Blackstone Power Plant Purchase, California Bill to Encourage Drilling: Your Daily Energy News

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

POWER
Blackstone to Buy Pennsylvania Gas-Fired Plant for $1 Billion - Blackstone Incorporated (New York, New York) said on Monday it has agreed to buy a natural gas-fired power plant in western Pennsylvania for nearly $1 billion, as the investment firm bets on rising U.S. electricity demand to power artificial intelligence technologies. The private equity funds affiliated with Blackstone Energy Transition Partners will buy the Hill Top Energy Center, owned by private investment firm Ardian (Paris, France). The 620-megawatt plant began operations in 2021. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can click here for the plant profile. (Reuters)

PRODUCTION
California Lawamakers Pass Bill to Boost Oil Production - California lawmakers passed a bill over the weekend that would allow the construction of thousands of new oil wells annually in state in a bid to make oil supply more affordable for refineries and keep fuel prices in check for consumers. The new bill, SB 237, would award oil-rich Kern County up to 2,000 permits each year, effective January 2026. The aim is to have California oil producers supply close to 25% of crude oil to the state's refinery complex and help reduce costs for retail consumers of gasoline in the state. (Reuters)

CRUDE OIL
Japan Reduces Price Cap on Russian Oil - Japan lowered its price cap on Russian crude oil to US$47.60 per barrel from US$60, effective on Friday, to punish Moscow for its continued war in Ukraine, although the move is largely symbolic as nearly all Japan's current Russian oil imports are exempt. The measure follows the European Union's action in July to lower its price cap on Russian crude oil to $47.60 as part of its 18th sanctions package against Moscow. (Reuters)

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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).