may 2016 the shifting sands of natural gas abundance · 0. 5. 10. 15. 20. 25. 30. 35. quadrillion...

The Shifting Sands of Natural Gas Abundance

May 2016

Natural Gas Records in 2015

• Domestic Annual Production – 27.1 Tcf• Proved Reserves – 368 Tcf (dry)• Undiscovered Gas Resources – more than 2,500 Tcf• Domestic Natural Gas Consumption – 27.4 Tcf• Natural Gas Consumed for Power Gen – 9.4 Tcf• Working Gas in Underground Storage – 4,009 Bcf

Sources: Bentek Energy, Energy Information Administration, Potential Gas Committee

2

NATURAL GAS PROUCTION

0

5

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35Q

uadr

illio

n Bt

u

Year

Dry Natural Gas Production EIA Annual Energy Outlook (2006)

AEO2006

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30

35Q

uadr

illio

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Dry Natural Gas Production EIA Annual Energy Outlook (2013 compared to 2006)

AEO2013

AEO2006

5

Record annual production in 2015New daily records already in 2016

6

Source: Bentek Energy LLC

2014

30

35

40

45

50

55

60

65

70

75

80

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Billion Cubic Feet per Day

Daily Dry Natural Gas ProductionUS Lower-48

Four-Year Range 2007-2010

20162015

7

Shale vs Convention Gas Production

8

PGC Resource Assessments, 1990-2014

Data Source: Potential Gas Committee, Colorado School of Mines, April 2015

9

Huge shale gas production begins to level

Source: US Department of Energy, Energy Information Administration.

0

5

10

15

20

25

30

35

40

45US Shale Gas Production

Antrim (MI, IN, & OH)

Bakken (ND)

Woodford (OK)

Barnett (TX)

Fayetteville (AR)

Eagle Ford (TX)

Haynesville (LA & TX)

Marcellus (PA & WV)

Utica (OH, PA & WV)

Rest of US 'shale'

Change in Production, 2014-2020

MidCon+4.5

Perm+1.4

Eagle Ford+0.8

ROX+1.6 App

+17.1

H’ville+4.3

F’ville-0.4

Canada+1.3

All other-6.6

Barnett+0.1

Source: Bloomberg New Energy Finance.

9

Change in Production, 2020-2030

MidCon+4.1

Eagle Ford+2.1

Barnett-1.9

ROX+1.9 App

+8.7

H’ville-3.8

F’ville-0.9

Canada+8.5

Permian-0.2

All other-5.8

Source: Bloomberg New Energy Finance.10

North American Production Outlook by Area

Source: Bloomberg New Energy Finance. Note: Rig count should not be viewed as comprehensive as not every play modelled.

Dry gas production (Bcfd) Rig count, select areas

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2012 2014 2016 2018 2020 2022 2024 2026 2028 20300

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400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2012 2016 2020 2024 2028

US legacy Canada Marcellus Eagle Ford Rockies Haynesville Barnett Woodford Permian Utica Bakken Other

Domestic Drilling and Completion CostsHave Been Falling

13

Source: Energy Information Administration

Natural Gas Prices vs. Rig Count

14

Despite falling rig counts, natural gas production continues to grow.

15

US dry gas production record: February 19, 2016 – 73.8 Bcfd (Bentek)

Source: BNEF, BCSE

Relatively Low and Stable Natural Gas Prices

16

Source: Energy Information Administration

2013

2014

2015

2016 -

2

4

6

8

10

12

14

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Dollarsper Million BTU

Natural Gas Prices Prompt-Month Futures at Henry Hub

Price Range2006-2010

Short-Term Natural Gas Prices Outlook

17

NEW NATURAL GAS DEMAND

19

Consumer Natural Gas Prices Back to 1990s Levels

Source: EIA STEO

0

5

10

15

20

Residential Natural Gas PricesNominal Real

Forecast

Natural Gas Sector Consumption 2015PowerGen/Industrial/Res-Com

20

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

Jan 13 25 6 18 2 14 26 7 19

May 13 25 6 18 30 12 24 5 17 29 10 22 4 16 28 9 21 3 15 27

Bcf p

er d

ay Pwr Gen

Industrial

Res/Com

Mar

May Ju

l

Sep

Nov

21

Total Peak Day Natural Gas Consumption2007-2015

Source: Bentek Energy

105.9 107.0 104.6

113.5 112.1108.6

116.0

138.7132.0

2007 2008 2009 2010 2011 2012 2013 2014 2015

(BCF Per Day)

Natural Gas May Exceed Coal as Fuel for Power Generation in 2016

22

Natural Gas and Power Generation (From EIA October 7, 2015)

23

24

2015 saw lots of coal retired. Natural gas and renewables were most of additions.

