bankruptcy
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Legislative
Biden’s DOE Finalizes $15 Billion Loan Guarantee to California’s PG&E
The Biden administration has finalized a $15 billion loan guarantee to California utility Pacific Gas & Electric (PG&E), in the biggest outlay to a single group in the history of the Dept. of Energy’s (DOE) Loan Programs Office (LPO). The Jan. 17 announcement comes one day after the outgoing administration said it would provide nearly […]
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Solar
Solar Leader Enphase Energy Cutting 500 Jobs
California-based Enphase Energy, a company known for its solar power and electric vehicle (EV) charging technology, announced it is laying off about 500 workers. The company in a Nov. 8 filing with the U.S. Securities and Exchange Commission (SEC) said a challenging economy for the solar power industry requires reduced spending. The cuts come less […]
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News
California Regulators Reject PG&E Plan to Sell Generation Assets
California regulators have denied Pacific Gas & Electric’s (PG&E’s) plan to sell a multibillion-dollar stake in the utility’s power generation fleet to a New York-based investment firm. Oakland-based PG&E, which has been seeking to raise money for future operations and to help recover from financial losses due to a series of California wildfires, wanted regulatory […]
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Business
PG&E Set to Sell Power Assets to Global Investor KKR
California utility Pacific Gas & Electric (PG&E) said the company is nearing a deal to sell power generation assets to KKR, a New York City-based global investment firm that has holdings in several business sectors, including energy and infrastructure. PG&E has been seeking money to pay for wildfire mitigation work across its service territory, and […]
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Gas
New York Group Acquiring More Than 2.1 GW of Texas Gas-Fired Capacity
New York-based energy investment firm LS Power on May 8 said it has reached an agreement with Brazos Electric Power Cooperative to acquire 2,145 MW of natural gas-fired power generation in the ERCOT North region of Texas. The deal comes six months after a federal bankruptcy court judge approved Brazos’ reorganization plan, which includes a […]
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News
ERCOT Unveils Plan for Invoicing Default Uplift Charges
ERCOT market participants are grappling with the resulting financial fallout from winter storm Uri, which devastated Texas in February. Many are now familiar with actions the Texas Public Utility Commission (PUCT) took during the weather event, moves made with the intent to bring and maintain as much generation online as possible. Most notable, the commission […]
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News
Power Co-op Files Bankruptcy After $2.1 Billion ERCOT Bill
The group considered Texas’ oldest and largest electricity cooperative has filed for Chapter 11 bankruptcy protection, saying it can’t pay money wanted by the state’s grid operator in connection with power outages during a major winter storm that hit in February. Brazos Electric Power Cooperative filed its bankruptcy petition March 1 in the U.S. Bankruptcy […]
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Finance
Power Sector Faces Continued Financial Distress in 2021
The last few months have seen the power sector plagued with enduring lower power prices, exacerbating the continued negative impact on power generation companies and electric utilities. There are a number of
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Coal
Continued Toll on Coal; More Companies File Bankruptcy
The struggling U.S. coal industry, decimated by falling demand for the fuel from the power generation sector, and hit hard by low prices during the coronavirus pandemic, saw two more mining companies declare bankruptcy this week. White Stallion Energy, which operates in Indiana and Illinois, and Lighthouse Resources, a coal company with mines in Wyoming […]
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News
Judge Approves PG&E Bankruptcy Exit
A federal judge in California has approved Pacific Gas & Electric’s plan to exit bankruptcy, clearing the way for the utility to compensate victims of a series of wildfires in the state that left more than 100 people dead in 2017 and 2018. The action by U.S. Bankruptcy Judge Dennis Montali on June 20 authorized […]
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