FINWIRES · TerminalLIVE
FINWIRES

Update: Federal Judge Reportedly Dismisses Michigan Climate Antitrust Suit Against Energy Majors

By

(Adds Attorney General's response in paragraphs 6-7.)

A US federal judge dismissed Michigan's antitrust lawsuit accusing major oil companies of colluding to suppress renewable energy and electric vehicles, ruling the alleged market connection as too distant to grant monetary relief, several media outlets reported on Tuesday.

Judge Jane Beckering for the Court for the Western District of Michigan ruled against the state's allegations that petroleum giants colluded to suppress competition from renewable primary energy technologies and electric vehicles.

Michigan Attorney General Dana Nessel had argued that the corporate defendants operated an unlawful conspiracy to protect fossil fuel market dominance, which artificially inflated consumer costs, according to the reports.

Meanwhile, major oil companies including BP (BP), Chevron (CVX), Exxon Mobil (XOM), and Shell (SHEL) continue to successfully defend against a wave of multi-state lawsuits attempting to pin historical climate and transition costs onto traditional energy producers, the reports added.

"This decision adds to the growing list of federal and state courts that have dismissed climate lawsuits. These climate suits are baseless no matter plaintiffs' attempts to concoct new litigation theories, like these meritless antitrust claims," a counsel for Chevron stated in an email to.

Michigan Attorney General Dana Nessel disagrees with the opinion and order issued Tuesday in the energy affordability antitrust case, which her office brought on behalf of the people of Michigan, Danny Wimmer, the attorney general's press secretary, toldvia email.

"Our office is reviewing the opinion in full and considering our options," Wimmer said.

Judge Beckering said that the distance between the alleged market conspiracy and direct retail overcharges was too attenuated to establish legal proximate cause, as per the reports.

None of the energy majors apart from Chevron involved in the lawsuit responded immediately to' request for comments.

Price: $94.55, Change: $+0.62, Percent Change: +0.66%

What else is happening in Commodities?

Commodities

SEBI Settles With Five Adani Group Firms Over Disclosure Violations

The Securities and Exchange Board of India (SEBI) has settled adjudication proceedings against five Adani Group companies, which paid a total of 15.1 million Indian rupees for alleged violations related to the disclosure of related-party transactions and audit and limited review reports.The settlement follows an examination by the Indian capital markets regulator into allegations and corporate governance issues highlighted in a January 2023 report of Hindenburg Research, including possible violations of listing regulations and the erstwhile listing agreement.Under the terms of the settlement, Adani Enterprises (NSE:ADANIENT, BOM:512599) paid 7.6 million rupees, while Adani Green Energy (NSE:ADANIGREEN, BOM:541450) paid 4.6 million rupees, and Adani Total Gas (NSE:ATGL, BOM:542066), AWL Agri Business (NSE:AWL, BOM:543458) and Adani Energy Solutions (NSE:ADANIENSOL, BOM:539254) paid 975,000 rupees each.The companies settled the cases without admitting or denying the findings of fact or conclusions of law.

BOM:512599BOM:539254BOM:541450BOM:542066BOM:543458NSE:ADANIENSOLNSE:ADANIENTNSE:ADANIGREENNSE:ATGLNSE:AWL
Commodities

US Power Update: Prices Swing as PJM Hits $85.08/MWh Intraday High

US electricity markets saw significant price swings, with locational marginal prices varying widely across regions as power demand shifted.ISO New England led the markets at 5 p.m. ET with a locational marginal price of $34.71 per megawatt-hour, compared with $22.39/MWh for Midcontinent Independent System Operator, which posted the lowest price at that hour.For intraday peaks, PJM Interconnection reached $85.08/MWh at 8:15 a.m. ET, while ISONE recorded the lowest LMP in the negative territory at -$0.45/MWh at 11 a.m. ET.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across most of the US from Sept. 30-Oct. 6, with near-normal readings in parts of the West.

Commodities

US Crude Oil Inventories Rise, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories increased by1.79 million barrels in the week ended Sept. 23, following a 7.14-mmbbl build the previous week, and compared with analysts' estimate of a 500,000-bbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.