25

Low natural gas prices and coal retirements prompted large coal-to-gas switch

(200,000)

(150,000)

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

Coal NaturalGas

RenewableSources

ExcludingHydroelectric

Nuclear HydroelectricConventional

TotalGeneration atUtility Scale

Facilities

Net Electricity Generation by Energy Source, Year-to-Date (October) Change 2014-2015

(Thousand MWh)

EIA Electric Power

26

U.S. Coal Exports declined 23% in 2015, as coal imports remained steady

Source: U.S. Energy Information Administration, based on U.S. Census Bureau data

Presenter

Presentation Notes

Copied from: http://www.eia.gov/todayinenergy/detail.cfm?id=25252 The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015. Coal exports fell for the third consecutive year in 2015, ending the year 23 MMst lower than in 2014 and more than 50 MMst less than the record volume of coal exported in 2012. Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries contributed to the decline in U.S. coal exports. Lower mining costs, cheaper transportation costs, and favorable exchange rates (compared to the U.S. dollar) continue to provide an advantage to producers in other major coal-exporting countries such as Australia, Indonesia, Colombia, Russia, and South Africa. One of the only increases in U.S. coal exports in 2015 was for exports to India, which increased by almost 2 MMst, bringing its share of U.S. coal exports to 9%, up from 5% in 2014. Coal exports to the rest of Asia fell. Europe has traditionally been a leading destination for coal exports, but exports were down 14.6 MMst (28%) in 2015. U.S. coal exports are mainly shipped from six customs districts that together accounted for 90% of U.S. exports in 2015. Norfolk, Virginia, the largest coal port, shipped 26.2 MMst of coal, accounting for 35% of total U.S. exports. Baltimore, Maryland, was the only major customs district (districts that generally export more than 1 MMst of coal annually) to increase exports in 2015, largely driven by increased exports to India. U.S. coal imports totaled 11.3 MMst in 2015, the same as in 2014, with 85% of imports being steam coal that is primarily used to generate electricity. Although the amount of imports did not change in 2015, the source and point of entry of these imports changed from 2014. The biggest changes in the origin of U.S. imports involved imports from Colombia and Indonesia, which increased by 8% and decreased by 42%, respectively. Colombian coal is highly competitive with domestic coal at power generators located along the Gulf of Mexico and southern Atlantic coasts. Metallurgical coal, which is used in the steelmaking process, was primarily imported from Canada. Tampa, Florida, overtook Mobile, Alabama, to become the largest recipient of coal imports in 2015. The closure of coal-fired electricity generators in New England led to a 41% (0.5 MMst) decrease in imports into the Boston, Massachusetts, customs district. Increased Canadian imports drove the increase of imports (0.1 MMst, 55%) into the Portland, Maine, custom district. Imports into the Honolulu, Hawaii, custom district remained nearly unchanged as declines in Indonesian imports were offset by imports from Canada and Australia.

27

Renewable build and energy efficiency continues

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250

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Solar Wind Other

Cumulative Renewable Capacity (GW)

Source: Bloomberg New Energy Finance

Recent, announced, and modelled coal retirements by region (GW)

Source: Bloomberg New Energy Finance, EIA

Note: Results are from our Coal retirements model and based on base-case assumptions for EPA emissions standards, control technologies, plant performance, and compliance costs. ‘Recent’ includes all coal capacity retired from 2011-12.

