Energy Snippets June 2019

Senegal takes delivery of wind turbines for its first large-scale wind farm’ Last week, Vestas wind turbines and components arrived at Port Autonome de Dakar for West Africa’s first large-scale wind farm. The wind turbines will be transported by road for delivery of generation equipment for Senegal’s Parc Eolien Taiba N’Diaye wind farm project. Privately-owned UK renewable power company Lekela expects the wind farm, located in Taiba Ndiaye, about 100…

Natural Gas Storage Report Injection Season Week 8 (Week Ending May 24, 2019)

The Eastern region may have seen warmer weather during the reporting period, but cooler weather throughout the West and production nearly returning back to normal levels helped result in a substantial and bearish injection of 114 Bcf that eclipsed all market expectations, last year’s build of 95 Bcf, and the five-year average of 97 Bcf. Multiple weather trackers are showing a delay in the normal summer heat until a week…

Natural Gas Storage Report Injection Season Week 7 (Week Ending May 17, 2019)

This week’s 100 Bcf injection came up slightly short of market expectations, but managed to exceed last year’s value of 93 Bcf and the five-year average of 88 Bcf. Little has changed fundamentally despite slightly warmer changes in the East along with cooler shifts in the West. With any major heat expected to be pushed later into June, the last two trading days have tumbled back under the $2.60/MMBtu mark.…

Energy Snippets

IEA says world cannot “press pause” on renewables, as capacity growth stalls The International Energy Agency (IEA) has expressed concern over the “unexpected flattening” of renewable-energy capacity additions in 2018, which, at 180 GW, remained in line with additions recorded in 2017. It was the first time since 2001 that year-on-year additions of renewable energy failed to grow and coincided with a 1.7% rise in greenhouse-gas emissions to an historic…

Natural Gas Storage Report Injection Season Week 6 (Week Ending May 10, 2019)

This week’s injection of 106 Bcf slightly edged out the general market consensus of 104 Bcf, last year’s build of 104 Bcf, and the five-year average of 89 Bcf for the same time period. NatGasWeather.com reported that “It was cooler than normal across the central U.S. and Midwest, while warmer than normal across the West and East,” which led to the South Central region contributing the highest input for the…

Natural Gas Storage Report: Injection Season Week 5 (Week Ending May 3, 2019)

After last week’s neutral to bearish build of 123 Bcf, the latest injection of 85 Bcf is giving bulls somewhat of an opportunity to bounce back as slight upticks in heating demand in the northern regions and cooling demand in the southern regions of the U.S. coincided with dry gas production taking somewhat of a hit due to shoulder season pipeline maintenance. This injection not only matched last year’s value…

Renewable Energy Update – May 2019

Focus sPower and MCE complete largest operational CCA solar project in California ■PV-Tech – April 29 sPower and MCE have commenced commercial operations at the 130-megawatt Antelope Expansion 2 PV project in Lancaster. The installation, which was completed in December 2018, will sell output to MCE under a long-term power purchase agreement. This stands as the largest PV project completed in California with a community choice aggregator (CCA). Antelope Expansion…

Natural Gas Storage Report Injection Season Week 4 (Week Ending April 26, 2019)

Despite heating and cooling demand both maintaining a presence across the Lower 48 during the most recent reporting period, the current background state remains mostly bearish to slightly neutral in regards to the June NYMEX contract. This week’s injection of 123 Bcf is projected to be the first of a few triple-digit builds that could continue through the remainder of the shoulder season. Against last year’s build of 50 Bcf…

New Jersey Approves Zero Emission Credits for Nuclear Plants

The New Jersey Board of Public Utilities (BPU) approved applications submitted by PSEG Nuclear LLC seeking subsidies of up to $300 million annually, in the form of zero emission credits (ZECs), for PSEG’s Hope Creek and Salem 1 and 2 nuclear generating stations on April 18. The PSEG applications were filed on December 19, 2018, after New Jersey enacted legislation on May 23, 2018, establishing a ZEC program for the state (the…

Natural Gas Storage Report Injection Season Week 2 (Week Ending April 12, 2019)

Bearish sentiments are out in full force as this week’s build of 92 Bcf not only trounced last year’s withdrawal of 34 Bcf and the five-year average injection of 21 Bcf, but also is running in tandem with decreases in LNG exports, pipeline exports to Mexico, and unremarkable weather patterns that aren’t leaning toward either heating or cooling degree days. After breaking a major support level of $2.522/MMBtu, NMEX prompt…