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Plunging oil prices pull energy stocks lower, erasing gains

“On Tuesday, the Energy Information Administration said U.S. shale oil production will keep climbing in January, and the Wall Street Journal reported that oil production in Russia reached a record high in December” writes Marley Jay for seattletimes.com. NEW YORK (AP) — U.S. stocks are broadly lower Tuesday afternoon, and energy companies are falling after the price of crude oil plunged another 7 percent.The companies have taken huge losses this year as rising mortgage rates and prices have reduced home sales.Higher rates can slow economic growth, something investors are already…

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European markets falter as oil prices plummet and U.S. interest rate hikes loom

“European markets were mostly in the red on Tuesday, as crude oil prices plummeted to new lows and investors remained jittery over an expected U.S. interest rate hike” writes Emily Horton for marketwatch.com. Energy stocks were also hit, the National Grid PLC NG., -6.10%  declined by 4%. Source: marketwatch.com Share This:

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Ryan Zinke’s potential replacement at Interior Department has extensive oil lobbying conflicts

“Bernhardt also represented the state of Alaska in a 2014 lawsuit against the Interior Department that aimed to allow oil exploration in the Arctic National Wildlife Refuge” reports washingtonexaminer.com. David Bernhardt, the Interior Department deputy that will likely fill recently resigned Ryan Zinke’s shoes as acting secretary at the end of the month, is a Washington insider with government and private sector experience who can implement President Trump’s “energy dominance agenda” without distraction.Bernhardt, if he is leading the agency, would oversee the department’s release next year of the final version…

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SSE and Npower ditch retail energy merger

“Energy giants SSE and npower have called off their merger, blaming “challenging market conditions” and the Government’s price cap” writes Press Association for telegraph.co.uk. The companies said the deal had been affected by multiple factors, including the performance of their businesses, clarity on the final level of the Government’s default tariff cap and changing energy market conditions.SSE said: “These implications meant the new company would have faced very challenging market conditions, particularly during the period when it would have incurred the bulk of the integration costs.”. The two firms had been…

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SSE won’t merge services unit with Innogy’s Npower

“The energy company first proposed merging its SSE Energy Services business with Npower at its interim results in fiscal 2018” writes Oliver Griffin for marketwatch.com. SSE PLC (SSE.LN) said Monday that it has terminated plans to merge its household and energy services business with Innogy SE’s (IGY.XE) U.K. retail division, Npower, as terms for a revised deal couldn’t be reached.However, the transaction was delayed after SSE said it would assess the commercial terms of the deal, citing market developments. The company said its energy-services business is expected to be profitable…

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55,000 properties left without power

“More than 55,000 properties in Sydney and the central coast were without power after thunderstorms hit the New South Wales east coast” writes Australian Associated Press for theguardian.com. Emergency crews worked through the night to restore power and clear debris and the operation is expected to continue into Sunday morning.Torrential rain, damaging wind and hailstones the size of golf balls lashed Sydney and the Hunter region on Saturday afternoon, bringing down trees and taking out hundreds of power lines. Source: theguardian.com Share This:

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Ryan Zinke leaves Trump administration amid Justice Department investigation

“Zinke has been the target of a continuing Justice Department investigation into whether he used his position for personal gain” reports washingtonexaminer.com. And in September, the Trump administration proposed to weaken a 2016 Obama-era regulation targeting venting and flaring, or burning, of methane from oil and gas operations on federal lands.President Trump announced Saturday that Interior Secretary Ryan Zinke will be leaving the administration. Source: washingtonexaminer.com Share This:

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A Green New Deal would necessitate huge mining increase

“This makes it increasingly difficult “to meet a rapid increase in global demand with a comparable increase in global supply.”” reports washingtonexaminer.com. In addition, mining companies require long-term investment assurances to fund new mining and refining activities, according to the findings.Specifically, the demand for so-called “rare earth metals” like neodymium, terbium, dysprosium, and praseodymium stands out as a potential problem for moving to a global energy system dominated by renewables.Much of the planet’s rare earth metals come from China, making the U.S. particularly vulnerable to supply chain vulnerabilities, as the…

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Shamoon malware attack confirmed by hacked Italian energy firm

“Two days after researchers identified a new variant of Shamoon, an Italian oil drilling company admitted the infamous malware was used in an attack against the company earlier this week” reports axios.com. Why it matters: Shamoon is destructive malware that has only been seen in the wild three times since 2012 (and one of those is in dispute), including some of the most famous cyberattacks in history. Source: axios.com Share This:

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Spanish company starts construction work on Texan wind farm 

“When fully up and running, the Palmas Altas wind farm will generate roughly 524 gigawatt hours of energy annually, which is equivalent to the consumption of 43,000 U.S. homes” writes Anmar Frangoul for cnbc.com. The U.S. is home to “one of the largest and fastest-growing wind markets in the world,” according to the U.S. Department of Energy. Source: cnbc.com Share This:

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