Energy Update
Pacific Drilling has announced that the US Bankruptcy Court for the Southern District of New York has given it relief in certain first day motions related to ordinary course business activities, subject to certain modifications at the request of the Court, the US Trustee and stakeholders.
Pennsylvania Gov. Tom Wolf this week signed into law a provision that will support strong renewable energy credit prices in the state. According to the governor’s office, the legislation requires that renewable energy facilities only generate RECs if the power from the facility is delivered to an electricity distributor operating within the commonwealth.
Within the next month, energy watchers expect the Federal Energy Regulatory Commission to act on an order from Energy Secretary Rick Perry that would create new pricing rules for certain power plants that can store fuel on site to support grid resilience. This initiative seeks to protect coal-fired and nuclear power plants that are struggling to compete with cheaper energy sources.
Solar manufacturers are being battered by higher costs and smaller margins after an unexpected shortage of a critical raw material. Prices of polysilicon, the main component of photovoltaic cells, spiked as much as 35 percent in the past four months after environmental regulators in China shut down several factories.
Wind farm operators in the North Sea will have a new atlas for wind resources in the region to help them identify how much power they can generate and how robust turbines should be.
Vestas Wind Systems A/S lost about a fifth of its stock market value after the Danish company said it was squeezing less profit out of sales of equipment and services compared with a year ago because of increased competition. Before last week’s plunge, the shares had risen 15 percent this year.
(Wed, 15 Nov 2017) In its November <em>Short-Term Energy Outlook</em> (STEO), EIA forecasts the price difference between West Texas Intermediate (WTI) crude oil priced at Cushing, Oklahoma, and Brent, the global crude oil price benchmark, to remain at $6 per barrel (b) through the first quarter of 2018 before narrowing to $4/b during the second half of 2018.
Enel Green Power SpA, the renewable-energy unit of Europe’s largest utility, plans to bid in Mexico’s power auction this month after raising $1.35 billion with a deal to sell stakes in eight wind and solar projects in the country in October.
West Africa’s booming off-grid solar industry is drawing international investors eyeing expansion. Lumos Global, a Dutch off-grid developer that raised $90 million last year to start business in Nigeria, said it’s expanding in Ivory Coast this month.
Cleve Hill is set to become the UK's biggest solar farm when it is built in 2020. At a capacity of 350 MW, it will be able to produce more than five times the power as the country's current leader. And all this could happen without government help.
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