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25SE

RC PJM

MIS

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Othe

r m

idwe

st

Wes

t

SPP

North

east

Flor

ida

Texa

s

Recent

Modelled

Announced

https://www.bnef.com/Insight/7982


US gas demand from LNG exports (Bcfd)

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Base case Low case High case

30

One view shows LNG export growth to 7 Bcfd by 2020 Delays and market issues could slow potential

012345678

2016 2017 2018 2019 2020

US LNG Exports (Bcfd)

Sabine Pass Cove Point Cameron Freeport


31

How much US LNG can the global market absorb?Maybe not much .…

Global LNG Supply and Demand Balance (MMTPA)

Source: Bloomberg New Energy Finance, Poten & Partners

0100200300400500600700800900

1,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

OtherNorth AmericaRussiaEast AfricaWest AfricaAustraliaNorth AmericaAustraliaOtherRussiaWest AfricaNorth AfricaIndonesiaMalaysiaQatarDemand

Pre-

FID

O

pera

tiona

l, un

der

cons

truc

tion

or

post

-FID

Presenter

Presentation Notes

Looking towards 50 Bcfd of global LNG supply Nearly 40 of demand. Becomes a story of east Asian demand. Japan. China. Will the growth materialize. And questions: Does economic growth in Asia spur more natural gas demand? Will environmental concerns and a push towards switching to natural gas create new demand?

32

Sabine Pass 4.16 Bcf/dFreeport LNG 1.80 Bcf/dDominion Cove Point 0.82 Bcf/dSempra-Cameron LNG Hackberry 1.70 Bcf/dCheniere Corpus Christi 2.14 Bcf/dLake Charles (Not Under Construction) 2.20 Bcf/dCarib Energy (DOE Approved Non-FTA) 0.04 Bcf/dJordan Cove (DOE Approved Non-FTA) 0.80 Bcf/dOregon LNG (DOE Approved Non-FTA) 1.25 Bcf/d

Received Both DOE 12.82 Bcf/dAnd FERC Approvals/Under Construction

Total Non-FTA Applications 38.07 Bcf/d

DOE/FERC, Free Trade Agreement/Non-FTALNG Export Approvals

Presenter

Presentation Notes

Gas Market environment today vs. ten years ago This provides context for how we can envision the natural gas market looking ahead. The view will be shaped by new factors and not those that shaped views a decade ago. Supply scarcity and demand uncertainty have given way to the abundance of supply. How then do we view our energy portfolio within this new market environment? How does our view of how customers use energy, of energy efficiency, within this market context? Three components to cover today: An overview of the changes to the market – a baseline of facts that lead us to the present. AGA market stability study on “Rethinking Natural Gas” – an effort to evaluate the potential drivers of natural gas demand to create a vision of where the market may be headed? new confidence in the U.S. resource base highlighted by the development of shale gas and the technologies that support its extraction; regulatory changes to local gas utility rate structures that enable commitments to energy efficiency; improvements in natural gas appliance efficiency; discernible environmental benefits attributed to natural gas compared to alternatives; the possibility of U.S. liquefied natural gas (LNG) exports; and U.S. natural gas supply can respond efficiently and robustly to foreseeable and plausible demand growth scenarios at an affordable cost compared to other energy alternatives. a rallying of business, government, regulators, advocacy groups, and other stakeholders around the benefits of efficient and focused use of natural gas in the country’s energy mix. Because of these changes, there is more room for wise and efficient growth of natural gas consumption in today’s domestic energy market.


North American Demand(Bcfd)

• Demand growth dominated by LNG exports, but…• Power and industrial sector growth in North America as a whole are around

the same size.• Vehicles are a wild-card in the long term

0102030405060708090

100110120130

2014 2016 2018 2020 2022 2024 2026 2028 2030

Lease use Pipe use US power US industrialUS ResComm Canada power Canada industrial Canada ResCommVehicles Mexports LNG exports

0.0

-2.2

0.8

0.5

1.2

1.6

3.2

2.4

2.6

5.4

9.0

0.3

0.7

1.3

1.4

1.8

2.3

3.7

3.9

4.7

5.7

13.8

-5 0 5 10 15

Canada ResComm

US ResComm

Pipe use

Vehicles

Canada industrial

Lease use

Mexports

Canada power

US industrial

US power

LNG exports

20302020

Change in Nat Gas Demand, 2014-2020

MC+1.0

SW+0.6

USGC+10.3Mexport

s+3.2

FL+1.1

ROX+0.5

Northeast/Mid-

Atlantic+2.7

Midwest+0.7

CA-0.5

Southeast+1.0

PacNW+1.2

New England-0.1

Canada+3.0


Change in Nat Gas Demand, 2020-2030

MC+0.3

SW+0.5

USGC+1.1

Midwest+1.0

PacNW+1.0 New England

-0.3

Canada+4.4

Northeast/Mid-Atlantic-0.2

Southeast-0.2

CA+0.2

FL-0.2

ROX+0.6

Mexports+0.5


UNDERGROUND STORAGE

New storage classifications

37

38

US Natural Gas Underground Storage

EMISSIONS

• Annual methane emissions from natural gas distribution systems declined 74 percent from 1990 to 2014.

