Tag Archives: Duke Energy

Sabal Trail offers barely-investment-grade bonds

I’ve wondered whatever happened to Andrea Grover since she no longer has landowner “stakeholders” to try to sell on her pipeline. Diagram, Moodys Bond Ratings Turns out she’s selling debt bonds for Sabal Trail now, according to a press release of Monday.

The notes were issued in three tranches as follows (collectively, the “Notes”): $500 million principal amount of 4.246% senior notes due 2028, $600 million principal amount of 4.682% senior notes due 2038, and $400 million principal amount of 4.832% senior notes due 2048.

Those sound like good interest rates, especially that 4.832%. But why is it listed on the Berlin Stock Exchange, and what about that Baa1 Moody’s bond rating? That is eight steps from the top and three steps above “Non-Investment Grade” aka junk bonds.

I wonder what happens if Sabal Trail doesn’t make its FERC-extended construction deadlines? Somebody remind me, what assets does Sabal Trail Transmission, LLC have, as in what recourse would a bond-holder have if the issuer decided to cancel them?

Two months (2018-04-01 -- 2018-05-03), STT Graphs
Graph: by WWALS, from Sabal Trail’s FERC-required Informational Postings.

Or maybe, unlike the amount of gas Sabal Trail is pumping (see above graph), SEP’s stock price will stop dropping and Continue reading

Flash in the pan, Sabal Trail? 2018-01-06

Where did that gas go for that one day, Sabal Trail? You didn’t do a very good job of demonstrating customers by dropping back to less than 2% Nom/Cap today. Did you break something? Again? Explain to us, FERC: why is this pipeline needed?

January 2018, Operational Capacity
January 2018

Also, FERC, if you did your job, we wouldn’t have to draw graphs like this. The best way to do your job would be to shut down Sabal Trail. Continue reading

Informational Postings: Transco, Sabal Trail, FSC, FGT, Gulfstream

Here are links to the FERC-required daily informational postings of the parts of the Southeast Markets Pipeline Project (SMPP), Transco, Sabal Trail, and FSC, plus the other two big natural gas pipelines into Florida: FGT and Gulfstream. Can somebody point me at any Duke Energy Florida (DEF) power plant that is not being fed by FGT or Gulfstream, now that DEF is no longer listed by Sabal Trail as a customer? And since FSC only lists its Martin County power plant, where are all those coal plants supposedly already- or to-be-modernized?

The Federal Energy Regulatory Commission (FERC) has a web page for Required Filers, which has a spreadsheet of Interstate Pipelines under the Natural Gas Act XLS updated 11/28/2017, but it’s incorrect, with the listing for Florida Southeast Connection going to the home page for NextEra Energy Resources. So, as usual, it’s necessary to do FERC’s job.


Transcontinental Pipeline Company (Transco)

Informational Postings and map.

Transco, Maps

Operationally Available. Perhaps most interesting is Continue reading

Sabal Trail admits Duke not customer, ramps up gas anyway 2018-01-04

Duke Energy Florida is no longer in the Customer Index in Sabal Trail’s FERC-required Informational Postings, as of January 1, 2018. Only Florida Power & Light is listed, still for 400,000 dekatherms per day. So what we’ve been saying since November appears to be true: Duke Energy Florida is no longer a Sabal Trail customer, which means there’s no excuse for Sabal Trail to have a Certificate of Convenience and Necessity, and FERC (or the D.C. Circuit Court) should revoke that permit.

Update 2018-01-05: Duke previously said it did NOT need Sabal Trail for the Crystal River power plant Duke is building, and in any case it could get the gas from Gulfstream or FGT if Sabal Trail failed, then Duke bought part of Sabal Trail, then Sabal Trail’s uncommitted capacity dropped by the same amount Duke was supposedly wanting, and now Duke is missing from Sabal Trail’s customer list. Plus most of Duke Energy Florida’s operational gas-fired power plants are being fed by FGT or Gulfstream, and apparently none from Sabal Trail.

Recent ramp in Sabal Trail gas, Postings

Yet Sabal Trail today just ramped up nominated capacity above operationally available capacity. Where’s that gas going, Sabal Trail? Continue reading

Still low: Sabal Trail gas six weeks later 2017-12-27

Sure you didn’t break something, Sabal Trail? Or did you lose one of your only two admitted customers? If not, why are you still only shipping less than 10% of your stated capacity six weeks after you went to zero for seventeen days? And how can FERC justify eminent domain for taking people’s land and risking our water for a pipeline your own figures persuasively now argue is not needed?

Nom still less than 10% of Cap, 2017-12-27

Nom still less than 10% of Cap, 2017-12-27

Remember, on November 14, the same day Sabal Trail’s gas dropped to zero, its uncommitted capacity also dropped by 300,000 Dekatherms per day, which is exactly the same as what Duke Energy Florida said it would buy, with “Contract Primary Term Expiration Date” of “10/15/2017.” That’s thirty days before the gas stopped flowing on November 14, 2017. And there’s been no change in Sabal Trail’s uncommitted capacity since then.

