EXTRACTED: Daily News Clips 8/25/22
PIPELINE NEWS
Roanoke Times: FERC gives Mountain Valley Pipeline more time to complete project
Press release: Over 650 Groups Call on Congressional Leaders to Reject Manchin’s Dirty Pipeline Deal
The Courier: Carbon pipeline proposal sparks debate during Bremer, Buchanan informational meetings
KCCI: Pottawattamie County supervisors oppose eminent domain for construction of pipeline
KMTV: Pottawattamie County supervisors take stance on eminent domain for pipeline: 'That's a dirty word for us'
The Chronicle-Telegram: Commissioners split vote to hire expert for NEXUS pipeline tax appeal
Politico: FERC sets new timeline for delayed pipeline, LNG project
WASHINGTON UPDATES
Reuters: Interior denies it ignored impact of 3,500 oil, gas permits on climate
The Hill: Greens ask EPA to ban new natural gas heating
STATE UPDATES
E&E News: Calif. poised to ban sales of new gas-fueled cars by 2035
Colorado Sun: Colorado will finally issue renewed Suncor permit, while tightening air monitoring
EXTRACTION
Washington Post: Report of an ancient methane release raises questions for our climate future
New Scientist: Deepwater Horizon oil spill linked to changes in dolphin gene activity
Reuters: Firms make deals to boost LNG exports 60% from U.S., Canada, Mexico
Reuters: Energy Transfer signs 20-year LNG supply deal with Shell
Reuters: Canada exploring feasibility of direct LNG exports to Europe -PM Trudeau
CLIMATE FINANCE
Houston Chronicle: Blackrock, UBS and others on state’s naughty list after “boycotting” oil and gas companies
Reuters: Energy bonanza drives shareholder payouts to new record
OPINION
Good Morning Wilton: LETTER: Stop the Gas Pipeline Extension in Wilton
Daily Caller: Dem-Controlled States Look To Block Crucial Pipeline Project Amid Blackout Warnings, Skyrocketing Prices
National Observer: Are oilsands companies holding out for more time, more money — or both?
PIPELINE NEWS
Roanoke Times: FERC gives Mountain Valley Pipeline more time to complete project
Laurence Hammack, 8//24/22
“More than four years after construction of the Mountain Valley Pipeline began, causing widespread environmental damage in Southwest Virginia, the end is not imminent,” the Roanoke Times reports. “In a unanimous decision late Tuesday, the Federal Energy Regulatory Commission gave the company another four years to complete a natural gas pipeline long delayed by community opposition and lawsuits from environmental groups. The new deadline for completion of the 303-mile pipeline is Oct. 13, 2026. FERC, the lead agency overseeing construction, first approved the $6.6 billion project in 2017 and allowed work to start the following year. Muddy runoff from construction sites soon led the Virginia Department of Environmental Quality to find more than 350 violations of erosion and sediment control regulations. Despite that, FERC said, “there has been no showing that the environmental effects of the project have changed materially since the Commission authorized the project.” “...Apparently FERC has simply chosen to ignore the piles of evidence in the record of the harms MVP has wrought on the people and waters in its way,” David Sligh, conservation direction for Wild Virginia, one of the groups that has filed legal challenges, told the Times… “In addressing other arguments from opponents — including the assertion that there is no public need for the gas to be shipped by the pipeline — FERC left less wiggle room. The presidentially appointed panel wrote that its decision in 2017, which found a market based on binding shipping contracts, had been upheld on appeal and that additional comments about need “are improper collateral attacks on that order and need not be considered further.” “...The joint venture of five energy companies building the pipeline got another boost earlier this month, when U.S. Sen Joe Manchin, D-West Virginia, struck an agreement with party leaders that may expedite completion. Opponents are fighting the senator’s efforts, and are organizing a protest to be held Sept. 8 on Capitol Hill.”
