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Articles by Mitchell Luti
OPEC Or Not OPEC, That Is The Question
Disagreement and competing interests among member countries at recent OPEC meetings have introduced concerns on whether Saudi Arabia can continue to rally a market management strategy over the coming months. With OPEC+ market share reaching 53% of global output at the end of 2023 vs 63% ten years ago, questions remain on how to react to growing production outside of OPEC and its partners.
Ripple Effects of Contentious California Water Utility Ratemaking Decisions
California has been a leader of conservation-promoting rate design in utilities for over 40 years. Beginning with the decoupling of gas and electric rates in the early 80s and water rates in 2008, the tradition of incentivizing conservation at the regulatory level has been a cornerstone to the functionality of California utilities, inspiring other states to adopt decoupled rates as well.
Asset Valuations in Power Plant M&A Transactions
There are two primary types of M&A transactions in the Power & Utilities (P&U) space – corporate deals and asset transactions. Corporate deals have tended to be larger, e.g., the recent agreement by Dominion Energy to sell three gas distribution subsidiaries to Enbridge for $14 billion, including assumed debt. However, transactions like these occur less frequently.
Golden Pass LNG : A Harbinger of Oversupply Risk
Golden Pass LNG: A Harbinger of Oversupply Risk Energy By Mitchell Luti| December 18, 2023 ExxonMobil and Qatar Petroleum recently announced a delay of their joint venture LNG facility, Golden Pass LNG. Exxon's updated corporate plan,released on December 6, pushed the facility's officially announced in-service date back from 3Q24 into 1H25. The delay comes despite apparent progress in facility construction according to recent Federal Energy Regulatory Commission (FERC) filings.
Northeast Electrification Push Amplifies Risks for Gas Generators
Winters are a perennial concern among merchant power generators in the heavily gas-dependent Northeast U.S. because of the risk of supply bottlenecks along the congestion-prone pipeline network during periods of high fuel demand.
U.S. Refinery Utilization Recovers, yet Gasoline Storage Depletion Continues
As U.S. gasoline consumption approaches pre-pandemic levels, gasoline exports have risen in response to realigned supply routes following the Russian invasion of Ukraine. This rise in demand, in conjunction with U.S. refinery retirements, has tightened domestic gasoline balances. While most refined product markets have been impacted, motor gasoline storage specifically has steadily declined to seasonally low levels.
April 2023 Carbon Capture Update: Calpine Bets on CCUS for Natural Gas Power
Compared to other emissions sources, like coal power plants and industrial facilities, natural gas power plants are generally considered less economic candidates for carbon capture, utilization, and storage (CCUS). However, a recent wave of momentum appears to be growing for the application of CCUS at natural gas power plants. This edition of the Carbon Capture Update, powered by our new CCUS Projects Table, highlights one of the largest CCUS portfolios under development.
How the Tables Have Turned on the DJ
Colorado’s Denver-Julesburg (DJ) basin has historically been a strong region for oil production, producing 590 Mb/d of oil at its peak in November 2019. Some of this strength is attributed to low breakeven costs in the DJ ranking consistently below other major U.S. oil plays, undercutting even the Midland basin. The DJ’s Niobrara formation can accommodate wells with shallower verticals, yielding more wells per active rig than any other major oil-directed basin in the country.
Canadian LNG - the Train Ticket to Production Growth
A quintessential occurrence in the natural gas market is for highly prolific basins to become constrained as producers increase production to pipeline capacity limits.
The Carbon Capture Update: CCUS Projects Gain Momentum in the Cement Industry
BTU Analytics – a FactSet Company is happy to release our latest Energy Market Insight Series: The Carbon Capture Update. Released monthly, the Carbon Capture Update provides updates on major global carbon capture, utilization, and storage (CCUS) projects as we track their development in our latest Energy Transition offering:the CCUS Projects Table. This table is updated weekly and only accessible to FactSet clients on the Workstation.
Renewables Force Out Coal Generation
In 2021 and 2022, coal generation experienced a resurgence out of the doldrums of lost load in 2020 due to COVID-19. However, that resurgence came to a sudden halt in the early months of 2023. In January and February of this year, coal generation has plummeted 30% year-over-year. However, while coal has been down nationwide, regional declines have been driven by a variety of factors, including low natural gas prices, mild winter temperatures, and record levels of renewables generation.
FactSet Research : Can El Paso South Pipeline Save Waha from Negative Outright Pricing?
Can El Paso South Pipeline Save Waha from Negative Outright Pricing? Energy By Mitchell Luti| March 9, 2023 In August 2021, a deadly explosion on the El Paso Pipeline's Line 2000 (South Line) reduced westbound takeaway capacity serving the Permian basin by approximately 640 MMcf/d.
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