2024-06-10 23:03

June 10 (Reuters) - Utility and power generation company AES Corporation (AES.N) New Tab, opens new tab has started operations at Hawaii's largest solar facility on Maui, electricity provider Hawaiian Electric (HE.N) New Tab, opens new tab said in a statement on Monday. The Kuihelani Solar-plus-Storage is located on 450 acres in central Maui, and is producing 60 MW of renewable energy supported by a 240 MWh lithium-ion battery energy storage system to supply 15% of Maui’s energy needs, the statement said. AES Hawaii has a 25-year power purchase agreement with Hawaiian Electric starting from May 31, 2024, aiming to supply renewable energy to Maui's power network at a rate of 8 cents per kilowatt-hour. The project also offsets the need to import two million barrels of oil to Maui for electricity generation, the statement added. Hawaiian electric said in April it was prepared to initiate rolling blackouts due to decreased wind and solar power and the temporary loss of several large generators. Sign up here. https://www.reuters.com/business/energy/hawaiian-electric-says-mauis-largest-solar-facility-begins-operations-2024-06-10/

2024-06-10 22:40

WASHINGTON, June 10 (Reuters) - Federal agencies said on Monday they have restored full access for commercial maritime transit through the Port of Baltimore after the removal of 50,000 tons of debris from the March 26 collapse of the Key Bridge. The cargo ship Dali crashed into the Francis Scott Key Bridge in March in Baltimore, killing six people and paralyzing a major transportation artery for the U.S. Northeast. The U.S. Army Corps of Engineers said a survey on Monday certified the riverbed as safe for transit and said the Fort McHenry Federal Channel had been restored to its original operational dimensions of 700 feet wide and 50 feet deep. The fully operational channel will allow two-way traffic and the ending of the additional safety requirements that were required because of temporary reduced channel width. The U.S. Army Corps and U.S. Navy Supervisor of Salvage and Diving worked to clear Key Bridge wreckage for more than two months before the final piece was removed last week. The Dali was safely moved on May 20. More than 1,500 individual responders along with 500 specialists from around the world operated a fleet of boats during the operation which involved 56 federal, state, and local agencies. Surveying and removal of steel at and below the 50-foot mud-line will continue to ensure future dredging operations are not impacted and wreckage will continue to be transported to Sparrows Point for follow-on processing. In April, the FBI opened a criminal probe into the collapse. The National Transportation Safety Board said last month the Dali lost electrical power several times before it crashed into the bridge including experiencing a blackout during in-port maintenance and shortly before the crash. Maryland estimates it will cost $1.7 billion to $1.9 billion to rebuild the bridge and anticipates completion by fall 2028. Sign up here. https://www.reuters.com/world/us/access-fully-restored-key-channel-after-baltimore-bridge-debris-removed-2024-06-10/

