The electrification of heating systems and the adoption of electric vehicles are expected to drive New England annual electricity consumption to rise 11% over the next decade, according to the region’s grid operator. “The ISO is forecasting steady growth in net annual energy use as state policy goals for carbon emissions reductions drive the increased electrification of heating systems and transportation in the region,” the regional grid operator said in a Thursday blog post about its 2025–2034 Forecast Report of Capacity, Energy, Loads, and Transmission. Net annual energy usage in the region has trended down for the last two decades, the ISO said, “mainly due to an increase in energy efficiency from advanced cooling and heating technologies, energy-efficient appliances and lighting, and the increased prevalence of [behind-the-meter solar PV] generation. However, ISO New England is predicting that trend will reverse in the next decade.” The regional grid serves Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.  The report indicates net annual energy use across the region is expected to grow by 1.2% annually through 2034. Behind-the-meter solar will reduce consumption of grid-supplied electricity by 5,555 GWh this year, rising to 11,487 GWh in 2034, the ISO said. Electric vehicles are expected to account for 8,735 GWh of energy use in 2034, while heating electrification is expected to account for 8,049 GWh that year, the grid operator said. Summer net peak demand is also expected to rise by 0.9% annually across the next 10 years. Behind-the-meter solar will reduce the summer peak by an average of 1,870 MW, the grid operator said. “Although in past years the summer peak typically occurred in the afternoon, widespread adoption of BTM PV has effectively pushed the peak toward evening,” ISO New England said. “This means that even as more BTM PV comes on

Oil slumped after Federal Reserve Chair Jerome Powell said officials aren’t in a hurry to adjust rates and as tensions between the US and China linger ahead of trade negotiations. West Texas Intermediate futures dipped 1.7% to settle near $58 a barrel as the Fed outlook and trade conflict weighed on the prospects for economic growth and energy demand. President Donald Trump said he’s unwilling to preemptively lower tariffs on China, the world’s largest crude importer, to kickstart substantive trade talks. The comments come a day before Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet with Chinese officials. In the US, the Federal Reserve held interest rates steady in their meeting Wednesday, and Powell said tariffs could lead to higher inflation and unemployment. “There is a fear that the trade negotiations in Switzerland with China could backfire and turn into a demand destruction event,” said Robert Yawger, director of the energy futures division at Mizuho Securities USA. Market sentiment that a rate-cut isn’t coming anytime soon is also weighing on prices, he added. Oil has trended lower since late January due to escalating trade frictions and plans by OPEC+ to keep boosting idled supply. Also weighing on crude, Trump said the US would stop its bombing campaign against Houthis in Yemen after a ceasefire was facilitated by Oman. That followed earlier comments from Vice President JD Vance that a nuclear deal with Iran could see the OPEC member reintegrated into the global economy. The decline in crude prices will likely lead to falling American shale output, according to Diamondback Energy Inc., the largest US independent oil producer in the Permian Basin. In another sign of the hit to output, the Energy Information Administration cut its forecast for US crude production this year for a second

China halted purchases of US crude in March as trade tensions between the two countries ramped up, casting a shadow over demand for oil produced from American shale formations.  The lack of such purchases by the world’s largest oil buyer compares with imports of 149,000 barrels of American crude a day in February, according to data from the US Census. China has bought US crude in every month since March 2020, except for August last year, when the country cut total purchases because of shaky economic growth. China’s vanishing appetite for US crude is bad news for shale producers, which already are warning that American production is set to decline amid a prolonged period of low oil prices driven by shaky demand and increased OPEC output. US drillers pumped a record 13.2 million barrels a day last year, making the country the world’s largest crude producer. US President Donald Trump has imposed tariffs of as much as 145% on most goods from China, and Beijing has retaliated, slowing trade between the world’s two largest economies.   China already has been buying less crude from the world because of economic uncertainty and weaker fuel demand as motorists switch to electric vehicles and trucks powered by liquefied natural gas. The country, which imported a record 481,000 barrels a day of US crude in 2020, slashed purchases by half last year.  Overall demand for US crude waned in March as refineries carried out planned maintenance ahead of the summer, when fuel demand rises. Exports fell to 4.04 million barrels a day in March, down 5.9% from the previous month.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR Bloomberg

