Energy Archives - Zxcoachoutlet

EXCLUSIVE-Duke Energy boosts capital spending to fight climate change

October 9, 2020

By Ross Kerber

BOSTON, Oct 9 (Reuters) – Top U.S. utility Duke Energy Corp DUK.N plans billions of dollars of new spending this decade as it ramps up efforts to slash greenhouse gas emissions, executives told Reuters.

The move comes amid growing pressure from Democratic politicians and activist investors for power producers to reduce their hefty contribution to climate change.

“If you’re going to pursue the more aggressive carbon-reduction targets, you’re going to retire coal earlier, you’re going to be replacing it earlier with renewables, batteries, storage etcetera,” said Duke Chief Financial Officer Steve Young in an interview.

“That pushes up the capital profile,” he said.

According to Young and to an investor presentation to be made on Friday, Duke will boost projected capital spending by $2 billion to $58 billion for the period from 2020 to 2024, and projects a capital plan “in the range of $65 billion

Energy Transfer’s Kelcy Warren turns over day-to-day control to co-CEOs

October 9, 2020

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Kelcy Warren, the Dallas billionaire known for controversial pipelines and aggressive dealmaking, is stepping down as chief executive officer of Energy Transfer LP. But if the move is anything like those of fellow moguls in the pipeline industry, he isn’t going far.

The company late Thursday named chief operating officer Mackie McCrea and chief financial officer Tom Long as co-CEOs. Warren, 64, will stay on as executive chairman and remains the top investor. He’ll also retain a majority stake in the so-called general partner that controls Energy Transfer’s board.

Warren appears to be following a playbook employed by his billionaire rivals in the pipeline industry. Kinder Morgan Inc. founder Rich Kinder continues to serve as his company’s chairman despite relinquishing the CEO title in 2015, and Randa Duncan holds the same spot at Enterprise Products Partners LP after her father, the company’s founder, died in 2010.

“Although I am stepping

ALPS Clean Energy ETF (ACES) Hits a 52-Week High

October 8, 2020

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For investors seeking momentum, ALPS Clean Energy ETF ACES is probably a suitable pick. The fund just hit a 52-week high and is up 158.9% from its 52-week low price of $23.15/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

ACES in Focus

The fund seeks to track the performance of an index comprised of U.S. and Canadian based companies that primarily operate in the Clean Energy sector. Constituents are companies focused on renewables and other clean technologies which enable the evolution of a more sustainable energy sector. It has AUM of $391.3 million and charges an expense ratio of 65 basis points.

Why the Move?

The space has been hitting the headlines these days for several reasons. Increasingly, big corporations are making or promising investments in the pursuit of achieving the most-coveted carbon neutral status. Also,

The Energy 202: Trump administration dinged by government watchdog for pandemic relief for oil companies

October 7, 2020

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That royalty relief was supposed to go to wells that would have otherwise shut down because of the sharp decline in oil prices. The idea was to make sure that normally profitable wells were not plugged permanently because of the health crisis.

But the GAO, in a report released Tuesday, said the Trump administration failed to properly take the economic viability of wells into account when deciding which wells got relief — and probably ended up offering aid to oil producers that did not need it, shortchanging taxpayers in the process.

“This is exactly the time the government should be spending money,” said Frank Rusco, the watchdog agency’s director of natural resources and environment. “But we’re about good government. And if you do it, do it in a smart way.”

When oil prices plummeted this spring, the Trump administration offered a 60-day reprieve on royalty payments in more than 500

Britain’s Ambitious Offshore Energy Plan — Every Home To Be Powered by Wind Power

October 7, 2020

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KEY POINTS

The move is expected to create thousands of green jobs
Investments of over $35B were seen in offshore wind in the first half of 2020
U.K. leads Germany, China, and Denmark in offshore wind power

British Prime Minister Boris Johnson pledged Tuesday to tap United Kingdom’s offshore wind energy to power every home in the country by 2030, to be a part of the world’s shift away from fossil fuels.

