Germany's BioNTech and U.S. major Pfizer have announced their coronavirus vaccine is more than 90% effective in preventing COVID-19 among people without evidence of prior infection.
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Happy Veterans Day to the heroes that have served in our US Military. Thank you for your sacrifice, bravery and your service.
As the world undergoes a fundamental transformation into distributed generation, smart grids and battery storage, spending in the Power Industry is shifting toward infrastructure development and away from conventional fuel-source generation investments. New on the horizon is hydrogen; how will it influence the industry, and where will the first developments take place?
Join Britt Burt, Industrial Info Resources’ Power Industry expert, and Shaheen Chohan, VP of Global Analytics, as they present up-and-coming spending trends in the power market.
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As COVID-19 Slams North-Central U.S., More than $5 Billion in Energy, Industrial Projects at Risk
The U.S. presidential election has come and gone, but COVID-19 never noticed. In the past week, five north-central states have the highest risk of infection, based on new daily cases per capita, according to Johns Hopkins University: North Dakota, South Dakota, Iowa, Wisconsin and Montana. Energy and industrial projects in these resource-rich states have faced varying hurdles, although some have finished, or are nearing completion, despite setbacks. Industrial Info is tracking $5.28 billion of projects in these six states that have been delayed or otherwise affected by COVID-19 precautions, including $2.7 billion worth under construction.
More than $68 Billion in U.S. Power Projects Set for Completion Next Year
While industries across the board have seen some slowdown and delays due to COVID-19, the U.S. Power Industry has remained relatively resilient. Compared with the Oil & Gas sector, power company earnings have been relatively strong, and the companies continue to invest in new plants, unit additions and maintenance. Perhaps the quickest-growing sector, renewables, has seen the most delays from the pandemic due to both on-site social distancing and a delay in the shipment of equipment manufactured abroad. Nevertheless, Industrial Info is tracking more than $68 billion in Power Industry projects that are set to be completed in the U.S. in 2021.
IIR Top Refining News Today: November 2nd 2020
Valero restarted the 57,000-BBL/d VGO Hydrocracker 943 unit on October 30, after being shut down on August 25 due to Hurricane Laura, at its 343,000-BBL/d Port Arthur, Texas, refinery. The refinery remains at rate reductions due to the COVID-19 pandemic.
Deer Park Refining restarted the 38,500-BBL/d Jet/Diesel Hydrotreater (HDU-1) on October 31 at its 340,000-BBL/d Deer Park, Texas, refinery after being shut on October 20.
Flint Hills Resources restarted the 83,125-BBL/d VDU on October 30, after being shut on October 17 for undisclosed reasons, at its 293,000-BBL/d Corpus Christi West Refinery in Texas.
IIR's October 29th Market Scorecard Brings You Breaking Geopolitical News
Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.
IIR's Market Scorecard gives you the breaking news headlines from around the world, along with the directional impact to commodities, with expert indicators, and live links to IIR key research so you instantly have the details you need and make the right decisions.
Entergy Struggles with Hurricanes, COVID-19 as it Plots Major NGCC, Transmission Buildouts
In a constantly changing U.S. energy market, Entergy Corporation finds itself at the center of the storm--literally. Utilities across Louisiana are still reeling from hurricanes Laura, Sally and Delta in August, September and October, respectively, and now are enduring Hurricane Zeta. Entergy, which serves many areas along the U.S. Gulf Coast, saw its bottom line take a hit from the hurricanes and COVID-19, but remains optimistic about its long-term outlook. Industrial Info is tracking $9 billion in active projects from Entergy, including nearly $2 billion worth that are nearing or under construction.
IIR Top Power News Today: October 27th 2020
Nebraska Public Power District's 770-megawatt (MW) Cooper 01 unit at its Cooper Nuclear Power Station in Nebraska was operating at 16% this morning, according to the Nuclear Regulatory Commission. The unit should be online today.
