Freezing Temperatures Continue To Grip The Country

Japanese utility Tohoku Electric announced an initial agreement to purchase 300,000 tons of LNG at Henry Hub-linked prices annually for 16 years starting in 2022 from the proposed Cameron LNG project. A Mitsubishi trading division with equity in the plant would supply the fuel if an FID is reached. [Reuters]

New York Governor Andrew Cuomo announced a $1 billion commitment to the NY-Sun program as part of the state’s push increase the use of renewable energy and modernize the power grid. “To drive market penetration on a large-scale basis, the PSC order provides long-term, stable funding over a 10-year period to support photovoltaic (PV) projects throughout the state. In doing so, the PSC approved a transition to a “Megawatt Block incentive structure” that allocates MWs to specific regions of the State; breaks those regional MW targets into blocks to which incentives are assigned; and awards incentives based upon the block in effect at the time. This new structure will provide allocations on a regional basis in three categories: residential photovoltaic (PV) projects up to 25 kilowatts (kW); non-residential PV projects up to 200 kW; and systems greater than 200 kW. The allocations will be based on historic demand, market potential, installed cost per watt, and equity.” [Governor’s Press Office]

Oil service company Weatherford cut 3,300 jobs as part of a streamlining effort that could see a total of 7,000 jobs cut and numerous international offices closed. “Weatherford has kicked off the process of closing 20 offices and plans to begin the same for 30 more locations in the second quarter, the company said.” [Upstream]