2025-01-21 20:57
HOUSTON, Jan 21 (Reuters) - Port Freeport on Tuesday said it expects limited vessel activity while Port Houston said all of its public facilities will remain closed through Wednesday as winter storm Enzo sweeps through Texas. The rare winter storm churned across the U.S. Gulf Coast on Tuesday, bringing heavy snow, ice and wind gusts to a region where flurries are unusual, while much of the United States remained in a deep freeze. All of Port Houston's eight public facilities will be closed on Tuesday and Wednesday, the port said on Tuesday, adding that vessel operations will potentially be resumed at container terminals on Wednesday evening, if conditions allow. Outbound vessels, excluding very large crude carriers (VLCC), at the Port of Corpus Christi started moving around noon on Tuesday after closing on Monday evening, a notice from a shipping agent showed. Inbound vessels, excluding VLCCs, were expected to resume later on Tuesday. The Port of Corpus Christi did not immediately respond to a request for comment. Some groups of pilots, who assist in moving vessels around ports, also halted operations on Monday as offshore conditions worsened. Still, the impact of the storm on oil and gas operations remained limited in Texas on Tuesday, with minimum interruptions in gas flows, few power outages and plenty of gasoline inventories at the pump, as many roads and highways remained closed. Sign up here. https://www.reuters.com/world/us/ports-texas-limit-activity-amid-cold-weather-2025-01-21/
2025-01-21 20:44
Trump suspends offshore wind power leases Denmark's Orsted takes fur impairments on US projects Shares plunge 17%, taking losses to 84% since 2021 peak Other companies fall much less Biden policies had encouraged European companies to invest COPENHAGEN, Jan 21 (Reuters) - Shares in European wind power companies fell on Tuesday after U.S. President Donald Trump suspended offshore leasing for wind on his first day in office, adding to pain in an industry that had turned to the U.S. to help revive its fortunes. The global offshore wind industry has struggled to play the role that many governments had envisaged in their plans to reduce carbon emissions. Escalating costs, supply chain issues and planning delays have hit the industry and led to project cancellations and delays. Former President Joe Biden's green investment policy had provided support for the sector. Trump on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind turbines are ugly, expensive and harm wildlife. Denmark's Orsted (ORSTED.CO) , opens new tab was the biggest decliner, plunging 17% as it took a $1.69 billion impairment charge on U.S. projects. A delay and higher costs for Orsted's Sunrise Wind project, which once completed is expected to be the largest U.S. offshore wind farm, were the main reason for the share price plunge, analysts said. The company also flagged impairments on seabed leases that could be directly linked to Trump, Sydbank analyst Jacob Pedersen told Reuters. "Orsted now has some assets in the U.S. that are worthless. If there is nothing to be built because of Trump, Orsted can neither sell nor use the leases," he said. Other companies involved in the wind industry also fell. Portugal's EDP Renovaveis (EDPR.LS) , opens new tab shares fell by around 1.6%, Germany's RWE (RWEG.DE) , opens new tab shed around 0.5%, Norway's Equinor dropped by 2.2% and wind turbine manufacturer Vestas (VWS.CO) , opens new tab fell by nearly 3% in afternoon trade. Italy's Prysmian (PRY.MI) , opens new tab on Tuesday said it would abandon a plan to build a plant in the U.S. to make cables for offshore wind parks. Prysmian's shares, which closed at a record high on Monday, lost around 1% on Tuesday. Stocks in nuclear companies rallied on Trump's support for boosting power supplies to meet the rising needs for data processing. Stocks of U.S.-based uranium miners like Energy Fuels (UUUU.A) , opens new tab and enCore Energy (EU.O) , opens new tab rose over 4%, while nuclear power companies like utility Vistra (VST.N) , opens new tab, Talen Energy (TLN.O) , opens new tab and Constellation Energy (CEG.O) , opens new tab were up between 4% and 8% in the afternoon trade. Trump's energy secretary pick, Chris Wright, told U.S. senators in his confirmation hearing last week that his first priority would be to expand domestic energy production including nuclear power and liquefied natural gas. RISK TO EXISTING US WIND POWER PROJECTS The U.S. has around 2.4 gigawatts (GW) of advanced-stage offshore wind developments that have reached final