Ameren Missouri has rescheduled maintenance on the 574-MW Labadie 02 unit at its Labadie Power Station in Missouri due to COVID-19. Maintenance was originally scheduled for October 26, but will now begin April 9, 2021, with completion by April 29.
Tennessee Valley Authority, today, October 27, took 449.22 MW offline from the Watts Bar 01 ST unit at its Watts Bar Nuclear Power Station in Tennessee. The unit is operating at 60% after a feedwater pump malfunction. This event is expected to end October 30.
More than $10 Billion in U.S. Wind, Solar Projects Struggle with COVID-19 Delays
Confirmed U.S. cases of COVID-19 are surging to their highest levels in months, and no industry has avoided their fallout. That includes the U.S. renewable energy sector, which hit a record 11% of total U.S. energy consumption in 2019, according to the U.S. Energy Information Administration (EIA). Two of the fastest-growing sources, wind and solar, have seen a long list of projects face setbacks following the outbreak. Industrial Info is tracking more than $10 billion worth of active wind and solar power-generation projects across the U.S. that have faced delays or other hurdles due to the pandemic.
American Electric Power, Alberta Production Curtailments: Your Daily Energy News
U.S. Oil Rig Count Rises for Fifth Week in a Row - Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by six to 211 in the week ending October 23. That followed increases in each of the last four weeks.
Alberta to End Monthly Oil Production Curbs in December - Canada's main oil-producing province of Alberta will lift curbs on crude production ahead of schedule at the start of December, as coronavirus-related shutdowns ease pipeline congestion, Energy Minister Sonya Savage said on Friday. The move comes a month ahead of when the restrictions were set to end. Nearly 16% of the crude production in the province, home to the world's third-largest oil reserves, is currently offline, Savage said.
AEP Boosts Quarterly Earnings - American Electric Power reported Q3 2020 earnings of $749 million, compared with earnings of $734 million in Q3 2019.
IIR Top Refining News Today: October 26th 2020
ExxonMobil restarted the 120,000-BBL/d FCCU today, October 26, at its 350,000-BBL/d Beaumont, Texas, refinery after it was shut down on October 23 due to an upset. Separately, the 40,000-BBL/d CHD-2 ULSD Diesel Hydrotreater was restarted on October 25 after it was shut down on October 6.
Marathon's 210,000-BBL/d Robinson, Illinois, refinery experienced a power outage on October 23. The restart of five units occurred early on October 24. The event lasted less than 24 hours.
Total shut and restarted the 30,000-BBL/d DHT 3 Diesel (ULSD) Unit 855 due to heavy rains on October 23 at its 190,000-BBL/d Port Arthur, Texas, refinery.
Investment in Renewables Expected to Soar as Duke Energy Unveils Bold Decarbonization Plan
Duke's plan to decarbonize its business includes:
» Retiring all its coal-only generating units in the Carolinas by 2030 and accelerating the retirement of coal plants in the Midwest
» Double its renewable generation fleet, to 16,000 megawatts (MW), by 2025, 24,000 MW by 2030, and 40,000 MW by 2050
» Install more than 11,000 MW of battery energy storage systems by 2050
» Achieve net-zero methane emissions in its gas distribution business by 2030
Economists Say, "In the Long Run, We're All Dead." Does That Grim Outlook Apply to Proposed LNG Terminals in the U.S.?
When economists assess the short- and long-term prospects for a given industry or product, they often invoke a famous quip from British economist John Maynard Keynes: "In the long run, we are all dead." Meaning that the short term matters much more than the long term, regardless of how each term is defined.
One thinks of Keynes when considering the liquefied natural gas (LNG) market. While the world is expected to sharply increase its use of liquefied natural gas (LNG) over the next 15 years, that sunny outlook is cold comfort to the $75 billion of planned U.S. LNG export projects that are scheduled to begin construction by the end of 2021.