Press release: Over 650 Groups Call on Congressional Leaders to Reject Manchin’s Dirty Pipeline Deal
8/24/22
“More than 650 climate, environmental justice, public health, youth, and progressive organizations sent a letter to congressional leadership today to oppose the fossil fuel expansion deal proposed by West Virginia Sen. Joe Manchin to Democratic leadership in exchange for his support of the Inflation Reduction Act… “According to a leaked draft, the proposed dirty infrastructure bill would fast-track fossil fuel projects like the Mountain Valley Pipeline and undercut basic environmental protections. “This fossil fuel wish list is a cruel and direct attack on environmental justice communities and the climate,” the group’s letter said. “This legislation would truncate and hollow out the environmental review process, weaken Tribal consultations, and make it far harder for frontline communities to have their voices heard by gutting bedrock protections in the National Environmental Policy Act and Clean Water Act.” The proposal also requires the president to create a list of at least 25 projects deemed to be of “strategic national importance”; at least five of the priority items “shall be projects to produce, process, transport, or store fossil fuel products, or biofuels, including projects to export or import those products.” The United States must reject new fossil fuel projects to meet President Biden’s emissions reduction goals and comply with what science says is necessary to keep warming below 1.5 degrees Celsius. The Mountain Valley Pipeline alone would lead to annual emissions equivalent to over 89 million metric tons of carbon dioxide, according to analysis by Oil Change International. This is equal to the emissions from 26 coal plants or 19 million passenger vehicles per year. “Prolonging the fossil fuel era perpetuates environmental racism, is wildly out of step with climate science, and hamstrings our nation’s ability to avert a climate disaster,” the letter highlights. “Supporting this legislation would represent a profound betrayal of frontline communities and constituents across the country who have called on you to prevent the multitude of harms of fossil fuels and advance a just, renewable energy future.” Reports indicate that congressional leadership plan to introduce the legislation in September with the hope of a final vote before the end of the month. But some Democratic leaders, including House Natural Resources Committee Chair Rep. Raúl Grijalva, have spoken out against the deal and called for it not to be included in the federal spending resolution, which also must pass before the end of September.”
The Courier: Carbon pipeline proposal sparks debate during Bremer, Buchanan informational meetings
Andy Milone, 8//25/22
“A company financially backed by BlackRock, one of the world’s largest asset managers, felt the wrath of Bremer and Buchanan counties Monday and Tuesday evenings,” The Courier reports. “During the 3-1/2 hours of informational meetings held in both the counties this week, a few dozen residents asked questions, but several took issue with and formulated arguments against the purported proposal and rationale of infrastructure developer Navigator for building a carbon pipeline through their farmland and that of their neighbors. Company representatives were on hand to answer queries during the kick-off meeting, and to confirm or refute claims presented by attendees at the meetings, which at points, especially in Bremer County, got somewhat heated. The meetings attracted a couple hundred people in total… “You people are not improving anybody’s lifestyle in Iowa,” said Jim Miller, a retired farmer and one of the impacted landowners. “Right now, we’re sitting in the bread basket of the world right here in Iowa and you people want to plow your line through everybody’s farm here, ruin their farms, and you are improving nothing.” “...However, many speakers harkened back to a CO2 pipeline exploding in Satartia, Mississippi in February of 2020, and feared a leak could lead to wide-spread asphyxiation. Brett Waggett, of Waverly, took issue with the company not releasing to the public, just the regulator, its plume models, which would predict the paths and concentrations of those released contaminants, and argued computer models aren’t even right a lot of the time… “But if we have a major leak and you don’t catch it right away, and wind’s blowing to the south toward Waverly, Iowa in a low spot, you’re basically putting everybody in this entire town at risk of asphyxiation from a carbon dioxide pipe that none of us even want.”
KCCI: Pottawattamie County supervisors oppose eminent domain for construction of pipeline
8/25/22
“Pottawattamie County is the latest to take a stance against eminent domain,” KCCI reports. “Earlier this month, Summit Carbon Solutions told the Iowa Utilities Board they plan to use the practice to obtain easements on 18 properties in Pottawattamie County… “The county board of supervisors just passed a resolution stating its opposition of eminent domain for the construction of carbon capture pipelines. More than 20 other counties have done the same. Supervisors say they want companies like Summit Carbon Solutions to work with landowners on each individual property if they want to move forward.”
