Net Power Pivot 2.0 – Build the Gas Plant First, Capture CO2 Later
Net Power, backed by the Rice brothers (of Rice Energy and EQT fame), has spent years chasing the holy grail of natural gas power: a plant that burns gas and emits essentially zero carbon dioxide. Last year the company backed off that goal and pivoted to post-combustion carbon capture (PCC), which grabs about 90% of the CO2 using off-the-shelf technology. Close enough, the market said. Last week, Net Power pivoted again — and this one’s a doozy. The first phase of its flagship West Texas project will now be built with no carbon capture at all. Just a gas plant. Meanwhile, the company took a $193.7 million charge to write its original Allam Cycle technology and its La Porte demonstration plant down to zero. Read More “Net Power Pivot 2.0 – Build the Gas Plant First, Capture CO2 Later”
The independent watchdog that grades the PJM electric grid put out its half-year report card last Thursday under the cheerful headline “Market Monitor Finds PJM Wholesale Electricity Markets Competitive.” Read down three paragraphs, and you find the opposite — the capacity market flunked, three years running, and the Monitor blames data centers. Buried further still is a number that ought to end a certain argument in Harrisburg for good: the biggest single driver of PJM’s price spike wasn’t natural gas. It was the wires. 
A free-market think tank in New Jersey has published a report that says out loud what MDN readers figured out years ago: the Garden State keeps its lights on with natural gas — a lot of it, Marcellus gas — while chasing a 2035 clean-electricity mandate propped up by offshore wind that does not exist and batteries that have barely been built. The report, Reliability Before Retirement: Reassessing New Jersey’s 2024 Energy Master Plan, comes from the Garden State Initiative (GSI), a Morristown-based nonprofit that pushes free-market policy in one of the least free-market states in America. Author Anurag Bhat is no fracking cheerleader — he’s a sustainability-credentialed analyst who co-wrote GSI’s 2025 critique of the same Energy Master Plan (EMP). Which makes the findings that much more useful to us. 
On July 1, MDN told you Golden Pass LNG had gone dark — three cargoes out the door and then, on June 29, almost no feedgas flowing into the plant at all (see 
Competitive Power Ventures (CPV) and EQT Corporation have signed a 10-year gas supply agreement that locks up the entire fuel appetite of the CPV Shay Energy Center, the $3 billion, 2,100-megawatt (MW) combined-cycle plant headed for Doddridge County, West Virginia. It’s the deal that turns Shay from a project on paper into a project with a fuel contract. 
Virginia’s environmental cops have hit Transcontinental Gas Pipe Line Company (Transco) with a $179,068.50 civil charge over erosion and sediment control violations on the Pittsylvania County stretch of the Southeast Supply Enhancement (SSE) Project — the single most important new outlet for Marcellus/Utica gas heading south. 
Something happened over the past ten days that ought to look awfully familiar to anyone who was around Marcellus country in 2009. A single advocacy shop dug a permit out of a state filing cabinet, handed it to a friendly reporter at the New York Times, and within a week roughly two dozen outlets were running the same three sentences about Amazon becoming “the largest single source of pollution in the United States.” It’s not a coincidence, it’s not organic, and it’s not staying in Texas. Big Green has told us, in print, that the data center fight is the anti-fracking playbook run a second time — and one of the projects already on their list belongs to Williams, in Ohio, burning Utica gas. 
Both federal and state regulators signed off last Thursday on PowerTransitions’ purchase of the 1,242-megawatt (MW) Roseton Generating Facility in Newburgh, New York — the sixth and by far the largest gas-fired plant the Houston-based company has grabbed in the Empire State this year. The Federal Energy Regulatory Commission (FERC) issued its order Aug. 13 (Docket EC26-95-000), and the New York Public Service Commission approved the transfer the same day. But the most interesting thing in the FERC order isn’t the approval. It’s the name of the company doing the buying. 
PJM Interconnection, the grid operator that keeps the lights on for 67 million people across 13 states including Pennsylvania, Ohio, and West Virginia, filed its long-awaited data center framework with the Federal Energy Regulatory Commission (FERC) on Wednesday, August 13. The short version: if you’re a new data center and you don’t bring your own electricity to the party, you get switched off first when the grid gets tight. Homes and small businesses get cut last. It’s a rule that, read correctly, is one enormous purchase order for Marcellus/Utica gas. 
Here’s a puzzle for you. The Trump EPA has spent 18 months dismantling the Biden administration’s carbon rules for power plants. The final repeal has been parked at the White House Office of Management and Budget since May 14 — and as of this writing it’s still sitting there, past the 90-day review window that ran out on August 12. Everybody in the business assumes it’s a done deal. So why are state regulators still writing those very same carbon limits into brand-new permits for brand-new gas plants — including two projects that will burn Marcellus and Utica gas? 
Venture Global (VG), the Arlington, Virginia-based LNG exporter that operates the Calcasieu Pass and Plaquemines liquefaction plants in Louisiana — and is building a third, CP2 — reported second quarter 2026 results Tuesday that were, by any measure, a blowout. Revenue hit $4.6 billion (up 48% from 2Q25), net income came in at $1.3 billion (up 266%), and consolidated adjusted EBITDA reached $2.5 billion (up 79%), the largest quarterly EBITDA in company history. VG shipped 127 cargoes in the quarter and raised its full-year EBITDA guidance to $8.7-$9.1 billion, up from the $8.2-$8.5 billion it guided to in May. The company also passed its 1,000th cargo overall and jacked up its quarterly dividend by 122%. Why do we care in Appalachia? Because Plaquemines is fed by pipelines that carry Marcellus/Utica molecules south — and VG is planning to nearly double in size. 
The U.S. Energy Information Administration (EIA) released its August Short-Term Energy Outlook (STEO) on Tuesday — the agency’s monthly toss at the energy dartboard. Last month EIA nudged its Henry Hub natural gas price forecast up a few pennies. This month it took a real bite out of it. EIA now expects Henry Hub to average $3.44/MMBtu in 2026 (down from $3.67 last month) and $3.31/MMBtu in 2027 (down from $3.49). For the current quarter, the number is $2.87/MMBtu — a full 50 cents below what the agency predicted a month ago. The short version for landowners and royalty owners: gas is going to be cheap this fall. The longer version is more interesting, and it’s a story about where the gas is coming from. 
A new report from RBN Energy fills in a piece of the Project Beacon puzzle we haven’t fully covered: two separate Millennium Pipeline expansions — one already sanctioned, one still on the drawing board — that DT Midstream and TC Energy are advancing to feed New England’s growing appetite for Marcellus/Utica gas. One is moving fast. The other needs New York State’s blessing, which is never a sure thing. 
Forward natural gas prices for this coming winter at the Cove Point LNG terminal in Maryland have gone parabolic — and if you produce, gather, or transport Marcellus/Utica gas, you should care, because the pipes behind this story are the same pipes you use every day. A quick primer: a ‘forward price’ is what buyers and sellers agree today to pay for gas delivered on a future date — think of it as locking in a price months ahead of time. When forward prices spike, it means the market is already betting on tight supply or high demand down the road.