Shuttered offshore and subsea technology company Beam has appointed RSM UK Restructuring Advisory as its administrators. The group’s partner and co-head of restructuring Damian Webb and restructuring partner David Shambrook will lead work to handle the failed Bristol-headquartered company. Employees of the Beam, formerly Rovco, recently rook to social media to confirm their shock at having suddenly been made redundant, with 162 of its 195 employees having lost their jobs. The administrators are currently exploring ways to maximise returns for the Beam’s creditors and to preserve jobs for staff where possible. Maritime technology and naval architecture consultancy Tymor Marine is one of the company’s creditors. Beam brought them onboard to mobilise some of its vessels, with Tymor designing the fastenings to secure a remote operated vehicle (ROV) to the back of the ship’s deck. Speaking to Energy Voice, Tymor Marine managing director Kevin Moran said that the cost of the work as of the end of March was around £23,000. “But they also owe us money for approvals for some of their equipment, where we had to go through a third-party authority,” he said, accounting for around £4,000 of the figure. Founded in 2015, Beam was formed when Rovco and Vaarst merged in September last year. It provided automated offshore wind operations, including development and maintenance, through the integration of artificial intelligence and machine learning technologies Since launching, the two firms have raised close to £50 million from investors across three funding rounds in 2019, 2022 and 2024. However, reports claim the company’s most recent equity raise was unsuccessful, and an accelerated sale of the business and assets was unfruitful, leading to it entering administration. The company reported an £8.1m loss before tax in 2023, following an £8.7m loss in 2022. In addition to its Bristol office, the company has

EPCOR USA Inc., part of EPCOR Utilities Inc. (EPCOR), has signed a deal to divest its natural gas utility in Texas to SiEnergy Operating, a subsidiary of Northwest Natural Holding Co., for $60 million. Hughes Gas Resources Inc., or EPCOR Texas Gas, has about 6,900 metered connections and 353 miles of pipeline serving 12 communities northeast of Houston. “EPCOR Texas Gas, which has owned and operated the assets since 2017, is expected to have a rate base of approximately $46 million at the end of 2025”, a joint statement said. The parties expect to close the transaction this quarter. “With a similar business model as SiEnergy, Hughes has grown organically by providing infrastructure to residential and commercial developments in high-growth areas surrounding Houston”, commented Northwest Natural chief executive Justin Palfreyman. “EPCOR Texas Gas is a great fit for us as we continue to expand and diversify our overall utility portfolio in Texas”. EPCOR Utilities president John Elford said the sale is part of the company’s drive to focus on water opportunities in the state. “Our customers in Texas will benefit from SiEnergy’s substantial footprint in natural gas utilities while EPCOR continues to focus on growing its water business in the United States”, said Joe Gysel, EPCOR senior vice president for North American commercial services.  Besides SiEnergy, Northwest Natural also owns Northwest Natural Gas Co., which provides natural gas services to around 2 million people in over 140 communities through 800,000 meters in Oregon and Southwest Washington. Another Northwest Natural subsidiary, NW Natural Renewables Holdings, is investing in the production of low-carbon renewable natural gas from food, agricultural and forestry waste, landfills and wastewater. Meanwhile NW Natural Water Co. delivers water and wastewater utility services in Arizona, Idaho, Oregon, Texas and Washington. EPCOR USA provides water, wastewater, wholesale water and natural

The Panna-Multa and Tapti (PMT) joint venture partners, Shell PLC, Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC), have completed India’s first offshore facilities decommissioning project. According to ONGC, the project entailed the removal of mid and south Tapti field facilities, which ceased production in March 2016. The PMT joint venture operates the Tapti fields under a production sharing contract with the Indian government. ONGC holds a 40 percent share, while RIL and BG Exploration & Production India Ltd (BGEPIL-Shell) each hold 30 percent. ONGC said the project also involved the removal of five wellhead platforms, associated infield pipelines, load-in at the onshore dismantling yard and the safe plugging and abandonment of 38 wells – all executed in line with the approved decommissioning plan. “The project’s complexity, especially its proximity to ONGC’s live assets, demanded strategic planning, precise execution, and utmost focus on safety. It marks a defining moment in India’s energy landscape and sets a strong foundation for the next chapter in offshore infrastructure transformation”, Pankaj Kumar, Production Director at ONGC, said. To support the government’s “Make in India” vision, the PMT JV awarded contracts to Indian firms Larsen and Toubro (L&T) for offshore work and Chowgule Shipyard (CLSPL) for onshore dismantling. Offshore operations have been completed, while dismantling is ongoing at CLSPL’s Ratnagiri facilities, ONGC said. The Tapti decommissioning project has also set a benchmark for India’s regulatory and operational framework for offshore decommissioning, developed in collaboration with key stakeholders like MoPNG, DGH, and OISD, following global best practices adapted for local conditions, ONGC said. “The safe and successful completion of the Tapti offshore project is a landmark moment for India’s offshore energy sector. This project sets a new benchmark for responsible decommissioning, made possible by global expertise, strong collaboration, and an unwavering commitment to