KMTV: Pottawattamie County supervisors take stance on eminent domain for pipeline: 'That's a dirty word for us'
Isabella Basco, 8/23/22
“Summit Carbon Solutions wants to build a pipeline across five states, including Nebraska and Iowa. In Iowa, it would leave quite a dent, stretching more than 680 miles and traversing 29 counties,” KMTV reports. “...The company promises to invest nearly $23 million in Pottawattamie County, which would trickle down to local businesses. But not all are buying into the hype. Thomas Kallman, who manages hundreds of miles of water main serving customers in the proposed area, has questions. "My concern is what the impact of any kind of a mishap or brake in their line and the resulting explosion that would come from it would do to our water system lines in the ground," he said. Kallman's other concern is using eminent domain to build the pipeline. "This is a private company. We don't get to tell them what to do," he said. Sentiments like these are why the Pottawattamie County Supervisors, including Justin Schultz, are taking a stand. "When it comes to eminent domain, that's a dirty word for us," Schultz told KMTV. The Board of Supervisors wants to make it clear that they have limited power when it comes to eminent domain and the pipeline. They can't stop it from happening if approved. "This rests with the Iowa Utilities Board. They have the final say as to whether or not this will happen," Schultz told KMTV.
The Chronicle-Telegram: Commissioners split vote to hire expert for NEXUS pipeline tax appeal
Dave O'Brien, 8/25/22
“A divided Lorain County Board of Commissioners voted Wednesday to approve hiring an appraiser to help the county appeal a deal the state struck with owners of the NEXUS pipeline over the natural gas transmission line's tax value,” The Chronicle-Telegram reports. “Commissioners Matt Lundy, a Democrat, and Michelle Hung, a Republican, voted to approve Lorain County Auditor Craig Snodgrass' hiring of appraiser George Sansoucy to provide valuation and valuation analysis, rebuttal, research and general consulting services. Commissioner David Moore, a Republican, voted "Nope!" "I'm not willing to gamble money so that we can look good that we're fighting for the people," he told his fellow commissioners. Twelve other counties crossed by the NEXUS pipeline have signed onto a deal that would allow NEXUS' owners, DT Midstream and Enbridge, to pay less than they initially promised the county, its towns and schools when it first proposed the pipeline. Snodgrass has said NEXUS will be underpaying its true tax bill by approximately $600 million over the next 30 years — money destined for schools and municipalities in its path… “He said he didn't want to pay Sansoucy on what he called an "open-ended contract," then have to refund money the county has already collected from NEXUS years down the road if an appeal fails. "If we proceed with the appeal, it's going to hurt 13 counties including ours," Moore said. The owners of the NEXUS pipeline "have resources" and the ability to lower their tax liability even more. "This is why I'm not going to be supporting any of this," he said. "If they (DT Midstream and Enbridge) win, I'm not risking $100 million."
Politico: FERC sets new timeline for delayed pipeline, LNG project
CATHERINE MOREHOUSE, 8/23/22
“FERC on Tuesday issued an updated schedule for a proposed liquefied natural gas and pipeline project, following the agency’s decision to suspend the facility’s environmental review last month,” Politico reports. “The revised schedule for the CP2 LNG and CP Express project was posted after developer Venture Global sent a letter to FERC Monday urging the agency to issue a new timeline. Originally, FERC aimed to have the final environmental impact statement for the facility done by February of next year. It now plans to issue a final EIS by July 28, 2023… “Details: The commission last month sent Venture Global a list of outstanding data and information needed by FERC to complete the environmental analysis, and notified the company the project’s timeline would be delayed until FERC got the information needed.”