“As Saudi Arabia is to oil, the U.K. is to wind—a place of almost limitless resource, but in case of wind without the carbon emissions and without the damage to the environment,” Johnson said in a statement.

Johnson’s government launched a new target to generate 40 Gigawatt of energy by 2030. This is 15 times more than what offshore wind currently delivers across the world and four times more than U.K.’s own offshore wind capacity, according to The

TC Energy Offers $1.48B Acquisition Deal to TC PipeLines

October 6, 2020

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TC Energy Corporation TRP recently announced that it has offered to acquire all TC PipeLines’ TCP outstanding units for $1.48 billion that it does not completely own. The move comes at a time when the company plans to remove the master limited partnership (MLP) structure of TC PipeLines, a corporate set-up once popular in the U.S. pipeline industry.

This strategic action will provide TC PipeLines unitholders with 0.650 common shares of TC Energy for each issued and outstanding publicly-held TCP common unit, accounting for a 5.4% premium to the closing price as of Oct 2.

The currently Zacks Rank #3 (Hold) TC Energy made its proposal to the board of the general partner of TC PipeLines. This is because the general partner of TC PipeLines is a subsidiary of TC Energy and a conflicts committee comprising independent directors of TC PipeLines will be formed to take into consideration the offer

‘Work from work:’ How a U.S. energy firm’s office return left some employees bruised

October 6, 2020

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By Liz Hampton and Erwin Seba

HOUSTON (Reuters) – As the world experimented with working from home, U.S. energy firm Phillips 66 Co <PSX.N> went the other way: it imposed a “work-from-work” policy for staff at its Houston headquarters in May even as the city became a hot spot for the pandemic.

After a brief spike in COVID-19 cases in July, Phillips 66 avoided a major outbreak while remaining nearly fully staffed at its 1.1 million-square-foot Houston campus. The policy also put the company’s white-collar workers on the same footing as refinery staff who were unable to work from home due to the nature of their jobs. Phillips 66 told its employees it hoped to pioneer a safe return to the office that would encourage others to do the same and drive a recovery in demand for gasoline, the company’s main product.

But the decision by the fourth-largest U.S. oil

‘Work From Work:’ How a U.S. Energy Firm’s Office Return Left Some Employees Bruised | Investing News

October 6, 2020

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By Liz Hampton and Erwin Seba

HOUSTON (Reuters) – As the world experimented with working from home, U.S. energy firm Phillips 66 Co went the other way: it imposed a “work-from-work” policy for staff at its Houston headquarters in May even as the city became a hot spot for the pandemic.

After a brief spike in COVID-19 cases in July, Phillips 66 avoided a major outbreak while remaining nearly fully staffed at its 1.1 million-square-foot Houston campus. The policy also put the company’s white-collar workers on the same footing as refinery staff who were unable to work from home due to the nature of their jobs. Phillips 66 told its employees it hoped to pioneer a safe return to the office that would encourage others to do the same and drive a recovery in demand for gasoline, the company’s main product.

But the decision by the fourth-largest U.S. oil refiner

California Sees Zinc As Likely Successor To Lithium-Ion In Energy Storage

October 6, 2020

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Zinc mine nugget — California is betting that zinc batteries can be better, cheaper and safer than lithium-ion.

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California officials expect zinc energy-storage technologies to help the state attain 100-percent clean energy by 2045, proving cheaper and safer than lithium-ion while holding a charge longer.

“Some of them are looking for 25 to 50 hours of storage,” said Mike Gravely, research program manager at the California Energy Commission.

“Some of them are looking to provide residential homes the storage they need to ride through these PSPS (public-safety power shut-off) events that California has, or to provide the reliability and resiliency that a home should have, and they’re in the size that they would fit in your garage, or they would fit something about the size of your outside air conditioner.”

California recently invested $16.8 million in energy-storage technologies beyond lithium-ion, many of which employ zinc.

“If you look past lithium ion, probably zinc

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