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New York Poised to Close Last Coal-fire Power Plant

LCG, December 4, 2019--The last operating coal-fired power plant in New York is moving toward closure shortly. Last month, Somerset Operating Company, a subsidiary of Riesling Power LLC, submitted a request to the New York State Public Service Commission (NYSPSC) to waive the state's required, 180-day notice to close the Somerset Station, allowing the facility to be retired on February 15, 2020. Closure is contingent on approvals by both NYSPSC and the New York Independent System Operator (NYISO), which will evaluate if it will cause an adverse effect on grid reliability.

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Construction Commences on Enel’s Aurora Wind Farm in North Dakota

Enel Green Power North America, Inc. (“EGPNA”), the US renewable energy company of the Enel Group, has started construction of the 299-MW Aurora Wind Farm in North Dakota.

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Industry News

Former Dynegy Gas Trader Indicted

LCG, Jan. 27, 2003--An indictment was unsealed today, alleging that a former trader for Dynegy, Michelle Marie Valencia, had knowingly reported false gas trade prices to a trade publication in three instances in late 2000 and early 2001.

Valencia, 32 years old, was arrested today in Houston on charges of reporting false trade information and wire fraud. According to U.S. Attorney Michael Shelby, the indictment covers 43 trades that the publication, Inside FERC Gas Market, could have used to develop published natural gas price indexes. The indexes in this publication and others have been used to arrive at a settlement of many gas contracts.

Dynegy stated that it continues to cooperate with authorities in their investigations of reporting practices, and that Ms. Valencia was one of seven traders it has dismissed since last fall. The company paid $5 million in December to settle accusations by the Commodities Futures Trading Commission that it had attempted to manipulate gas-price indexes, and did not admit or deny wrongdoing.

Ms. Valencia could have to serve five years in prison and pay a fine of up to $500,000, if convicted.
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