WASHINGTON UPDATES
Reuters: Interior denies it ignored impact of 3,500 oil, gas permits on climate
Clark Mindock, 8/23/22
“The Biden administration broadly denied allegations it violated environmental review laws when approving thousands of oil and gas drilling permits, including its failure to consider how resulting greenhouse gas emissions would impact climate change,” Reuters reports. “The U.S. Department of the Interior on Monday pushed back on claims it shirked obligations under the National Environmental Policy Act and other laws to consider how permits for more than 3,500 oil and gas wells might contribute to climate change, as the Center for Biological Diversity and other conservation groups alleged in a June complaint. In a 50-page response, the government rejected the groups’ claims in broad strokes, asserting repeatedly that a range of allegations made by the group — including that there is an “ever-growing body of scientific literature” showing that greenhouse gases cause climate change and that the crisis is driven primarily by burning fossil fuels – were “vague and ambiguous.” The government said it lacks “knowledge and information sufficient” to form an opinion about those claims. But that lack of data is part of the point of the lawsuit, Center for Biological Diversity government affairs director Brett Hartl told Reuters. The government’s approach to permitting fails to take a look at the cumulative impacts of oil and gas drilling on federal lands so it can be difficult to draw straight lines between the program and the harms of climate change, he told Reuters. “In general, it's a mess. The way the government has looked at leasing as well as permitting has been a mess and continues to be a mess because there's never an answer to the question — what is the harm from what we are doing and that bigger sense of climate change?” Hartl told Reuters.”
The Hill: Greens ask EPA to ban new natural gas heating
RACHEL FRAZIN, 8/23/22
“Environmental advocates are asking the Biden administration for a federal ban on new natural gas-powered heating appliances in homes and commercial buildings,” The Hill reports. “In a petition submitted to the Environmental Protection Agency (EPA) on Tuesday, 26 health, environmental and consumer protection organizations asked the agency for the ban. Environmental and health advocates have fought to bar natural gas appliances in homes and buildings at the city and state levels, citing health and climate impacts. The natural gas industry has pushed back on such efforts, making consumer choice and cost arguments. In their new petition, the 26 groups largely focused on health impacts. They specifically asked the EPA to prohibit new heating systems that emit nitrogen oxides, which have been linked to negative respiratory outcomes and are also a precursor to smog, which can worsen lung conditions like asthma… “The petition only applies to heating and does not seek to prevent the use of gas stoves, which many advocates have also sought to ban at the city and state levels. Amneh Minkara, the Sierra Club’s Building Electrification Campaign deputy director, told the Hill the groups’ request fills a hole, addressing previously unregulated emissions. “Regulations for other major sources like the industrial sector, the energy sector, the transportation sector, they’ve all been regulated by the EPA thus far, but a massive source of these emissions from the building sector have not.”
STATE UPDATES
E&E News: Calif. poised to ban sales of new gas-fueled cars by 2035
Anne C. Mulkern, 8/25/22
“California regulators are poised to approve a groundbreaking rule that would effectively ban sales of new gas-fueled passenger vehicles starting in 2035,” E&E News reports. “The California Air Resources Board (CARB) is scheduled to vote today on its “Advanced Clean Cars II” proposal, which would require that automakers offer only electric and other zero-emission vehicles (ZEVs) in the state by that 2035 deadline. Automakers must hit other clean car benchmarks along the way, including ensuring that 35 percent of new cars are ZEVs by 2026, and 68 percent are ZEVs in 2030. Only used gas-fueled cars would be sold in the state after 2035. “California now has a groundbreaking, world-leading plan to achieve 100 percent zero-emission vehicle sales by 2035,” said Democratic Gov. Gavin Newsom, who in a 2020 executive order asked CARB for the regulation. “It’s ambitious, it’s innovative, it’s the action we must take if we’re serious about leaving this planet better off for future generations.”
