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FINWIRES

National Grid, NYPA Complete 100-Mile Transmission Project, Unlock 1 GW of Renewables

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New York State Governor Kathy Hochul said Monday that New York Power Authority, or NYPA, and National Grid (NGG) have completed the 100-mile Smart Path Connect transmission project.

The major grid upgrade is set to deliver over $438 million in annual savings to consumers across the state, as it enables the flow of more renewable energy, while enhancing reliability and reducing expensive transmission congestion issues in legacy grid systems.

The project is expected to unlock nearly 1 gigawatts of renewable energy for upstate New York.

It spans counties such as Clinton, Franklin, St. Lawrence, Lewis and Oneida, and involved the upgrade of nearly 100 miles of transmission lines, the construction of four new substations, and enhancements to 10 existing substations.

The newly energized corridor connects with NYPA's previously completed Smart Path transmission project, creating nearly 200 miles of continuous upgraded 345-kilovolt transmission infrastructure between Clinton and Oneida counties.

The expanded network is designed to move larger volumes of electricity over long distances while improving system resilience and reliability.

According to Hochul, this attempt at modernizing the state's grid marks a significant step towards "moving clean power more efficiently and eliminating bottlenecks that have driven up energy costs."

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Commodities

US DOE Awards 500,000 Barrel SPR Crude Exchange to Vitol

The US Department of Energy awarded a contract covering 500,000 barrels under its Strategic Petroleum Reserve crude exchange program to commodity trader Vitol, according to award information released Monday.The award was made under a Request for Proposals seeking the exchange of up to 40 million barrels from the SPR.As of June 22, the Department of Energy said Vitol had been awarded a contract covering 500,000 barrels.The solicitation covers up to 40 million barrels of sour crude from the Strategic Petroleum Reserve's Bryan Mound and Big Hill sites. The DOE said offers will compete on overall value to the government.DOE plans to supply 8 million barrels from Bryan Mound in July 2026 and another 7 million barrels in September 2026. Both exchange programs require a minimum return volume of 3 million barrels per month.At Big Hill, DOE is offering 11 million barrels in August 2026 and 14 million barrels in September 2026. The associated return periods begin in 2027 and extend into 2028, according to the department.DOE said bidders are responsible for securing sufficient pipeline and terminal capacity, adding that lower inventory levels could reduce delivery rates and require buyers to manage any resulting logistical constraints.DOE said Strategic Petroleum Reserve crude includes a blend of domestic and international grades, including Isthmus, Urals, Alaskan North Slope, Arabian Light, Saharan and Dubai crude streams.The agency requires returned crude to meet quality specifications and reserves the right to reject barrels that fail compatibility standards. Offerors must submit quality information 90 days before the return period begins.DOE said that oils with elevated light-end gas content or vapor pressure could affect storage integrity and limit the reserve's ability to deliver oil when needed.The minimum offer size stands at 3 million barrels for both pipeline and vessel deliveries. DOE said awards to a single bidder generally will not exceed 20 million barrels unless additional volumes remain available.The notice did not disclose financial terms or delivery schedules for the Vitol award, nor did it mention whether additional awards may be made under the solicitation.

Commodities

US Natural Gas Update: Futures Edge Up on Hotter Early July Forecasts

US natural gas futures continued to decline from earlier highs but managed to remain in positive territory in after-hours trade on Monday, despite forecasts for hotter weather across much of the country that point to stronger demand.The front-month Henry Hub contract and the continuous contract rose by 0.15% to $3.238 per million British thermal units.Barchart said natural gas prices rallied to a three-week high in the nearest futures contract on Monday as weather forecasts signaled increased cooling demand. It cited the Commodity Weather Group on Monday, which said above-average temperatures are expected across most of the US from July 2-6.Forecasts also indicate Lower 48 population-weighted temperatures are expected to rise above the 10-year seasonal average during the first week of July after generally below-average temperatures prevailed through much of June, Aegis Hedging said Monday.Warmer summer weather typically increases electricity demand for air conditioning, boosting natural gas consumption by power generators.On the supply side, US dry gas production remained steady at a robust 109.5 billion cubic feet per day, Aegis said, citing data from S&P. Barchart, citing BNEF data, said Lower 48 dry gas production on Monday was 109.6 Bcf/d, up 1.5% from a year earlier.Regarding demand, BNEF said US gas demand on Monday totaled 71.0 Bcf/d, down 2.0% from a year earlier. Celsius Energy said power burn on June 20 was 34.2 Bcf/d, down 2.5 Bcf/d from the previous day and down 1.2 Bcf/d from the same day last year.Over the preceding seven-day period, natural gas accounted for 39% of the fuel mix, up 1 percentage point from a year earlier, according to Celsius Energy. The week ending June 20 saw power burn average 35.8 Bcf/d, down 1.7 Bcf/d from the comparable period a year ago.Meanwhile, estimated LNG net flows to US LNG export terminals were 19.3 Bcf/d on Monday, up 0.9% from the prior week, according to BNEF. Feedgas volumes have remained mainly above 19 Bcf/d since June 14 as the maintenance schedules among LNG facilities on the US Gulf Coast wind down.On the export side, Gelber & Associates said Europe, the primary destination for US LNG, continues to show strong demand and is currently experiencing a heatwave of undetermined duration.Looking ahead at the US market, Gelber & Associates said: "For now, July appears to be building a firmer base above $3.00, but a sustained move higher likely needs heat to keep expanding across major load centers and storage injections to come in lighter than expected over the next couple of reports."