Energy Roundup: UTS Scoffs at Bid, OPEC Stalls Drilling, and More

(MoneyWatch)  UTS gives Total bid cold shoulder -- The board of Canadian oil-sands explorer UTS Energy called the unsolicited $506 million bid from energy giant Total "inadequate," "opportunistic" and recommended its shareholders reject it. Total, the world's sixth-largest energy company, has said it plans to invest $10 billion to $15 billion to develop oil sands in Alberta, Canada. [Source: Bloomberg, International Herald Tribune]

OPEC nations postpone 35 drilling projects -- OPEC's spare production capacity, which has surged to an eight-year high, low crude oil prices and concerns over future demand have created a perfect storm of delayed drilling projects. OPEC nations, which pump about 40 percent of the oil the world consumes, have recently postponed 35 of its 150 drilling projects, said OPEC Secretary General Abdalla Salem el-Badri. [Source: RigZone]

Renewable energy grid could reach $100 billion -- A constroversial study, backed by a consortium of the nation's largest grid-running operators, claims the amount of electricity produced from renewable energy in the eastern half of the United States would require a costly new transmission system that could reach $100 billion. Roughly 15,000 miles of new transmission lines will have to be built if the U.S. is serious about generating 20 percent of its electricity from wind, according to the study. [Source: Greentech, Wall Street Journal]

Russia first-in-line as India's nuclear supplier -- A unit of Rosatom, Russia's state-run nuclear operator, will be the first to supply India with nuclear fuel since a decades-long ban was lifted on sales to the nation. The shipment of low-enriched uranium is expected to arrive in Mumbai this week. [Source: Moscow Times]

Economic duldrums stifle cellulosic ethanol project -- Canadian companies Suncor Energy and Lignol Energy have shelved plans to build a $80 million cellulosic ethanol plant in Grand Junction, Colo. The companies, which were slated to receive a $30 million grant from the Department of Energy, said instability in energy prices and market malaise were catalysts to the postponement. [Source: Denver Business Journal]