Uncommitted still down 300,000 DTH/Day., 2017-12-27

Continue reading

EPA perfunctory Lack of Objections to FERC Sabal Trail DSEIS 2017-11-20

EPA doesn’t even remember when it sent its own greenhouse gas (GHG) comments to FERC, forgets that it already told FERC nevermind, and now says, despite copious evidence filed by Senators, professors, Riverkeepers, and environmental organizations from multiple states as far away as Colorado, that FERC’s incorrect and inadequate Draft Supplementary Environmental Impact Statemen (FSEIS) rates “Lack of Objections or “LO””.

EPA to FERC, Re: SMPP This latest EPA letter is dated November 20, 2017, but FERC didn’t inform intervenors about it until today, two weeks later. The EPA letter claims:

The EPA commented on the FEIS on January 25, 2016. In those comments the EPA provided several recommendations including that the FERC consider a detailed evaluation of greenhouse gas (GHG) emissions in future analyses.

Yet FERC’s Docket CP15-17 shows no comment by EPA in January 2016. It does show this same G. Alan Farmer, Director, Resource Conservation and Restoration Division, EPA, wrote a letter to FERC filed 1 December 2015 as Accession Number 20171201-0034 (see also WWALS blog post), in which he said nothing I can see about greenhouse gases, but he did basically say “nevermind” to EPA’s extensive letter of October 26, 2015, filed as Accession Number 0151102-0219 (clean text on the WWALS website), which October letter did include: Continue reading

Sabal Trail low gas 2017-12-02

Not just one week anymore, more than two weeks: for seventeen days or more than half a month Sabal Trail shipped no gas, and it’s at less than ten percent of its stated operational capacity today.

2017-06-14 to 2017-12-01, Sabal Trail Operational Capacity
Sabal Trail Operationally Available and Nominated Capacity, 2017-06-14 to 2017-12-02, graphed by WWALS from Sabal Trail’s FERC-required online reports.

Also, on October 30th Sabal Trail went down to 14 Million Dekatherms a day (MDTH/day) nominated capacity out of 779 MDTH/day operationally available capacity. Both that and the drop to zero on December November 14th were shortly after Sabal Trail ramped up nominated capacity. Did you bust something, Sabal Trail? Continue reading

Sabal Trail no gas for a week?

Has Sabal Trail been shut down for a week? Its FERC-required online reports seem to say so, while Gulfstream and FGT numbers jumped up that same day. Read to the end for something even more interesting.

2017-11-13, Operationally Available Capacity
2017-11-13, Operationally Available Capacity

While Cap stays about the same 789 million dekatherms per day (MDTH/day), Nom drops from around 186 on November 13th to zero or less on November 14th, and stays zero for a week; still zero this morning.

2017-11-14, Operationally Available Capacity
2017-11-14, Operationally Available Capacity

What’s Nom? Apparently Continue reading

Senators from Rhode Island and Colorado show how FERC can use social cost of carbon

Senators from two states far away just did what none of the senators from Alabama, Georgia, or Florida have done: called out FERC on its failure to do what the judges ordered about the social cost of carbon for the fracked methane pipelines Sabal Trail, Transco, and Florida Southeast Connection.

Sheldon Whitehouse Michael Bennet

FERC Accession Number 20171114-0043, “Comments of Senator Sheldon Whitehouse et al re the Southeast Market Pipelines Project under CP14-554 et al.” FERC’s generated PDF is not very legible, so the text below is from Sheldon Whitehouse, Press Releases, 8 November 2017, WHITEHOUSE, BENNET CALL ON FERC TO USE SOCIAL COST OF CARBON IN REVIEW OF PIPELINES, which also has linked to it a legible PDF. Continue reading

Hamilton Solar Farm by Duke Energy at Sabal Trail pipeline

Irony: Duke Energy is building a 75 megawatt solar farm right next to the Sabal Trail pipeline, of which Duke is a 7.5% owner.

Dust no more! The same place Chris Mericle reported having a dust storm little more than a week ago, last week he discovered Duke Energy is replacing the center pivots with solar panels.

SW 69th Drive and SW 40th Avenue, At Sabal Trail pipeline
SW 69th Drive and SW 40th Avenue, in Sabal Trail path digitized by WWALS.

The little red dot near the center of the above map is where Duke Energy says this solar farm will go. The red line is the Sabal Trail pipeline, next to the power line Duke will be using for the solar electricity. How about turn off the pipeline, Duke, and put solar panels along its right of way? As I computed using Sabal Trail’s own figures three and a half years ago, half that RoW acreage could generate just as much electricity from the sun as that pipeline would ever produce, and solar panel prices have gone down since then.

Duke Energy Florida, unknown date, Hamilton Solar Plant, Continue reading