6Top 5 in Energy November 5 – 10
Energy is the bedrock of modern existence. It influences world economies and family budgets alike. Given its societal significance, we publish a weekly compendium of energy news and stories that are shaping global markets and affecting daily life.
The midterm election results, which leave the GOP in control of the Senate while the Democrats take control of the U.S. House of Representatives, will likely bring little legislative opposition to President Donald Trump’s energy-focused efforts over the past two years, which aim at deregulating the fossil fuel industry and slapping sanctions on foreign oil producer Iran. Still, some items on state ballots herald some changes for U.S. fossil fuel production.
Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), the Polish state-owned oil & gas company, has reportedly announced that it has signed a long-term agreement to import liquefied natural gas (LNG) from the U.S.
Reports cite, the latest agreement is part of a bigger effort by Poland to lessen the country’s energy dependence on Russia. The government-owned company reportedly signed the 24-year agreement with America’s Cheniere Energy, Inc. at a ceremony held in Warsaw and was attended by the President of Poland, Andrzej Duda and U.S. Energy Secretary, Rick Perry.
The sunlight that fuels cotton, corn and soybean growth in the Mississippi Delta will soon fuel a 100-megawatt solar energy farm. This project will be the largest utility-owned solar farm in the state, pending approval of the Mississippi Public Service Commission.
The project will be built by Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) subsidiary Recurrent Energy, LLC (“Recurrent Energy”) on behalf of Energy Mississippi, Inc., which will own the facility once it becomes operational. The emissions-free, renewable energy facility will be sited on approximately 1,000 acres in Sunflower County.
Drilling at the U.K.’s first deep geothermal electricity plant is to start this week. Located at the United Downs Industrial Estate in Cornwall, southwest England, the plant will provide enough energy to power 3,000 homes, according to Geothermal Engineering Ltd (GEL).
Described by the U.S. Department of Energy as a “vital, clean energy resource,” geothermal energy refers to heat from below the Earth’s surface which can be used to produce renewable energy. The DOE adds that geothermal energy “supplies renewable power around the clock” but emits little or no greenhouse gases.
Pattern Energy (NASDAQ:PEGI) agrees to sell its minority interest in the K2 Wind power facility in Ontario to a consortium of investors led by Axium Infrastructure for C$216M (US$166M). PEGI says the sale of its one-third interest in K2 “reflects the significant intrinsic value of the assets in the portfolio compared to the value ascribed to the business in the public markets.”