PM Edition: Execs tackle inflation, supply chain risks; PG&E takes $1.15B hit

➤ Inflation, supply-chain risks weigh on some utility, renewables execs

Utility and renewable energy provider executives are using third-quarter earnings conference calls to reassure analysts and investors they can ride out supply chain and inflation concerns dominating the second half of 2021.

➤ Proposed methane fee would mark major development in US climate policy

The latest version of a proposed methane fee on the oil and gas sector did little to assuage industry groups that oppose the concept, but analysts said it could be a critical tool for curbing planet-warming emissions to meet mid-century climate targets.

➤ PG&E takes $1.15B Dixie Fire hit in Q3 but expects cost recovery

PG&E Corp. executives said they are confident that beleaguered subsidiary Pacific Gas and Electric Co. will recover a $1.15 billion loss from the Dixie Fire, California's second-largest wildfire on record.

➤ Wind powers almost a third of Midwest Reliability region's electricity in 2020

The U.S. portion of the Midwest Reliability Organization, or MRO-US, remained the North American Electric Reliability Corp. subregion with the largest share of net generation powered by wind in 2020, with a year-over-year growth in wind penetration that continued to outpace the rest of the country, according to an analysis of S&P Global Market Intelligence plant-level information.

OTHER NEWS

* Xcel Energy Inc. committed to achieving net-zero greenhouse gas emissions in its natural gas distribution business by 2050, expanding on a previous pledge to achieve net-zero status in its electric power delivery operations.

* The U.S. Energy Department advanced its program to develop the market for cold weather heat pump technology by announcing its first industry partners in the endeavor.

* Natural gas midstream company DT Midstream Inc. and power generation provider Mitsubishi Power Americas Inc. struck a joint development agreement to advance hydrogen infrastructure projects across the U.S.

* German transmission system operator TenneT TSO GmbH proposed a 6-GW "hub" to accelerate offshore grid expansion in the North Sea.

CHART WATCH

The aggregate value of individual asset deals in the U.S. power sector in the third quarter jumped to $1.98 billion, the highest level since the second quarter of 2019, and far surpassing this year's second quarter aggregate value of $2.2 million, according to S&P Global Market Intelligence data.

RESEARCH

* Possible transitory inflation cited in ROE stance for Algonquin Mo. utility

* Makeup of NH PUC in for changes as chair submits resignation

QUOTED

"We are going to embrace the most local-centric capital allocation you can find, which, of course, is acquiring and betting on yourself." – CNX Resources Corp. President and CEO Nick DeIuliis, announcing plans to increase a share buyback program.

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