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The November wholesale supply contract was lower on Friday by $0.081 on the day along with the financial markets that seemed to continue the downward trend last week. The DJIA was lower by 240 points on the day on continuing concerns over the European situation and the potential impact to our economy from any spillover. On the weather front, the forecast has not changed with the 11 to 15 day calling for above average temperatures in the plains states and normal temperatures on the east coast. The number of rigs drilling for natural gas in the United States climbed by 11 this past week to a nine-month high of 923, the second gain in three weeks, data from oil services firm Baker Hughes showed on Friday. The gas-directed rig count is at its highest since Dec. 22, when the total stood at 931. The count is down 7 percent from its 2010 peak of 992, it’s highest since February 2009, when 1,018 rigs were drilling for gas.
As we head into the fall, the potential supply continues to reign over the demand and this scenario does not look as though it will improve any time soon. U.S. Energy Information Administration data on this past Thursday showed gross natural gas production in July in the lower 48 U.S. states edged up to another record high of 69.5 billion cubic feet per day. Record heat this summer triggered plenty of power demand, but traders said high gas production easily offset the surge in cooling needs and several storm-related supply cuts. The gas rig count of 923 remains well above the 800 level some analysts say is needed to cut production significantly and tighten overall supplies.
On the smart home front, Best Buy Co. Inc. plans to start selling home energy management products and services next month in what could be a significant new market for the Richfield-based consumer electronics giant. Stores in three test markets, Chicago, Houston and San Francisco and will roll out smart thermostats and outlets, energy usage monitors, and possibly a home security/alarm system. Though Best Buy declined to disclose specifics, the retailer suggested it will devote prominent and sizable space to its new "Home Energy" section. At first glance, home energy management might seem like a better fit for a utility or home improvement stores like Home Depot and Lowe's than a retailer known mostly for selling flat-panel televisions and video games. . Best Buy came out with a statement indicating that "their stores have a long, long history of demystifying technologies to help consumers see how a portfolio of products and services benefits their lives," a Best Buy spokesperson indicated. For example, Geek Squad already performs home energy audits and is a natural fit to market and install energy management products and services. But Best Buy executives say they fully expect to be a major force in the market. Best Buy will test the concept in these three cities for at least six months. The retailer chose those markets because they have different climates, energy sources and power needs.
On the green building effort this morning, Indie Energy announced a technology partnership with U.S. Green Building Council (USGBC), creators of the LEED green building program and LEED Online. By the way, our Pennzoil Tower in Houston has been certified by this organization as a “Green building over the last several months”. The partnership brings together the first open platform for real-time building data and third-party Energy Apps on the Indie Energy Network with LEED Online, the software platform that manages the LEED green building certification process. The Indie Energy Network enables performance-based energy efficiency with an open platform for Energy App developers worldwide. The system hosts real-time building data and smart analytics, controls, and optimization to prove and improve performance of both new and existing buildings. The Energy App Exchange provides an easy-to-use application framework and an open market for integrated applications such as Measurement & Verification, Ongoing Commissioning, Certification, Facilities Management, and Renewable Resource Optimization. The Indie Energy Network enables performance-based energy efficiency with an open platform for Energy App developers worldwide. The system hosts real-time building data and smart analytics, controls, and optimization to prove and improve performance of both new and existing buildings. The Energy App Exchange provides an easy-to-use application framework and an open market for integrated applications such as Measurement & Verification, Ongoing Commissioning, Certification, Facilities Management, and Renewable Resource Optimization.
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