2024-06-10 21:48

HOUSTON, June 10 (Reuters) - A U.S. regulator on Monday ordered liquefied natural gas developer Venture Global LNG to provide customers with documents about the mechanical problems and startup of a Louisiana plant. Venture Global LNG's Calcasieu Pass plant has been at the center of a long-running dispute involving energy companies including BP (BP.L) New Tab, opens new tab, Shell (SHEL.L) New Tab, opens new tab and others over access to LNG from the plant. The Federal Energy Regulatory Commission said in its order that it would appoint an administrative judge to arrange details of the distribution of the commissioning documents. FERC wants Venture Global and customers to negotiate terms of the protective order. The Arlington, Virginia-based firm's Calcasieu Pass plant has been producing and shipping LNG for more than two years, but has not provided contract customers with supplies, saying the plant is not yet fully operational. BP and Shell in January asked FERC to force Venture Global LNG to release documents to determine why commercial operations were stalled, calling the delay "unprecedented and inexplicable." The documents cover ongoing repairs to a heat recovery steam generator that had been filed under seal and 124 weekly commissioning and site inspection reports "that document the significant issues impacting this critical power plant equipment," Venture Global's spokesperson said. The spokesperson said FERC's order showed "no interest in any outstanding commercial disputes between Venture Global and its customers." A Shell spokesperson on Monday called the order "a victory for transparency." The order could lead to "information about why Venture Global continues to pursue a strategy to delay declaring the end of the commissioning process and avoid delivering cargoes to the very partners who enabled its project." BP, Shell, Edison (EDNn.MI) New Tab, opens new tab, Repsol (REP.MC) New Tab, opens new tab, Galp Energia (GALP.LS) New Tab, opens new tab and others that signed long-term contracts to obtain LNG have said the lengthy commissioning has deprived them of billions of dollars in business. Venture Global had objected to the energy company requests, saying it would not provide the documents unless ordered to do so. FERC rejected the move, saying the firm “has failed to demonstrate why the 'highly confidential' documents requested by Customers cannot be adequately protected by a protective agreement governing the documents.” Customers’ need for the information is not outweighed by Venture Global LNG’s need to protect it, especially under a protective agreement, FERC said. It ordered Venture Global to provide a copy of the requested documents to customers within five days of receiving an executed protective order. FERC found customers’ stated interests do relate to the privileged information, which includes the reliability issues with the heat recovery steam generators that have necessitated the extension of time request and allegedly prevented Venture Global from providing service to its customers. Sign up here. https://www.reuters.com/business/energy/us-orders-venture-global-lng-provide-customers-documents-about-problems-2024-06-10/

2024-06-10 21:46

June 11 (Reuters) - A look at the day ahead in Asian markets. Asian markets look set to remain on the defensive on Tuesday, kept in check by rising bond yields, political shockwaves in Europe, a buoyant dollar and caution ahead of the U.S. Federal Reserve's policy decision later in the week. That's not necessarily a blanket outlook across the continent though - Japanese equities New Tab, opens new tab got the week off to a solid start, shrugging off a spike up Japanese Government Bond yields after revisions to first quarter GDP were stronger than expected and the yen fell broadly. The economic calendar on Tuesday is light, with only South Korean current account figures, Philippines trade numbers and Australian business confidence on tap. Japan's GDP revisions on Monday will have boosted sentiment towards Japan and raised expectations that the Bank of Japan will press ahead with policy normalization at its policy meeting later this week. The 10-year JGB yield jumped 4.5 basis points on Monday, its biggest rise in two months and enough to reverse half of last week's decline. The BOJ is widely expected to hold off following up on its historic 10-basis point rate hike in March - its first since 2007 - for at least a few months more. Japanese swap markets aren't fully pricing in another 10 bps of tightening until the BOJ's September meeting, and are currently pointing towards a total 25 bps of rate hikes between now and the end of the year. Instead, the BOJ is more likely this week to discuss cuts in its JGB purchases as part of efforts to unwind monetary stimulus and reduce its $5 trillion balance sheet. But the yen will need more from the BOJ if it is to avoid falling back into the 158-160 per dollar zone that prompted two bouts of intervention from Tokyo recently. The yen on Monday slipped back below 157.00 per dollar. The currency's near-term fate, however, is probably in the dollar's hands, and the greenback is on quite a ride right now. Last week, it was languishing at a two-month low against a basket of major currencies, but rebounded following Friday's U.S. jobs report, and on Monday touched a one-month high. Record closing highs on Wall Street and buoyant Treasury yields should continue to underpin the dollar, and that's a combination that will probably weigh on emerging market assets more broadly. If sentiment towards Japan is brightening, investors remain cool towards Chinese assets. The CSI 300 index of blue chip shares and Shanghai Composite index both slumped on Friday to a six-week low. Chinese markets were closed on Monday so there could be outsized moves at the open on Tuesday as investors play catch-up for two global trading sessions. Here are key developments that could provide more direction to markets on Tuesday: - South Korea current account (April) - Philippines trade (April) - Australia business confidence (May) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-pix-2024-06-10/

