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Summit Midstream Partners, LP Announces 2020 K-1 Tax Package Availability
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Texas freeze creates energy mix debate 10:00 | 11/03/2021
News of the Texas power crisis spread throughout Asia, where energy growth markets such as Vietnam are considering US liquefied natural gas imports as an alternative to coal-fired electricity generation. Sam Reynolds, Â energy finance analyst from the USâ non-profit Institute for Energy Economics and Financial Analysis outlines the lessons to take on board from the recent crisis.
Recent events in the US have brought to the fore issues surrounding diversifying energy sources globally. Photo: Le Toan
During the recent extreme winter weather in the United States, surging electricity demand in Texas collided with falling generation, forcing the stateâs grid operator to implement rolling blackouts. In many cases, blackouts lasted for over 24 hours, causing fuel and electricity supply shortages and disruptions throughout the gas supply chain.
Summit Secures Double E NatGas Pipe Financing, but Permian Outlook Lower for 2021
A Summit Midstream Partners LP subsidiary has closed financing for the Permian Basin natural gas Double E Pipeline project, which is expected to be in service and under budget by the end of the year.
Summit Permian Transmission LLC closed on $175 million of senior secured credit facilities for Double E’s development. Summit owns a 70% interest in the project, which would transport 1.35 Bcf/d from the Permian Delaware sub-basin to the Waha Hub in West Texas and beyond. The project was sanctioned in June 2019.
Summit management expects Double E to be completed at or below the current $425 million capital budget, with about $35 million remaining in unidentified project contingency. The original price tag was around $500 million. Summit also has posted a $16 million letter of credit to support back-end equity contributions if needed. Any additional equity required is not expected to fund until 2022, fo
KOTKOA-FREEPIK
THE ENERGY CRISIS in Texas has become world news. During last month’s extreme winter weather, surging electricity demand collided with falling generation, forcing the state’s grid operator to implement rolling blackouts. In many cases, blackouts lasted for over 24 hours, causing fuel and electricity supply shortages and disruptions throughout the natural gas supply chain. At least 4.5 million Texans were at one point without electricity and more than 30 deaths have been attributed to power losses, though the final toll could be much larger.
News of the Texas power crisis spread throughout Asia, where energy growth markets such as Vietnam, the Philippines, and Bangladesh are considering US liquified natural gas (LNG) imports as an alternative to coal-fired electricity generation. But the events in Texas have highlighted the risks inherent in LNG imports for both the energy transition and climate change adaptation. Below are five lessons from the crisis for emergin
Summit Midstream Partners, LP Announces Series A Preferred Unit Exchange Offer
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HOUSTON, March 10, 2021 /PRNewswire/ Summit Midstream Partners, LP (NYSE: SMLP) (the Partnership ) announced today that it has commenced an offer to exchange (the Exchange Offer ) its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Liquidation Preference $1,000) (the Series A Preferred Units ) tendered in the Exchange Offer for up to 2,160,000 newly issued common units (the Maximum Exchange Amount ) representing limited partner interests in the Partnership (the Common Units ). For each Series A Preferred Unit that is accepted in the Exchange Offer, the holder will receive 27 Common Units (the Exchange Consideration ). The Exchange Offer is conditioned on, among other things, that holders of at least 15,000 Series A Preferred Units properly tender (and do not validly withdraw) their Series A Preferred
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