Colorado Sun: Colorado will finally issue renewed Suncor permit, while tightening air monitoring
Michael Booth, 8/24/22
“Colorado air pollution regulators have issued one of the Suncor refinery’s two long-delayed permit renewals, while also strengthening rules on how the company must carry out a new air monitoring law to protect neighbors,” the Colorado Sun reports. “The EPA also signaled it no longer objects to the Plant 2 permit for Suncor after the state made some revisions. But clean air advocates who have long fought Suncor’s high-pollution presence in Commerce City just north of Denver said they will renew efforts to block the permit. “As Suncor continues to spew asthma-causing pollution in north Denver, which impacts the whole north Front Range, the Center for Biological Diversity, along with a broad coalition of community and environmental groups will very likely petition the EPA to object” to the renewal, Robert Ukeiley, a senior attorney in Denver for the center, told the Sun. “We’re weighing our options, but we remain very concerned about Suncor’s horrid track record of compliance. The malfunctions and upsets are really just nonstop,” WildEarth Guardians’ Jeremy Nichols told the Sun. He pointed to an Aug. 16 notification from Suncor of a nine-hour excess emissions event for hydrogen sulfide related to flaring. Hydrogen sulfide is one of the toxic substances a new state law requires Suncor to monitor for at its perimeter fence and disclose excess emissions to the public. Suncor has two permits from the Air Pollution Control Division. Suncor submitted a renewal application for Plants 1 and 3 in 2008, and that is still under review by the division. Many Colorado polluters are allowed to continue operating under the conditions of expired permits while the state works through a backlog of dozens of applications and renewals. Suncor, which primarily refines gasoline and asphalt from petroleum at the Commerce City complex, is one of the largest emitters of greenhouse gases in Colorado. The state-issued permit also has specific limits on individual pollutants such as nitrogen oxide or sulfur dioxide.”
EXTRACTION
Washington Post: Report of an ancient methane release raises questions for our climate future
Chris Mooney, 8/24/22
“A group of scientists this week said they have discovered new evidence of how methane deposits stored deep in the seafloor can break free — and they are now trying to figure out what this could mean for our climate future,” the Washington Post reports. “The research published Monday suggests a major destabilization of seafloor methane off the coast of Africa around 125,000 years ago, after a global shift in currents warmed the middle depths of the ocean there by 6.8 degrees Celsius, or 12.2 degrees Fahrenheit — a massive rise. Several scientists who reviewed the study told the Post they weren’t ready to raise major alarms about the planet’s ample stores of subsea methane in the form of what are called hydrates. While most experts agree that this methane could cause tremendous warming if it somehow hits the atmosphere, many say that the gas would be unleashed only slowly as the planet warms, and that the ocean itself would protect us by absorbing most methane before it can escape to the air. Still, the new findings, published in the Proceedings of the National Academy of Sciences, underscore how little we still know about how the planet will respond to our uncontrolled greenhouse gas emissions — and how unpredictable that response may be… “The warming of the middle layer of the ocean during the era was “much stronger than previous model studies have assumed,” Syee Weldeab, a paleoclimatologist at the University of California at Santa Barbara, who led the research along with colleagues at institutions in Germany, China and Australia, told the Post. “And then, the release of methane is strong and persistent over a longer time, to make it basically noticeable through the sediment, through the water column, and potentially, to the atmosphere.”
New Scientist: Deepwater Horizon oil spill linked to changes in dolphin gene activity
Corryn Wetzel, 8/24/22
“Dolphins living off the coast of Louisiana during and after the massive Deepwater Horizon oil spill in 2010 have genetic changes that could serve as a “canary in the coal mine” for future disease, according to researchers who analysed the animals’ blood samples,” New Scientist reports. “[Gene expression] is a very, very sensitive indicator that can let us know something’s going wrong long before we see illness or deaths in the population,” Jeanine Morey at GEL Laboratories in South Carolina, who worked at the National Marine Mammal Foundation at the time of the study, told NS. The largest marine petroleum spill, the Deepwater Horizon disaster churned around 800 million litres of crude oil into the Gulf of Mexico after an oil rig sank in April 2010. The impacts on wildlife were staggering, with fish, birds and marine animals dying in huge numbers. But the long-term consequences of the spill on wildlife are less understood, which led Morey to investigate how common bottlenose dolphins (Tursiops truncatus) were faring… “The analysis revealed thousands of differences in gene expression in animals in the disaster region compared with those outside the affected area. The gene PRG3, which is linked to declining lung health in humans, was expressed 8.2 times higher in dolphins that lived through the disaster than in those born after. Morey notes that dolphins in the contamination zone that had lung issues documented in their physical exams were more likely to have disruptions in the genes that regulate the growth of new lung tissue. The researchers also found elevated expression of a collection of genes associated with immune responses in dolphins from the contaminated zone. The greatest differences in gene expression were seen in animals studied in 2013, the date closest to the disaster.”
