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Los Angeles Times: Exxon Mobil made a bit of a splash Tuesday when it announced a $1-million, two-year donation to the Republican-led Americans for Carbon Dividends, an organization pushing for a national tax to help curtail emissions of atmosphere-warming carbon. A carbon tax is aimed at making the burning of fossil fuels — which releases […]
London South East: The World Bank said on Wednesday it would not support a planned 500-megawatt (MW) coal-fired power plant in Kosovo, the first major energy project in the Balkan country in more than two decades. Kosovo’s government had asked the Washington-based lender to provide it partial risk guarantees that would help unlock cheaper loans […]
Bloomberg: Westmoreland Coal Co.’s Oct. 9 bankruptcy filing is the latest in a string of coal company stumbles bucking the Trump administration’s narrative of a fossil fuel revival. With the Chapter 11 filing of Colorado Springs, Colo.-based Westmoreland, four of the nation’s top 10 biggest coal providers have now sought bankruptcy protection within the last […]
S&P Global Market Intelligence ($): Duke Energy Corp. plans to invest $500 million to add nearly 300 MW of battery storage to its portfolio in the Carolinas over the next 15 years. “Duke Energy is at the forefront of battery energy storage, and our investment could increase as we identify projects that deliver benefits to […]
S&P Global Market Intelligence ($): Westmoreland Coal Co. filed for Chapter 11 bankruptcy protection on Oct. 9 after years of attempting to deliver its balance sheet. Westmoreland entered into a restructuring support agreement with an ad hoc group of lenders that hold about 76.1% of the company’s term loan, 57.9% of its senior secured notes […]
July’s proposal to pay bondholders 77 cents on the dollar for about a third of the debt of the Puerto Rico Electric Power Authority (PREPA) straggles on, neither approved nor rejected despite deadlines passing. If the measure of success of a debt settlement is that it offers realistic payouts to bondholders while allowing the debtor […]
S&P Global Market Intelligence ($): Colorado regulators approved an EVRAZ PLC subsidiary’s unique agreement with Xcel Energy Inc. for the steel company to have a 240-MW solar plant built on its mill property in Pueblo, Colo. Xcel Energy subsidiary Public Service Co. of Colorado on Aug. 15 applied to the Colorado Public Utilities Commission for […]
The Sydney Morning Herald: Australian and South Korean officials have discussed drumming up investment in the controversial Adani mega-mine, according to official documents that appear to throw into doubt claims by the Department of Foreign Affairs and Trade that it has not helped secure finance for the project. The revelations will prompt questions over why […]
Overreliance on outside consultants with conflicts of interest and the failure to invest in a competent workforce have imposed huge costs on and severely weakened the Puerto Rico Electric Power Authority (PREPA) and other Puerto Rico government agencies. That’s one of many important lessons from the investigation of Puerto Rico’s debt crisis recently published by […]
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IEEFA Canada: Ill-advised oil sands project faces rough future
Math doesn’t add up on Teck’s Frontier initiative
Teck’s $20.6 billion Frontier Oil Sands Mine Project, now before the Canadian Environmental Assessment Agency Joint Review Panel, faces an extraordinary and alarming combination of risks. The project will face financial distress for its entire 41-year life cycle, according to the report by our organization, the Institute for Energy Economics and Financial Analysis (IEEFA.org), neither […]