Braskem Gives Up on WV Cracker – Parkersburg Site for Sale

A sad end to the hope that Braskem, the largest petrochemical company in Latin America (headquartered in Brazil), is going to build an ethane cracker in Wood County, WV, near Parkersburg. We hasten to add Braskem leaving doesn’t mean someone else won’t will build a cracker plant there–it just won’t be Braskem. News is leaking that Braskem has put the land they had purchased for a possible cracker up for sale.
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OH Power Plant Builder Vows Referendum to Overturn Nuke Bailout Law

Yesterday MDN brought you the news of a newly passed Ohio law to prop up two bankrupt nuclear power plants and coal-fired plants (see Ohio Nuke Bailout Law Means Fewer Natgas-Fired Electric Plants). It’s an outrageously dumb law that raises electric rates for all Ohioans and threatens to end a number of planned natural gas-fired electric plant projects (billions of dollars worth). It didn’t take long for the builder of some of those natgas plants to announce a referendum effort to overturn the new law.
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Federal Judge Approves EQT $53.5M WV Class Action Settlement

In February MDN brought you the news that EQT had settled a class action lawsuit in West Virginia with landowners and rights owners ending EQT’s practice of post-production deductions from royalty checks (see EQT Settles WV Class Action Royalty Lawsuit for $53.5M). EQT agreed to pay $53.5 million into a settlement fund that will disburse payments to each individual litigant–unless they elect to opt out of the settlement and continue on with a private lawsuit against EQT. Courts take a looooooooooong time to do anything, including putting a stamp of approval on this settlement.
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Pipeline Thru NJ Scrub Pines Under Construction Despite Opposition

Earlier this week MDN told you that a New Jersey state appeals court shot down a lawsuit (one of many) against New Jersey Natural Gas’ (NJNG) $130 million, 22-mile natural gas pipeline project called the Southern Reliability Link (see Court Shoots Down Anti Lawsuit Against Pipe Thru NJ Scrub Pines). Antis don’t give up. There are other lawsuits, and pressure being applied to local municipalities along the pipeline’s route to reject permission to build. But here’s the thing (that’s new news for us): The pipeline is already under construction in certain locations.
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Lack of NatGas Pipeline Hurting Economy in Holyoke, Mass.

Fossil fuel haters who refuse to allow a new natural gas pipeline in Massachusetts are causing real economic harm in cities like Holyoke. The mayor of Holyoke is one of those inflicting economic harm–on his own citizens!–by opposing a small 2.1-mile expansion of the Tennessee Gas Pipeline. A Holyoke City Council member is floating a resolution to support the pipeline, trying to change hearts and minds. Is he spitting in the wind?
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McKinsey: Marcellus Production Will Grow 6% per Year Thru 2030

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Powerhouse consulting firm McKinsey & Co. recently released the “North American gas outlook to 2030” report (summary below) with some interesting findings. Among them: Natural gas production in the Marcellus/Utica will rise an average of 6% per year from now until 2030 (next 11 years). And because of the huge supply of gas coming from M-U and the Permian, the price of natural gas will average $2.75 per thousand cubic feet (Mcf) for the long-term, perhaps even a bit lower than $2.75. That’s certainly unwelcome news–but we have to know what we’re dealing with to know how to meet the challenges ahead.
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Energy Stories of Interest: Thu, Jul 25, 2019

OTHER U.S. REGIONS: 78-mile pipeline will help Consumers Energy distribute more natural gas; Delmarva Power contract worker working on Wilmington natural gas project dies of shooting injuries; NATIONAL: WoodMac: Deepwater and shale oil now have more in common; How rising baseload demand for gas is reshaping seasonal patterns; FERC fall agenda; INTERNATIONAL: Chinese energy provider ENN to trace the natural gas supply chain using VeChainThor blockchain; Millions of ‘hidden’ Iranian barrels set to hit oil markets.
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