investment decision and are under construction. Those are unlikely to be impacted by the order, according to Rystad Energy. The environmental and economic review of existing offshore wind leases could, however, pose some risk for developers of existing projects, analysts said. The American Clean Power Association (ACP), a U.S. clean energy industry group, said it strongly opposed Trump's executive order on wind leasing and permitting. "States voting for President Trump are eight of the top 10 states in terms of reliance on wind power with many depending on wind for a significant share of their electricity use. Restricting wind development in these regions is certain to increase consumer energy bills," it said. In 2024, the oil and gas industry donated $32.3 million to Trump and groups affiliated to him, as per data from OpenSecrets. In comparison, Trump was able to raise just $453,687 from the U.S. renewable sector. The U.S. renewable industry contributed $2.9 million in political donations, with 78.7% of it going to Democrat candidates. ($1 = 0.9614 euros) Sign up here. https://www.reuters.com/business/energy/orsted-shares-down-17-us-project-stumbles-trumps-anti-wind-power-policy-hits-2025-01-21/
2025-01-21 20:22
Jan 24 (Reuters) - U.S. President Donald Trump suspended new federal offshore wind leasing on his first day back in the Oval Office on Jan. 20, pending an environmental and economic review. On the same day, Danish energy company Orsted (ORSTED.CO) , opens new tab, the world's biggest offshore wind firm, posted another impairment charge on delays to a U.S. offshore project. Those are just the latest blows for the offshore wind industry that former President Joe Biden and several states considered key to meeting federal and state clean energy targets. “Halting offshore wind represents a huge step backward in our efforts to advance a clean energy future and damages the state’s economic opportunities," North Carolina Governor Josh Stein, a Democrat, told Reuters in an email. "Investors have signed leases and invested significant resources. They deserve certainty," Governor Stein said. In California, where offshore wind is in early stages of development, Adam Stern, Executive Director of Offshore Wind California, an industry trade group, said most of the work was happening at the state level. "As an industry, we're focused and moving forward with what is advancing offshore wind in California, and right now most of that is occurring at the state level." That includes approved spending of roughly $475 million to upgrade ports and $4.6 billion to upgrade power transmission lines to prepare for future offshore wind projects. In 2023 and 2024, several offshore wind companies, including Orsted, took billions in write-offs, impairments and other cancellation fees after they determined they could no longer complete projects profitably due to rocketing construction costs, higher interest rates and supply chain snags. In New Jersey, which has seen its share of offshore wind project delays, Governor Phil Murphy, a Democrat, told Reuters in an email that he remains committed to clean energy. "New Jersey will explore all available options to protect the health of our environment and residents while bolstering energy independence, creating good-paying American jobs, lowering energy bills, and growing New Jersey’s innovation economy," Governor Murphy said. There are currently four offshore wind projects operating in the U.S., but one - Vineyard Wind 1 - was shut for part of 2024 after a blade fractured and fell into the ocean in July. There are also four offshore wind projects under construction and several more in development. The following factbox lists the projects in service and those under construction and in advanced development that were expected to continue despite Trump's review: *** Empire Wind 1 - 2027 is estimated time of commercial power instead of first power Sign up here. https://www.reuters.com/sustainability/climate-energy/us-offshore-wind-farms-service-construction-under-development-2025-01-24/
2025-01-21 20:02
