Subsidized renewable energy has grown so much in Germany that there’s an electricity glut, which is why RWE – trying to shore up shrinking profits -- says it will shut down three more power plants on top of the 10 already set for closure, and CEO Peter Terium is warning about future threats to the country’s energy security, The Wall Street Journal reports.
If the Puerto Rico Electric Power Authority, known as Prepa, can’t negotiate another extension for payments with lenders like Citigroup, it faces having to restructure a much larger amount of debt, some $9 billion worth, The Wall Street Journal reports.
Faced with flat demand, a move away from coal- and nuclear-generated power, the growth of distributed generation and uncertainty about the final form of emissions regulations, utilities are holding off on making major decisions about investments, according to an analysis by research firm Black & Veatch, Platts reports.
The Missouri Public Service Commission was due to rule on its request for lower electricity rates last week, but Noranda Aluminum, which reported a smaller loss than a year ago in the second quarter, is still waiting for word, CEO Layle “Kip” Smith told analysts in an earnings call Monday, Platts reports.
Bankruptcy court filings – required under Chapter 11 laws and set for review next month – indicate that Energy Future Holdings is seeking to pay $18 million or more in bonuses to executives in 2014, The Wall Street Journal reports.
A plan agreed by regional governors to change ISO New England’s tariff to help pay for pipelines and transmission lines has been delayed by the failure of the Massachusetts legislature to approve an energy measure pushed by Gov. Deval Patrick, E&E reports.
In a settlement announced last week by the Federal Energy Regulatory Commission, the Imperial Irrigation District, a customer-owned utility operating in southern California near the Mexican border, agreed to pay $3 million to the U.S. Treasury and $9 million more for improvements to the local grid in the wake of a regional blackout in September 2011, The San Diego Union-Tribune reports.
The probe is in preliminary stages, but prosecutors in New York are looking into the operations of Venezuelan firm Derwick Associates and an engineering company based in Missouri, ProEnergy Services, over the handling of hundreds of millions of dollars in contracts to build power plants, people familiar with the matter told The Wall Street Journal.
State regulators in Washington and Colorado have a tricky dilemma: How to find ways to cut electricity consumption for the energy-hungry marijuana industry without falling afoul of federal drug laws, E&E reports.
A gain on the sale of solar energy projects helped New York utility Consolidated Edison Inc. to a 23 percent increase in second quarter profit, to $212 million, although it has not yet estimated liability from a March explosion in Manhattan that killed eight, The Wall Street Journal reports.
China processed 10.3 million barrels of oil a day in September, a record analysts -- who say companies are replenishing their stockpiles -- attribute to the drop in crude prices, The Wall Street Journal reports.
Oil prices gained early Tuesday on news of record demand in China in September. Crude increased 55 cents, bringing the U.S. benchmark to $83.26 a barrel in electronic trading on the Nymex, while in London Brent hit $85.95, Reuters reports.
Monday’s settlement for November natural gas futures on the Nymex – down 9.6 cents to $3.67 per million British thermal units – represents an 11-month low, and analysts told Platts a mild weather forecast for the month will likely reinforce the sluggish trend.
Despite recent improvements in the numbers, oil and gas firms still have more deaths from explosions and fires than any other private industry and carelessness is still a problem, according to E&E’s review of federal statistics.
Rep. Lamar Smith, R-Tex. and chair of the House Science, Space and Technology Committee, has sent a second letter to Administrator Gina McCarthy about the Environmental Protection Agency’s rule limiting carbon emissions from existing power plants, this time demanding a full cost analysis in the face of what he calls “the flaws and deficiencies in EPA’s modeling,” The Hill reports.
The reduction in the federal investment tax credit that’s due to take effect at the end of 2016 will drive a wave of consolidation that will leave six to 12 major players in the solar industry, an analyst predicted at the start of the Solar Power International conference in Las Vegas, Bloomberg reports.
Tesoro Logistics is getting into the natural gas business, picking up assets from QEP Resources in Colorado, Utah and North Dakota in a deal with a $2.5 billion price tag, the San Antonio Express-News reports.
Taking the first formal step in the process to limit strontium in drinking water, the Environmental Protection Agency has issued a preliminary determination to regulate levels of the substance and will take public comment on the matter, The Hill reports.