ALLETTE Goes Private, Sempra's Lower Earnings: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

POWER
Allette Goes Private in $6.2 Billion Deal - U.S. utility ALLETTE Incorporated (NYSE:ALE) (Duluth, Minnesota) said on Monday that it had agreed a deal with investment firms Global Infrastructure Partners (New York, New York) and CPP Investments (Toronto, Ontario) to be taken private at a $6.2 billion valuation, inclusive of debt. The transaction is a rare example of a U.S. utility being taken private by investment firms, and comes at a time when such companies are receiving increased investor interest as technological innovations, such as artificial intelligence and data centers, boost power demand. (Reuters)

EARNINGS REPORTS
Sempra's Quarterly Earnings Decline - Sempra Energy (NYSE:SRE) (San Diego, California) posted a 17% drop in first-quarter profit on Tuesday as it logged sharply lower revenue from its natural gas operations, although increases in its Texas power business helped cushion the fall. Sempra said revenue from its natural gas utilities fell more than 50% from a year earlier to $2.11 billion. The company's net income fell to $801 million for the quarter ended March 31, from $969 million a year earlier. (Reuters)

NATURAL GAS
EIA: U.S. NatGas Output to Decline in 2024 While Demand Rises - U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected dry gas production will ease from a record 103.79 billion cubic feet per day (Bcf/d) in 2023 to 102.99 Bcf/d in 2024 as several producers reduce drilling activities after gas prices fell to a 3-1/2-year low in February and March. The agency also projected domestic gas consumption would rise from a record 89.10 Bcf/d in 2023 to 89.31 Bcf/d in 2024 and 89.64 Bcf/d in 2025. (Reuters)

.....

About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).