Dotting the US landscape with wind turbines and solar panels is a key component of President Joe Biden energy transition plan, but the White House plan may fall short of its goals if major investments aren't made in the transmission lines needed to get all that renewable energy from where it is generated to where it needs to go. But the build out of those transmission lines will require the Biden team to solve the three Ps that have long plagued transmission system upgrade ambitions: planning, permitting, and paying for it.
The Energy Information Administration expects US summer gasoline consumption to peak at 9.1 million barrels per day, compared with the 8.5 million bpd high point recorded in August 2020. Gasoline prices could average $2.78 per gallon, up from last summer's $2.06 per gallon average, according to the EIA, while GasBuddy Head of Petroleum Analysis Patrick De Haan believes prices could rise even higher.
Rice Acquisition, a special purpose acquisition company run by Daniel and Toby Rice, the brothers who built Rice Energy into a billion-dollar company, has acquired Aria Energy and Archaea Energy for $680 million and $347 million, respectively. The brothers plan to merge the two companies into the nation's top producer of zero-carbon renewable natural gas captured from landfills, as part of a push into alternative fuels and emissions reduction solutions.
The US exported a record 7.3 million short tons of liquefied natural gas in March, an increase of 2.5 million short tons from February, marking an end to a period of volatility characterized by elevated demand and winter weather-related disruptions, according to market research firm Kpler. Projections from Bloomberg and NGI suggest US LNG exports should average roughly 8.96 billion cubic feet per day over the next 12 months.
Enbridge is planning a number of upgrades to its pipeline network, including compression boosts and a connection to a UGI Utilities facility in Pennsylvania, to enable the delivery of more shale gas supplies from the Appalachian Basin to the Northeast US. Several pipeline projects serving the region have been delayed or canceled in response to mounting pipeline opposition, which threatens to hinder Appalachia's natural gas production growth and lift rates.
Hess Corp has reached a deal to sell 78,700 net acres in North Dakota's Williston Basin to Canadian producer Enerplus for $312 million. Working interest production from the assets is roughly 6 million barrels of oil equivalent per day.
A bill introduced Thursday by US Rep. Teresa Leger Fernandez, D-N.M., would allocate nearly $8 billion in grants to plug oil and natural gas wells on state, private, public and tribal lands. In addition, bonding amounts for companies on public lands would increase from $10,000 to $150,000 for wells on a single lease, and from $25,000 to $500,000 for all of a driller's wells in a given state.
The Biden administration's 2035 target of decarbonizing the power sector won't be reached on the current trajectory, even if the US wind and solar fleet triples in 10 years, according to a report from BNEF. "More renewables will likely be needed to come close to the government's target of zero emissions by 2035," BNEF said.
Green mortgage products that help single-family homeowners pay for energy efficiency upgrades exist, but a revamp of how government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac market those products could drive increased adoption. A new report from RMI outlines key steps the GSEs can take, including rolling bonds that include the retrofitting existing homes into the established green bond market.
RESB Murmurs: The "last mile" is already a common phrase when it comes to delivering energy, so what should we call efforts like the ones outlined in this RMI report? How 'bout getting energy efficiency "across the threshold"? - Sean
Falling battery prices -- with costs plummeting 89% in the past 11 years -- are leading to rising energy storage for increasing uses, with five times more capacity expected to be installed in 2025 than in 2020, according to Wood Mackenzie and US Energy Storage Association. US policymakers are working on investment tax credits and already have created a manufacturing roadmap to speed development and production.
- Page 1