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Missouri PSC Approves Grain Belt Express HVDC Transmission Project

LCG, March 22, 2019--The Missouri Public Service Commission (PSC) approved a request filed by Grain Belt Express Clean Line LLC for a certificate of convenience and necessity (CCN) to construct, own, operate, control, manage and maintain a high-voltage, direct-current (HVDC) transmission line to move power east from wind farms in western Kansas to load centers in Missouri, Illinois and Indiana.

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FPL Targets 1,490 MW of Solar Capacity for New Community Solar Program

LCG, March 15, 2019--Florida Power & Light Company (FPL) Wednesday filed a proposal with the Florida Public Service Commission (PSC) for a new community solar program, FPL SolarTogether. Pending PSC approval, FPL plans to install 1,490-MW of capacity at 20 new solar power plants across FPL's service territory to meet anticipated customer enrollment in the program.

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Industry News

NRG Said to Offer Ownership Stake to Lenders

LCG, Nov. 11, 2002--With serious liquidity difficulties weighing it down, NRG Energy Inc., the unregulated power developer, has offered to give ownership in the company to lenders and creditors, sources have told the Wall Street Journal.

The company, which was previously spun off from parent Xcel Energy Inc. and later bought back by the Midwestern utility, has $10 billion in debt outstanding. It has failed to make debt payments repeatedly since September. Part of its current negotiations are said to involve Chapter 11 bankruptcy proceedings.

Approximately half of NRG's debt is secured by power projects in its portfolio, which includes 68 plants either operating or under development. Most of the plants are in the East or South-Central parts of the U.S.

According to people who have had access to presentations by NRG, the company, which is not discussing negotiations at the present time, offered a 95% equity stake to lenders and bondholders at the holding-company level. Lenders to individual power projects that may not be fully developed could receive the remaining 5%. Negotiations for more than 100 banks that took part in syndicated loans are being led by the Credit Suisse Group's Credit Suisse First Boston unit and ABN Amro Holding.
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