Boston Mystic Gas-Fired Power Shuttered, but LNG Imports Continue
On May 31, Constellation Energy shut down and permanently retired the natural gas-fired Mystic Generating Station it owned and operated in Charlestown, Massachusetts, on the north side of Boston. Mystic was one of the oldest U.S. electric power plants still in operation. The plant was fed by natural gas from another facility owned by Constellation, the nearby Everett LNG import terminal. At one time, Everett was also in danger of closing when Mystic closed. However, Everett was given a six-year reprieve due to a contract to supply natural gas to several utility companies.
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Who doesn’t love a good Top 10 (or, in this case, Top 100) list? Yesterday, Hart Energy published a list of the Top 100 private oil and gas producers in the Lower 48 states. The list is based on information provided by Enverus and Oil and Gas Investor. The article’s point was to call attention to the dramatic change in the list given the consolidation (mergers and acquisitions) over the past 18 months — changes which are “reshaping the landscape,” according to Hart Energy. When perusing the list, the first thing we noticed is that four of the Top 10 in the list of Top 100 are major gas and oil producers operating in the Marcellus/Utica.
Last Friday, Morningstar DBRS published a commentary titled, “Record-High Temperatures Boost Power Demand but Ample Gas Inventories Prevent a Bigger Jump in Prices” (full copy below). Since early March, U.S. and European natural gas prices have climbed steadily in the anticipation — and eventual onset — of much warmer than normal early summer temperatures even as producers curbed supply to contend with the glut built up during the past mild winter. Although U.S. and European gas storage inventories have been drawn down from early 2024, they remain high for this time of year. Large inventories are preventing prices from moving higher, says Morningstar analysts. It’s classic economics — more supply with the same demand equals lower prices.
The radicals at the tax-exempt (extremely partisan) PennFuture organization have arrogantly proffered a report with policy recommendations for the Pennsylvania Department of Community and Economic Development (DCED), lecturing DCED on how it should “reshape the Commonwealth’s strategic collaborations” with public and private partners. And what does this reshaping look like? Defund any efforts that benefit the oil and gas industry in the state (responsible for billions in revenue and hundreds of thousands of jobs) and instead invest in “clean energy” (unreliable wind and solar) and “energy efficiency” (tell PA citizens to turn the thermostat up in the summer, down in the winter, while trying to convince them they love it).
Last Friday, the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE) announced that applications are open for $850 million in federal funding “for projects that will help monitor, measure, quantify and reduce methane emissions from the oil and gas sectors as part of President Biden’s Investing in America agenda.” The funding, to be taken from the misnamed Inflation Reduction Act (IRA), aims to force small operators to significantly reduce methane emissions from oil and natural gas operations. Essentially, it is a massive bribe to vote for Biden in November. Companies that get in on the gravy train will vote for (and donate to) the Democrat Party. That’s how it works in the disgusting swamp called D.C.
NATIONAL: Top RFK Jr. aide is Soros-linked climate activist; Supreme Court to hear NEPA oil case; OPEC’s trillion-dollar bet against U.S. shale; If the elite really cared about humanity, they wouldn’t ban fossil fuels; We must continue to adjust to climate change – and not kill billions; INTERNATIONAL: Oil climbed on geopolitical risks and weaker dollar; LNG not displacing coal in China’s energy transition; Herb Pinder – The future is natural gas; Why Asia’s carbon emissions are erasing Western progress.