Reuters: Firms make deals to boost LNG exports 60% from U.S., Canada, Mexico
Scott Disavino, 8/23/22
“North American liquefied natural gas (LNG) developers and producers this year have struck deals to sell 48 million tonnes of LNG, which will eventually pump up exports 60% from current levels, although much of the output remains years away,” Reuters reports. “LNG demand is soaring as the conflict in Ukraine pushes global prices to their highest in at least 14 years. Buyers in Europe have looked West in a move away from Russian gas, and Chinese buyers are striking long-term deals after a pause. New gas-export plants are being developed across the United States, and Mexico and Canada are poised to join as significant gas exporters, with plants proposed for their west coasts. Eight North American LNG export terminals are under construction and over a dozen more could receive financial greenlights by 2023. Some buyers have locked in supplies from plants that have not yet been approved for construction, so not every supply agreement may go ahead. "The dynamics have shifted," Charlie Riedl, executive director for trade group Center for Liquefied Natural Gas, told Reuters. "Buyers are trying to lock up firm agreements where they can (to) guarantee that gas is going to be delivered.” “...Goldman Sachs forecasts global LNG demand to rise about 12% 424 MTPA next year and expects new plants that will supply 156 MTPA to be approved within the next five years.Growing demand has made the United States this year's largest LNG exporting nation during the first six months. Approved projects that are expected to begin shipments between 2023-2026 could keep the country in first place.”
Reuters: Energy Transfer signs 20-year LNG supply deal with Shell
8/24/22
“U.S. pipeline operator Energy Transfer LP on Wednesday said it agreed to supply 2.1 million tonnes of liquefied natural gas (LNG) per year to Shell Plc for 20 years,” Reuters reports. “The deal for supplies from its proposed Lake Charles, Louisiana, facility comes as demand and prices for LNG are soaring over Russia's February invasion of Ukraine. LNG prices at the Dutch hub in Europe this week hit $83 per million British thermal units (mmBtu), more than twice that of early March. Shell was an original backer of the facility, which received U.S. permits in 2015 to produce 16.4 million tonnes per annum (MTPA) of the superchilled fuel. But the British oil giant quit the project two years ago as energy markets tumbled during the coronavirus pandemic. Energy Transfer more recently has signed a string of agreements with potential buyers to supply about 8 MPTA… “U.S. permits for the project were issued in 2015, but Energy Transfer has not yet reached a financial greenlight.”
Reuters: Canada exploring feasibility of direct LNG exports to Europe -PM Trudeau
8/22/22
“Canada is exploring ways to see if there is a business case to export liquefied natural gas (LNG) directly to Europe from its east coast, Prime Minister Justin Trudeau said on Monday,” Reuters reports. “Speaking alongside German Chancellor Olaf Scholz in Montreal, Trudeau said "we will do what we can" to contribute to the global supply of energy by increasing capacities in the short term. Canada will also "explore ways to see if it makes sense to export LNG and if there's a business case for it to export LNG directly to Europe ... economic conversations are going on between businesses in Canada and in Germany," Trudeau told reporters.”
