Proxy War: ISS Supports Rice Brothers, Glass Lewis Supports EQT

Early on Friday, Institutional Shareholder Services (ISS), which makes recommendations to shareholders on how to vote in proxy fights, gave their stamp of approval to Toby and Derek Rice’s “activist” board takeover picks. ISS is heavily influential with institutional investors–organizations like hedge funds, mutual funds, and pension funds. We thought, “Oh oh, it’s all over now. The Rice boys have won.” But not so fast. Late Friday a second highly influential service that institutional investors look to for guidance, Glass Lewis & Co., threw their support behind the EQT slate of board candidates. The two most influential guidance services have split their support. What will shareholders do?
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Dominion Cancels Sweden Valley Marcellus Proj – Blames FERC Delay

When the Federal Energy Regulatory Commission (FERC) fiddles around and blows important deadlines, there are consequences. In January 2018, Dominion Energy filed a request with FERC to expand capacity along the existing Dominion Energy Transmission Inc. (DETI) pipeline, to flow Pennsylvania Marcellus gas into Ohio (see Dominion Files FERC Request to Expand Pipeline from PA to OH). The project, called Sweden Valley, has just been canceled by Dominion–due to FERC’s tardy approval process which is now nine months late.
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Long Ridge Scores New OH Data Center for Utica-Fired Elec Plant

Long Ridge Energy Terminal

Nearly a month ago MDN told you the Long Ridge Energy Terminal in Monroe County, OH (transloading facility) has begun to build a 485-megawatt Utica gas-fired electric plant (see Work Begins on Gas-Fired Elec Plant in Monroe County, OH). The new Utica-fired plant will be up and running in “late 2021.” We now know at least one customer for that electricity: DP Facilities Inc.
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Left-Wing Radical Arrested, Removed from MVP Excavator in Va.

Credit: WDBJ-TV CBS

A long-haired hippie chained himself to the top of an excavator being used to construct the Mountain Valley Pipeline (MVP) last Friday in Montgomery County, Va. He stopped construction for six hours. A small group of radicalized protesters stood nearby using megaphones to shout support for their comrade and to hurl foul language against workers building the pipeline (typical antis). Around midday, Virginia State Police used a lift to reach and remove the hippie, promptly arresting him.
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FERC Delay re Adelphia Pipe Causing Financial Strain for Talen

Two weeks ago MDN provided a list of Marcellus/Utica pipeline projects for which the Federal Energy Regulatory Commission (FERC) is withholding approvals, unnecessarily, due to Democrat commissioners gumming up the works over mythical global warming concerns (see List of M-U Pipeline Projects Waiting for FERC Approval). One of those delayed projects, as we report today, is now a casualty (see Dominion Cancels Sweden Valley Marcellus Proj – Blames FERC Delay). A second pipeline on that delayed list is also in trouble if FERC doesn’t take action asap: Adelphia Gateway.
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NY Independent Oil & Gas Assoc. Losing Full-Time Director, Staff

In a sad development, the Independent Oil & Gas Association of New York (IOGANY) is losing its superb executive director, Brad Gill (an MDN friend), and its paid office staff, in an effort to cut expenses. The administration of Governor Andrew Cuomo has been hostile to the oil and gas industry in NY–not only with a ban on fracking, but also with new environmental regulations that affect conventional drillers. Cuomo’s actions are having a negative effect on O&G in NY, and IOGANY is dealing with the fallout as best they can. The board of directors is slimming down and will now handle the day-to-day affairs of the association. Along with several other current directors, Brad will remain involved with IOGANY but in a different capacity while he pursues his other oil and gas interests.
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Cuomo’s Pipeline Rejection Blocks New Businesses in Nassau County

Cuomo’s pipeline moratorium chickens have come home to roost

Seems like it doesn’t matter how many times we report about the consequences of Andrew Cuomo’s rejection of pipeline projects like the Williams Northeast Supply Enhancement (NESE) project to the New York City area, mainstream media and local business and political leaders are still dumbfounded when utility companies, starved for new gas supplies, refuse to connect new gas customers. It happened in Westchester County in March when Consolidated Edison began turning away new gas customers–and now it’s happening in Nassau County (Long Island). National Grid is turning down requests for new gas customers in Lynbrook–an action which is blocking businesses (plural) from opening.
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Energy Stories of Interest: Mon, Jul 1, 2019

MARCELLUS/UTICA REGION: Hundreds enjoy horn-based bands at Peoples Natural Gas Park; Market impacts of Philadelphia Energy Solutions’ refinery shutdown; OTHER U.S. REGIONS: Oregon Republican senators end walkout over carbon bill; NATIONAL: Is the climate change debate a replay of the Reformation?; Oil services sector ripe for restructuring to boost tight profit margins; INTERNATIONAL: WoodMac: Chinese tariffs having limited impact on US LNG; World’s only natural gas-to-gasoline plant in operation in Turkmenistan; How U.S. LNG plays havoc with Dutch gas and Asian shipping.
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