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Duke Energy Renewables to Install 200-MW Wind Project in Texas

LCG, April 12, 2019--Duke Energy Renewables, a commercial business unit of Duke Energy, yesterday announced it will build, own and operate the MesteƱo Wind Project, located in southern Texas. The power generated by the 200-MW project will be sold into the ERCOT market, and Duke Energy Renewables will enter into a long-term hedge agreement covering the majority of the expected wind energy production. Construction has commenced, and the project is scheduled for completion by year-end.

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FPL Announces Plans for 409-MW Battery Storage System

LCG, April 3, 2019--Florida Power & Light Company (FPL) recently announced a plan to build the world's largest solar-powered battery system, the Manatee Energy Storage Center, as part of a modernization plan to accelerate the retirement of two, 1970s-era natural gas generating units at FPL's neighboring Manatee Power Plant.

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Industry News

Enron India Lenders Will Talk to, May Sue Governments

LCG, May 8, 2001Financial institutions that provided about $2 billion in financing for the Dabhol Power Co. project in the Indian state of Maharashtra are willing to discuss a cut in interest rates to prevent default, newspapers on the subcontinent said this morning.

But while Indian and foreign bankers are willing to bend a little to end a stalemate, they will not hesitate to sue the government of Maharashtra, the Maharashtra State Electricity Board and even the federal government of India in order to get every rupee owed them.

A problem lenders have in India is they are referred to and thought of as "donors."

The $2.9 billion Dabhol project, which is 65 percent owned by U.S. energy company Enron Corp., has become mired in another problem common to India the notion that contracts, once signed, are nonetheless forever open to renegotiation. When the project was formed in the mid-1990s, the MSEB signed contracts agreeing to purchase all the power from a 740 megawatt first phase and a 1,444 megawatt second phase.

The first phase began commercial operation a year ago, and Enron India has been forced to invoke governmental guarantees at the state and federal level to get paid for power each month. The company is currently owed about $48 million by the MSEB and is dealing with the federal finance ministry in an attempt to get paid.

The huge second phase of Dabhol is scheduled to begin commercial operation in June, and now the MSEB says it doesn't need the power, and that makes the lenders nervous. The Economic Times, India's leading financial newspaper, this morning quoted an unnamed banker as saying "All lenders, both Indian and offshore, want to see the second phase of the project taking off. We may cut the rates if there is any formal request from either (Dabhol) or the government."

Even though five Indian banks -- the Industrial Development Bank of India , State Bank of India , the Industrial Finance Corporation of India, ICICI Ltd and Canara Bank lave lent $1.4 billion of the $2 billion total, Dabhol represent the largest foreign investment in India. Enron's experience has already tarnished India's reputation as a safe place to invest money.

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