North America dropped 18 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on March 28. The total U.S. rig count decreased by one week on week and the total Canada rig count decreased by 17 during the same period, taking the total North America rig count down to 755, comprising 592 rigs from the U.S. and 163 from Canada, the count outlined. Of the total U.S. rig count of 592, 575 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count is made up of 484 oil rigs, 103 gas rigs, and five miscellaneous rigs, according to the count, which revealed that the U.S. total comprises 529 horizontal rigs, 50 directional rigs, and 13 vertical rigs. Week on week, the U.S. inland water and offshore rig counts remained unchanged, and the country’s land rig count dropped by one, the count highlighted. The U.S. gas rig count increased by one, its oil rig count decreased by two, and its miscellaneous rig count remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count decreased by three week on week, while the country’s directional and vertical rig counts each increased by one during the period. A major state variances subcategory included in the rig count showed that, week on week, Ohio added one rig and New Mexico and Pennsylvania each dropped one rig. A major basin variances subcategory included in Baker Hughes’ rig count showed that the Permian basin dropped three rigs and the Marcellus basin dropped one rig week on week. The Granite Wash, Haynesville, and Utica basins each added one rig during the period, according to the count. Canada’s

As utilities work to support affordability, clean energy and resiliency goals, one load stands apart: electric vehicles. EVs aren’t just incremental load growth. They are a fundamentally unique type of load, arriving quickly. Tens of millions more EVs will plug into the grid by 2030. Most are being connected by customers without grid coordination, creating large, unmanaged loads across the grid. Unlike HVAC systems or water heaters, EVs don’t follow predictable patterns. Drivers plug in at different times in different locations. A single vehicle can double or triple a household’s demand. Distribution systems weren’t built for this type of strain. But with the right foundation, EVs can become flexible grid assets that support, rather than constrain, distribution operations. Electric vehicles, a load that stresses the distribution system Circuits and transformers were designed for steady, predictable growth, not for fast-growing and sudden load spikes. Even at low levels of system-wide EV adoption, just a few clustered EVs on a street charging at the same time are overloading transformers, forcing distribution planners to implement early replacements. Both models and real world data continue to show that unmanaged EV charging can significantly accelerate infrastructure overloads and upgrade needs. EV impacts on local infrastructure rarely coincide with system peaks. They occur at different times, often at night, and in disparate places across the grid, creating bottom-up stress that conventional planning and bulk system-level demand management tools don’t address Other loads are also adding pressure. Data centers, heat pumps and electrified buildings are increasing the need for capacity. Meanwhile, infrastructure costs and construction timelines have increased by as much as 4-9x in recent years. Utilities need smarter tools to manage this complexity affordably and reliably—and quickly. Why traditional load-shifting tools aren’t enough Utilities have used demand response and time-of-use rates to manage peak load for

For risk managers at electric utilities, the specter of wildfire and extreme weather events looms large. We’ve all heard the term “Black Swan”; the unpredictable, high-impact event that reshapes our understanding of risk. Yet, is the electric utility industry truly equipped to anticipate and mitigate these increasingly frequent catastrophes, particularly when it comes to wildfire and extreme weather? My passion for this topic stems from a career spent on all sides of the wildfire problem. From issuing red flag warnings at the National Weather Service to analyzing risk at leading electric utilities, I’ve seen firsthand the critical importance of context. It’s not enough to simply react to current weather conditions. Electric utilities must understand the climatological backdrop against which these events unfold. The “Black Swan” concept originated in finance, describing events that are highly improbable, yet massively consequential. For electric utilities, the increasing frequency of wildfire and extreme weather events demands a paradigm shift. Utilities can no longer rely solely on traditional weather forecasts. They must delve into climatology to truly understand the risk to effectively plan operations.   The October 2007 firestorm around San Diego, CA, was a stark reminder of this reality. I recall working those red flag warnings from the National Weather Service and conveying the message of high winds and fire danger. But, a retired utility leader once told me that if only they had truly understood just how severe that event was going to be, maybe things would have been different. This single comment illuminated a crucial gap for me: the disconnect between a general warning and the visceral understanding of an unprecedented event. The severe conditions fueling the 2007 firestorm – maximum wind gusts akin to a Category 2 hurricane and extremely dry conditions – were of a magnitude beyond anything seen in San

