British Columbia, which has been a leader in policies to curb carbon emissions and fight climate change, is trying to figure out how a gas boom from fracking, likely leading to a surge of Asian exports, will fit in, The New York Times reports.
Aruba Petroleum is challenging a Texas jury’s award of nearly $3 million in damages to a couple who claimed to be sickened by drilling-related air pollution in the Barnett Shale, InsideClimate News reports.
AMSTERDAM (AP) — The European Union's executive has proposed a strategy to secure the bloc's energy supplies — and reduce its reliance on Russia — by seeking new sources in the Caspian Sea, the Mediterranean, and importing more liquefied natural gas, or LNG.
But the plan, which EU Energy Commissioner Guenther Oettinger presented Wednesday and will be considered by European leaders at a June 26-27 summit, offers no quick fixes. Europe imports 40 percent of its gas from Russia, half of that via pipelines that run through Ukraine, a situation which would take years of investment to alter.
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.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.