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New York Poised to Close Last Coal-fire Power Plant

LCG, December 4, 2019--The last operating coal-fired power plant in New York is moving toward closure shortly. Last month, Somerset Operating Company, a subsidiary of Riesling Power LLC, submitted a request to the New York State Public Service Commission (NYSPSC) to waive the state's required, 180-day notice to close the Somerset Station, allowing the facility to be retired on February 15, 2020. Closure is contingent on approvals by both NYSPSC and the New York Independent System Operator (NYISO), which will evaluate if it will cause an adverse effect on grid reliability.

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Construction Commences on Enel’s Aurora Wind Farm in North Dakota

Enel Green Power North America, Inc. (“EGPNA”), the US renewable energy company of the Enel Group, has started construction of the 299-MW Aurora Wind Farm in North Dakota.

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Industry News

TransCanada Sells $775 Million in Midstream Assets

LCG, Aug. 4, 2000--TransCanada PipeLines Ltd. said yesterday it had found buyers for most of its remaining natural gas liquids and extraction, and natural gas gathering and processing midstream assets in western Canada and will realize about $1.15 billion ($775 million U.S.) from their sale.

"The proceeds from these sales are in line with our expectations and mark another significantmilestone in TransCanada's divestiture program," said Doug Baldwin, TransCanada president and chief executive. "These sales, combined with other previously-announced sales and agreements bring TransCanada 80 per cent of the way to its $3 billion target from the divestiture of non-core assets."

The company said it would sell four properties and its interests in two others to Williams Energy Canada Inc. for an undisclosed sum. That sale is expected to close this autumn, after regulatory and government approvals are received.

Last month, TransCanada closed the sale of its roughly 30 per cent interest in the East Crossfieldgas plant and associated petroleum and natural gas rights to Mobil Oil Canada Limited sold its interests in three natural gas processing plants to AltaGas Services Inc.

Since last December, TransCanada has sold or has agreements to sell approximately $2.4 billion ($1.6 billion U.S.) of assets. "This will contribute significantly to our primary objective of strengthening TransCanada's financial position," Baldwin said. "As we continue to finalize the sale of non-core assets, our debt load will be reduced, our financing costs will decrease and we expect efficiencies in corporate costs, which will contribute to improved earnings and cash flow."

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