Mandates that require utilities to generate renewable energy can be satisfied by physically owning the assets and generating power from distributed sources like wind and solar, or by purchasing renewable energy certificates from other who generate power from renewables. This creates markets that vary by state depending on local mandates and regulations. REC trading in Pennsylvania is experiencing considerable volatility. “Solar credits in Pennsylvania, which peaked at $350 in 2009 and tumbled to a floor of $10 in the middle of last year, reversed course rapidly in the past few months…Dave Hommrich, who owns Smith-based Sunrise Energy, has close to 1 megawatt of installed capacity and generates about 1,200 credits a year. Last year, he would have been able to get $12,000 for his credits. Today, that would be closer to $60,000.” [Pittsburgh Post-Gazette]

Norwegian oil find boosts confidence in the country’s long-term production outlook and optimistic comments from a Statoil executive boosted shares in companies with ownership stakes in the field. “Discovered in two parts by Lundin Petroleum AB (LUPE) in 2010 and Statoil in 2011, Sverdrup renewed optimism in Norway’s oil industry after a decade of falling output from aging North Sea fields. The oil discovery could supply as much as 25 percent of Norway’s oil production 10 years from now, the Norwegian Petroleum Directorate said last month.” [Bloomberg]

Russia’s second largest crude oil producer by volume – behind Rosneft – fully replaced its oil & gas reserves last year. “Lukoil said its proved hydrocarbon reserves, calculated under Securities and Exchange Commission (SEC) standards, stood at 17.4 billion barrels of oil equivalent, including 13.5 billion barrels of oil and 23.6 trillion cubic feet of gas, as of Dec. 31, 2013.” [Reuters]