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Energy News

Gasoline demand predicted to plummet in Colorado, nationally due to COVID-19 restrictions

National gasoline demand is being cut by more than half due to stay-at-home orders like Colorado’s and similar strategies to fight the spread of the COVID-19 pandemic — the reduction in driving is already poised to be larger that what was seen during the entire Great Recession.

U.S. gasoline demand could fall by as much as 4.1 million barrels daily as more people work from home and avoid going out, according to forecasts by IHS Markit, a London-based economic and business research firm.

“The…

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Energy News

Major Wisconsin companies switch to virtual shareholder meetings due to COVID-19

The parent company of We Energies had big plans for its annual shareholders’ meeting — holding it at the New York Stock Exchange and giving directors the opportunity to ring the closing bell — but the company changed course due to the COVID-19 pandemic and may hold a virtual meeting instead.

It’s a major letdown for WEC Energy Group Inc. (NYSE: WEC) executives and shareholders. But the Milwaukee-based utility company is one of multiple publicly traded Wisconsin companies contemplating a…

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Energy News

Process of plotting Evergy’s future gets a new deadline

Evergy Inc. is pushing back the deadline for a special board committee to provide ideas for reorganizing or possibly selling. The move came as part of an agreement with an activist investor.

The Kansas City-based utility (NYSE: EVRG) said it and affiliates of Elliott Management Corp. agreed to push back deadlines for a committee exploring future options for Evergy.

The committee, made up of existing Evergy directors and new directors added at Elliott’s urging, now is to present a formal recommendation…

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Energy News

TECO customers likely to get break on electric bills

With the utility pointing to lower-than-expected costs for natural gas, customers of Tampa Electric Co. likely will see their electric bills reduced in June.

The utility, which has about 780,000 customers in Tampa and nearby areas, filed a petition Wednesday at the Florida Public Service Commission that calls for reducing the costs passed on to customers for power-plant fuel. Each year, utilities project their fuel costs, with those projected expenses then passed along to customers in the subsequent…

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Energy News

Oil price war claims casualties in Leawood: 39 layoffs

Hit by an oil price war between Russia and Saudi Arabia, combined with the financial impact of COVID-19, Leawood-based Tortoise Capital Advisors laid off 39 people, about 25% of the company’s 165 employees.

Founded in 2002, Tortoise is an investment management firm focused mainly on creating and managing funds that invest in pipelines and other midstream assets in the oil and gas industry. It had $17.6 billion in assets under management as of Feb. 29.

But after Saudi Arabia and Russia couldn’t…

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Energy News

Koch acquisition lays groundwork for smart power grid

A division of Koch Industries Inc. has made an acquisition designed to help it shape the next generation of electric power. 

Koch Engineered Solutions (KES), part of Wichita-based Koch, on Thursday announced that it has purchased California-based Sentient Energy. The company specializes in sensor systems and analytics for electric power grids. 

Financial terms of the deal were not disclosed. 

“The acquisition of Sentient Energy is an exciting and important first step toward building an intelligent…

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Energy News

KC startup Dynamhex lands spot in cleantech accelerator

A Kansas City startup made the cut for a cleantech accelerator in Charlotte, N.C.

Dynamhex Technologies LLC is among eight startups chosen for the Joules Accelerator, a 90-day program that includes connections to key stakeholders, one-on-one meetings with potential customers and virtual business development advising. The accelerator also helps startups identify commercialization opportunities.

Dynamhex, which employs four people, built software that uses a game-like format to help companies and…

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