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.

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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.

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Industry News

Enron Shares Slide Below $10

LCG, Nov. 7, 2001--Shares in Enron Corp., once the darling of Wall Street, slid below $10 for the first time in ten years yesterday as the huge energy company struggled to shore up its balance sheet and calm the nerves of investors shaken by what appear to be shady business deals.

Enron stock closed down $1.50 yesterday on the New York Stock Exchange, a drop of 13.4 percent. The closing price of $9.67 is the lowest since May 1992, and that's when Enron was HNG/Internorth Inc.

The company has been unable -- or unwilling -- to explain how off-the-balance-sheet transactions could reach both the income statement and the balance sheet. The deals resulted in a $1 billion charge against earnings and a write-down of $1.2 billion in shareholder equity.

Those transactions, made with partnerships headed by Andrew Fastow, who was at the same time chief financial officer of Enron, are the target of an investigation by the U.S. Securities and Exchange Commission.

Fastow was placed on unpaid leave of absence in late October and replaced as chief financial officer. But it was an earlier departure that first raised eyebrows.

In August, Jeff Skilling, heir apparent to Chairman Kenneth Lay, abruptly resigned as chief executive saying only that he wanted a change of lifestyle. He may have envisioned at the time the lifestyle now being suffered by lay, who resumed the role of chief executive -- a lifestyle that includes answering embarrassing questions posed by federal investigators and reporters.

Industry observers feel that Enron isn't coming clean. "Senior people (are) making pronouncements without fully understanding the nature of what they're talking about and that in turn gives the impression that they're hiding something," said one.

Still, last year Enron earned $1.4 billion on revenues of $100 billion. Behind the perceived obfuscation lurks a pretty good company.

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