The Strategic Petroleum Reserve (SPR) is in play. The 695 million barrel inventory, stored in four storage locations in Texas and Louisiana with a capacity of 713.5 million barrels, never found its purpose; it is still waiting for the third oil crisis (after the 1973/74 Arab Embargo and the 1979 Iranian Revolution). Not surprisingly, the SPR is on the verge of becoming a piggy-bank offset for lawmakers. At $50 per barrel, SPR inventory is worth about $35 billion.
This week, MasterResource reviews the history of state and federal oil (and natural gas) storage regulation and ownership. Part I today is early (pre-SPR) regulation. Part II tomorrow will review the prehistory and beginnings of the SPR.
Part III will examine early problems with the federal storage program; Part IV early fill and financing controversies.…
“If Unit 4 does slip by more than six months, the Company would not be able to collect its current forecast of $522 million in nominal PTCs over the first eight years of the Unit 4 operating life that ratepayers would have otherwise received.”
IN THE MATTER OF: GEORGIA POWER COMPANY’S TWELFTH SEMI-ANNUAL VOGTLE CONSTRUCTION MONITORING REPORT (Docket No. 29849)
Direct Testimony and Exhibits of Philip Hayet on Behalf of the Georgia Public Service Commission, Public Interest Advocacy Staff, June 10, 2015.
IV. PRODUCTION TAX CREDITS (excerpt)
Q. DOES STAFF HAVE ANY CONCERNS REGARDING THE COMPANY’S PRODUCTION TAX CREDIT ASSUMPTIONS?
…A. Yes, Staff points out two concerns that relate to the Company’s Production Tax Credit Assumptions. In their joint testimony, Dr. Jacobs and Mr. Roetger note concerns regarding the Company’s ability to meet its current schedule.
“Robert Bradley, of the petro-funded and misleadingly named Institute for Energy Research (Ministry for Fossil Fuel Propaganda, perhaps, would be more precise), continues his lengthy crusade against clean energy with a tirade against subsidies in yesterday’s Washington Times.
Given that Mr. Bradley was director of public policy analysis for seven years at Enron, the natural gas giant that collapsed some years ago in a cloud of falsehoods and lawsuits, one might reasonably question whether his energy policy wisdom should guide the nation.”
– Tom Gray, American Wind Energy Association, “Bradley, IER Continue Long Crusade Against Clean Energy,’ Into the Wind: AWEA Blog, July 29, 2011.
How does one respond to such a statement as this? Mr. Gray may think he is an environmentalist and that windpower is an environmental blessing, but that does not make it so.…