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12.8 mtpa

Qatar LNG export capacity now offline for up to five years — 17% of the country’s total, ~$20B of annual revenue at risk.

Today’s Menu

17% / 12.8 mtpa / up to 5 years — Qatar’s LNG hit is now structural, not temporary, with roughly $20 billion of annual revenue at risk.

$421M / 100 MW / 500 MW — Fervo closed non-recourse debt for Cape Station, pushing next-gen geothermal into real project-finance territory.

$5B / 4.4 GW / $1,142 per kW — Constellation agreed to sell a PJM gas fleet to LS Power, locking in the biggest remedy block in the Calpine deal.

$5.7B to ~$527.5M — New Fortress signed an RSA to slash debt and spin off BrazilCo, with up to $2.5 billion of new preferred equity in the stack.

$875M / 1.50% / 2031 — Ormat upsized a convertible notes offering from $750M, closing the same week Fervo proved EGS is bankable.

2 bscfd / 10 Tcf / 2028 start-up — Eni took dual Indonesia FIDs, moving forward gas hubs with nearly 10 Tcf in place.

Lead Story

Qatar’s LNG hit goes multi-year — 12.8 mtpa offline for up to five years

From outage risk to portfolio repricing — LNG, coal, power, shipping and long-dated supply all get dragged.

• Reuters reported on March 19 that Iranian attacks knocked out 17% of Qatar’s LNG export capacity, or 12.8 mtpa, and repairs could take three to five years. QatarEnergy CEO Saad al-Kaabi said roughly $20 billion of annual revenue is at risk after damage to two of 14 LNG trains and one of two GTL facilities. Force majeure on some long-term contracts for up to five years; Italy, Belgium, South Korea and China among affected destinations.

• Beyond LNG: condensate exports fall ~24%, LPG 13%, helium 14%, naphtha and sulfur 6%. EU gas storage sits below 30% vs. ~40% a year ago, and Asian buyers — roughly 80% of Qatar’s volumes — are already pulling spot cargoes away from Europe. QatarEnergy has offered five April Zeebrugge regas slots on the secondary market.

The Headlines

Geothermal / Project Finance

Fervo closes $421M non-recourse debt for Cape Station

• Fervo closed $421 million of non-recourse debt for phase 1 of Cape Station (Beaver County, Utah): $309M construction-to-term, $61M tax-credit bridge, $51M LC facility. Oversubscribed. CLAs: Barclays, BBVA, HSBC, MUFG, RBC, SocGen; participants include BofA, JPM, SMTB. RBC advised Fervo; White & Case (sponsor) / Norton Rose (lender).

• First power in 2026, ~100 MW by early 2027, scaling to 500 MW. Fully contracted: Southern California Edison, Shell Energy, and California CCAs.

M&A / Power

Constellation sells 4.4 GW to LS Power for $5B in Calpine remedy

• Constellation agreed on March 18 to sell 4.4 GW of gas-fired PJM generation to LS Power for $5 billion (~$1,142/kW): Bethlehem, York 1, York 2, Hay Road, and Edge Moor in Delaware and Pennsylvania. Largest divestiture block under the DOJ/FERC Calpine resolution; 606 MW Jack Fusco (TX) still to go.

• PJM gas comps (2026): Talen-ECP 2.6 GW at ~$1,300/kW; Vistra-Cogentrix 5.5 GW at ~$730/kW; this deal at $1,142/kW. LS Power advisors: Santander (financial), White & Case / Willkie (legal).

Restructuring / LNG

New Fortress signs RSA to slash $5.2B of debt, spin off BrazilCo

• NFE signed an RSA on March 17 under a consensual UK RP — splits into BrazilCo (privately held, creditor-owned: 624 MW CELBA 2, 1.6 GW PortoCem, 5.9 mtpa Barcarena, TGS terminal) and New NFE (public LNG-to-power co). Corporate debt drops from ~$5.7B to ~$527.5M.

• Creditors get up to $2.5B of new preferred equity + 65% of reorganized common; existing shareholders diluted to 35%. UK RP launches April 2026, close targeted Q3 2026. NFE also restating 2023–2025 financials.

Quick Hits

Eni takes dual Indonesia FIDs — 2 bscfd, ~10 Tcf in place, 2028 start-up E&P

TotalEnergies starts Angola’s Quiluma — 330 mmcf/d, first non-associated gas project LNG

Brazil’s reserve-capacity auction lands 19 GW / R$64.5B Power

Petrobras confirms Copoazú-1 gas discovery offshore Colombia — 44.44% WI E&P

Baker Hughes wins 60-month Petrobras turbomachinery award — 64 turbines, ~19 FPSOs Services

Canadian Solar e-STORAGE wins 500 MW / 2,493 MWh data-center battery order Storage

Ormat prices upsized $875M convertible notes — $725M Series A at 1.50%, $150M Series B at 0.00%, due 2031 Geothermal

Almost Headlines

Origis puts 210 MWdc Wheatland online in Indiana — 20-year CenterPoint PPA Renewables

Sunraycer breaks ground on 620 MWdc / 475 MWh solar + storage in Texas Renewables

Oklo’s Atomic Alchemy wins DOE safety-design approval for Groves test reactor Nuclear

Flex LNG locks two charter extensions — firm backlog hits 53 years LNG

Gran Tierra + Ecopetrol team up in Colombia’s Middle Magdalena Valley E&P

PSE&G: FERC order to return $100M+ to customers on transmission costs T&D

Sumitomo + Cemvita MOU for integrated RNG / bio-oil platform in Brazil Transition

The Reading List

BloombergU.S. data-center growth is starting to hit the grid wall — transmission and interconnect bottlenecks shaping the next wave

ReutersAsia is pivoting back toward coal as LNG tightens — war-driven scarcity reshapes fuel switching

ReutersThe Iran war shock is strengthening the case for non-fossil resilience — governments re-link energy security to diversification

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