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RWE, Masdar Enter Offshore Wind, LNG Supply Deals

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Energy group RWE (RWE.F) and Abu Dhabi Future Energy Co., d/b/a Masdar, entered into two deals that involve offshore wind auctions and liquefied natural gas supplies.

The first agreement covers a memorandum of understanding that has an indicative investment value of more than 3 billion euros, according to a Sept. 11, 2026, release. The MoU entails joint involvement in offshore wind auctions in 2027.

For the remaining agreement, the parties signed a letter of intent regarding the potential terms of two liquefied natural gas sale and purchase deals in Europe, Germany, as well as Asia. The potential deal is expected to take effect in the early 2030s.

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Equities

Court Rejects Trump Administration's Bid to Keep Michigan Coal Plant Running

A federal appeals court has rejected the Trump administration's effort to keep an aging Michigan coal plant running, multiple outlets reported Friday, citing a ruling from the US Court of Appeals for the DC Circuit.The court found the Energy Department exceeded its authority under the Federal Power Act when it invoked emergency powers to keep Consumers Energy Co.'s J.H. Campbell plant operating past its planned May 2025 retirement, according to the reports.The department had issued six successive 90-day emergency orders to keep the 1,420-megawatt plant online, the most recent on Aug. 14, citing grid reliability concerns in the Midwest, the reports said.Energy Department spokesperson Emily Matthews said the emergency orders, including at Campbell, prevented blackouts and likely saved lives during peak capacity events over the past year, Bloomberg reported.The ruling could affect the administration's use of the same authority to keep other coal and fossil-fuel generating units operating nationwide, according to the reports.

Equities

S&P 500 Index Slips Weekly as Health Care, Materials Weigh

The Standard & Poor's 500 index slipped 0.8% this week, led to the downside by the health care and materials sectors.The S&P 500 ended the week at 7,656.98. This is the index's first weekly decline since the week ended Aug. 21. It's now down 0.4% for September but up almost 12% this year.Data released Friday showed US consumer prices rose 0.4% month over month in August, the fastest pace since May and matching expectations. Core inflation, which excludes the more volatile food and energy components, jumped to a four-month high of 0.3%, exceeding market projections for an unchanged 0.2% growth.Expectations for a rate increase at the Federal Reserve's next Federal Open Market Committee meeting, which is set for next week, rose after the inflation report. Bets for the US central bank to increase its benchmark lending rate by 25 basis points next week jumped to 87% Friday from 72% Thursday, according to the CME FedWatch tool.US consumer sentiment weakened in September, while inflation expectations rose, with the year-ahead price growth outlook reaching the highest reading since June, preliminary results of a University of Michigan survey showed Friday.By sector, health care had the largest percentage drop of the week, falling 3.6%, followed by a 2.7% decline in materials. Industrials and utilities shed 1.7% each, financials fell 1.5%, consumer discretionary declined 1.2% and real estate slipped 1.1%. Consumer staples and technology also edged lower.Cooper (COO) led the decliners in health care and also had the largest percentage drop in the overall S&P 500 for the week, tumbling 23% amid weaker-than-expected fiscal Q3 sales. The company also lowered its full-year outlook.Corteva (CTVA) was among the decliners in the materials sector, slipping 4.5%. Chemours (CC), DuPont de Nemours (DD) and Corteva said they have agreed to a $455 million settlement with North Carolina and 11 local entities to resolve PFAS-related claims. Shares of Chemours and DuPont also declined on the week.Just two sectors rose as energy climbed 2% and communication services gained 1.1%.The energy sector's advance came as crude oil futures rose on the week. The White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported, citing two sources familiar with the plans. Saudi Arabia's Energy Ministry said on Friday its East-West pipeline was shut after multiple attacks, according to media reports.The energy sector's top gainers included Valero Energy (VLO), which rose 5.3%, and APA (APA), which climbed 4.6%.All eyes next week will be on the two-day FOMC meeting set to conclude on Wednesday. Economic data will include August retail sales, pending home sales, industrial production and capacity utilization.

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Equities

BP to Resume Whiting Refinery Labor Talks with Union

The BP (BP.L) Whiting refinery will resume labor negotiations with United Steelworkers Local 7-1 elected representatives on Sept. 14 at 10 am Central Standard Time."We remain committed to getting our employees back to work and securing a ratified agreement is the way we do that," Whiting Refinery Vice President Chris DellaFranco said in a Friday statement after union representatives agreed to resume talks.

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