CLIMATE FINANCE
Houston Chronicle: Blackrock, UBS and others on state’s naughty list after “boycotting” oil and gas companies
Erica Grieder, 8/24/22
“Ten financial service firms that stand accused of “boycotting” oil and gas companies could be barred from doing business with Texas, Texas Comptroller Glenn Hegar said Wednesday,” the Houston Chronicle reports. “The companies on Hegar’s list are BlackRock, UBS Group, BNP Paribas SA, Credit Suisse Group, Danske Bank, Jupiter Fund Management PLC, Nordea Bank ABP, Schroders PLC, Svenska Handelsbanken, Swedbank, and UBS Group. These are some of the largest financial companies in the world, with BlackRock alone having some $10 trillion under management. A law passed in 2021, Senate Bill 13, directed the comptroller’s office to research and prepare a list of all financial services companies deemed to be boycotting fossil fuel-based companies. Those that made the list could be subject to divestment by pension funds including the Employees Retirement System of Texas and Teacher Retirement System of Texas—and barred from signing new contracts or renewing contracts with other state governmental entities—unless they quit doing whatever it is that they’ve been doing… “BlackRock does not boycott fossil fuels—investing over $100 billion in Texas energy companies on behalf of our clients proves that… Elected and appointed public officials have a duty to act in the best interests of the people they serve,” the BlackRock spokesperson continued. “Politicizing state pension funds, restricting access to investments, and impacting the financial returns of retirees, is not consistent with that duty.” The new law was pursued as Republicans across the country-and in Texas particularly — who have become increasingly sour over the growing “Environmental, Social, and Governance” (ESG) movement in investing. Fossil fuels, because of their contributions to climate change, have become a particular target of ESG investors, many of which have redirected their money to clean energy.”
Reuters: Energy bonanza drives shareholder payouts to new record
Lucy Raitano, 8/24/22
“Energy companies reaping record profits from soaring oil and gas prices have helped global dividend payments to shareholders soar above pre-pandemic levels and to a record quarterly high, data showed on Wednesday,” Reuters reports. “Oil and gas firms, including state-controlled giants in Latin America, accounted for more than two-fifths of the growth in dividend payments in the three months to end-June, according to fund manager Janus Henderson's latest global dividend report. Banks freed from pandemic-era restrictions on dividends were behind a similar share of the growth in payouts, while consumer firms such as automotive manufacturers also shelled out more. In total, global dividend payments reached $544.8 billion in the second quarter, Janus Henderson calculated, up 11.3% on a headline basis year-on-year after companies slashed dividends during the COVID-19 pandemic. The payouts highlight how stellar a year companies enjoyed in 2021 as economies recovered, and how well corporate profitability has held up this year even as households are plunged into a cost-of-living crisis as inflation soars and fears of a global recession mount… “With major economies now heading for significant slowdowns, there are concerns about investors' reliance on energy industries for dividend growth… “The scale of recent dividend payouts could also trigger more calls for windfall taxes on oil and gas profits, although analysts say that bigger dividend payments are a boost to the many pension funds that own energy shares. "We would say that companies paying out dividends to shareholders is preferable from an environmental sustainability view than reinvesting into new oil and gas production that contributes to yet further global warming," Mike Coffin at Carbon Tracker, a financial think-tank, told Reuters.”
OPINION
Good Morning Wilton: LETTER: Stop the Gas Pipeline Extension in Wilton
Rem Bigosinski, 8/24/22
“Don’t get fooled. Despite what Eversource is telling Wilton residents, new gas pipelines are adding costs to ratepayers and are bad for our health and the climate. Take action to stop the gas pipeline extension project that has started along New Canaan Rd./Rte. 106,” Rem Bigosinski writes for Good Morning Wilton. “The pipeline design began in 2020 by Aquarion and Eversouce and was facilitated by the Wilton town engineer and DPW staff for detouring and staging. The community was not informed until April 13, 2022, and given only two weeks to respond. This limited community input on a critical decision will impact all our futures… “The Wilton project, which started before this decision and the fines, is grandfathered in but we’ll all be paying for it with increased rates, and health and environmental costs. There’s nothing natural about “Natural Gas,” a marketing term designed to mislead consumers… “It’s time to move away from more gas and towards readily available, climate-friendly, all-electric buildings, and the first and easiest way is to stop new gas pipelines. What can you do? 1) Don’t sign up to purchase gas from this costly and damaging pipeline; 2) Ask the Town of Wilton to stop new gas hookups; and 3) Ask the CT Department of Energy and Environmental Protection in its upcoming Comprehensive Energy Strategy to recommend an end to all gas pipeline expansion and instead create a plan for all-electric buildings.”
