Utility WEC Energy beats profits on higher power demand
WEC Energy Group beat Wall Street's expectations for the third quarter profit, and posted an 13% increase in net income. The utility also benefited from higher electricity demand among all customer segments. The U.S. Energy Information Administration predicts that power demand in the United States will reach record levels in 2025-2026. This is due to the growth of AI and cryptocurrency datacenters, as well as broader electrification. The consumption of electricity by large commercial and industry customers increased 2.5%, while the consumption of electricity by small commercial customers and industrial customers increased 1.1%.
DTE Energy increases its five-year plan to spend $6.5 billion on data centers power demand
Oct 30 – DTE Energy raised its capital investment plan for the next five years by $6.5 billion. This was due to an increase in electricity demand by data centers, and to efforts to modernize utility assets. DTE's third-quarter profits also exceeded Wall Street expectations thanks to higher revenues from its electric division. Utility said that its revised investment plan represents a 22% increase over its previous plan for 2025-2029, and reflects its push to expand clean-energy generation and improve grid reliability. As power demand increases across the nation…
NextEra beats quarterly profit estimates on renewables strength, robust power demand
NextEra Energy surpassed Wall Street expectations for its third-quarter adjusted profits on Tuesday. This was due to the strength of its renewables unit, as well as increased demand from data centres fueling artificial intelligence's boom. According to the U.S. Energy Information Administration, power consumption will reach record levels in 2025 and in 2026 due to a surge of demand for data centers that run artificial intelligence technology. In premarket trading, shares of the company rose 2.2%. Florida Power & Light's (FPL), its regulated utility, reported a net profit of $1.46bn, an increase of 13.2% over the previous year.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the second consecutive week for the first since September. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending October 24 to reach 550, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total number of rigs was still 35 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 420, while gas-rigs remained at 121.
U.S. natural-gas sector deals will surge in 2025 due to AI and LNG demand from Asia
Analysts say that U.S. Natural Gas dealmaking is expected to increase in 2025, due to the record demand for power from AI data centres, increased LNG exports, and renewed Asian investments. According to the U.S. Energy Information Administration, data centers will be responsible for a surge in electricity demand that is unprecedented this year. The price of benchmark gas dropped sharply last year, from the multi-decade highs set in 2022, after sanctions against Russia slowed negotiations. However, a rebound followed, as well as long-term LNG demand and domestic sales, have kept global buyers interested.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 17. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs remained at 418 rigs this week while gas rigs increased by one, to 121 rigs, the highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
North American LNG Exporters Look to Double Capacity by 2029
Liquefied natural gas exporters in the U.S. have announced plans to more than double U.S. liquefaction capacity, adding an estimated 13.9 billion cubic feet per day (Bcf/d) by 2029, the U.S. Energy Information Administration said on Thursday.The EIA cited its Liquefaction Capacity File and trade press reports for the forecast, and added that the U.S.
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction. The entry costs for shale were lower and the returns faster, so the rapid expansion of shale led to the U.S. becoming the top oil producer in the world. The U.S. president Donald Trump has introduced regulations that are friendly to the industry. As the Permian field, one of the largest fields in the world, is depleted, the most productive shale regions are being tapped.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in six weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation this week, the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10 to 547. Baker Hughes reported that the total number of rigs is down 39, or 7% from this time last. Baker Hughes reported that oil rigs dropped by four this week to 418, while gas-rigs increased by two to 120 – their highest level since August. The Permian Basin…
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation for the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10. Baker Hughes reported that oil rigs dropped by four this week to 418, while gas-rigs increased by two to 120 – their highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S. gas and oil prices…
EIA: U.S. propane stocks well-stocked for winter heating season
U.S. Energy Information Administration reported on Tuesday that the U.S. has a good supply of propane for the winter. The EIA reported that the U.S. inventory of propane for the week ending September 26 was 103,000,000 barrels. This is about 13,000,000 barrels higher than the five-year average at this time, according to data taken from its weekly Petroleum Status Report. Propane inventories can be used to determine the supply and demand of propane. Winter months are more demanding because propane is the primary heating fuel for about 5% U.S. households, mostly in the northern Midwest and Northeast.