ATLANTA — March 24, 2025 — PowerPlan, Inc., a leading provider of financial software solutions for the energy industry, today announced PowerPlan NXT at its 2025 ELEVATE user conference in Atlanta. The new SaaS platform empowers tax and accounting professionals to optimize financial assets throughout their lifecycle. Purpose-built for asset-intensive companies, NXT integrates operational and financial data to facilitate specialized accounting treatments, accommodate complex tax requirements and support rate-making processes. “NXT is the next-generation tax and accounting solution that organizations need to tackle complex financial challenges with confidence,” said Todd Bransford, Chief Product Officer, PowerPlan. “It includes all the robust features our customers count on from PowerPlan, now with a reimagined user experience and infused with AI. This innovation ensures they can maximize their financial performance with even greater efficiency and ease.” During the afternoon keynote, Bransford provided an overview of the NXT platform and its expected benefits. As part of the ELEVATE Solution Zone, attendees this week can preview the new innovations, including AI-based enhancements that will identify and reduce data quality errors, yielding better financial outcomes downstream. NXT reinforces PowerPlan’s continued investment in SaaS solutions as more customers transition critical enterprise products to the cloud. Today, customers can kick-start their cloud journey with Tax Fixed Assets (TFA), the premier solution for tax depreciation and deferred tax processes trusted by more than 20 leading utility companies nationwide. Building on the momentum of TFA, PowerPlan is set to launch a new tax provision solution in late 2025, which supports critical monthly provision accruals for businesses in regulated industries. PowerPlan NXT will be available in 2026 and is adoptable on a modular basis, allowing each customer to prioritize and implement their most critical financial tools—no matter where they are in their cloud journey. For more information on PowerPlan NXT, visit www.powerplan.com/NXT.

CNOOC Ltd. announced Monday a “major” discovery in the Huizhou 19-6 oilfield in the South China Sea. Well HZ19-6-3 has raised the field’s proven in-place volumes to over 100 million metric tons of oil equivalent. During testing the discovery well produced 413 barrels of oil and 2.41 million cubic feet of natural gas a day. Drilled to 5,415 meters (17,765.75 feet), the well encountered 127 meters of oil and gas pay zones, the state-backed oil and gas exploration and production company said in a press release. Huizhou 19-6 sits in the eastern South China Sea at an average water depth of about 100 meters. “The main oil-bearing plays are Paleogene Enping Formation and Wenchang Formation, and the oil property is light crude”, said CNOOC Ltd., majority-owned by China National Offshore Oil Corp. (CNOOC). CNOOC Ltd. chief geologist Xu Changgui commented, “In recent years, CNOOC Limited has strengthened the research on exploration theory and technology of the deep and ultra-deep plays in the South China Sea, and breakthroughs have been achieved”. “This discovery has confirmed the largest integrated clastic oilfield in the northern South China Sea in terms of original oil in place, breaking the traditional theoretical understanding, and demonstrating the enormous exploration potential of deep and ultra-deep plays in high-temperature and highly active basins offshore China”, Xu added. CNOOC Ltd. chief executive Zhou Xinhuai noted, “Oilfields with hundred-million-ton oil in-place have been discovered in this area for two consecutive years, making it a new driver of the offshore oil and gas production growth”. HZ19-6-3 is the second discovery declared by CNOOC Ltd. this year, following WZ10-5-1Sa in the Weizhou 10-5 field. Drilled to a total depth of about 4,840 meters in an area with an average water depth of 37 meters, WZ10-5-1Sa showed a pay zone of 283 meters. During

A new blueprint to save the North Sea as an industrial base for the future warns the window of opportunity is “closing fast”. But experts behind the far-reaching report to government today say it is still possible to transform fortunes – if political leaders act quickly. Crucially, the findings make the case to maximise oil and gas now while building towards a future as a renewable powerhouse. “Unless governments act swiftly, there will be no transition,” the North Sea Transition Taskforce report warns. “The old North Sea will fade away, along with the skills of individuals and the entrepreneurial skills of businesses in the North Sea supply chain.” In a recipe to save thousands of jobs for the future in Aberdeen, the north-east and across the UK, the taskforce makes key demands including: Replace the offshore windfall tax with a “viable” regime before 2030. Set out a clear plan for continued oil and gas extraction. Push ahead with cash for offshore wind, carbon capture and hydrogen. The call for rapid action on carbon capture will delight north-east industry figures who piled pressure on the Labour government to green-light plans near Peterhead. The report, revealed on Sunday night, is now with the UK Government – and includes dire warnings if political leaders dither. It warns confidence is “draining” from the North Sea and brands government action so far as “opaque” . Part of the plan is a call to keep up domestic production of oil, regardless of the push towards “net zero” and more renewable sources. More oil – and renewables The taskforce wants a simpler planning system for new offshore projects. It asks for closer working with foreign neighbours on a North Sea grid to help energy flow. And it wants incentives for “green” hydrogen, along with a big push