Solar owners who want to feed into grid may not be able to use their own energy under Senate proposal | MLive.com

http://www.mlive.com/lansing-news/index.ssf/2015/08/solar_owners_may_not_be_able_t.html


Sent from my iPhone

FERC: NEXUS frackers may be too fragile to fulfill the requirements off a new a gas pipeline

This was posted to FERC on Monday.

FERC must consider that NEXUS’ binding shipper agreements were signed over a year ago and that FERC must evaluate the current soundness of these agreements and companies.

 

NEXUS must present FERC with “legally binding precedent agreements showing that the pipeline will be FULLY or NEARLY FULLY (85%) subscribed for a minimum of TEN YEARS.”http://www.naruc.org/Grants/Documents/ICF-EISPC-Gas-Electric-Infrastructure-FINAL%202014-12-08.pdf

FERC, it is doubtful that many NEXUS shippers are financially sound enough to fulfill this requirement.

 

Many Marcellus/Utica E&P companies are predicted to go BANKRUPT (unless they sell themselves or otherwise sell off major assets). Here is a “ DEATH LIST” report listing very RISKY companies and their unacceptably high debt-to-earnings ratios:

ANTERO Resources (4.99), EV Energy Partners (6.54), HALCON Resources (7.81), MAGNUM HUNTER Resources (52.29), REX Energy (5.06), VANTAGE Drilling (6.16), and WARREN Resources (5.50). http://www.investorvillage.com/uploads/77263/files/OXFORD19CODEBTHITLIST.pdf?cmpid=verticalcontent

 

RANGE RESOURCES and CHESAPEAKE Energy also have very high debt levels and are burning through their cash reserves at unsustainable rates.

 

Analyst predict CHESAPEAKE Energy is at high risk of bankruptcy because of a high debt-to-equity ratio (1.29) and a poor quick ratio (0.70) indicating an inability to avoid short-term cash problems.http://www.thestreet.com/story/13280330/1/chesapeake-energy-chk-stock-climbs-after-deal-to-lower-costs.html?puc=yahoo&cm_ven=YAHOO

Credit downgrades abound:

“The E&P firms ASCENT Resources-Marcellus LLC, EXCO Resources Inc. and PENN VIRGINIA Corp. were all cut one notch, to SGL-4, indicating increased risk that the companies will violate their debt covenants.” https://www.snl.com/InteractiveX/article.aspx?ID=33728071&KPLT=4

 

ASCENT (formerly American Energy Appalachia Holdings) was recently downgraded by Moody’s to the LOWEST (probable DEFAULT) credit rating of Caa2. (See McClendon’s Marcellus Misadventure Exposes Lenders to More Pain  http://www.bloomberg.com/news/articles/2015-08-17/mcclendon-s-marcellus-misadventure-exposes-lenders-to-more-pain )

 

 

It is predicted that 5 to 13 gas and oil E&P companies will go bankrupt in the next 12 months and 3 to 7 afterwards.

“In September, banks will make one of their periodic reassessments of drillers' reserves. If the companies' assets are found to be less valuable than their outstanding debt, drillers will be forced to come up with a way to cover the gap between their reserve value and debt load. That could mean asset sales, restructurings and the like—or bankruptcies.” http://www.cnbc.com/2015/06/16/oil-and-gas-drillers-may-face-wave-of-bankruptcies-this-year.html

 

Low oil and natural gas prices continue to create doubt that some highly leveraged exploration and production companies will repay the billions they borrowed according to Moody's.https://www.snl.com/InteractiveX/article.aspx?ID=33626001&KPLT=4

 

Furthermore, oil and gas prices are expected to stay LOW for 3 years. This will put extreme “pressure on credit ratings because of inability to meet COVENANTS, limited availability on revolving credit facilities and unsustainable capital structures.”*

http://marcellusdrilling.com/2015/08/moodys-says-oil-gas-prices-staying-low-another-3-years/

 

 

FERC needs to do more evaluation of the Certificates of Need policy:

“The Commission balances the public benefits against the potential adverse consequences. … the applicant's responsibility for UNSUBSCIBED capacity, the avoidance of unnecessary disruptions of the environment, and the unneeded exercise of eminent domain in evaluating new pipeline construction.” http://www.ferc.gov/legal/maj-ord-reg/PL99-3-000.pdf

 

Given that considerable environment, quality of life and billions of dollars are at stake, it would be a travesty for FERC to approve a pipeline that would later be greatly underutilized or ABANDONED because of your neglectful disregard of risky shipper financials.

Bill McKibben: Tomorrow should be sort of fun, and important

From: "Bill McKibben - 350.org" <350@350.org>
Date: September 9, 2015 at 15:21:43 EDT
To: "Tom Wassmer"
Subject: Tomorrow should be sort of fun, and important
Reply-To: 350@350.org

Friends,

To be honest, I'm not much a fan of big climate summits. None so far have done hardly anything to solve the problem, and this year's Paris talks may be no different.

But if they're good for anything, it's that for a few weeks at least, the world tends to focus a little more on the state of the climate and our attempts to save it.

