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 Will Sell Out, Forbes Says

LCG, Nov. 8, 2001--The Internet version of Forbes Magazine predicted this morning that Enron Corp. would sell itself to its much smaller rival Dynegy for $8 billion in stock, a fraction of its former value.

As part of the deal, Chevron-Texaco, which owns 27% of Dynegy, would pump at least $1.5 billion in cash into Enron upon the inking of an agreement and an additional $1 billion when the deal closed, Forbes said.

The New York Times noted this morning that Dynegy would also be taking on Enron's $12.8 billion debt load, but that's just the debt that shows up on Enron's balance sheet. It is estimated that billions more in debt has been accumulated off the balance sheet.

It is these off-balance-sheet transactions that have triggered an investigation by the Securities and Exchange Commission and a host of class action lawsuits on behalf of shareholders who have seen the value of their investments cut by four-fifths.

Enron was expected to furnish the SEC today with answers to questions the agency has posed in its investigation, and on Friday the company will meet Friday with its creditors about the company's continuing crisis and the proposed merger. The hope is a deal with Dynegy will lead Enron out of the storm and cause its trading partners to have enough confidence to do business with the company, Forbes said.

In a filing with the Securities and Exchange Commission this morning, Enron said financial statements from 1997 through the first half of 2001 ``should not be relied upon'' and that partnerships run by Enron officials during that period should have been consolidated into the company's the financial results.

"We believe that the information we have made available addresses a number of the concerns that have been raised by our shareholders and the SEC about these matters," said Kenneth Lay, Enron's chairman and chief executive.

The company also fired two executives this morning: Ben Glisan, its treasurer, and Kristina Mordaunt, general counsel for one of its divisions. Previously, Enron had sacked chief financial officer Andrew Fastow, who was in charge of some of the partnerships.

Enron's shares sank to $7.00 yesterday on the new York Stock Exchange before recovering to close at $9.05. At 12:30 EST today, they were trading at about $8.50.

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