• The natural gas emissions rate of production from distribution systems is now less than 0.1 percent.

• Industry wide the natural gas emissions as a rate of production (the “leakage rate”) increased to 1.4 percent—a level still well below even the most stringent thresholds for immediate climate benefits.

• Updates to the distribution stage methodology resulted in a 65 percent downward revision for year-end 2013 methane emissions.

The EPA Inventoryreveals once again that the natural gas distribution systems have a small emissions footprint shaped by a declining trend.

Key findings

40

Presenter

Presentation Notes

Annual methane emissions from natural gas distribution systems declined 74 percent from 1990 to 2014. The natural gas emissions rate of production from distribution systems is now less than 0.1 percent. Industry wide the natural gas emissions as a rate of production (the “leakage rate”) increased to 1.4 percent—a level still well below even the most stringent thresholds for immediate climate benefits achieved through coal to natural gas switching. Updates to the distribution stage methodology resulted in a 65 percent downward revision for year-end 2013 methane emissions. This was due to the use of lower emissions factors for pipeline leaks and M&R stations reported in a 2015 Washington State University study. Only 0.1 percent of produced natural gas is emitted from distribution systems owned and operated by local natural gas utilities. Annual emissions from these systems declined 74 percent from 1990 to 2014 even as natural gas utility companies added nearly 600,000 miles of pipeline to serve 18 million more customers, an increase of more than 30 percent in both cases. This exceptional record can be traced to safety as the top priority for gas utilities who continue to be vigilant and deeply committed to systematically upgrading infrastructure through risk-based integrity management programs.

• Total methane emissions from all natural gas systems have declined 15 percent from 1990 to 2014.

• Despite upward revisions, field production emissions have been flat since 2005 even as production increased 34 percent.

• Transmission and storage methane emissions dropped 45 percent from 1990 to 2014.

• Methane from the processing stage has increased 13 percent from 1990 to 2014.

As companies and the country continue to modernize the natural gas infrastructure base and connect homes and businesses, there will be new opportunities to achieve low-cost carbon emissions reductions by leveraging this existing infrastructure and the nation’s natural gas resource.

Key findings continued

41

Presenter

Presentation Notes

EPA expanded its universe of gathering stations not included in prior inventories following a 2015 study, bringing emissions estimates up for the field production stage. With the revisions, field production emissions increased 31 percent from 1990 to 2014. However, field production emissions have been flat since 2005 even as production has increased 34 percent. Key data sources for the transmission and storage stage were updated as well, resulting in a downward revision to emissions. T&S methane emissions have dropped 45 percent from 1990 to 2014. There were no changes to the processing stage methodology. Methane from the processing stage has increased 13 percent from 1990 to 2014. Total methane emissions from all natural gas systems have declined 15 percent from 1990 to 2014.

Natural gas distribution emissions dropped 74% since 1990

42

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1990 2005 2010 2011 2012 2013 2014

Methane emissions from natural gas distribution (Million Metric Tons CO2e)

Source: Inventory of U.S. Greenhouse Gas Emissions and Sinks: 1990 – 2014Environmental Protection Agency

US GHG emissions are down 7% since 2005 with natural gas playing a key role in the decline

43

01,0002,0003,0004,0005,0006,0007,0008,000

1990 2005 2010 2011 2012 2013 2014

U.S. Greenhouse Gas Emissions(Million Metric Tons CO2e)

CO2 CH4 N2O Other GHGs


Natural gas has the lowest share of contribution to carbon emissions

44

Coal32%

Natural Gas27%

Petroleum41%

Share of carbon dioxide emissions from fossil fuel combustion 2014


Sources of methane emissions 2014

45

0 50 100 150 200

Silicon Carbide Production and…Iron and Steel Production & Metallurgical…

Incineration of WastePetrochemical ProductionInternational Bunker Fuels

Field Burning of Agricultural ResiduesMobile Combustion

CompostingAbandoned Underground Coal Mines

Stationary CombustionRice Cultivation

Wastewater TreatmentManure Management

Coal MiningPetroleum Systems

LandfillsEnteric FermentationNatural Gas Systems

MMT CO2 Eq.

