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S&P Platts - Electric Power

Argentina's natural gas industry is studying alternatives to ship more supplies to Brazil from the massive Vaca Muerta shale play in Patagonia, including via Paraguay as a new market, executives said May 9. One option is to use the existing infrastructure in Bolivia to ship supplies from a connection in northwestern Argentina to the states of Minas Gerias, São Paulo...
Bitcoin mining-related energy consumption dropped to a two-month low May 8 as rising power prices squeezed profitability. S&P Global Commodity Insights Bitcoin Energy Consumption Index estimated network energy consumption at 916.89 MWh/bitcoin May 8, or 412.6 GWh for a total of 450 bitcoin mined on the day, the lowest level since March 7, and down from the "post-halving" peak of...
The US Energy Department proposed long-awaited national-interest electric transmission corridors May 8, a key step in awarding up to $4.5 billion in federal support for power grid expansion. "These are areas that the Department of Energy has determined are high priority for more transmission buildout," Energy Secretary Jennifer Granholm said during a press call. "Our findings show that a lack...
(Latest update May 7, 2024) The United States' diverse power market environment has certain common fundamentals such as current prices' influence on forward prices, the cost of inputs such as natural gas, the generation mix, weather and power demand. Cold snaps in winter and heat waves in summer drive up demand along with power prices. Hurricanes and intermittent renewable power...
China accounted for three-quarters of global investments in clean technology manufacturing in 2023, down from 85% in 2022 as investment in the US and Europe grew strongly, particularly for battery manufacturing, for which investments more than tripled in these regions, the International Energy Agency said May 6. Building domestic clean tech manufacturing capacity is a priority of both the US'...
The US ban on Russian low-enriched uranium imports would have a detrimental impact on the global nuclear fuel market as well as on the US, Russian state nuclear company Rosatom has told S&P Global Commodity Insights. The US Senate April 30 approved legislation aimed at banning imports of Russian low-enriched uranium that is produced in Russia or by a Russian...
With optimism for clean energy development and an insistence that the Interior Department is following both the law and the science in decisions critics say are throttling domestic fossil fuel production, Interior Secretary Deb Haaland defended the agency's budget request across two days of hearings before Senate and House committees. Interior is seeking $18 billion for fiscal year 2025, a...
The US Interior Department on April 30 announced two proposals for offshore wind energy auctions in federal waters off the coast of Oregon and in the Gulf of Maine, touting the potential for roughly 18 GW of new renewable energy development. "We're taking decisive action to catalyze America's offshore wind industry and leverage American innovation to provide reliable, affordable power...
The low clearing price for the EU's inaugural European Hydrogen Bank auction, with funding for 1.5 GW of electrolysis across seven successful projects, shows a willingness to pay a "green premium" by offtakers, industry representatives said. The first auction under the European Hydrogen Bank mechanism cleared well below the ceiling price on April 30, with the seven winning projects bidding...
The US Senate unanimously passed April 30 a ban on imports of Russian uranium, following passage of a similar bill in the House of Representatives in December, sending uranium prices higher as markets anticipate a growing need for non-Russian supply. The bill bans the import of unirradiated, low-enriched uranium from Russia, but establishes a waiver system through the end of...