Daily Caller: Dem-Controlled States Look To Block Crucial Pipeline Project Amid Blackout Warnings, Skyrocketing Prices
JACK MCEVOY, 8/24/22
“Attorney generals (AGs) from California, Oregon and Washington are calling for the Federal Energy Regulatory Commission (FERC) to stop the expansion of a crucial gas transmission project, arguing that it will violate climate laws; despite the states facing some of the highest gas prices in the country as well as the prospect of blackouts,” Jack McEvoy writes for the Daily Caller. “California Attorney General Rob Bonta, Washington Attorney General Bob Ferguson and Oregon Attorney General Ellen Rosenblum filed a motion on Monday asking the FERC to deny the proposed capacity expansion of TC PipeLines’ Gas Transmission Northwest (GTN) XPress pipeline project (GTN), according to a press release. The three western states currently hold some of the highest gas prices in the nation and may be at risk of suffering blackouts… “The Gas Transmission Northwest XPress Project (GTNXP) is designed to upgrade our system to meet increased demands from our customers in the region, providing the reliable energy to communities throughout the Western U.S. in a safe, responsible, and reliable manner,” spokesperson from TC Energy told the Daily Caller News Foundation.”The strong demand for natural gas pipeline capacity in the region, which GTNXP will provide, was reaffirmed when GTN secured long-term agreements with customers for 100 percent of the project capacity.” “...The attorney generals assert such carbon emissions will violate their states’ climate change laws, which require cutting greenhouse gas emissions and transitioning to 100% green energy, according to legal filings.”
National Observer: Are oilsands companies holding out for more time, more money — or both?
Max Fawcett, 8/25/22
“Slow and steady wins the race.” It’s the key takeaway from Aesop’s fable of the Tortoise and the Hare, one that parents have tried to teach their kids for generations. It also forms the basis of the oil and gas industry’s latest attempt to push back against climate policy in Canada. And unlike its previous postures, which have included denying the existence of climate change or suggesting Canada can’t do much about it, this one might actually work,” Max Fawcett writes for the National Observer. “...In a recent op-ed in the Globe and Mail, Pathways Alliance CEO Kendall Dilling acknowledged that “Canada’s oil sands industry recognizes we are one of our country’s largest greenhouse-gas emitters, and that we have a major role to play in helping meet the national climate-change commitment of net-zero emissions by 2050.” But, he insisted, the large oilsands companies his organization represents can’t be rushed into reducing those emissions any time soon. “Impractical time frames for emissions-reduction targets could drive investment away from our industry and our country, reducing production in Canada while increasing output and emissions in other countries.” “...The bigger problem here is that the industry and its various lobby groups still don’t seem to understand the kind of race they’re running, nor the pace at which their competitors are speeding away from them. The recently passed Inflation Reduction Act will turbocharge the clean energy sector in the United States, including its efforts to develop carbon capture and storage projects… “Why, then, should we trust them to clean up their greenhouse gas emissions? Slow-playing the challenge of reducing emissions might be just fine for the middle-aged senior executives at these oil companies, who would surely rather continue with business (and bonuses) as usual until they retire. But it’s bad for the long-term health of the companies they run (never mind the province, country and world they live in), which will have to eventually face down the double-whammy of declining global oil demand and rising costs for high-carbon producers. It’s not clear whether these oilsands companies and their advocates are holding out for more time, more money or both.”