SPRINGFIELD, Ill. (AP) — Lawmakers supporting hydraulic fracturing Wednesday abandoned proposed legislation to speed use of the practice in Illinois, and said they would instead urge a state agency to move more quickly writing rules to regulate it.
The Legislature last May authorized the process commonly known as fracking, which uses a high-pressure mixture of water, sand and chemicals to crack and hold open thick rock formations, releasing trapped oil and gas. But the Department of Natural Resources has spent months holding hearings and gathering more than 30,000 comments on the best way to regulate the drilling method. The agency has until November to publish rules for fracking.
HARTFORD, Conn. (AP) — Energy markets are defying Connecticut officials who have made driving down electricity prices a top priority.
State regulators announced on Friday their approval of an 8 percent increase in electric generation rates for about 62 percent of Connecticut Light & Power residential customers who do not get their electricity from competing suppliers. The increase by the state's largest utility boosts the average residential bill by $5.29 a month. The increase will take effect on July 1.
Spokesman Mitch Gross said the Northeast Utilities subsidiary is passing along increased prices charged by suppliers. "It's creeping up a little," he said.
NEW YORK (AP) — They're the $10 million men and women.
Propelled by a soaring stock market, the median pay package for a CEO rose above eight figures for the first time last year. The head of a typical large public company earned a record $10.5 million, an increase of 8.8 percent from $9.6 million in 2012, according to an Associated Press/Equilar pay study.
Last year was the fourth straight that CEO compensation rose following a decline during the Great Recession. The median CEO pay package climbed more than 50 percent over that stretch. A chief executive now makes about 257 times the average worker's salary, up sharply from 181 times in 2009.
The Federal Energy Regulatory Commission will hold a special meeting May 29-30 to discuss the proposed abandonment of the Midla pipeline, and try to reach an agreement between operator American Midstream Partners and its parent, customers, Louisiana officials and members of the Senate Energy Committee including chair Sen. Mary Landrieu, D-La., Gannett’s The News Star reports.
NICOSIA, Cyprus (AP) — U.S. Vice President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation.
"Cyprus is poised to become a key player ... transforming the eastern Mediterranean into a new global hub for natural gas," Biden said as he toasted his host, Cyprus President Nicos Anastasiades, at lunch in the presidential palace.
Anastasiades said the gas deposits, which also have been found in Israeli waters, can offer "an alternative energy corridor leading to increased energy security."
The European Union is examining steps it can take to ease its dependence on Russian gas, including increasing storage capacity and building more liquefied natural gas terminals to aid in bringing in imports from places like the U.S. and the Middle East, according to a draft of the bloc’s energy security plan seen by The Wall Street Journal.
Under a swap announced Wednesday, Exxon Mobil is picking up assets that will see its XTO Energy unit operate over 300,000 acres in the Midland Basin, while Linn Energy adds to its “already sizeable” position in Kansas and Oklahoma gas fields, FuelFix reports.
China processed 10.3 million barrels of oil a day in September, a record analysts -- who say companies are replenishing their stockpiles -- attribute to the drop in crude prices, The Wall Street Journal reports.
Oil prices gained early Tuesday on news of record demand in China in September. Crude increased 55 cents, bringing the U.S. benchmark to $83.26 a barrel in electronic trading on the Nymex, while in London Brent hit $85.95, Reuters reports.
Monday’s settlement for November natural gas futures on the Nymex – down 9.6 cents to $3.67 per million British thermal units – represents an 11-month low, and analysts told Platts a mild weather forecast for the month will likely reinforce the sluggish trend.
Despite recent improvements in the numbers, oil and gas firms still have more deaths from explosions and fires than any other private industry and carelessness is still a problem, according to E&E’s review of federal statistics.
Rep. Lamar Smith, R-Tex. and chair of the House Science, Space and Technology Committee, has sent a second letter to Administrator Gina McCarthy about the Environmental Protection Agency’s rule limiting carbon emissions from existing power plants, this time demanding a full cost analysis in the face of what he calls “the flaws and deficiencies in EPA’s modeling,” The Hill reports.
The reduction in the federal investment tax credit that’s due to take effect at the end of 2016 will drive a wave of consolidation that will leave six to 12 major players in the solar industry, an analyst predicted at the start of the Solar Power International conference in Las Vegas, Bloomberg reports.
Tesoro Logistics is getting into the natural gas business, picking up assets from QEP Resources in Colorado, Utah and North Dakota in a deal with a $2.5 billion price tag, the San Antonio Express-News reports.
Taking the first formal step in the process to limit strontium in drinking water, the Environmental Protection Agency has issued a preliminary determination to regulate levels of the substance and will take public comment on the matter, The Hill reports.