Daily on Energy ⚡: The risk in US-China LNG trade.
THE RISK IN US-CHINA LNG TRADE: American LNG companies are scoring more and more long-term agreements with Chinese buyers, a development that helps advance financing of pending projects but one that some warn could leave exporters more vulnerable to getting mixed up in an ever-diminishing relationship between the U.S. and China.
Long-term deals between China and the U.S. were effectively limited to a small deal between PetroChina and Cheniere, noted Alex Munton, who oversees LNG and global gas markets for Rapidan Energy Group. Where risks lie: U.S.-China relations are constantly coming under strain as lawmakers in both parties demand a rewrite of the trade relationship. This could mean suppliers end up getting caught in the middle, whether via import restrictions or tariffs, which U.S. LNG faced during the Trump administration.
Moreover, Republicans, although they are advancing measures designed to expand exports of LNG, are increasingly hawkish on China. That hawkishness extends to energy exports: The party advanced a prohibition against sales of SPR crude oil to China earlier this year, and Sen. Marco Rubio reintroduced legislation that would ban petroleum exports to China.
“China's imports are gonna quadruple over the next 20 years,” he said. “America should get those economic and trade benefits, not the Kremlin and Putin's war machine.” The complaint was filed by a number of groups, including Greenpeace and the Natural Resources Defense Council, in the U.S. District Court for the District of Alaska.
Beginning this year, electricity generators will have to comply with more stringent nitrogen oxide control levels, and further reductions will be phased in over several years starting in 2024. The new rule seeks to help enable compliance by allowing generators to participate in a modified emissions trading program, an EPA official said.
Grid regulators have similarly sounded the alarm on traditional resources retirements for reducing generating capacity and making the grid more vulnerable to blackouts. PUTIN CLAIMS NORD STREAM BLASTS CARRIED OUT AT ‘STATE LEVEL’: Russian President Vladimir Putin claimed yesterday that the Nord Stream gas pipeline explosions were carried out on a “state level,” dismissing recent reports that a pro-Ukrainian group was responsible for the blasts.
OHIO SUES NORFOLK SOUTHERN OVER EAST PALESTINE DERAILMENT: Ohio filed a federal lawsuit against freight operator Norfolk Southern over the East Palestine train derailment and the subsequent release of toxic chemicals into the town’s air and water. Fischer and others were quick to market ethanol and E15 as a cheaper alternative to E10 and non-blended gasoline when oil prices spiked after the war in Ukraine began.
Next steps on the acquisition plan are unclear, however, after the Department of Energy rejected offers related to its December “pilot” solicitation to begin refilling the reserve.
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