S&P Platts - Natural Gas

Argentina's natural gas industry is studying alternatives to ship more supplies to Brazil from the massive Vaca Muerta shale play in Patagonia, including via Paraguay as a new market, executives said May 9. One option is to use the existing infrastructure in Bolivia to ship supplies from a connection in northwestern Argentina to the states of Minas Gerias, São Paulo...
European gas market players are watching Ukrainian storage closely, but continued energy infrastructure attacks and less favorable spreads than a year ago remain a hurdle for many. Since late March, Ukrainian energy infrastructure increasingly has come under attack from Russian military forces, with gas facilities and underground storage units hit several times by missile and drone strikes. Russian attacks on...
Mexico's finance ministry will have a bigger say in the investment decisions of the state oil and gas company Pemex going forward, as the federal government continues with its restructuring, according to the outgoing minister. The restructuring of the company was started in this administration and has been going on for six years, said finance minister Rogelio Ramirez de la...
Brazil's rice export market has ground to a halt in the midst of devastating floods that have claimed dozens of lives and pummelled infrastructure in Rio Grande do Sul. Rio Grande do Sul is by far Brazil's biggest rice-growing state and a major grower of soybeans and other crops, amplifying the impact of the disaster on agricultural commodities. "It's awful...
Aligning with carbon neutrality targets set by governments in the region, major Asian steelmakers have set their own goals to become carbon neutral, with timelines ranging from 2045 to 2060. With the absence of formal regulations, progress has been uneven. Several Asian steelmakers have made bold investments into research and development, with more advanced plans taking the form of setting...
The first export cargo from Canada is destined to set sail early 2025 from Kitimat in British Columbia along the Pacific Coast, as the country regains a competitive advantage to emerge as a leading North American LNG supplier to Asia that it lost nearly a decade ago, industry participants said May 7. "Canada is the closest to the best global...
Japan's Marubeni Corp. is planning to produce 3 million-5 million mt/year of clean ammonia from global projects by 2030 and add up to five new sites for carbon capture, utilization and storage (CCUS) as it advances its energy transition strategy with the aim of being a leading player in the new energy sector, a senior executive said May 7. The...
Saudi Aramco reported a 23.8% increase in capital expenditure in the first quarter of 2024 despite scaling back a planned 1 million b/d production capacity expansion in January, the company said in its quarterly results. Aramco's Q1 spending was $10.83 billion, compared with $8.74 billion in the same year-ago period, the company said on May 7 in a disclosure to...
Asian LNG importers are negotiating hard to bring down lower oil-linked price slopes of long-term LNG contracts amid expectations of a gradual shift toward a buyers' market for LNG, market sources said. Market participants said buyers are not only asking for lower price slopes for new contracts, but also driving a hard bargain to finalize LNG contracts that already have...
An apparent rupture during hydrostatic testing of the Mountain Valley Pipeline May 1 could increase the pressures to allow more time for scrutiny of the 304-mile, 2 Bcf/d natural gas project as it seeks regulatory signoff by May 23 to start service. According to a report by the Virginia Department of Environmental Quality, a "rupture of a section of pipe...

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Energy News from EIA.gov

On May 20, 2024, the Monday before Memorial Day, the retail price of regular gasoline averaged $3.58 per gallon (gal) across the United States, 1% higher than at the same time last year. After adjusting for inflation (real terms), average U.S. retail gasoline prices going into Memorial Day weekend are 2% lower than last year. The American Automobile Association (AAA) projects 38.4 million people will travel by car over Memorial Day weekend, an increase of 4% compared with last year and nearly 2% more than in 2019.
Meteorologists are forecasting a particularly intense Atlantic hurricane season this year; they expect 20-25 named storms with a possibility of 30 or more, according to reports from AccuWeather in April. Colorado State University similarly forecasts an estimated 23 named storms this year. The potential for a stronger hurricane season suggests heightened risk for weather-related production outages in the U.S. oil and natural gas industry..
Guyana, situated on South America's northern coast neighboring Venezuela, Suriname, and Brazil, has emerged as a significant contributor to growth in the global supply of crude oil. Since starting production in 2019, Guyana has increased its crude oil production to 645,000 barrels per day (b/d) as of early 2024, all sourced from offshore resources in the Stabroek block.
Light-duty vehicles (LDV) in the United States used more electricity than rail systems for the first time in 2023, according to new estimates in our Electric Power Monthly. We recently started publishing experimental estimates for LDV electricity consumption, which are not collected on our traditional surveys but are derived using a model. We compared these estimates with consumption data from electric utilities that report transportation sector end use, which is almost only municipal and regional rail systems.
The electric power grid managed by the Electric Reliability Council of Texas (ERCOT) recorded an all-time high for winter natural gas-fired electricity generation for an hour in January, according to our Hourly Electric Grid Monitor, when a three-day cold snap increased electricity demand. Hourly natural gas-fired electricity generation increased to 49.4 gigawatts (GW) for the hour starting at 7:00 p.m. central time on January 16, 2024, 1% more than the previous winter record of 48.8 GW set on December 23, 2022, and within 4% of the summer hourly high of 51.2 GW set between 7:00 p.m. and 8:00 p.m. on August 25, 2023.

Energy News - EPA