Maurice B. Shaw’s Post

🔄 Strategic Shifts in the Energy Industry In a major move, Dominion Energy has sold its natural gas distribution business to Enbridge Inc., a key player in the North American energy market. This $14 billion transaction includes the acquisition of several Dominion subsidiaries such as East Ohio Gas Company, Questar Gas Company, and the Public Service Company of North Carolina. For existing Dominion Energy customers in Ohio, Utah, and North Carolina, this gas utility transition means that your service will soon be under the Enbridge Gas Ohio brand. While there will be branding changes over time, Enbridge has confirmed that there will be no immediate impacts on billing, account numbers, or customer service operations. This acquisition aligns with Enbridge’s strategy to strengthen and expand its natural gas distribution network, ensuring a reliable and sustainable energy supply. As these companies work together to integrate their systems and operations, customers can expect continued quality service and potential improvements in the future. #GasUtilityTransition #NaturalGasDistribution #Enbridge #DominionEnergy #EnergyIndustry #Sustainability #CustomerExperience #EnergyInnovation

In October 2023, TC Energy announced it was exploring a multibillion-dollar asset sale plan to lower its debt and fund new investments. While no final decisions have been made, the company is working on the sale of a minority stake in ANR Pipeline and its Mexican operations, as well as stakes in Portland Natural Gas Transmission System and the Millennium Pipeline. Click here to read the full article: https://lnkd.in/eHAhsAjD Disclaimer: This post is a commentary on current events within the midstream industry by Midstream Holdings. Midstream Holdings was in no way involved in this transaction but merely providing this material for editorial use only.   #MidstreamHoldings #Midstream #Sustainability #Oilgas

Why was Stewart chosen to be the underwriter of the very first offshore wind farm in the United States? Our February 2024 Top Transactions answers that question while also amply demonstrating why we continue to be one of the most trusted partners in handling energy- and mineral exploration-related transactions, both domestically and internationally. Along with every other major CRE asset class under the sun. #stewarttitle #cre #energy #renewables #title #underwriting

We’re about to get 2Q earnings results from the big utilities. One huge question – are they maintaining their pace of investment? In many ways, the power sector is the epicenter of the energy transition in the US. Over the past decade or so, coal plants were displaced largely by natural gas. Over the past two or three years, we’re seeing a rapid uptake of solar generation. Then there is the continued challenge around expanding and modernizing our transmission and distribution infrastructure. This reality represents a huge call on capital across the entire operating base of utility companies. And wow have these utilities stepped up their investments to meet this challenge. In the chart below, we’re looking at trailing 4 months capex for 16 US investor owned utilities: • American Electric Power • CenterPoint Energy • Con Edison • Constellation • Dominion Energy • DTE Energy • Duke Energy Corporation • Entergy • Exelon • FirstEnergy • NextEra Energy, Inc. • Pacific Gas and Electric Company • PSEG • Sempra • Southern Company • Xcel Energy This group has a collective market capitalization of nearly $800 billion, and thus offers a helpful glimpse into what’s happening across the utility sector holistically. Notice in the past 6 years, the total capital expenditures (capex) for this group has grown at a 9.1% compound annual growth rate (CAGR). Inflation was 3.8% in the same period, meaning we had “real” growth of over 5%. (When we don’t account for inflation, we’re talking about “nominal” growth. Subtracting the impact of inflation leaves “real” growth.) But the past 2 years have been even more dramatic, with capex growing at a 14.4% CAGR and inflation at 4.5%, meaning we have real growth of nearly 10%. This excess capital is what’s going to building out more generation assets and expanding and modernizing our transmission and distribution infrastructure. We’re about to get our next round of earnings results from this group. NextEra reports on Wednesday, and the others will follow suit over the next couple of weeks. There’s a lot to unpack in these results. I’ll of course share much of that here. But one huge question will be whether they’re continuing their breakneck pace of investment or not. Expect a lot of commentary from management and probes from analysts around that topic. #energy #utilities #renewableenergy #energytransition #ksg

Increased rates could be coming to Eastern Massachusetts in early 2024. Eversource Energy (formerly NSTAR) has just submitted new electricity rates starting January 1.   The forecasted shift includes a significant projected increase in basic service rates for small C&I customers. The proposed rate of 17.587 cents/kWh from January 1 to July 31, 2024 (using current adders), marks a notable 10% uptick from the current 15.899 cents/kWh.   This change is pending approval from the Department of Public Utilities, but signals a potential rise in energy costs for commercial and industrial entities in the near future.   Read more: https://lnkd.in/gWt32nJZ   Let Albireo Energy keep you updated on rate changes in your market. Sign up to be an Albireo Energy broker: https://lnkd.in/gBV3JjD4   #Energy #EnergySales #MassachusettsEnergy #EnergyBroker