Baker Hughes reports that US oil and gas drillers have reported the same number of rigs for the week, 549.
Baker Hughes, a leading energy services company in the United States, said that this week U.S. firms kept the number oil and gas rigs almost unchanged. In the week ending October 3, the rig count, including a miscellaneous group, which is an early indicator of future production, remained at 549. Baker Hughes reported that the total number of rigs was 36, or 6.2% lower than this time last. Baker Hughes reported that oil rigs dropped by two this week to 422 while gas rigs increased by one to be at 118. Oil and gas rig counts declined by approximately 5% in 2020 and 20% in 2030 as lower U.S.
Baker Hughes reports that the US oil and gas rig counts have reached their highest level since June.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the fourth consecutive week for the first since February. The number of oil and gas drilling rigs, a good indicator of future production, increased by seven in the week ending September 26 to 549, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total count is still 38 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs increased by six this week to 424, the highest level since July. Gas rigs, on the other hand, fell by one, to 117, which is their lowest level since July.
Baker Hughes reports that the US oil and gas rig count has reached its highest level since June.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for a fourth consecutive week for the first since February. In the week ending September 26, the oil and gas rig counts, a leading indicator of future production, increased by seven, to 549, its highest level since June. Baker Hughes reported that oil rigs increased by six this week to 424, the highest level since July. Gas rigs, on the other hand, fell by one, to 117, which is their lowest level since July. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since February. In the week ending September 19, the oil and gas rig counts, a good indicator of future production, increased by three, to 542. This is its highest level since July. Baker Hughes reported that despite this week's increase in rigs the total number was still 46 rigs or 8% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 418, the highest level since July. Gas rigs remained at 118. Drillers added two drilling rigs in Colorado, Wyoming and Nebraska this week.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since February. Oil and gas rig counts, an early indicator for future production, increased by three in the week ending September 19. This is their highest level since July. Baker Hughes reported that despite the increase in rigs this week, the total number of rigs was still 46, or 8%, below what it was at this time last. Baker Hughes reported that oil rigs increased by two this week to 418, the highest level since July. Gas rigs remained at 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
India launches its first national policy on geothermal power
India launched Monday its first national policy for geothermal power, joining the growing list of countries that are relying on underground heat to drive their clean energy transitions. The Ministry of New and Renewable Energy in India said that the policy is designed to unlock India's geothermal potential, which has been untapped. This will be done through incentives and regulations. The use of ground-source heat pumps to provide heating and cooling and to repurpose abandoned oil and natural gas wells is also encouraged. Germany has accelerated its geothermal expansion, and Big Tech firms in the U.S. are searching for low-carbon energy to fuel AI growth.
EQT CEO: US could experience LNG oversupply between 2027 and 2029
Toby Rice told reporters on Thursday that the U.S. may experience a glut of liquefied gas in 2027-2029 but it will be tightening by 2030. Rice spoke on the sidelines a conference held in Houston. Patrick Pouyanne, CEO of TotalEnergies, warned in a recent statement that if all U.S. gas projects are completed as planned there could be a glut on the market. According to the U.S. Energy Information Administration, the U.S. will be the top LNG exporter in the world this year with a total annual capacity of 115 million tonnes. Rice said that EQT has timed its exposure to LNG market for the expected market conditions.
EIA reports that US Northeast imports of electricity from Canada have dropped.
The U.S. Energy Information Administration said that the decline in electricity imports into New York Independent System Operator, (NYISO), and Independent System Operator New England, (ISO-NE), was due to the drought conditions in Canada as well as lower demand for electricity in Northeastern United States. The EIA reported that imports to New York's NYISO dropped to 25% from 2022 levels between January and August 2025. The EIA report noted that the Canadian hydropower production has been restricted by the ongoing drought. Meanwhile, electricity demand in ISO-NE, NYISO and ISO-NE-NYISO decreased 9% and 6 %, respectively, from 2016 to 2024.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12. Baker Hughes reported that oil rigs increased by two this week to 416, the highest level since July. Gas rigs remained at 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production.