THE NUMBER

~50%

Share of an owner’s earnings NextEra expects from fees on three Japan- and Korea-funded gas campuses. It puts in no capital.

TODAY’S MENU

LEAD STORY

16.5 GW — NextEra will build Japan- and Korea-funded gas plants it won’t own

•   The three gas-fired campuses, two in Texas and one in Pennsylvania, are Commerce Department hubs with Japan and Korea. Funding so far: $3.3 billion via Japan, $2.4 billion via Korea.

•   NextEra puts in no capital. Its build and 20-year operating fees should earn about half what owning the plants would. PPAs aren’t signed yet; first power could come in 2028–29.

THE HEADLINES

OIL

~4% — Brent hits a five-month high as Aramco clears its Dhahran HQ

•   Aramco told staff to leave its Dhahran headquarters and work remotely, six people told Reuters, after a wave of Houthi attacks on the company and Saudi airports. Aramco didn’t comment.

•   The Houthis claim strikes on Aramco in Yanbu and the defense ministry in Riyadh. Brent settled at its highest since May 4. A missile hit the same building Oct. 13.

MIDSTREAM

5.4 Bcf/d — Kinder Morgan sanctions two pipelines, one for a hyperscaler

•   SNG’s Southeast Connector carries up to 2.6 Bcf/d of Marcellus/Utica gas over ~470 miles of new pipe on take-or-pay deals. KMI’s share is $3.1 billion; service starts 4Q30.

•   NGPL’s Permian Link moves ~2.8 Bcf/d over 434 miles to new generation for an A-rated hyperscaler. It costs $4.2 billion, $1.6 billion of it KMI’s, with service due 3Q30.

LNG

4 mtpa / 2054 — QatarEnergy signs to buy U.S. LNG from Cheniere

•   QatarEnergy takes 2 mtpa each from Sabine Pass and Corpus Christi, FOB at Henry Hub plus a fixed fee, from the early 2030s. One mtpa hinges on FID for the Sabine Pass expansion.

•   QatarEnergy is also in advanced talks for at least 3 mtpa from Venture Global, three people told Reuters. With its own exports stuck behind Hormuz, it already buys VG cargoes spot.

REFINING

$6.8B — Valero’s third-quarter profit jumps sixfold on refining margins

•   Net income was $6.8 billion, or $23.89 a share, against $1.1 billion a year earlier. Refining operating income rose more than fivefold to $8.8 billion on 3.0 MMbbl/d of throughput.

•   Operating cash flow hit $6.9 billion after a $526 million working-capital drag; capex was $432 million. Exxon, BP and TotalEnergies flagged the same margin jump this month.

POWER

$424M / 180 days — Goldman and Barclays bridge Atlas’s gensets

•   The delayed-draw loan buys generation for two data-center projects due online late 2027. Atlas drew $171 million at close; pricing is SOFR plus 250 bp, up 50 bp after six months.

•   Extending 184 days needs signed energy-supply agreements. The loan is backed by two cost-reimbursement deals signed in September, and Atlas can seek $286 million more.

QUICK HITS

POWER

1.2 GW — Liberty signs a development deal with a frontier AI lab

The agreement includes a significant prepayment of capacity fees. Liberty targets a first ~500 MW energy-service contract by December and energization from 4Q27 to 1Q29.

DATA CENTERS

A$140M — NEXTDC drops Melbourne revenue from guidance over a grid delay

Network owner Jemena’s delays push M3’s next grid-supply increase to FY28. Late or underpowered capacity triggers service credits and some termination rights. Capex guidance falls A$750 million.

POWER

$1.24B — Bloom raises its outlook as operating cash turns negative

Revenue rose 138% and operating income hit $225.4 million. Operations used $27.1 million of cash after making $226.4 million in 2Q. The 2026 guide is now $4.4–4.6 billion.

POWER

$305M / $1B — TransAlta sells an Oklahoma wind stake, buys Colorado gas

Ares funds buy 49% of the 500 MW wind portfolio. Blackstone’s 318 MW of contracted peakers near Denver cost US$1 billion, including US$750 million of assumed debt.

ALMOST HEADLINES

DATA CENTERS  $34.91B — Meta’s 3Q capex tops $32.79 billion of operating cash flow; the 2026 guide narrows to $135–145 billion

DATA CENTERS  $3.5B / 364 days — Citi lends Nebius a senior secured facility for data centers and GPUs at SOFR plus 275 bp

POWER  1,070 MW — Google adds to its 100 MW Voltus virtual power plant in PJM, aggregating flexible load at homes and businesses

NUCLEAR  6.6 GW — The Nuclear Company plans up to six large reactors in Lewis County, Ky., half a mile from a 765 kV PJM line

UPSTREAM  ~$1B — What sources say Chevron could raise selling Petronius, Tubular Bells, Llano and other mature Gulf stakes

GAS  77 Bcf — Storage reaches 3,644 Bcf, 35 Bcf above the five-year average; South Central salt sits 14.9% below

THE READING LIST

HEATMAP

Net Power Surrendered Its Clean Dreams to Data Center Demand

LATITUDE MEDIA

Untangling the accounting fight reshaping Google’s Arkansas power deal

FINANCIAL TIMES

Shell and Exxon’s $8bn UK chemicals unit put up for sale

Sunya stories

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