Storm brings snow, ice, wind to Gulf Coast Some 31 million under winter storm warning Frigid temperatures affect eastern two-thirds of US HOUSTON, Jan 21 (Reuters) - A rare winter storm churned across the U.S. Gulf Coast on Tuesday, breaking snowfall records more than a century old in a southern region where flurries are unusual, as much of the United States remained in a dangerous deep freeze. A snowstorm warning was in effect for 31 million people - from southern Texas east through Georgia and north to the Carolinas and into Virginia - until Wednesday morning, the National Weather Service said. With the storm moving east, crews near Houston plowed highways on Tuesday while downtown streets, covered in white, were virtually deserted. Schools were closed Tuesday and Wednesday as the city, the fourth-biggest in the U.S., expected about 4 inches (10 cm) of snow to fall. "I've been in Texas my entire life and I have never seen this depth of snow," said Ishan Bhaidani, 29, who owns a fintech consulting company in Houston. "It typically gets more icy but this type of fine snow, this is a first." Authorities in Houston investigated two deaths that may be weather related, including that of a homeless man who was found near an apartment complex, the Harris County Sheriff said on X. Snow was also falling in New Orleans, where 9.8 inches (nearly 25 cm) had accumulated by late afternoon, according to the National Weather Service. Richard Bann, a NWS meteorologist, said that the service was trying to confirm whether Tuesday's snowfall broke a New Orleans record set in 1895 when 8 inches fell. The last time New Orleans received any measurable snowfall was 2009, according to the NWS. "Stay home and stay off the roads," said a bundled-up New Orleans Mayor LaToya Cantrell, as winds whipped snow in her face, in a video message to residents on X. Breaking a 144-year-old record, more than 6 inches (15 cm) of snow fell in Mobile, Alabama, by late afternoon, according to the NWS. The storm is expected to crawl through Mississippi, Georgia and Florida early this week. The storm snarled air travel with flights delayed or canceled on Tuesday. More than 1,000 flights departing or bound for Houston's George Bush Intercontinental Airport were canceled, according to Flightaware.com. Temperatures dipped into single digits Fahrenheit, well below freezing, across the region. Forecasters and local leaders urged residents to protect themselves from frostbite and to take steps to keep their water pipes from rupturing. Across the South, the snow, combined with an inch of ice accumulation and wind gusts of up to 40 miles per hour (64 kph), could make road and air travel difficult for several days, while threatening to topple power lines and trees, forecasters said. About 30,000 homes and businesses in southeastern Texas were without power at one point on Tuesday, but by late afternoon that number fell to fewer than 8,000, according to Poweroutage.us. Atlanta, Georgia, and Montgomery, Alabama, opened warming centers and closed government offices in anticipation of the storm. Numerous school districts canceled classes, according to local news. To the north, most of the eastern two-thirds of the United States experienced brutally cold temperatures as an Arctic front was expected to linger through at least Tuesday. Grand Lake, Colorado, was the coldest spot in the U.S. on Tuesday morning at -39 F (-39 C). Sign up here. https://www.reuters.com/business/environment/us-south-hit-by-rare-winter-storm-deep-freeze-blankets-much-country-2025-01-21/
2025-01-21 20:02
Task force aims to create clear crypto regulatory framework Trump administration seeks to reverse previous SEC crypto crackdown Industry leaders welcome move towards regulatory clarity Jan 21 (Reuters) - The U.S. Securities and Exchange Commission's new leadership said on Tuesday it had created a task force to develop a regulatory framework for crypto assets, in the first major move by President Donald Trump's new administration to overhaul crypto policy. Trump, who campaigned on promises to be a "crypto president," has pledged to reverse an industry crackdown under former President Joe Biden's SEC, which sued multiple crypto companies, including Coinbase (COIN.O) , opens new tab and Kraken, alleging they had flouted its rules. The companies have denied those allegations, arguing the SEC rules are inappropriate for cryptocurrencies and that it is unclear when a crypto token might qualify as a security and therefore be subject to the SEC's oversight. The industry has been calling for years for the SEC to create clear cryptocurrency rules. Tuesday's move by Republican Commissioner Mark Uyeda, whom Trump named acting SEC chair on Monday, and fellow Republican Commissioner Hester Peirce, marks the first policy win for the crypto industry under the new administration. "The Task Force's focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously," Uyeda's office said in the announcement. Reuters reported this month that Uyeda and Peirce were poised to kickstart Trump's crypto policy overhaul, including