Sep. 19, 2014, 10:50 AM
- The worldwide gas glut is prompting Japanese and Indian firms to resell some of the U.S. liquefied natural gas they had committed to buy several years ago, signaling tempered enthusiasm for U.S. energy, Reuters reports.
- Japanese utilities Tokyo Gas and Osaka Gas as well as India's Gail are dialing back on their U.S. LNG commitments via stake sales to European traders and utilities after realizing they can't handle the initial surge of volume due to low demand at home.
- Tokyo Gas, which bought 1.4M metric tons/year of LNG over 20 years from Dominion's (NYSE:D) Cove Point, reportedly has offered to sell 0.75M tons/year to at least one European energy firm; Gail is offering 1M metric tons/year for its first five years of supply from Cheniere Energy's (NYSEMKT:LNG) Sabine Pass project.
- ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, KOLD, UNL, NAGS, DCNG
Sep. 18, 2014, 12:53 PM
- Banks, insurers, brokerages and anything else starved for yield continue to gain following yesterday's FOMC news. Among the gainers are Bank of America (BAC +1.9%) - which breaks above $17 for the first time since April - Citigroup (C +2.7%), Wells Fargo (WFC +1.1%), PNC (PNC +1.1%), Fifth Third (FITB +1.7%), SunTrust (STI +1.2%), Schwab (SCHW +2.3%), Prudential (PRU +2.5%), and Lincoln National (LNC +2.4%).
- The XLF +1.2%, KBE +1.5%, and KRE +2%.
- Financial sector ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, SEF, IYG, FXO, KBWB, FNCL, RKH, QABA, FINU, KRU, KBWR, RWW, RYF, KRS, FINZ
- Lit up bright red is the utility sector (XLU -1%), led by Southern Company (SO -1.1%), Dominion Resources (D -1.2%), Duke Energy (DUK -1.4%), and Pinnacle West (PNW -1.9%).
- Utility ETFs: XLU, IDU, VPU, UPW, RYU, FUTY, PUI, FXU, SDP, PSCU
Sep. 2, 2014, 9:59 AM
- Dominion Resources (D +0.6%), Duke Energy (DUK -0.1%), Piedmont Natural Gas (PNY +0.4%) and AGL Resources (GAS -0.1%) say they plan to form a joint venture to build the proposed Atlantic Coast Pipeline, which would funnel natural gas from West Virginia to North Carolina.
- The $4.5B-$5B, 550-mile natural gas pipeline would deliver natural gas supplies to markets in Virginia and North Carolina, and is expected to be in service by late 2018.
- Dominion would build and operate the Atlantic Coast Pipeline on behalf of the venture, and would own a 45% stake; DUK would hold 40%, PNY would have a 10% stake, and GAS would own 5%.
- Subsidiaries and affiliates of all four JV partners plan to be customers of the pipeline under 20-year contracts, while PSNC Energy also plans to be a customer under a 20-year contract.
Aug. 14, 2014, 7:15 PM
- The U.S. Energy Department has finalized its plan to revamp the process for approving liquefied natural gas exports, largely codifying a process first proposed in May.
- Beginning immediately, the DoE will only issue final rulings on whether exports are in the public interest after the FERC has completed an environmental review of the project.
- The benefits of the change extend unevenly to the dozens of companies now vying to export U.S. natural gas, and some in the industry say the new process will exacerbate permitting delays for most companies.
- The biggest winner under the new approach is Cheniere Energy (NYSEMKT:LNG), which already had gained FERC approval but faced a nearly two-year wait for the required Energy Department review of its proposed Sabine Pass expansion; it now moves to the front of the line to get a permit from the DoE.
- Another winner is Exxon's (NYSE:XOM) Golden Pass project in southeast Texas, which also was far down the Energy Department’s list, even though it was well into the FERC review.
- The new policy will not affect companies that already have received conditional approvals, such as Dominion's (NYSE:D) Cove Point project, Sempra's (NYSE:SRE) Cameron LNG project and Leucadia National's (NYSE:LUK) Oregon LNG project.
Aug. 13, 2014, 11:59 AM
- A judge rules that Calvert County, Md., improperly granted zoning exemptions for Dominion Resources' (D +0.5%) proposed Cove Point natural gas liquefication plant.
- The judge wrote in his ruling that he does not expect his decision to have any direct effect on whether the plant will be built, but environmentalists believe the ruling will delay the $3.8B project.