And so with the big Paris talks on the horizon, our job is to focus that attention on what it will really take to get serious: keeping at least 80% of fossil fuels under ground and getting to 100% renewable energy by 2050.

What may be different this time is that getting there is actually quite possible. The cost of solar panels is lower than ever and falling, and a big movement has sprung up to oppose new fossil fuel projects from Keystone XL to the Galilee Basin coal reserves in Australia.

We have a whole plan for the coming months: from local workshops this September, to a global day of action at the beginning of the Paris talks, to a mass action to have the final word after they end. And to cap it all off, April of next year we're planning the most ambitious wave of global action yet.

And tomorrow night in New York City, we're kicking it off with an event co-hosted by Naomi Klein, Rev. Lennox Yearwood, and a ton of activists from around the world -- and we're livestreaming it out around the world.

We're going to try and lay out the road ahead for the climate movement -- how we're going to use mass action and divestment to keep turning off dirty energy, and turn on cheap, clean renewable power all over the world. We'll lay out a roadmap past the Paris talks and straight to one of the biggest days of resistance we've ever engaged in. Also, there will be good music!

So if you can't be there in the room, be in the virtual room on your computer. Just click here at 7 PM Eastern time tomorrow when the show gets underway, and press play: 350.org/off-on-live

In short, it's a night not to miss. Oh, and tweet in ideas/comments if you're watching; I'll be trying to monitor them during the show. Just use the hashtag #offandon.

With gratitude for all your work,

Bill

---

350.org is building a global climate movement. Become a sustaining donor to keep this movement strong and growing.

People with Beyond Extreme Energy are fasting in front of FERC in DC from Sept 8-Sept 25 to hold them accountable

People with Beyond Extreme Energy are fasting in front of FERC in DC  from Sept 8-Sept 25 to hold them accountable. This also coincides with the Pope’s visit to the US and addresses Congress and the UN. 

http://beyondextremeenergy.org/september-fast-at-ferc-for-no-new-permits/

http://beyondextremeenergy.org/2015/07/28/why-i-will-be-fasting-for-no-new-permits-and-how-you-can-too/

https://www.popularresistance.org/fast-to-fight-ferc-permits-begins-meet-the-fasters/ 

Cardinal Turkson Laudato Si On Care for our Common Home - United Nations...

Greenpeace continues to protest against drilling in the Arctic

Greenpeace continues to protest against drilling in the Arctic playing beautiful music in front of Shell's HQ. They created a very artistic website showcasing the compositions, performances and campaigns:

https://music.savethearctic.org 

In their last performance today at 12:30 GMT, singer songwriter Charlotte Church joined the young performers. You can see and the campaign on the below YouTube video. Amazing crowd! The music starts about half way in.

Deep Well Injection in Michigan: Deepening Our Understanding and Exploring What We Can Do About It

Sierra Club Michigan Chapter Aug 21, 2015

http://sierraclubmichiganaction.blogspot.com/2015/08/deep-well-injection-in-michigan.html

What do you know about deep injection wells in Michigan? If the answer is "not much," then please consider joining us on Sep. 26 at Alma College for an important workshop about the environmental risks this activity (taking place in counties around the state) poses to our water quality and environment. 

The Michigan Department of Environmental Quality has received applications for permits for deep well injection activity in more than a dozen counties. Is your county one of them? What does it mean for you and your family? Find out at our workshop Sep. 26!

WHAT: Deep Well Injection in Michigan: Deepening Our Understanding and Exploring What We Can Do About It

WHEN: Sat., Sep 26, 10am - 2pm

WHERE: Alma College, 614 W. Superior St., Alma; Room L4 of the DOW/KAPP Bldg.

Permits for injection wells containing hazardous substances posing a serious threat to water quality are increasing in Michigan, yet most people including local public officials know little about them. In an effort to educate Michigan citizens and local governments, Sierra Club has paired with Grobbel Environmental & Planning Associates to present a workshop on about the history, purpose and risks of injection wells in Michigan. 

Christopher P. Grobbel, PhD, is an environmental consultant based in Traverse City and  MSU professor of environmental planning and management, environmental impact assessment, environmental law, and sustainability studies.

Christopher P. Grobbel, PhD, will present "Deep Well Injection in Michigan: Deepening Our Understanding and Exploring What We Can Do About It" on Saturday, Sep. 26, from 10am - 2pm at Alma College, 614 W. Superior St. The event takes place in Room L4 of the DOW/KAPP building. 

Grobbel will lay out the context for this activity in Michigan and then explore the environmental risk associated with it and how the public can get involved in the process. Grobbel's presentation will cover the history and regulatory framework of injections wells, the technology and geology involved in Michigan, and dangers such as spills and seismic activity.  

REGISTER TODAY!

On or before Sep. 18: $25 general public/$15 students (with ID). The cost covers lunch and all conference materials.

After Sep. 18: $35 for the general public; $20 for students. Final registration deadline is Sep. 25. No walk-ins. 

To register, email me at gail.philbin@sierraclub.org or call 616-805-3063. I hope to see you on September 26th in Alma!