EnergyOnline
Services

RSS FEED

EnergyOnline.com rss

News

Tokyo-based Electric Power Subsidiary partners with AP Solar in 400 MW Texas Solar Project

LCG, August 6, 2020—J-Power USA Development Co, a subsidiary of the Electric Power Development Co. headquartered in Tokyo, has joined a joint venture to develop a 400 MW Texas solar project.

Read more

Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

Read more

Industry News

Enron India Defaults on Interest Payments

LCG, Sept. 24, 2001--Enron Corp. has admitted that its Indian subsidiary Dabhol Power Co. defaulted on interest payments to international lenders, Reuters news agency reported on Friday.

"I can confirm that there was a technical default on the Phase 2 loans for the Dabhol power plant," Enron spokesman John Ambler said.

Ambler said the default was on loans for the nearly complete 2,144 megawatt Phase 2 of the Dabhol power plant near Bombay in India's Maharashtra state, and said their had been no default on loans for the 740 megawatt Phase 1, which began commercial operations a year ago.

A Dabhol Power Company spokesman declined to comment on the default but confirmed that the company had asked foreign lenders for help in meeting its interest payments, some of which must be made by next Sunday.

Almost immediately after Phase 1 of Dabhol began producing power, its only customer, the government-run Maharashtra State Electricity Board proved to be a payment-impaired customer. Enron was forced to invoke guarantees by the state of Maharashtra and the federal government of India to get any payment at all and in June of this year the MSEB quit taking power entirely and defaulted on outstanding bills owed to Dabhol.

In July, Enron said it wanted out of India and would be willing to sell its 65 percent interest in Dabhol for the $1 billion it had invested in the plant. It also suspended work on Phase 2 shortly before it was scheduled to begin commercial operation.

Ambler told Reuters that Dabhol Power Co.'s default was a direct result of the cessation of payments by the MSEB and observers say the default deals a huge blow to efforts to find a solution to the dispute between Dabhol and the MSEB.

Foreign lenders are now likely to be less accommodating, they said, and will be under increasing pressure to invoke guarantees given by the Indian lenders, the news agency said.

Besides lending money themselves, Indian lenders have guaranteed most of the loans given by the project's global creditors. Therefore, Indian lenders will be obliged to pay up whatever amount Dabhol defaults on.

Copyright © 2020 LCG Consulting. All rights reserved. Terms and Copyright
Generator X
Generation and Transmission Planning and Optimization
UPLAN-NPM
The Locational Marginal Price Model (LMP) Network Power Model
UPLAN-ACE
Day Ahead and Real Time Market Simulation
PowerMax
Day-ahead and real-time portfolio revenue optimization
UPLAN-G
The Gas Procurement and Competitive Analysis System
PLATO
Database of Plants, Loads, Assets, Transmission...
MarketVision
Daily LMP Forecast for ERCOT
MarketWatch
Annual summary of prices, congestion and important events in ERCOT
CAISO CRR Auctions
Monthly Price and Congestion Forecasting Service