My post today for Steve Reese and Reese Energy Consulting. Yep, It’s Hammer Time Grab the popcorn, the premiere showing of Chesapeake Energy and Southwestern Energy Agree to a Merger is rumored to debut this week. Should the red carpet unfurl as widely expected, the $17 billion power couple will create the nation’s largest natural gas producer, a spot currently occupied by EQT. Reese Energy Consulting today is following the latest reports of talks between CHK and SWN, which are expected to end in a final handshake over the following days. Whispers of a potential combination last October, then again in November, hit the news blotter just as the mega-merger bonanza entered full gallop. Kimmeridge Energy Management, one of the most active and vocal investment firms (and large Chesapeake investor) gave two thumbs-up to a prospective combo, remarking it would create one of the few, must-own stocks in the sector, and that the two gas giants would “eventually hammer out a deal.” Why it makes sense? Both heavyweights operate in the Marcellus and Haynesville with a pro forma combined 1.25 million net acres and 276.8 BCFED in the Marcellus, and 871,000 net acres and 167.59 BCFED in the Haynesville. Chesapeake’s former interim CEO Mike Wisterich and current CEO Domenic Dell’Osso have resurrected the company post-bankruptcy less than three years ago. CHK is now LNG-focused with a voracious appetite to flow more gas to Gulf Coast export terminals and lock in more sales agreements. The company last year inked two HOAs for a total 3 MTPA amid a goal to supply 20% of its gas production to LNG sales. In the words of Socrates, who’s your daddy? Chesapeake and Southwestern Energy are clients of REC, so we’ll take double butter on that popcorn please. It’s Hammer Time. What do you think? Learn more about REC and our natural gas and LNG consulting services at https://lnkd.in/eAebAz8.      

Enbridge Gas executives met face to face with some influential community leaders in Salt Lake City, Utah, to first connect and then talk about the shared values with the recently purchased utility serving customers in Utah, Wyoming and Idaho. The meeting was attended by Heidi Bredenholler-Prasad, Vice President, Commercial, Strategy, and Business Development, Enbridge Gas, Judd Cook, Vice President & General Manager, Enbridge Gas Utah, along with Brady Rasmussen, Vice President & General Manager, Wexpro. Enbridge Inc. announced the closing of its acquisition of the Questar Gas Company and related Wexpro assets from Dominion Energy in early June. This gave Enbridge Gas utility operations in Utah, Idaho and Wyoming. We are also operating in Ohio as Enbridge Gas Ohio after a deal which was completed with Dominion earlier in the year. “Enbridge Gas’ expertise in the natural gas industry will build on the essential infrastructure and well-run operations of Enbridge Gas Utah and Wexpro,” Bredenholler-Prasad told the gathering. The highly engaged group heard that Enbridge Gas’ vision and mission are underpinned by its core values: safety, integrity, respect, inclusion, and high performance. These values guide every decision and action taken - and safety is the first among those. “That unwavering commitment to safety is something we share with the Enbridge Gas Utah and Wexpro teams,” Bredenholler-Prasad said. The shared commitment also extends to customers, communities and employees – commitments that will allow Enbridge Gas to become a stronger and more resilient natural gas distribution company, the community leaders heard. They also heard that we’re modernizing our conventional energy systems to enable reliability and lower emissions, blending natural gas with lower-carbon fuels like hydrogen and renewable natural gas and continuing to invest in carbon capture and storage. Enbridge Gas operates what is already North America’s largest integrated natural gas utility by volume and is soon to be one of North America’s largest by customer count. Enbridge Inc. has also announced the planned purchase of the Public Service Company of North Carolina from Dominion. Subject to the closing of that transaction, Enbridge Gas will serve almost seven million customers. #EnbridgeGasUtah #Wexpro #NaturalGas #SaltLakeCity    

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Energy Transfer, which owns and operates one of the largest and most diversified portfolios of energy assets in the United States, agreed to acquire West Texas Gas, a privately held midstream company headquartered in Midland, Texas, from Stonepeak, the Davis Real Estate, LLC and Diamondback Energy for $3.25bn. WTG’s extensive system processes significant volumes from large cap investment grade producers with firm, long-term contracts and acreage dedications. The addition of WTG assets is expected to provide Energy Transfer with increased access to growing supplies of natural gas and NGL volumes enhancing the partnership’s Permian operations and downstream businesses. West Texas Gas team is advised by Jefferies and Sidley Austin LLP. Energy Transfer (led by Dylan Bramhall) is advised by RBC Capital Markets and Vinson & Elkins. Stonepeak is led by Michael Dorrell. Diamondback Energy is led by Travis Stice. #MergersAcquisitionsDiversitures #Energy #PrivateEuity