< 0.5

< 0.5< 0.5

< 0.5

< 0.5

< 0.5

11%

Methane as a Portion of All Emissions


Methane emissions from natural gas systems have declined 15% from 1990 levels

46

0

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100

150

200

250

1990 2005 2010 2011 2012 2013 2014

Methane Emissions from Natural Gas Systems(Million Metric Tons CO2e)

Down 15% since 1990


Transmission & distribution with downward trend. Production flat since 2005.

47

0

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40

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80

100

120

FieldProduction

Processing Transmissionand Storage

Distribution

Methane Emissions from Natural Gas Systems(Million Metric Tons CO2e)

1990 2005 2010 2011 2012 2013 2014


Breakdown of distribution emissions

48

Pipeline leaks 49%

Meter/Regulator (City Gates)

9%

Customer Meters28%

Routine Maintenance

1%

Upsets13%

Share of Methane Emissions from the Natural Gas Distribution Stage


Miles of installed main has increased 34% since 1990.

Even with this tremendous growth, estimated methane emissions from pipeline leaks declined 74%.

A consequence of increased removal of unprotected steel & cast iron pipe replaced with plastic & protected steel.

Pipeline Replacement Lowers Emissions

49

600

700

800

900

1,000

1,100

1,200

1,300

02468

10121416

Thousand Miles of Main

Million Metric Tons CO2

equivalent

Estimated Emissions from Main PipeInstalled Main Pipe


50

Natural Gas Emissions From Natural Gas Systems(million metric tons of CO2 equivalent)

* Includes natural gas fraction of oil well production.Source: U.S. Department of Energy and U.S. Environmental Protection Agency

Natural gas emissions account for1.4% of production

Field Production*

10962% Processing

24.014% Transmission

& Storage32.118% Distribution

11.16%

Only0.1%

of produced natural gas is emitted from

systems operated by natural gas

utilities

Industry StageEmissions

Natural Gas Efficiency Programs112 in 39 states, 6 in Canada (2013)

51

Source: AGA

Presenter

Presentation Notes

Many states already have programs to encourage customers to switch to natural gas to improve energy savings or to reduce emissions. Some specifically incentivize the replacement of less efficient electric equipment with natural gas appliances to meet electric demand-side-management requirements, such as in Texas, Oklahoma and Washington. These gas utility efficiency portfolios, conversion programs, consumer education campaigns, and other efforts may be leveraged to count emissions reductions that are consistent with broader federal, state, and local environmental goals currently under consideration, such as the EPA Clean Power Plan (CPP).

52

States that allow financial incentives for fuel switching within energy efficiency portfolio

Source: AGA Energy Efficiency Survey

Presenter

Presentation Notes

The report looks at gas utility activities already in place that encourage customers to switch to natural gas with the goal of increased energy savings and emissions reductions. Among these energy efficiency programs are several which provide financial incentives for fuel switching from another fuel source to natural gas. A number of programs in utility funded efficiency portfolios are designed to incentivize or otherwise encourage customers to adopt natural gas appliances as a substitute for another fuel. Some others are fuel oil conversion programs or unspecific toward fuel; some specifically target electricity. Any gas program that demonstrates electricity savings—a type of electricity efficiency— could be considered in a larger policy framework, the goal of which is to encourage energy efficiency. There are 24 gas utility programs in 17 states that feature a conversion program either allowed by the state regulator or specifically authorized by legislation. These states include Texas, California, Colorado, Connecticut, Florida, Idaho, Illinois, Kentucky, Massachusetts, New Jersey, New York, Oklahoma, Pennsylvania, South Dakota, Virginia, Washington, and Vermont. Connecticut Florida Idaho Kentucky Massachusetts New Jersey New York Oklahoma Pennsylvania South Dakota Texas Vermont Virginia Washington Existing programs are typically paid for, often with well-established protocols to identify, measure, and verify energy and emissions reductions, which means lower costs of compliance compared with programs that are not yet implemented.

