Dominion Energy | Electrical Generation | Energy Services | Industrywide Issues | Statewide VA | Virginia
Dominion Contemplates Building More Gas-Fired Power Plants in Va.
Even though Dominion Energy sold its interstate pipeline network in 2020 (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B) and is now rumored to be interested in selling its local gas distribution pipeline network (see WSJ, Utilities Pursue Pipeline Sales as Natural-Gas Bans Catch On), Dominion hasn’t completely forsworn all fossil energy. According to a report by the Associated Press, Dominion, via a report filed with the Virginia State Corporation Commission, contemplates a future of building new small natural gas-fired power plants to feed the electric grid in Virginia.
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Rational thought was purged from the radicalized left long ago. Still, it’s worth mentioning from time to time just how illogical and irrational the “environmental” left has become in its thinking and pronouncements. For example, extremely combustible hydrogen emits NO carbon dioxide when burned. It simply turns into water. So you might think replacing natural gas with hydrogen would be a dream come true for anti-fossil fuel zealots. But you would be wrong. Antis HATE hydrogen energy and are now actively working to defeat it even as they work to defeat natural gas. Why?
The left has infected and corrupted hard science, like math, chemistry, biology, and geology. Even the scientific method is no longer used by the very organization that is supposed to promote real (hard) science: the National Science Teaching Association (NSTA). Members of the 
OTHER U.S. REGIONS: Cheniere lands first offtake contract for Sabine Pass expansion; NATIONAL: Why shale frackers should be in a strong position in 2023; Upstream M&A slides to $9B in 1Q23; INTERNATIONAL: Aramco in talks with Sinopec, Total on $10B Saudi Gas deal.
Earlier today Equitrans Midstream, the former EQT Midstream (now a standalone company), issued its first quarter 2023 update. The update is actually a series of updates about the company’s vitally important (to the Marcellus/Utica) pipeline and midstream projects. In the update, we learn more about the company’s Rager Mountain Natural Gas Storage Field accident; we learn the latest about the Mountain Valley Pipeline (MVP) project, essentially on hold; and we learn about the Ohio Valley Connector Expansion Project (OCVX), expected to be in-service the first half of 2024.
Yesterday MDN told you about a new assault on the oil and gas industry in Pennsylvania coming from the Chairman of the House Environmental Resources & Energy Committee, anti-fossil fuel zealot Greg Vitali, who (along with 13 other leftists) introduced House Bill (HB) 962, aimed at raising the bonding rates for drilling new conventional wells in the state (see 
U.S. LNG (liquefied natural gas) exports are hitting new highs each month now that the Freeport LNG facility came back online in March (see 
Commodities like oil and natural gas are just about the purest form of free market capitalism on the planet. They are textbook supply-and-demand commodities. When supply goes up or down, given the same demand, the price for the commodity will go up or down inversely. It doesn’t take long for the markets to “balance.” The same on the demand side. If demand goes up or down and supply stays the same, the price will go up or down. But what about propane? The propane market is different and much harder to predict.
We’re not even sure how to process this, or where to begin. We previously warned MDN readers that New York Gov. Kathy Hochul, an extremist, is trying to ban natural gas hookups in every single new home and business across the “Empire” State (see 
Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its first quarter 2023 update late last week. The company generated an impressive $1.9 billion in net income for the quarter versus losing $2.7 billion in 1Q22. That’s an incredible swing of $4.6 billion in one year! The company generated $99 million in free cash flow for the quarter. Southwestern reported total net production of 411 Bcfe (billion cubic feet equivalent), or 4.6 Bcfe per day, including 3.9 Bcf per day of gas and 107 MBbls (thousand barrels) per day of liquids. Southwestern invested $665 million of capital and placed 36 wells online to sales, including 13 in the Marcellus/Utica and 23 in the Haynesville.
Last week CNX Resources issued its first quarter 2023 update. The company generated $710 million of net income versus losing $923 million in the same quarter last year. However, actual revenue for selling gas and NGLs was down from a year ago ($456 million vs. $745 million). The net income figure also includes gains and losses on derivatives (hedging). In 1Q22, CNX lost $1.7 billion on its derivatives, but in 1Q23, the company made $762 million on derivatives. Production fell in 1Q23, down to 135.9 Bcfe (or 1.51 Bcfe/d), versus 150.9 Bcfe (1.68 Bcfe/d) in 1Q22.