Coal Starts Shutting Down Across US
As a result of new air quality regulations, many coal-fired power plants are preparing to shut down across the Midwest
27 January, 2012
FirstEnergy Corp announced Thursday that new environmental regulations released by the EPA have led the company to a decision to shut down six of its older, coal-fired power plants throughout Ohio, Pennsylvania and Maryland. Some 500 employees will be affected when the plants are officially retired on September 1st.
Global refinery surplus narrowest since 2007 on Hovensa closure
28 January, 2012
Hovensa, another major refinery in the Atlantic Basin has recently announced permanent idling of capacity. The company said it would mothball its 350kbd refinery in the US Virgin Islands by mid-February due to poor margins and convert it into a storage facility.
The US East Coast products deficit was already set to widen this year due to refinery closures in PADD I. The region will face further supply loss due to Hovensa’s closure, which may lead to greater import needs and potential opportunities for European suppliers depending on the US demand outlook.
The golden age of refiners
The Hovensa closure narrows the global refinery surplus to 3% from our prior estimate of 3.4% making it the narrowest since 2007, and implying a healthier margin environment than our prior estimate for this year.
If we include the permanent mothballing of Petroplus’ three refineries that are currently shuttered, then the surplus drops to 2.7% and the permanent loss of all Petroplus refineries narrows the surplus to 2.4%, closer to the 2% surplus that characterized the golden period for refiners in the middle of the past decade.
We note that while the baseline implies a far healthier margin environment for this year, the key uncertainty in our balance remains demand due to ongoing concerns on the macro- front with the debt-crisis in Europe as a potential catalyst for global economic contagion.
Fuel shortages continue throughout Egypt
29 January, 2012
The shortage of fuel and butane gas cylinders is continuing in many governorates amidst protests against soaring black market prices.
Qena residents blocked the highway in protest of their demands being ignored.
In Beni Suef, drivers clashed at gas stations, accusing owners of hiding fuel to increase prices.
Beheira residents formed popular committees to protect trucks supplying the gas stations from vandalism.
In Minya, more than 1,500 butane gas cylinders and 5,000 liters of diesel were seized prior to being sold on the black market.
Taxi drivers in Qalyubiyathreatened to raise fares
Pakistan:41 power related projects could not get single penny in seven months
29 January, 2012
The level of seriousness of the government for handling the prevailing energy crises in the country is showed that power related 41 mega projects out of 43 could not get single penny from allocated funds during seven months (July-January) of the current fiscal year 2011-12, “SANA” has learned.
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