EnergyOnline
Services

RSS FEED

EnergyOnline.com rss

News

New York PSC Approves Ravenswood Energy Storage Project

LCG, October 18, 2019--The New York State Public Service Commission (PSC) yesterday approved construction of the largest battery storage facility in New York State history. The 316-MW Ravenswood Energy Storage Project will be built in Long Island City, Queens, New York and scheduled to be partially operational by March 2021.

Read more

Xcel Energy, EVRAZ North America and Lightsource BP Announce 250-MW Solar Project in Colorado

LCG, October 1, 2019--Xcel Energy, EVRAZ North America and Lightsource BP announced Friday that they have reached a long-term agreement to develop a 240-MW solar facility in Colorado. Lightsource BP will finance, build, own and operate the Bighorn Solar project and sell all the electricity it generates to Xcel Energy under a long-term power purchase agreement (PPA). The project will be built on EVRAZ Rocky Mountain Steel property in Pueblo, making it the largest on-site solar facility dedicated to a single customer in the country.

Read more

Industry News

Shell May Bid $11 Billion for Enron

LCG, Nov. 5, 2001--Royal Dutch/Shell is believed to be about to mount a 7.6 billion ($11 billion U.S.) bid for Enron Corp., believing the giant U.S. energy company can be had at a bargain price, The Independent, an English newspaper, speculated in its Sunday edition.

The paper, which said the deal has been the subject of considerable speculation on both sides of the Atlantic, said a takeover of Enron would fit Shell's ambitions to add more downstream energy operations to its portfolio. "I have no doubt that a deal is something Shell is looking into," one senior London analyst told The Independent.

Houston-based Enron has recently found itself in deep corporate trouble and the problems worsened last week when the U.S. Securities and Exchange Commission launched an investigation into partnerships run by the group's former chief financial officer, Andrew Fastow, who has been placed on indefinite leave of absence.

Enron has seen its credit-rating slashed to near-junk status, and its shares have suffered a series of big falls, losing about 80 percent of their value.

"Enron's plan to employ asset sales and other means to repair its damaged balance sheet will be insufficient to restore its long-term credit quality to the historical BBB-plus level," wrote Standard & Poor's director Todd Shipman as the credit rating firm cut Enron's debt to two notches above junk status. "The company's financial flexibility continues to diminish."

Last week the situation deteriorated even further. With the SEC investigation hanging over it, Enron has been shut out of many of the usual ways of raising cash and, according to the weekly Barron's, there are "headaches" in Enron's $915 million debt associated with a water-company subsidiary, the pledge of its 19,000-mile pipeline last week to secure a $1 billion loan and the SEC investigation.

That has forced the company to resort to desperate measures to raise cash to cover its outstanding debts. Enron secured a $1 billion loan against its huge 19,000-mile network of natural gas pipes. The new credit, supported by assets of Enron's Northern Natural Gas Co. and Transwestern Pipeline, will help the company shore up its liquidity position.

"We are moving aggressively to strengthen our balance sheet and maintain our investment-grade rating," new Chief Financial Officer Jeffrey McMahon said in a statement.

Copyright © 2019 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...
MarketWatch
Annual summary of prices, congestion and important events in ERCOT
CAISO CRR Auctions
Monthly Price and Congestion Forecasting Service