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South Field Energy Breaks Ground for 1,182-MW Power Plant

LCG, May 16, 2019--South Field Energy LLC announced yesterday its groundbreaking for an 1,182-MW, combined-cycle electric generating facility in Columbiana County, Ohio. The natural gas-fired facility is scheduled to commence operations in mid-2021 and represents a $1.3 billion investment.

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Exelon to Shut Down Three Mile Island by September 30, 2019

LCG, May 10, 2019--Exelon Generation announced Wednesday that Three Mile Island Generating Station Unit 1 (TMI) will shut down by September 30, 2019. The Nuclear Regulatory Commission (NRC) had approved back in 2009 a 20-year extension for the nuclear energy facility through 2034.

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Industry News

Petroleum Reserve Purchases Should Be Put on Hold, Senate Resolution States

LCG, Mar. 15, 2004--High gasoline prices have prompted a number of Senators to advocate that further purchases of oil for the purpose of adding to the national Strategic Petroleum Reserve be put on hold, a step that the Bush administration has resisted taking.

Similar calls were made by former Vice President Gore when he campaigned against then-Governor Bush for the presidency, although he had earlier called such use of the Reserve vulnerable to further supply cuts by foreign oil producers. At the time, Treasury Secretary Lawrence Summers and Federal Reserve Chairman Alan Greenspan advised that a Gore proposal to allow purchases from the Reserve by domestic oil companies was not a good use of the SPR, which was created following the oil embargo of the 1970's.

Just as he was during the presidential campaign, President Bush has remained opposed to lowering the requirements for holdings of oil in the Reserve, and his administration has no plans for putting purchases on hold. Currently, the level of the reserve, made up of crude oil stored among four sites in Texas and Louisiana, stands at 643 million barrels, out of a possible 700 million barrels at its maximum possible level.

A nonbinding resolution passed by the Senate would prevent the federal government from making purchases until October 2005. Top House Republicans are reportedly opposed to the measure. The Department of Energy has stated the the reserve "should be used only for protection against oil supply disruptions, not to manipulate price." Its sponsors, Sen. Susan Collins, R-Me., and Sen. Carl Levin, D-Mich., have said that allowing oil to enter the marketplace rather than being added to the SPR could bring gasoline prices down by 10 to 25 cents per gallon.

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