Fuelling Growth With Coal, India Champions Poor in Paris
India's hardline position in global climate talks has made it a potential villain for Western nations as it warns that its greenhouse emissions, mostly from burning dirty coal, may keep rising past the middle of the century. Its little-known team came to Paris with a mission to force rich nations to lead the way in curbing emissions. Prime Minister Narendra Modi told the summit that "climate justice" meant poor nations needed "room to grow". Such positions may have prompted U.S. Secretary of State John Kerry to say that India would be a "challenge" to deal with in Paris but, in the corridors of the U.N. climate summit, it is winning the support of other developing nations.
Fortis Earn $ 151 mln in 3Q
Fortis Inc. released its third quarter results today. Driven by its U.S. utility acquisitions, completion of the Waneta Expansion, and strong results from its other utilities, Fortis' net earnings attributable to common equity shareholders were $151 million, or $0.54 per common share, and $145 million, or $0.52 per common share, on an adjusted basis. "All of our businesses contributed to our strong third quarter earnings," said Barry Perry, President and Chief Executive Officer of Fortis. * Net earnings attributable to common equity shareholders for the third quarter were $151 million…
Chevron Begins First Production from Lianzi Field
Chevron Corporation subsidiary Chevron Overseas (Congo) Limited has commenced oil and gas production from the Lianzi Field, located in a unitized offshore zone between the Republic of Congo and the Republic of Angola. Located 105 km offshore in approximately 900 meters of water, Lianzi is Chevron’s first operated asset in the Republic of Congo and the first cross-border oil development project offshore Central Africa. The project is expected to produce an average of 40,000 barrels of crude oil per day. “As the first offshore energy development spanning national boundaries in the Central Africa region…
Traders Scramble for Caribbean Crude Storage
Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums. The last time tanks in the logistically-important islands were this full, during the price collapse of 2009, companies started leasing vessels to use as floating storage. That is not yet happening now, but the only way to get tank space at the moment is to sublease it, said one tank broker with decades of experience.
Fortis Ink Belize Electricity Deal
Fortis Inc. announced today that it has agreed to terms of a settlement with the Government of Belize (the Government") regarding the Government’s expropriation of the Corporation’s approximate 70% interest in Belize Electricity Limited ("BEL") in June 2011. The terms of the Settlement include a one-time US$35 million cash payment to Fortis from the Government and a reduction of the Corporation’s common equity position in BEL to approximately 33%. "We look forward to working with the Government and BEL to provide efficient and reliable utility operations in Belize," says Barry Perry, President and Chief Executive Officer, Fortis.
Fortis Shareholders Elect 11 Directors
Fortis Inc. announces that the nominees listed in the Corporation's Notice to Shareholders and Management Information Circular dated 20 March 2015 were elected as Directors of Fortis at the Corporation's Annual Meeting of Shareholders held earlier today in St. John's, NL. Tracey C. Pierre J. Paul J. Peter E. Maura J. Ida J. Douglas J. Ronald D. David G. Barry V. Fortis Inc. is a leader in the North American electric and gas utility business, with total assets of approximately $28 billion and fiscal 2014 revenue of $5.4 billion. Its regulated utilities…
