices eased on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. WTI crude futures for November , which will soon be the U.S. front-month, was up about 18 cents to $90.30. Investors were awaiting the Fed's interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates steady, but the focus will be on its projected policy path. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.

Persons: Pedro Nunes, Brent, WTI, Edward Moya, refiners, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Nicole Jao, Kim Coghill, Jason Neely, Louise Heavens, David Gregorio Our Organizations: REUTERS, U.S, U.S . Energy Information Administration, . West Texas, U.S . Energy, Administration, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, WTI, ., Japan, London, Tokyo, Singapore, New York

☆ US oil output from top shale areas to fall for 3rd straight month in October, EIA says
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July. That's because U.S. exploration and production firms were still more focused on returning money to investors and paying down debt than just boosting oil and gas production. U.S. oil and gas production, however, is on track to reach record highs in 2023 and 2024 due in part to rising oil pries. Total gas output in the big shale basins will slip by 0.3 billion cubic feet per day (bcfd) to 98.4 bcfd in October from 98.7 bcfd in September, EIA projected.

Persons: Nick Oxford, Baker Hughes, Scott DiSavino, Shariq, Mark Porter, Leslie Adler, Paul Simao Organizations: REUTERS, U.S . Energy Information Administration, South Texas Eagle, EIA, Thomson Locations: Midland , Texas, U.S, . U.S, Texas, New Mexico, Bakken, North Dakota, Montana, Appalachia, Pennsylvania , Ohio, West Virginia

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsCompanies Orsted A/S FollowSept 18 (Reuters) - U.S. President Joe Biden's plan to deploy 30,000 megawatts (MW) of offshore wind by 2030 is still possible, although not easy, the CEO of Orsted (ORSTED.CO), the world's largest offshore wind developer, said on Monday at the Climate Week NYC event in New York. The Biden administration has passed lucrative subsidies aimed at helping companies build new offshore wind power capacity to help decarbonize the power sector and revitalize domestic manufacturing. But offshore wind developers have said that certain tax credits in the Inflation Reduction Act, Biden's landmark climate change law, are insufficient and are lobbying for less stringent rules around qualifying for the credits. Last week, the governors of six Northeastern states urged Biden to direct his administration to take actions to support struggling offshore wind projects. Offshore wind is crucial to the targets of Northeast states who want to move away from fossil fuel-fired electricity.

Persons: Brian Snyder, Joe Biden's, Mads Nipper, Nipper, Biden, Scott DiSavino, Nichola Groom, Shariq Khan, Mark Porter, Marguerita Choy Organizations: U.S . Coast Guard, REUTERS, Biden, Rhode, Thomson Locations: Rhode, New York, Danish, Maryland , Connecticut , Massachusetts , New Jersey , New York, U.S, Los Angeles

☆ Factbox: US offshore wind projects facing inflation headwinds
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +10 min

One megawatt (MW) can power about 1,000 U.S. homes but since wind is an intermittent resource - 1 MW of offshore wind can power about 500 U.S. homes, according to offshore wind developers. SOUTH FORKDenmark's Orsted (ORSTED.CO), the world's largest offshore wind power developer, is building the 132-MW project off Rhode Island and Massachusetts. COMMONWEALTH WINDThe 1,232-MW project off Massachusetts, which was formerly a part of the larger New England Wind project, is also facing potential delays. ATLANTIC SHORES OFFSHORE WIND SOUTHThe joint venture between Shell and French EDF is developing a large offshore wind park off New Jersey. MARWINMaryland's first offshore wind project is expected to start operations in 2025-2026.

Persons: Joe Biden, Kevin Lamarque, Joe Biden's, GW, Lazard, Vineyard, Orsted, Eversource, NYSERDA, Norway's Equinor, Avangrid, MARWIN, Nerijus Adomaitis, Nichola Groom, Scott DiSavino, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S, U.S . Department of Energy, Reuters, Washington , D.C, U.S . Energy Information Administration, Avangrid, Copenhagen Infrastructure Partners, Public Service Enterprise, Orsted, Eversource Energy, Rhode Island Energy, Dominion Energy, Virginia Beach, Dominion, NYSERDA, COMMONWEALTH, Shell, EDF, US, Italy's Renexia SpA, US Wind, Thomson Locations: Washington , U.S, U.S, New England, New York, Pennsylvania, Washington ,, Spanish, Copenhagen, Rhode Island and Massachusetts, New Jersey, Rhode, Connecticut, Orsted, VIRGINIA, Virginia, York, Long, Montauk, Massachusetts, French, ATLANTIC, Atlantic Shores, Italy's Renexia, Maryland

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

However, as government policies started to line up in the industry's favor in recent years, offshore wind developers unveiled a host of new project proposals, mostly off the U.S. East Coast. Many contracts for offshore wind projects have no mechanism for adjustment in the case of higher interest rates or costs. In New York, offshore wind developers also sought to boost the price of power produced at their projects. Norway's Equinor EQNR.OL and its partner BP (BP.L) are seeking a 54% increase for the power produced at three planned offshore wind farms - Empire Wind 1 and 2 and Beacon Wind. But the offshore wind industry is not fully satisfied.

Persons: Joe Biden, Kevin Lamarque, Eli Rubin, Rubin, Equinor, France's, Scott DiSavino, Nerijus, Nichola Groom, Simon Webb, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S ., Dominion, EBW Analytics, Reuters, U.S . Federal Reserve, Commonwealth, BP, Nichola, Thomson Locations: Washington , U.S, U.S, Europe, U.S . East Coast, Rhode, Virginia, Massachusetts, New York, Oslo, Culver City

REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana. Brent futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83. Diesel futures soared about 5% to a near seven-month high, boosting the diesel crack spread , a measure of refining profit margins, to its highest since January 2023. "The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance," said Phil Flynn, an analyst at Price Futures Group. He added prices also drew support from a fire at a Louisiana refinery and a drop in U.S. oil rigs.