Dr. Reddy's to Conduct Human Trial for Sputnik V COVID-19 Vaccine in India
Indian pharmaceutical major Dr. Reddy's Laboratories Limited is set to begin human clinical trials in India for the Sputnik V vaccine, which is being developed by the Gamaleya National Research Institute of Epidemiology & Microbiology in Russia. Dr. Reddy's recently received approval from Drug Control General of India (DCGI) to conduct adaptive Phase II and III trials for the COVID-19 vaccine.
Dr. Reddy's entered into a partnership with Russian Direct Investment Fund (RDIF) in early September 2020 to conduct clinical trials and distribution of the Sputnik V vaccine in India. As a part of the agreement, RDIF would supply 100 million doses of the vaccine to Dr. Reddy's after receiving regulatory approval in India.
Industrial Info is tracking 68 active COVID-19-related projects, worth more than $381 million, in India. See heat map below from IIR's Geolocator tool.
China's Output of Crude Oil Up 2.4% in September 2020, an Industrial Info Market Brief
In September 2020, China's crude oil output reached 16.1 million metric tons, an increase of 2.4% from September 2019, according to China's National Bureau of Statistics. From January to September 2020, China's crude oil output totaled 146.25 million metric tons, a 1.7% increase from the same period last year.
In September 2020, China's crude oil imports totaled 48.48 million metric tons, a 17.6% drop from September 2019. From January to September 2020, China's crude oil imports totaled 420 million metric tons, an increase of 12.7% from the same period last year.
China's processed volumes of crude oil reached 57.35 million metric tons in September 2020, an increase of 2.4% from September 2019. From January to September 2020, China's processed volumes of crude oil totaled 500 million metric tons, an increase of 2.9% from the same period last year.
NavigatIIR: More than $57 Billion in Texas Industrial Projects Impacted by COVID-19
As COVID-19 becomes entrenched in our daily lives, it resonates through the industrial world in the form of delayed final investment decisions, project startup delays and completion delays due to a lack of critical components or socially distanced workforces. According to Industrial Info's project database, no state has been more affected than Texas, where Industrial Info is tracking more than $57 billion in projects that have been impacted by COVID-19.
To read the complete article, check out the most recent edition of Industrial Info's NavigatIIR online newsletter.
Europe Fast Tracks Process for BioNTech/Pfizer COVID-19 Drug
The European Union (EU) has begun a "rolling review" of the COVID-19 vaccine being developed by Germany's BioNTech and U.S. major Pfizer with a view to fast-tracking its rollout.
The BNT162b2 vaccine candidate is based on BioNTech's proprietary mRNA technology and supported by Pfizer's global vaccine development and manufacturing capabilities. The vaccine candidate is currently being evaluated in a global Phase 3 study ongoing at more than 120 clinical sites worldwide with 37,000 participants, with more than 28,000 having received their second vaccination.
Texas Set to Remain Wind Power Leader in U.S.
Texas easily eclipses other U.S. states when it comes to the amount of wind-generated power. According to the U.S. Energy Information Administration (EIA), if Texas were a country, it would have the fifth-highest wind generation capacity in the world. And this capacity is only growing. The EIA reports that Texas' wind capacity grew nearly 17% in 2019, rising from 24.1 gigawatts (GW) in 2018 to 28.1 GW in 2019.
Texas is an ideal place for wind generation, and in April 2019, when Texas hit peak monthly wind generation of 7,900 gigawatt-hours, the state's windfarms ran at an overall utilization rate of 44%. According the EIA, "Monthly wind capacity factors in Texas are slightly higher and less variable than in the United States as a whole."
NavigatIIR: California, New York Slow Their Roll on Ambitious Green Energy Plans Amid COVID-19
Despite some of the toughest state-level measures to prevent the spread of COVID-19, California and New York are seeing their long-term fallout from the pandemic grow even longer. As two of the five states with the highest unemployment rates, according to the U.S. Department of Labor, both are hitting the brakes on their ambitious renewable energy plans as project owners struggle to find a way to pursue development. Industrial Info is tracking more than $2.8 billion worth of renewable-energy projects in these two states that have been delayed or otherwise affected by COVID-19 precautions.