INFRASTRUCTURE

US Natural Gas Pipeline Infrastructure

Source: Energy Information Administration.

Rockies ExpressBecomes Bi-directional

55

Presenter

Presentation Notes

We think 20 major pipeline projects with a combined incremental takeaway capacity of 16.8Bcfd will be built from Sept 2015 – Nov 2018. This will outpace growth in gas production from Appalachia. A key uncertainty in flow is whether Appalachian gas will totally displace Western Canadian gas in Michigan/Ontario (the greater Dawn area). In 2018, TCPL will set new long-term (five-year) firm transport rates on the mainline. This comes after the settlement with the three big eastern Canadian LDCs, which has basically allowed TCPL to fully amortize its Northern Ontario Line – it may make shippers an offer they can’t refuse. This would shift the “Appalachian null frontier” south.

US Gas Exports to Mexico

Infrastructure Expansion Programs 37 states

presently have or are considering

an innovative infrastructure

expansion program or

policy

53

Presenter

Presentation Notes

This slide

• The overall trend is positive

• States address this issue differently

• The basis for these decisions is always just and reasonable rates for consumers

Accelerated Infrastructure Replacement Programs

52

Presenter

Presentation Notes

39 states and the District of Columbia have some sort of accelerated infrastructure program (trackers, surcharges, etc.). Nine states moved to adopt programs in 2013, alone; NJ, MA, PA & DC adopted pipeline safety measures in 2014; West Virginia passed legislation earlier this year According to DOT’s website, over the last 10 years, 10,000 miles of main and 33,000 services of cast iron have been replaced. The numbers are 19,000 miles of main and 2.2 million services for bare steel. Overall, cast iron main makes up less than 3% of distribution mileage, and is decreasing annually at an expeditious rate as more and more of these programs come on line.

LONGER TERM

2.00

2.50

3.00

3.50

4.00

4.50

5.00

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Price (monthly)Price (ann avg)

Source: Bloomberg New Energy Finance.

BNEF Long-Range Henry Hub Gas Price (real 2015$/MMBtu)

2016/H1 2017: Glut eases as ex-Northeast supply drops/demand rises slightly

2019-23:Demand continues to grow, but at a calmer pace

2024+:More Canadian LNG exports, permanent declines in the Haynesville and the Marcellus plateauing push prices to a higher steady-state

H2 2017/H1 2019: Rapidly growing demand forces producers back into Haynesville, MidCon and Canada

61

• Social License to Consume Fossil Fuels• Success of Energy Efficiency Investments• What Regulatory Structure Allows for

Building that Last Mile of Infrastructure • Implementation of EPA Rules for New and

Existing Power Generation • World Oil Prices• Carbon Pricing in US Economy

Natural Gas Energy Policy Future

Presenter

Presentation Notes

Gas Market environment today vs. ten years ago This provides context for how we can envision the natural gas market looking ahead. The view will be shaped by new factors and not those that shaped views a decade ago. Supply scarcity and demand uncertainty have given way to the abundance of supply. How then do we view our energy portfolio within this new market environment? How does our view of how customers use energy, of energy efficiency, within this market context? Three components to cover today: An overview of the changes to the market – a baseline of facts that lead us to the present. AGA market stability study on “Rethinking Natural Gas” – an effort to evaluate the potential drivers of natural gas demand to create a vision of where the market may be headed? new confidence in the U.S. resource base highlighted by the development of shale gas and the technologies that support its extraction; regulatory changes to local gas utility rate structures that enable commitments to energy efficiency; improvements in natural gas appliance efficiency; discernible environmental benefits attributed to natural gas compared to alternatives; the possibility of U.S. liquefied natural gas (LNG) exports; and U.S. natural gas supply can respond efficiently and robustly to foreseeable and plausible demand growth scenarios at an affordable cost compared to other energy alternatives. a rallying of business, government, regulators, advocacy groups, and other stakeholders around the benefits of efficient and focused use of natural gas in the country’s energy mix. Because of these changes, there is more room for wise and efficient growth of natural gas consumption in today’s domestic energy market.

Brendan O’BrienSenior Energy Analyst Energy Analysis and [email protected]

62

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mailto:[email protected]

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may 2016 the shifting sands of natural gas abundance · 0. 5. 10. 15. 20. 25. 30. 35. quadrillion...

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