Emera Inc. and Nova Scotia Power | November 25, 2022
Emera Inc. and its wholly-owned subsidiary Nova Scotia Power announced that NS Power has filed a proposed settlement agreement for its 2022-2024 General Rate Application with the Nova Scotia Utility and Review Board. The settlement, which addresses both fuel and non-fuel rates, was reached between NS Power and key customer representatives, including Nova Scotia’s Consumer Advocate, the Small Business Advocate, large customers represented by the Industrial Group, municipal utilities, Dalhousie University as well as advocates for the environment and low-income customers.
If approved by the UARB, the settlement will implement Bill 212, the provincially legislated cap on non-fuel rates for 2023 and 2024. The agreement addresses the recovery of fuel costs over the settlement period and would also establish a Demand Side Management (DSM) rider. Combined, these amounts would result in rate increases of 6.9% each year for 2023 and 2024. In addition, any under or over recovery of fuel costs would be addressed through the UARB’s established Fuel Adjustment Mechanism (FAM) process.
“Reaching this settlement is a remarkable demonstration of stakeholders’ and customer representatives’ commitment to working together to reach constructive solutions for customers. Working within the constraints of Bill 212, this settlement addresses all outstanding items of the GRA, and provides important price predictability for customers at this time of high inflation and broad economic challenge.”
Peter Gregg, President and CEO of NS Power
Other elements of NS Power’s GRA addressed in the settlement include agreement on a storm rider for the years 2023-2025, providing clarity around the recovery of costs for major storms and extreme weather events in future. It also establishes an equity thickness of 40 per cent for rate-making purposes and will result in $137 million in forecasted incremental non-fuel revenues over the settlement period, compared to $240 million filed within the GRA.
“This is a positive step forward,” said Scott Balfour, President and CEO, Emera Inc. “Achieving successful and balanced regulatory outcomes within strong regulatory compacts is critical to our ability to deliver first and foremost to our customers, but to all other stakeholders as well.”
Today’s agreement is the latest in a series of regulatory settlements across Emera’s portfolio that demonstrate the strength of Emera’s teams and strategy as well as Emera’s ability to work collaboratively with stakeholders to reach outcomes that are in the best interest of customers. In the last 24 months, New Mexico Gas, Tampa Electric and Peoples Gas have also concluded important rate cases through settlement agreements with customer representatives.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $40 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources.
About Nova Scotia Power
Nova Scotia Power Inc. is a wholly-owned subsidiary of Emera Inc. a diversified energy and services company. Nova Scotia Power provides 95% of the generation, transmission and distribution of electrical power to approximately 540,000 residential, commercial and industrial customers across Nova Scotia. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has over 2000 employees and $4.5 billion in operating assets.
PRODUCTS AND TECHNOLOGIES, MARKET OUTLOOK
SINOPEC | November 28, 2022
China Petroleum & Chemical Corporation's has announced that the first phase of the Qijiang shale gas field has uncovered a major discovery in Sichuan Basin with a proven geological reserve of 145.968 billion cubic meters. The discovery, delivered by Sinopec Exploration Company and Sinopec Southwest Oil & Gas Company, is a major breakthrough in Sinopec's "Project Deep Earth – Natural Gas Base in Sichuan and Chongqing."
The Qijiang shale gas field is the first shale gas field discovered in medium-deep and deep strata in a complex tectonic zone on the margin of the basin. Shale gas buried at the depth of over 3,500 meters is defined as deep shale, and the burial depth of Qijiang's shale formations ranges from 1,900 to 4,500 meters, with the majority being deep shale. With complex overlying strata, the project faced great challenges such as a significantly greater depth and variable ground stress.
To tackle the question of how a shale gas reservoir was formed in the basin margin with such complex surface and underground conditions, Sinopec's team conducted more than 10,000 lab analysis tests on the core at the depth of 1,320 meters. This revealed the development and maintenance mechanism of deep shelf shale pores and identified the deep shale can develop vast reservoirs with high porosity, and also revealed the "sweet spots" of projecting the deep shale targets.
The team collected high-precision 3D seismic data of deep shale gas covering an area of 3,662 square kilometers in the complex zone of the southeastern margin of the Sichuan Basin as well as drilling data of existing wells in southern Sichuan. After repeated discussion and screening, Sinopec has innovated a deep shale gas seismic prediction technology with pressure coefficient and gas content, fracture prediction and horizontal ground stress difference as the core – the equivalent of performing a CT scan of the strata to achieve the breakthrough in predicting the "sweet spots" of deep shale gas.
Sinopec also developed a three-dimensional fracturing technology with "precision cutting, pressurization and expansion, balanced expansion and guaranteed filling" for deep shale, which has improved the daily shale gas production of a single well to break the 300,000, 400,000 and 500,000 cubic meters marks in succession.
PRODUCTS AND TECHNOLOGIES, MARKET OUTLOOK
Technip | November 28, 2022
Technip Energies N.V. announces that the liquidity agreement entered into with Kepler Cheuvreux dated July 9, 2021 has been suspended as of November 22, 2022, pending renewal of the resolution of the general meeting of shareholders authorizing share buybacks.
The number of shares and amount allocated as of November 22, 2022, close of trading, to the Liquidity Contract was 8,900 shares and €9,780,454.34. As a reminder, the securities and amounts that were allocated to the Liquidity Agreement as of June 30, 2022, were 207,823 shares and €6,832,747.61.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts program, with its ADRs trading over-the-counter.