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.
A severe winter followed by a mild summer added up to a $97 million loss for NRG Energy in the second quarter, according to CEO David Crane who said the company was “whipsawed by the weather,” and outlined its plans to reorganize into three divisions -- NRG Home, NRG Business and NRG Renew – Fuel Fix reports.
Revenue growth at its utilities delivered a 9.8 percent increase in profit for Sempra Energy in the second quarter despite a loss from the shuttered San Onofre Nuclear Generating Station, The Wall Street Journal reports, noting that Sempra and its partners expect to start construction at the Cameron LNG export project later this year.
Utility giant Duke Energy reported an 80 percent increase in earnings in the second quarter to $609 million and increased its earnings guidance for the year by 5 cents, The Wall Street Journal reports.
The departure of John Norris from the Federal Energy Regulatory Commission would open the door for President Barack Obama to do what many expected last year -- tap Colette Honorable to leave Little Rock and come to Washington.
Honorable, the chairman of the Arkansas Public Service Commission and the head of the National Association of Regulatory Utility Commissioners, on Wednesday declined comment on a report attributed to anonymous sources that Norris will step down from FERC and that she is in line for the job.
Norris and the White House were also staying mum, though none issued denials, either.
Adjusted earnings for utility FirstEnergy Corp. dropped to 49 cents a share in the second quarter, compared to 59 cents a share in the period a year earlier, on flat revenue but increased expenses, The Wall Street Journal reports.
WASHINGTON (AP) — Seeking to strengthen America's financial foothold in Africa, President Barack Obama announced $33 billion in commitments Tuesday aimed at shifting U.S. ties with Africa beyond humanitarian aid and toward more equal economic partnerships.
The bulk of the commitments came from private-sector companies, including Coca-Cola and General Electric, underscoring Africa's growing appeal to businesses. The continent is home to six of the world's fastest-growing economies and a rapidly expanding middle class with increased spending power.
Yet Obama noted that U.S. trade with the entire African continent is about the same as its trade ties with Brazil and that just about one percent of U.S. exports go to sub-Saharan Africa.
The Electric Reliability Council of Texas is defending its plans for a $600 million transmission line to Houston in the face of opposition from several major utilities, E&E reports, noting the state’s Public Utility Commission will hold hearings on the matter later this year.
SANTIAGO, Chile (AP) — Thousands of people in Chile protested on Saturday against a hydropower project that they say will endanger their water supply.
The protesters marched through the streets of Santiago banging drums and waving banners against the construction of Alto Maipo. The 531 megawatt project is expected to be developed some 50 kilometers (31 miles) east of the capital city.
KATMANDU, Nepal (AP) — Indian Prime Minister Narendra Modi announced Sunday a $1 billion concessional line of credit for Nepal to use for development, including building hydropower plants in the energy-starved Himalayan nation.
Modi told Nepal's parliament that the financial assistance could be used for hydropower development and building other infrastructure. He also said he plans to double the electricity that India is supplying to Nepal, and that new transmission lines will soon be built to allow the country to import more power.
Coming from different sides of the issue, environmentalists and a number of states presented arguments in the U.S. Court of Appeals for the District of Columbia Circuit against the Environmental Protection Agency’s designation of areas that do and don’t meet its 2008 ozone rule, E&E reports.
Tom Steyer is closing in on the $50 million he promised to put into his NextGen Climate PAC in the 2014 election cycle, as the $15 million he added in September – reflected in Federal Election Commission records – brings his total to some $41 million, The Hill reports.
Minnesota Democrats Sen. Al Franken and Rep. Collin Peterson, as well as Michigan Senatorial candidate Rep. Gary Peters, are getting support from ads being run by Fuels America, a biofuels group, which is also lending its support to Rep. Lee Terry, R-Neb., The Hill reports.
If oil prices dropped to less than $80 a barrel, a third of U.S. production of shale oil would no longer be economically viable, an analyst told Bloomberg, which reports that such a major development would change the global energy picture.
A bigger-than-expected increase in Chinese quarterly gross domestic product numbers sent oil prices higher Tuesday. West Texas Intermediate crude for November delivery rose 10 cents as the contract expired, to $82.81 a barrel on the Nymex, while in London December Brent jumped 1 percent, or 82 cents, to $86.22, Bloomberg reports.
Crestwood Midstream Partners says it will start seeking binding contracts in November for its proposed 30-mile MARC II natural gas pipeline in New England, having attracted nonbinding commitments for 700 million cubic feet per day already, FuelFix reports.
California’s big agricultural firms produce almonds, pistachios, melons and tomatoes in the Westlands district with irrigation despite the state’s crippling drought, but they buy and import huge quantities of water to do it, the Los Angeles Times reports.
Russia and the crisis over Ukraine, the fallout from the Fukushima nuclear disaster and the advent of cheap shale gas are some of the challenges facing European Union leaders as they meet in a summit to discuss climate change issues later this week, The New York Times reports.