Taking billions in write-downs, German power giant RWE AG suffered a sizeable net loss in 2013, the utility's first in more than 60 years, as it had trouble competing with subsidized renewables, The Wall Street Journal reports.
PHILADELPHIA (AP) — The mayor on Monday announced an agreement to sell the city-owned gas utility to UIL Holdings Corp. for $1.86 billion and using some of the proceeds to prop up its distressed pension fund.
Mayor Michael Nutter said the deal, which requires the approval of City Council and state utility regulators, would inject at least $424 million into the city's pension fund, which is now less than 50 percent funded.
French utility GDF Suez reported a net loss in 2013 after a write down of nearly 15 billion euros, the equivalent of $20 billion, a sign of deepening troubles in the European power industry, The Wall Street Journal reports.
WILMINGTON, N.C. (AP) — From his modest home near the Cape Fear River, Sam Malpass can glimpse the tall stacks of Duke Energy's Sutton Steam Electric Plant, a looming reminder of the environmental dangers threatening his family.
Contaminated groundwater from a pair of huge Sutton coal-ash dumps is headed toward the wells that provide drinking water for Flemington, a largely working class community a half mile from the entrance to Duke's plant. Duke says the wells are safe. But the threat is so serious that the company has agreed to pay to extend pipes to connect residents to a public water system.
Despite the danger, the government regulators responsible for protecting the state's natural resources have not taken action to force Duke to stop the spread of the underground plume of pollution encroaching closer to their homes each year.
CHARLOTTE, N.C. (AP) — Duke Energy's fourth-quarter profit jumped 58 percent after rates were increased in the U.S. and a strong performance from some of its overseas operations.
Net income at Duke's regulated utilities increased 22 percent to $607 million thanks to the rate increases, as well as lower operating and maintenance expenses.
Regulators last year approved rate hikes in North Carolina, South Carolina and Ohio. The fourth quarter of last year was the first quarter in which the company's new rates were in effect for the entire quarter. Weather also played a role in the strong quarter.
Oil continues to wash up on some Louisiana beaches four years after the Deepwater Horizon sinking sent oil gushing into the Gulf of Mexico and a number of area residents remain angry and resentful despite BP paying out billions of dollars in compensation, Reuters reports.
Environmental Protection Administrator and Boston native Gina McCarthy and Energy Secretary Ernest Moniz will throw out the first pitches at the Red Sox game Tuesday, to mark Earth Day, The Hill reports.
A subsidiary of American Energy Partners, the company run by shale pioneer Aubrey McClendon, is renting seven rigs from his former firm Chesapeake Energy to drill for gas in the Utica Shale, Bloomberg reports.
The total U.S. rig count for the week remained at 1,831, according to oilfield services company Baker Hughes Inc., which said that oil rigs declined while gas and miscellaneous rigs increased, Bloomberg reports.
Vermont Yankee owner Entergy has applied to scrap the 10-mile emergency planning zone around it, because of the nuclear plant's closing by year's end, raising concerns from citizen groups, The Recorder reports.
Critics complain that proposals to increase security of the nation’s power grid, drafted by the industry in the wake of an attack on a California substation last year, won’t do enough to stop anyone intent on sabotage, The Wall Street Journal reports.