The Senate has voted to proceed to debate on a bipartisan infrastructure bill that provides $550 billion in new spending, $110 of which would go toward highways, bridges and major transportation projects. It also includes $73 billion for clean energy, $65 billion for broadband, $55 billion for drinking water infrastructure, $50 billion for resilience, $25 billion for airports and $17 billion for maritime ports.
US crude oil inventories slid by 4.1 million barrels last week, beating analyst expectations for a 2.5-million-barrel drop, the Energy Information Administration reported. Gasoline and distillate stockpiles also fell by 2.3 million barrels and 3.1 million barrels, respectively.
Canadian pipeline firm TC Energy is considering investing billions of dollars to move from natural gas to renewable energy to power its North American pipeline network after its April request for information on wind power for US pipeline projects drew strong interest. "We started just with our liquids pipeline and it gives us really a lot of confidence that we'll be able to pivot quickly to our natural gas pipeline business both in the U.S. and in Canada," said TC Energy President of Power and Storage Corey Hessen.
Surging demand for petroleum and petrochemicals boosted Enterprise Products Partners' second-quarter earnings to $1.15 billion on nearly $9.5 billion in revenue, up from a $1.06-billion profits on almost $5.6 billion in revenue a year ago. Enterprise's Gillis natural gas pipeline from the Haynesville Shale to southwest Louisiana and natural gasoline treater in Chambers County, Texas, are expected to come online in the fourth quarter, the company said.
House Republicans on Tuesday questioned Federal Energy Regulatory Commission Chairman Richard Glick on whether the commission could deny applications for interstate natural gas projects based on climate considerations and greenhouse gas emissions metrics. Glick said the commission's newfound focus on climate impacts is consistent with appeals court rulings, but stopped short of defining what would be an acceptable GHG gas emissions threshold for a project.
The US probably won't hit the Biden administration's target of 30 gigawatts of offshore wind by 2030 due to supply chain constraints and despite efforts to speed up permitting. Building out supply chain infrastructure "will be a gradual process as the industry needs to see a rich pipeline of consented projects and a clear regulatory framework before committing to invest billions of dollars in local factories," said analyst Andrei Utkin. IHS Markit forecasts construction will be limited to 21 GW by 2030.
It's always unsettling when the very people who support clean energy oppose locally sited projects, but that's exactly the scenario playing out at a solar-plus-storage project from Intersect Power in California -- and it may be a sign of things to come as the state pursues its clean energy goals. Intersect is moving forward with the project and has taken steps to address environmental issues. "Realistically, the only concern we haven't mitigated is 'we just don't want it here,'" said CEO Sheldon Kimber.
A combination of renewables, energy storage and grid flexibility tools will eventually make it possible to maintain grid reliability during extreme weather events, but the world isn't there, yet, and in the interim will require fossil fuel-based back-up generation, writes Philippa Nuttall Jones. Nuttall Jones discusses why energy systems aren't quite ready to go fossil fuel-free, and how different solutions can help change that.
RESB Murmurs: The presence of back-up generators could also ease the minds of consumers who have been hit with a barrage of misinformation about the reliability of renewables. -Karen
There's a lot of talk right now about investing in low-carbon hydrogen, but HydrogenOne Capital Growth's initial public offering indicates the market might not be ready to dip into its pockets. The IPO targeted $348 million, but barely passed its minimum threshold by raising $149.8 million. "The funding gap highlights the difficulty providers are having launching investment trusts in certain areas, even those as hot as clean energy, because investors aren't willing to take the leap of faith that the trusts will start trading on a premium when they launch on the market," said Laith Khalaf of AJ Bell.
The Bureau of Ocean Energy Management is taking steps to advance offshore wind leasing rounds for three areas in California. The first action involves a call for information and nominations for public inputs and to gauge interest in the Morro Bay Call Area East and West Extensions tracts. BOEM also designated the Humboldt area for development, paving the way for an environmental review.
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