2024-06-10 21:44

June 10 (Reuters) - California's attorney general on Monday sought to force the world's biggest oil companies to give up profits the state alleges they made while deceiving consumers about their role in contributing to climate change. The legal action comes months after a new state law took effect that allows the attorney general to seek profits earned by companies while they violated laws against unfair competition and false advertising. Attorney General Rob Bonta added the so-called disgorgement remedy to a lawsuit filed last year against Exxon Mobil (XOM.N) New Tab, opens new tab, Chevron (CVX.N) New Tab, opens new tab, Shell (SHEL.L) New Tab, opens new tab, BP (BP.L) New Tab, opens new tab, ConocoPhillips (COP.N) New Tab, opens new tab and oil and gas industry trade group the American Petroleum Institute (API). The suit, filed in state court in San Francisco, alleges the energy giants have caused tens of billions of dollars in damages and accuses them of deceiving the public. API said the suit was without merit. "This ongoing, coordinated campaign to wage meritless, politicized lawsuits against a foundational American industry and its workers is nothing more than a distraction from important national conversations and an enormous waste of taxpayer resources," API General Counsel Ryan Meyers said in a statement. "Climate policy is for Congress to debate and decide, not a patchwork of courts." Shell also said it did not believe climate change should be addressed in court. "Addressing climate change requires a collaborative, society-wide approach," the company said in a statement. ConocoPhillips said it did not comment on pending litigation. Exxon, Chevron and BP were not immediately available for comment. The filing comes days after United Nations Secretary-General Antonio Guterres called on countries to ban fossil fuel advertising as many do for tobacco and other products that have proven harmful to human health. In recent weeks, major oil and gas companies have fought back against activist shareholders urging more corporate climate action while some U.S. lawmakers have stepped up probes into whether the industry is behaving deceptively. Sign up here. https://www.reuters.com/legal/california-seeks-company-profits-big-oil-climate-lawsuit-2024-06-10/

2024-06-10 21:34

June 10 (Reuters) - New York's Metropolitan Transportation Authority said on Monday it is looking for cuts to capital projects and is concerned about federal grants after Governor Kathy Hochul ordered an indefinite halt to congestion pricing in Manhattan. MTA Chair and CEO Janno Lieber said the agency was working to avoid cuts to service after Hochul last week put on hold the planned toll on drivers entering Manhattan's central business district that was set to begin on June 30. "We're going to fight like hell to make sure we don't have to reduce service," Lieber said at a press conference. Lieber said the MTA is conducting an intensive review to "reorder, reprioritize and shrink" the capital program. "We simply cannot award contracts without dedicate funding in place," Lieber said. New York City's congestion pricing program, the first of its kind in the U.S., would have charged a toll of $15 during daytime hours for vehicles driving in Manhattan south of 60th Street. London implemented a similar charge in 2003. MTA has said the charge would cut traffic by 17%, improve air quality and increase transit use by 1% to 2%, as well as generating $1 billion to $1.5 billion a year and supporting $15 billion in debt financing for mass-transit improvement. On Monday, Hochul told reporters she wants to find funding sources for the MTA projects. "I am committed to these projects," she said. Hochul cited high inflation and a desire to prevent commuters or tourists from opting not to visit because of the charge. In 2019, state lawmakers approved the plan to help fund improvements in mass transit using tolls to manage New York City's traffic, the most congested of any U.S. city. Congestion pricing had been projected to start in 2021 but the federal government under President Donald Trump took no action. New York says more than 900,000 vehicles enter the Manhattan Central Business District daily, which reduces travel speeds to around 7 mph (11 kph) on average. Sign up here. https://www.reuters.com/world/us/new-york-transit-agency-looks-capital-cuts-after-halt-congestion-pricing-2024-06-10/