by beginning the rule-making process. Trump is also expected to soon issue executive orders that would lessen regulatory scrutiny of the crypto industry and help promote the adoption of digital assets, Reuters and other media reported. "We are encouraged by this meaningful first step towards real policy solutions and ending the regulation by enforcement era of the past," Jonathan Jachym, global head of policy at Kraken said in an email statement. "We look forward to accelerating our policy engagement ... to establish regulatory clarity." Bitcoin hit a fresh record high of $109,071 on Monday amid investor excitement over the new crypto-friendly administration. The task force will also help lawmakers as they draft crypto-related legislation while coordinating with other federal bodies, such as the Commodity Futures Trading Commission, as well as state and foreign agencies, the SEC added. A top executive at Coinbase also applauded the move. "We have been saying for years to help us by crafting rules for crypto. Over the last four years, the answer was resoundingly 'no,'" the firm's Chief Legal Officer Paul Grewal said in a phone interview. "It is a new day." Sign up here. https://www.reuters.com/technology/us-sec-forms-cryptocurrency-task-force-2025-01-21/
2025-01-21 19:44
HOUSTON, Jan 21 (Reuters) - U.S. President Donald Trump has ended the moratorium on new liquefied natural gas export permits imposed by his predecessor Joe Biden in January 2024. Trump targeted the LNG industry with an executive order on the first day, part of a series of planned policy moves to encourage more U.S. energy production. Biden paused new approvals pending a study into the environmental and economic effects of the booming export industry. The study was released in December. U.S. LNG output was set to more than double regardless of the moratorium. Before Biden halted new permit approvals, the government had already given the green light to projects that would increase U.S. LNG capacity to 200 million tonnes per annum (MPTA) from around 90 MPTA. Those projects were not affected by the moratorium. New permits issued by Trump's government would likely increase export capacity from 2030 onwards, because it takes several years to build LNG plants. The United States is already the world's largest LNG exporter and shipped 88.3 million tonnes of the superchilled gas in 2024. This year alone, three new plants should add nearly 50 MPTA to U.S. capacity. Venture Global's Plaquemines LNG plant in Louisiana which at peak would add 20 million tonnes per annum (MTPA) and Cheniere Energy's (LNG.N) , opens new tab 10 MTPA Stage 3 expansion at Corpus Christi, Texas. Both plants began producing LNG in December 2024 and are still under construction. The long delayed joint venture between ExxonMobil (XOM.N) , opens new tab and QatarEnergy (QATPE.UL), Golden Pass LNG Texas is also expected to produce the first LNG in 2025 and at peak would have a capacity of 18.1 MTPA. The following are the projects that were impacted by the halt to new permits and which could now be in a better position to move forward due to Trump's decision. They could add another 100 MPTA to U.S. export capacity: IN TEXAS: -Sempra Infrastructure's (SRE.N) , opens new tab Port Arthur expansion (13 MTPA) -Cheniere Energy's (LNG.N) , opens new tab Corpus Christi 8 and 9 (3 MTPA) IN LOUISIANA -Commonwealth LNG (9.5 MTPA) -Venture Global LNG's CP2 project (20 MTPA) -Energy Transfer's (ET.N) , opens new tab Lake Charles LNG facility (15.5 MTPA) -Glenfarne Group's Magnolia LNG (8.8 MTPA) -Gulfstream LNG (4.2 MTPA) -Argent LNG (25 MTPA) EXPANSION There are also a number of plants that already have DOE export permits but need approvals to increase their capacity. They include Venture Global LNG's Plaquemines and Calcasieu Pass plants, and Kinder Morgan's (KMFC.UL) Elba Island LNG plant. FURTHER OUT There are also a number of projects in an earlier stage of development that could benefit from the restart of permit processing. They include: IN TEXAS: - EOS FLNG - Barca LNG IN LOUISIANA - CE FLNG - Main Pass Energy Hub FLNG - Monkey Island LNG MEXICO In Mexico, the Mexico Pacific LNG project located in Saguaro will liquefy U.S. gas and therefore needs the DOE permit. New Fortress Energy's (NFE.O) , opens new tab Altamira FLNG plant on Mexico's Pacific coast was the only project to get a license to export to countries not covered by free trade agreements during the pause. Sign up here. https://www.reuters.com/business/energy/us-lng-projects-boosted-by-trumps-export-permit-restart-2025-01-21/