Aug. 8, 2014, 12:05 PM
Jul. 30, 2014, 7:36 AM
Jul. 29, 2014, 5:30 PM
- AB, ACCO, ADT, AMED, AMT, ATRO, AUO, BAH, BDC, BEN, CFR, CVE, D, DHX, DORM, DX, ENR, EVER, GIB, GRMN, GT, HAE, HES, HSP, HUM, HUN, IACI, ICLR, INGR, LFUS, LL, LO, LPLA, MGAM, MINI, MMYT, MRGE, MWV, NICE, NVMI, PAG, PBI, PEG, PSX, PSXP, PTRY, ROK, RRD, S, SAIA, SEE, SGNT, SMP, SO, SODA, SONS, SPB, SPW, TASR, TFX, TRI, VLO, VLY, WEC, WLP
Jul. 9, 2014, 12:54 PM
- Dominion Resources (D -0.5%) says Virginia regulators want it to compare the risk of relying heavily on natural gas-fired generation with the risk of adding a nuclear unit at its North Anna power station.
- An analysis would provide info that would give the company and the State Corporation Commission guidance on whether Dominion should follow a base generation development plan that has the least cost options or a fuel diversity plan that would result in lower emissions.
- If the risk analysis finds the risk of fluctuating gas prices offsets the nuclear development costs, then Dominion should conduct a timing analysis for a third unit at North Anna, the regulator says.
Jun. 25, 2014, 3:55 PM
Jun. 24, 2014, 4:35 PM
- Dominion (D) says it plans to offer to sell 18M equity units; each unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20 undivided beneficial ownership interest in a re-marketable subordinated note having a principal amount of $1,000.
- D says it intends to use the proceeds for general corporate purposes and to fund its growth plan, including the Cove Point liquefaction project.
Jun. 3, 2014, 12:45 PM
- EPA chief Gina McCarthy says she expects for significant changes in proposed state emission goals before a final rule is issued next year if the individual states show they can’t meet the targets.
- McCarthy says the agency made changes when developing its rules on mercury pollution in 2012 after utilities complained, and says she "wouldn’t be surprised if we made significant” revisions to the carbon proposal.
- McCarthy notes "confusion" around the targeted 30% emission cuts, saying it’s not a goal of the plan but an estimate of what the EPA thinks can be achieved.
- Coal names are broadly lower: WLT -4.4%, ACI -3.7%, ANR -2%, ARLP -1.9%, CNX -1.3%, CLD -0.3%, BTU -0.2%.
- Big utilities are mostly higher: EXC +1.6%, AEP +1%, NRG +0.7%, D +0.5%, XEL +0.4%, SO +0.3%, PEG +0.2%, NEE +0.1%, DUK -0.2%
- ETFs: XLE, XLU, TAN, ERX, KOL, IDU, VDE, OIH, ERY, FCG, VPU, DIG, KWT, GASL, DUG, IYE, GASX, PXJ, RYE, FENY, UPW, RYU, FUTY, FXN, FXU, DDG, SDP
Jun. 3, 2014, 11:29 AM
- Dominion Resources (D +0.1%) says it is seeking FERC approval of two projects estimated to cost ~$235M to move natural gas from the Appalachian region to markets in upstate New York and West Virginia.
- The project planned for upstate New York, which includes two new compressor stations and upgrades at a number of other stations, would provide improved access to natural gas for National Grid (NGG) units Niagara Mohawk and Brooklyn Union.
- The second proposed project includes a number of station upgrades as well as a new interconnection with CNX Gas.
Jun. 2, 2014, 8:25 AM
- Dominion Resources' (D) proposed Cove Point natural gas export facility is approved by the Maryland Public Service Commission but with 179 conditions covering items including air and water quality, traffic, noise and forest conservation at the site.
- Dominion also is ordered to pay $48M toward state efforts to develop renewable energy and low-income energy bill assistance.
- Dominion plans to build a 130 MW generating station at its existing Lusby import terminal, which would provide the power needed to compress natural gas into a superchilled liquid for loading onto tankers docked in the Chesapeake Bay.
May. 29, 2014, 3:32 PM
- The Obama administration announces a major overhaul of its review process for approving U.S. liquefied natural gas exports
- Under the proposal, the Department of Energy would no longer issue conditional approvals of projects; instead, the DoE would decide whether an LNG export project is in the national interest only after the FERC had issued a final environmental review.
- The change to the export process aims to help expedite reviews by focusing only on most commercially viable projects that have finished the FERC process.
- Related stocks: LNG, CQH, GLNG, SRE, GTLS, TGP, D, GMLP, GLOG, CQP, GLOP, DLNG.
May. 28, 2014, 9:52 AM
- Dominion Resources (D -0.3%) proposes construction of a 450-mile pipeline to bring natural gas from the Appalachian Basin to markets in Virginia and North Carolina that would go into service by the end of 2018.
- The proposed Dominion Southeast Reliability Project would run from a Dominion Transmission pipeline in Harrison County, W. Va., through Virginia to Lumberton, N.C., although a specific route has not been identified.
- Such a pipeline could cost as much as $2B to build, based on current construction prices for large U.S. gas pipelines.
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