 |
Louisiana Light • 2 days | 86.68 | -2.47 | -2.77% | ||
|
Bonny Light • 19 hours | 88.73 | -1.64 | -1.81% | ||
|
Opec Basket • 2 days | 89.64 | -0.54 | -0.60% | ||
|
Mars US • 167 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 11 mins | 2.710 | -0.004 | -0.13% |
|
Bonny Light • 19 hours | 88.73 | -1.64 | -1.81% | ||
|
Girassol • 19 hours | 89.30 | -1.63 | -1.79% | ||
|
Opec Basket • 2 days | 89.64 | -0.54 | -0.60% |
|
Peace Sour • 10 hours | 75.35 | -2.68 | -3.43% | ||
|
Light Sour Blend • 10 hours | 78.40 | -2.68 | -3.31% | ||
|
Syncrude Sweet Premium • 10 hours | 85.35 | -2.68 | -3.04% | ||
|
Central Alberta • 10 hours | 75.75 | -2.68 | -3.42% |
|
Eagle Ford • 2 days | 79.17 | -2.67 | -3.26% | ||
|
Oklahoma Sweet • 2 days | 79.25 | -2.50 | -3.06% | ||
|
Kansas Common • 2 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 2 days | 86.86 | -2.40 | -2.69% |
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NextEra To Sell Natural Gas Pipelines In 100% Transition To Renewables
Renewable energy giant NextEra Energy Partners is planning to offload all of its natural gas pipelines to focus on clean energy expansion exclusively by 2025.
NextEra CEO John Ketchum told investors on Monday that the sale of natural gas pipelines–which has been rejected in past years–would finance the company’s renewable energy growth plants over the next couple of years without assuming new high-interest debt.
In a call with investors, Ketchum said “NextEra Energy Partners is better positioned than ever to capitalize on the clean energy transition.”
“I am very confident NextEra Energy Partners can become the leading 100% renewables pure-play investment opportunity and that, in turn, will drive value for both NextEra Energy Partner unitholders and NextEra Energy shareholders,” he added.
Up for sale first will be NextEra’s Midstream pipeline in Texas, for which it is hoping to find a buy and close a deal by the end of the year. Last on the list will be the Meade natural gas pipeline in Pennsylvania, which NextEra plans to offload after 2025.
NextEra did not disclose how much it anticipated it would earn from the sale of all pipelines.
NextEra is hoping to ride the tailwinds of increased renewable energy investment in the wake of the Biden administration’s Inflation Reduction Act (IRA) and believes the move to divest natural gas pipelines will eventually increase its valuation for shareholders after the company saw up to 15% annual growth since last year.
To that end, Ketchum noted that high interest rates were harming earnings and putting a lid on that growth, while “Some investors believe the natural gas pipeline assets dilute an otherwise clean, renewable energy portfolio”.
By Charles Kennedy for Oilprice.com
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