U.S. Natural Gas Production, Excelsior Energy Asset Sale: Your Daily Energy News

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

PRODUCTION
EIA: U.S. Natural Gas Output to Decline in 2024 - 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 that U.S. dry gas production will ease from a record 103.79 billion cubic feet per day (Bcf/d) in 2023 to 103.35 Bcf/d in 2024 as several producers reduce their drilling activities after prices fell to a 3-1/2-year low in February. The EIA projected output would rise to 104.43 Bcf/d in 2025. The agency also projected those low gas prices would boost domestic gas consumption from a record 89.09 Bcf/d in 2023 to 89.68 Bcf/d in 2024 before easing to 89.21 Bcf/d in 2025 as prices rise. (Reuters)

POWER
Excelsior Energy Sells Solar Assets to BlackRock - Renewable energy investor Excelsior Energy Capital said on Tuesday it has sold a portfolio of solar assets from its Fund I portfolio to BlackRock Incorporated's (NYSE:BLK) (New York, New York) Evergreen Infrastructure Partners Fund. The portfolio consists of 38 solar energy and solar plus storage projects, the company said, adding that it has divested its entire stake as part of the deal. Financial details of the deal were not disclosed. (Reuters)

Japan Expands Offshore Windfarm Construction Footprint - Japan's government on Tuesday approved a draft amendment to existing legislation to allow for the installation of offshore wind power in exclusive economic zones, a milestone towards the country's goal of carbon neutrality by 2050. Japan aims to have 10 gigawatts (GW) of offshore wind power projects by 2030 and up to 45 GW by 2040. The new legislation would allow wind farms to be installed further out to sea from current territorial and internal waters, the government said in a statement. (Reuters)

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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).