LNG imports are shrinking instead of growing; the reason isn't because ill conceived projects like Shell Broadwater are being turned down, it's because Asia and Western Europe are driving up prices. Shell Broadwater's theoretical $300 "savings" was pure fiction.
Figures released Thursday by the U.S. Energy Information Administration revealed imports in the first quarter of 2008 were less than half the volume compared with a year ago. Over the year, the agency expects a 12-per-cent drop compared with 2007.
"The decline in U.S. natural gas imports is the result of higher prices in Asia and Western Europe, which compete with the U.S. for LNG supplies," the agency said.
Toronto Star
Wednesday, April 23, 2008
Friday, April 11, 2008
Shell Broadwater: game over?
Shell Broadwater loses important round of Wac-a-mole (note Shell colors).
Monday, April 7, 2008
Clock Ran Out on Congestion Pricing, Still Time to Stop Shell Broadwater
Another Chance to Do the Right Thing
The clock may have run out on congestion pricing, but there's still time to put an end to Shell's 1.4 square mile, Yankee Stadium size gas project in Long Island Sound. This year's discovery of as much as 500 trillion cubic feet of natural gas in the "super giant" Pennsylvania Marcellus field, 90 miles from New York City (Wall Street Journal 4/3/2008). is a reminder that we don't need imported gas from Libya, Qatar and Malaysia. In fact New Yorkers are very lucky to have a choice: A) make do with the gas we have (we have a lot), or B) start a dependency on imported natural gas from Shell Broadwater.
Choice "A" stands out because embedded in the commitment to work with abundant domestic resources, is the responsibility to conserve. Just as New York City's water consumption is constrained by tangible factors like water levels in New York State reservoirs, energy consumption could be defined by tangible factors like gas levels in the Marcellus field in Pennsylvania. We don't import tankers of water, why import tankers of natural gas? In the 1980's Mayor Ed Koch got water conservation rolling by famously telling New Yorkers to pee twice and flush once and "shower with a friend."
Twenty years later, Mayor Bloomberg is taking important steps to make New York City "greener;" at the same time it's an open secret his administration backs Shell Broadwater's plan to abandon domestic natural gas in favor of "diversified" foreign supplies. This back room dealing stifles open debate and contradicts the mayor's vigorous and courageous sponsorship of environmental initiatives like congestion pricing.
The Congestion Pricing Shell Broadwater Contradiction
Congestion pricing trades cost & convenience for environmental benefits. Shell Broadwater trades environmental harm for (uncertain) savings & convenience. It's an embarrassing contradiction which helps explain why the mayor is absent in the Shell Broadwater debate. It's not too late to right this inconsistancy; even though congestion pricing didn't pass, there's still time to say no to Shell Broadwater.
The clock may have run out on congestion pricing, but there's still time to put an end to Shell's 1.4 square mile, Yankee Stadium size gas project in Long Island Sound. This year's discovery of as much as 500 trillion cubic feet of natural gas in the "super giant" Pennsylvania Marcellus field, 90 miles from New York City (Wall Street Journal 4/3/2008). is a reminder that we don't need imported gas from Libya, Qatar and Malaysia. In fact New Yorkers are very lucky to have a choice: A) make do with the gas we have (we have a lot), or B) start a dependency on imported natural gas from Shell Broadwater.
Choice "A" stands out because embedded in the commitment to work with abundant domestic resources, is the responsibility to conserve. Just as New York City's water consumption is constrained by tangible factors like water levels in New York State reservoirs, energy consumption could be defined by tangible factors like gas levels in the Marcellus field in Pennsylvania. We don't import tankers of water, why import tankers of natural gas? In the 1980's Mayor Ed Koch got water conservation rolling by famously telling New Yorkers to pee twice and flush once and "shower with a friend."
Twenty years later, Mayor Bloomberg is taking important steps to make New York City "greener;" at the same time it's an open secret his administration backs Shell Broadwater's plan to abandon domestic natural gas in favor of "diversified" foreign supplies. This back room dealing stifles open debate and contradicts the mayor's vigorous and courageous sponsorship of environmental initiatives like congestion pricing.
The Congestion Pricing Shell Broadwater Contradiction
Congestion pricing trades cost & convenience for environmental benefits. Shell Broadwater trades environmental harm for (uncertain) savings & convenience. It's an embarrassing contradiction which helps explain why the mayor is absent in the Shell Broadwater debate. It's not too late to right this inconsistancy; even though congestion pricing didn't pass, there's still time to say no to Shell Broadwater.
Wednesday, April 2, 2008
Super Giant Gas Field Uncovered in Pennsylvania
Between 168 and 516 trillion cubic feet of natural gas was recently discovered in Pennsylvania just 90 miles from New York City. We're not making this up.
Here's another article from the Wall Street Journal.
Here's another article from the Wall Street Journal.
Did you know New York City buys electricity from Goldman Sachs?
NEW YORK, NY – The Goldman Sachs Group, Inc. (NYSE: GS) announced that it has agreed to acquire for $456 million in cash El Paso Corporation's (NYSE: EP) interests in East Coast Power L.L.C., which owns the Linden cogeneration facility located in Linden, New Jersey. Approximately $600 million of non-recourse, project-level debt will remain outstanding at East Coast Power L.L.C. and its subsidiaries following the transaction closing. The transaction is subject to regulatory approval and is expected to close within three months.
"We are pleased to re-enter the power generation market, especially with assets of this quality," said Richard Ruzika, co-head of Global Commodities at Goldman Sachs. "As we found in our joint venture with Constellation Energy, owning generation assets enhances our power-trading capabilities and opportunities."
The gas-fired, 940-megawatt Linden cogeneration facility is directly adjacent to Staten Island. Approximately 80% of power produced by the facility is sold into the New York City market, with the remainder sold to the New Jerseymarket. A substantial portion of the plant's output is sold under long-term contracts to established, A-rated counterparties.
"We are pleased to re-enter the power generation market, especially with assets of this quality," said Richard Ruzika, co-head of Global Commodities at Goldman Sachs. "As we found in our joint venture with Constellation Energy, owning generation assets enhances our power-trading capabilities and opportunities."
The gas-fired, 940-megawatt Linden cogeneration facility is directly adjacent to Staten Island. Approximately 80% of power produced by the facility is sold into the New York City market, with the remainder sold to the New Jerseymarket. A substantial portion of the plant's output is sold under long-term contracts to established, A-rated counterparties.
Monday, March 31, 2008
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