The Biden administration plans to seek recourse under the United States-Mexico-Canada Agreement (USMCA) if concerns over Mexico’s energy policies are not resolved, according to U.S. Trade Representative Katherine Tai. “At the heart of the USMCA are core obligations with respect to trade and investment, including with respect to nondiscriminatory treatment,” Tai wrote in a letter…
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Suncor Shifting to Renewables, Hydrogen and Selling Wind and Solar Assets
Calgary-based Suncor Energy Inc. announced plans Monday to sell its wind and solar power assets to shift the focus of its environmental products division to renewable fuels and hydrogen. “We are adjusting our portfolio for fit and focus,” President Mark Little said. No target date and no asking prices were announced for divesting the green…
Shell, TotalEnergies, Engie Among High Bidders in New York Bight Offshore Wind Auction
The Department of Interior announced last week the winning companies of the New York Bight offshore wind lease sale, with Bight Wind Holdings LLC, a joint venture (JV) between RWE Renewables and National Grid, securing the largest lease with a $1.1 billion bid. The Bight, sandwiched between the coast of Long Island and New Jersey,…
Exelon Splits Off Constellation as Standalone Natural Gas, Renewables Generation Business
Exelon Corp. said it completed the spin-off of Constellation Energy Corp., a natural gas supplier whose fleet powers more than 20 million homes and businesses. The Chicago-based company’s transmission and distribution utility business would continue under the Exelon name, and trade on the Nasdaq under the ticker “EXC.” It is the nation’s largest utility company,…
Sempra, Entergy Plan Renewables for Cameron LNG
Liquified natural gas (LNG) produced at Cameron LNG could have a deep cut in its carbon footprint after Sempra Infrastructure secured a deal for renewable energy at Louisiana facilities. The company signed a memorandum of understanding (MOU) with utility Entergy Louisiana LLC to develop and procure renewable energy to help power the 12 million metric…
EIA Sees ‘Reduced Need’ for Electricity from Natural Gas, Coal
Renewables such as solar and wind are expected to command a greater share of U.S. electricity generation at the expense of fossil fuel-fired power plants over the next two years, the Energy Information Administration (EIA) said. “Our forecast of growth in renewable electricity generation over the next two years leads to our forecast of a…
Global E&P Capex in 2022 Led by U.S. E&Ps, with Privates Playing ‘Outsized Role’
The U.S. exploration and production (E&P) sector is increasing its capital spending in 2022 for the first time in four years, while Canada is set to remain near multi-decades lows, according to Evercore ISI. Global E&P capital expenditures (capex) are poised to climb by 16% year/year (y/y) in 2022, extending 5.5% growth in 2021 “for…
ExxonMobil Envisions Carbon-Neutral Permian Operations by 2030
ExxonMobil is targeting net zero Scope 1 and 2 greenhouse gas emissions from its operated Permian Basin assets by 2030, the company said Monday. The Irving, TX-based supermajor was producing 500,000 boe/d in the Permian at the end of the third quarter, accounting for more than 40% of the company’s U.S. net production. ExxonMobil plans…
CFE Maintenance Works Could Benefit Entire Mexico Grid, Seasoned Lawyer Says
The overhaul of some of Mexico’s aging power plants by state utility Comisión Federal de Electricidad (CFE) could improve the working of the power grid, José Luis Herrera Vaca, founding partner of Herrera Abogados SC and seasoned Mexico energy lawyer, told NGI’s Mexico GPI. “One of the most ambitious projects the CFE is carrying out…
Mexico’s CFE Urged to Embrace Natural Gas, Renewables Over Fuel Oil
Mexico’s state power utility Comisión Federal de Electricidad (CFE) has avoided substantial variable generation costs and greenhouse gas emissions by purchasing clean energy through competitive auctions, according to a new study commissioned by the Institute of the Americas think tank. Former Comisión Reguladora de Energía (CRE) Chairman Francisco Salazar and former CRE Commissioner Francisco Barnes…