Spain’s Naturgy seeks to renegotiate gas contracts as earnings drop
Reuters reports: Spanish utility Naturgy (NTGY.MC) is taking advantage of slumping gas prices to renegotiate supply contracts, it said on Wednesday, after the crippling effect of the coronavirus crisis on demand sent its first-quarter net profit plunging 42%. A global glut of liquefied natural gas (LNG), of which Naturgy has long been a major buyer, now has even fewer takers as economies shut down to help to stem the spread of a virus that has infected more than three million people. Naturgy did not say which contracts it was seeking to renegotiate, only that it was “taking steps to activate price revision in gas supply contracts, in line with the current environment”. Sinking gas demand in Spain and Latin America in March dragged the firm’s first quarter net profit down to 199 million euros ($216 million) from 341 million euros a year earlier. For more on this story visit Reuters.com or click https://reut.rs/2yQhdqO
Ameren Illinois to begin natural gas pipeline upgrade in June
Daily Energy Insider reports: Ameren Illinois announced plans to modernize its natural gas transmission pipeline running through central and southern Illinois with work on a major line in Macon County beginning in June. Crews will arrive in the Decatur, Ill., area that month to install the last one-mile stretch of 10-inch steel pipeline. This is part of a larger, four-mile segment of pipeline replacing vintage steel from the 1930s. The line runs from Ameren’s delivery station in Elwin, Ill., to Decatur’s south side. “This upgrade is part of our overall statewide plan to enhance and
improve our natural gas system,” Richard Mark, chairman and president of Ameren Illinois, said. “With these enhancements, Ameren Illinois is taking proactive steps to prepare for the future needs of our natural gas customers. We’re excited to bring these enhancements to our customers in Macon County.” For more on this story visit dailyenergyinsider.com or click https://bit.ly/2W9uK4L