Persons: Chen Aizhu, Phil Flynn, Brent, WTI, Baker Hughes, Jerome Powell, Morgan Stanley, John Evans, Natalie Grover, Laura Sanicola, Muyu Xu, David Goodman, Jason Neely, David Gregorio, Cynthia Osterman Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, Diesel, Price Futures Group, U.S ., Federal, Thomson Locations: China, Dalian, Liaoning province, Louisiana, Brent, , Louisiana, U.S, Germany, Europe's, Norwegian, London, Washington, Singapore

Utility poles lead to downtown Dallas during a heat advisory due to scorching weather in Dallas, Texas, U.S. July 12, 2022. REUTERS/Shelby Tauber/File Photo Acquire Licensing RightsCompanies Texas Power Systems FollowAug 25 (Reuters) - Texas power prices hit a 30-month high with demand expected to reach record-breaking levels on Friary as homes and businesses crank up their air conditioners to escape a scorching heat wave. The state grid that supplies power to 26 million customers was operating normally Friday morning, but supplies are expected to tighten when the sun goes down and solar power drops, according to the Electric Reliability Council of Texas (ERCOT) grid operator's website. To reduce demand, the grid urged consumers to conserve energy for a second day in a row on Friday afternoon. The fragility of the Texas grid was highlighted in 2021 when a massive blackout killed dozens and left millions without power, water and heat for days as gas supply lines and power plants froze.

Persons: Shelby Tauber, ERCOT, Scott DiSavino, Rahul Paswan, Susan Fenton, Emelia, Marguerita Choy Organizations: REUTERS, Rights Companies Texas Power, Electric, of Texas, National Weather Service, Thomson Locations: Dallas, Dallas , Texas, U.S, Texas, Friary, Houston, New York

A man with American Electric Power (AEP) repairs an electricity cable during a heatwave in Eagle Pass, Texas, U.S. July 28, 2023. Power grids carry reserves to ensure the system remains reliable in case a large power plant or transmission line fails unexpectedly. ERCOT forecast demand would reach 85,296 megawatts (MW) on Thursday, just shy of its 85,435 MW record set Aug. 10. MISO projected it would have 125,907 MW of supplies available with 120,656 MW from internal resources and 5,251 MW of imports. That would not be enough to meet the grid's forecast peak of 127,692 MW, which would top the system's all-time high of 127,100 MW in July 2011.

Persons: Adrees Latif, ERCOT, MISO, Brandon Morris, Morris, Scott DiSavino, Nick Zieminski Organizations: American Electric Power, REUTERS, Reliability, of Texas, Thomson Locations: Pass , Texas, U.S, Texas, Central, Houston, Dallas, Minnesota, Louisiana

A man with American Electric Power (AEP) repairs an electricity cable during a heatwave in Eagle Pass, Texas, U.S. July 28, 2023. REUTERS/Adrees Latif/File Photo Acquire Licensing RightsAug 24 (Reuters) - Two U.S. electric grids issued alerts warning of the potential for power shortages on Thursday due to a brutal heat wave blanketing Texas and U.S. Central states. ERCOT faces "a high potential to enter emergency operations this evening" due to low wind generation and high power demand, the grid operator said. AccuWeather forecast temperatures in Houston, the biggest city in Texas, would reach 107 degrees Fahrenheit (41.7 degrees Celsius) on Thursday. MISO projected power use would reach 127,195 MW on Thursday, topping the system's all-time high of 127,100 MW in July 2011.

Persons: Adrees Latif, ERCOT, MISO, Brandon Morris, Morris, Scott DiSavino, Brijesh Patel, Nick Zieminski, Jonathan Oatis, David Gregorio Our Organizations: American Electric Power, REUTERS, Reliability, of Texas, Thomson Locations: Pass , Texas, U.S, Texas, Central, Houston, Dallas, Minnesota, Louisiana

☆ Equitrans US Mountain Valley natgas pipe on track for end 2023 completion
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Lengths of pipe wait to be laid in the ground along the under-construction Mountain Valley Pipeline near Elliston, Virginia, U.S. September 29, 2019. REUTERS/Charles Mostoller/File PhotoAug 1 (Reuters) - U.S. energy company Equitrans Midstream (ETRN.N) on Tuesday said it still expects to complete the Mountain Valley natural gas pipeline by the end of the year despite being tangled in numerous court fights since construction began in 2018. Mountain Valley is key to unlocking gas supplies from Appalachia, the nation's biggest shale gas-producing basin in Pennsylvania, Ohio and West Virginia. When Mountain Valley started construction in February 2018, Equitrans estimated the 2.0-billion cubic feet per day project would cost about $3.5 billion and enter service by late 2018. The 303-mile (488-kilometer) Mountain Valley project is owned by units of Equitrans, the lead partner building the pipe with a roughly 48.3% interest, NextEra Energy (NEE.N), Consolidated Edison (ED.N), AltaGas (ALA.TO) and RGC Resources (RGCO.O).

Persons: Charles Mostoller, Thomas Karam, Scott DiSavino, Marguerita Choy Organizations: REUTERS, U.S, Supreme, U.S ., Equitrans, NextEra Energy, Consolidated Edison, RGC Resources, Thomson Locations: Elliston , Virginia, U.S, West Virginia, Virginia, Appalachia, Pennsylvania , Ohio, U.S . Congress

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

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