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Connecticut Seeks 2,000 MW of Offshore Wind Capacity

LCG, August 22, 2019--The Connecticut Department of Energy and Environmental Protection (DEEP) on Friday released a request for proposals (RFP) for offshore wind power projects. DEEP is seeking up to 2,000 MW, as required under Public Act 19-71, An Act Concerning the Procurement of Energy Derived from Offshore Wind.

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EIA Publishes Regional Electricity Supply and Pricing Forecasts Using UPLAN Model

LCG, August 13, 2019--The U.S. Energy Information Administration (EIA) announced that it is revising the presentation and modeling of its forecasts for electricity supply and market hub pricing to better reflect current electricity markets and system operations in the U.S. Beginning with the August 2019 Short-Term Energy Outlook (STEO), the new forecasting approach models electricity markets using the UPLAN production cost optimization software developed by LCG Consulting. EIA uses the solution results provided by this proprietary model to develop the STEO forecasts of monthly electricity generation, fuel consumption, and wholesale prices.

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Industry News

Freeport LNG Terminal Project Attracts New Investors

LCG, December 17, 2013--Freeport LNG Expansion, L.P. (Freeport LNG) and IFM Investors yesterday announced that IFM Investors agreed to invest approximately $1.3 billion of equity funding for Freeport LNG's proposed natural gas liquefaction loading facility on Quintana Island near Freeport, Texas.

The funding from IFM Investors will provide equity to develop the second train at Freeports LNG's terminal over the 51 to 54 month construction period. Additional funding will be sourced from a consortium of project finance lenders. Financial close for the transaction is expected to take place in mid-2014 pending regulatory and other approvals.

Freeport LNG's CEO stated, "We are thrilled to announce that such a prestigious and well-regarded investment firm has chosen to invest in the Freeport LNG facility. This announcement clearly sends a signal to the financial community about our ability to fund the planned expansion and further solidifies our ability to move forward."

Domestic natural gas will be transported via pipeline and pretreated near Freeport LNG's existing metering, compression and underground storage facilities. The pretreated natural gas will then be delivered to the terminal through Freeport LNG?s existing gas pipeline. At the terminal it will be liquefied and then stored in full-containment LNG storage tanks. LNG will be exported from the terminal by LNG carriers arriving via marine transit through the Freeport Harbor Channel.

A number of project milestones have been achieved this year. In February 2013, Freeport LNG executed a 20-year use-or-pay liquefaction tolling agreement with BP Energy Company equivalent to the minimum guaranteed production capacity of the second train. In May 2013, the Freeport LNG Terminal received conditional authorization from the U.S. Energy Department (DOE) to export 1.4 Bcf/day of LNG to non-Free Trade Agreement (FTA) countries. In November 2013, the DOE conditionally authorized the Freeport LNG Expansion to export greater volumes of LNG to non-FTA countries from the terminal. The additional export capacity is 0.4 Bcf/day, or a total of 1.8 Bcf/day. Earlier this month, Freeport LNG awarded two contracts, each valued at approximately $2.5 billion, to a joint venture between CB&I, Inc. and Zachry Industrial, Inc. to construct the initial two trains of the liquefaction project.

Commencement of construction of Freeport LNG's liquefaction project is subject to receipt of authorization to commence construction from the Federal Energy Regulatory Commission (FERC) and final investment decision by Freeport LNG.
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