OVERNIGHT ENERGY: Energy secretary to tout Obama's energy plans in New Mexico

Obama, in the speech, outlined plans to expand renewable energy on public lands and called on Congress to pass legislation to “help manufacturers eliminate energy waste in their factories and give businesses incentives to upgrade their buildings.”

The White House detailed a proposal to provide an additional $5 billion in clean-energy manufacturing tax credits Wednesday as part of the president’s energy plan.

ADVERTISEMENT
Obama also emphasized his record on oil and natural gas, while vowing to continue ramping up production.

Read more of our State of the Union coverage here, here and here.


NEWS BITES:

TransCanada weighs in on Obama's State of the Union address

TransCanada Corp., the company behind the Keystone XL pipeline, weighed in on President Obama’s State of the Union address Wednesday afternoon.

While Obama never mentioned his decision last week to reject the pipeline, he did tout his record on oil and gas and call for continued fossil fuel production. TransCanada, in its statement, said approval of the Alberta-to-Texas pipeline should be a key part of Obama’s energy plan.

Here’s part of the statement:

Last night, President Obama acknowledged the importance of energy to Americans. It is vital to have a safe, secure and reliable supply of energy for the American economy to recover and prosper. We understand the importance of energy and are already one of North America’s leading suppliers of natural gas and we will continue to play a very active role in helping move natural gas to markets. America also relies heavily on oil. Opening up new areas for exploration will help increase U.S. oil production, but that will take years and years before any of that production gets into the market. Keystone XL is one way that America  can achieve energy security from a trusted neighbour, trading partner and unwavering ally – in very short order.

ConocoPhillips’s profits soar

The Associated Press reports that the oil giant announced a jump in profits. From their piece:

Higher oil prices are making it easier for ConocoPhillips to complete a massive transformation this year.

The Houston energy company said Wednesday that its profit rose 66.1 percent in the fourth quarter even as it produced less oil. Much of that increase came from the sale of pipelines and other assets that became more attractive as the oil they transported rose in price.

Check out the whole story here.


ON TAP THURSDAY:

Solar Decathlon teams, location info coming

The Energy Department will announce which colleges and universities will compete in next year’s Solar Decathlon, the competition to build prototype solar-powered homes that are judged on an array of characteristics.

Green transportation in focus

The Carnegie Endowment for International Peace will host a forum on a World Bank report called “Turning the Right Corner: Ensuring Development Through A Low-Carbon Transport Sector.”

The report “argues that in addition to protecting the environment, efficient transport systems advance development objectives,” an advisory states. More here.


IN CASE YOU MISSED IT...

Here's a quick roundup of Wednesday's E2 stories:

— House GOP threatens subpoena over offshore drilling ban report
— Offshore drilling chief touts Gulf of Mexico oil and gas
— White House details $5 billion in clean-energy manufacturing tax credits
— GOP counters Obama on drilling
— House Democrats spell Keystone 'K-O-C-H'
— State Department tells Republicans: Don’t mess with us on Keystone
— Obama official: Chevy Volt is safe
— Obama’s offshore drilling pledge restates existing plan
— State Department slams GOP bill to force Keystone approval
— GOP nixes Keystone witness in tussle with State Department

Please send tips and comments to Ben Geman, ben.geman@thehill.com, and Andrew Restuccia, arestuccia@thehill.com.

Follow us on Twitter: @E2Wire, @AndrewRestuccia, @Ben_Geman

More in Overnight Energy & Environment

OVERNIGHT ENERGY: Keystone clears hurdle in Senate

Read more »