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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

Who Gets Hit with Enron Fallout

LCG, Nov. 30, 2001--For the past few days, energy companies and financial institutions have been cranking out press releases detailing their "exposure" to the stunning collapse of Enron Corp. Here is an incomplete list of who gets hurt and how much:

  • Aquila Inc. - less than $50 million.
  • Allegheny Energy Inc. - less than $5 million.
  • American Electric Power Co. - under $50 million.
  • BP Plc - exposure "a couple of tens of million dollars," according to industrial observers.
  • Barclays Bank - 400 million ($571 million U.S.) in the form of syndicated loans and derivatives.
  • Bear Stearns Cos. Inc. - $69 million.
  • Canadian Imperial Bank of Commerce - $215 million, more than half of it unsecured.
  • Centrica Plc - 30 million ($42.8 million U.S.).
  • Chubb Corp. - $220 million in maximum pre-tax exposure to surety bonds relating to Enron Corp.
  • Citigroup Inc. - between $700 million to $800 million, about half unsecured.
  • Credit Lyonnais - $250 million, about half unsecured.
  • Commerzbank AG - "low double-digit million dollar amount".
  • Deutsche Bank - maximum loss of tens of millions of dollars.
  • Dominion Resources Inc. - past credit exposure of $11 million.
  • Duke Energy Corp. - $100 million in non-secured exposure.
  • Dynegy Inc. - $75 million.
  • El Paso Corp. - net trading exposure about $50 million.
  • Energen Corp. - about $14 million.
  • Exelon Corp.- net exposure less than $10 million.
  • ING (The Netherlands) - about $195 million.
  • J.P. Morgan Chase & Co. - $900 million, including $400 million in secured loans.
  • KeySpan Corp. - less than $4 million.
  • Mirant - up to $60 million.
  • NRG Energy Inc. - less than $10 million.
  • Northern Border Partners LP - $9 million over next year.
  • PPL Inc. - less than $10 million.
  • Peoples Energy Corp. - approximately $8 million.
  • RWE AG - 10-11 million euros ($9.77 million U.S.).
  • Reliant Resources Inc. - approximately $80 million.
  • Sempra Energy - less than $15 million.
  • Seneca Resources Corp. - about $10.4 million.
  • TotalFinaElf - $25 million.
  • Williams Cos. - net exposure less than $100 million.
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