Texas $1 bln Carbon Project to Curb Emissions, up Oil Recovery
NRG Energy Inc and JX Nippon Oil & Gas Exploration Corp said on Tuesday they had begun operations at a $1.04 billion carbon capture facility at a Texas coal-fired power plant and were using the emissions to extract crude from a nearby oilfield. The facility, the largest of its kind in the world, is the latest in efforts by the power industry to curb carbon dioxide (CO2) emissions as pressure mounts from regulators, investors and consumers to stem climate change.
Exxon Fends off Climate Change Charges, Plans Fuel Cell Venture
Exxon Mobil Corp, which has been fighting accusations it misled investors and the public for years about the risks of climate change, said on Thursday it will expand a research project with FuelCell Energy Inc that aims to cut the cost of collecting carbon emissions from power plants. The companies hope to use fuel cells, rather than exhaust scrubbers, the industry standard, to capture emissions from natural gas-fired plants and at the same time generate electricity.
MHI Bags Okochi Memorial Technology Prize
A technology developed by Mitsubishi Heavy Industries, Ltd. (MHI) to capture carbon dioxide (CO2) from flue gases (so called "KM CDR Process") has received the Okochi Memorial Technology Prize at the 62nd annual Okochi Memorial Awards from the Okochi Memorial Foundation. The process's groundbreaking technology was recognized for its superior reliability and economy, its excellent track record in commercial applications…
NRG Energy CEO Steps Down after Stock Slide
NRG Energy Inc on Thursday said its chief executive of 12 years, David Crane, would step down immediately after investors grew impatient with his costly, long-term plan to transform the power plant owner into a renewable energy pioneer. Mauricio Gutierrez, NRG's chief operating officer, will replace Crane as president and CEO. Crane's departure comes as NRG's stock has been pushed down this year to levels not seen since 2004.
SunEdison's Problems May Impact Solar Yieldcos
SunEdison Inc's decision to halt sales of solar power plants to its dividend-paying "yieldco" units has drawn attention to the company's missteps at a time when the oil price slump has claimed renewable energy stocks as collateral damage. So-called yieldcos are publicly traded entities that house solar and wind projects sold to them by their parent companies. These units have long-term agreements to sell power…
Texas Power Demand Breaks Record Again in Heat Wave
The Texas power grid operator said electric demand hit another record high on Monday as consumers cranked up their air conditioners to escape a brutal heat wave. Demand reached a record 69,783 megawatts on Monday, topping the previous records of 68,912 MW set on Aug. 6 and 68,459 MW on Aug. 5, the Electric Reliability Council of Texas (ERCOT) said in a statement. ERCOT is the grid operator for most of the state.
TX Power Demand Soars, Prices Spike
The Texas power grid operator said electric demand hit an all-time peak for a second day in a row on Thursday as consumers cranked up their air conditioners to escape a brutal heat wave, and power prices rose to an 18-month high. Next-day power prices at the Ercot North hub <SE-ERCONP-IDX> on the IntercontinentalExchange jumped to $175 per megawatt hour for Friday, the most since February 2014.
Texas Power Demand at Record High
The Texas power grid operator said demand for electricity hit an all-time record as consumers cranked up air conditioners to escape a brutal heat wave on Wednesday, breaking the previous record set four years ago. Demand reached 68,459 megawatts, topping the previous record of 68,305 MW, set on Aug. 3, 2011 during an extended period of record high temperatures. One MW is enough to power about 200 homes during periods of peak demand…
California Has Enough Power for Summer Air Conditioning Demand
California will have enough power to meet air conditioning demand this summer despite continued low hydropower supplies due to an ongoing multi-year drought. The California Independent System Operator (ISO), the power grid operator for most of the state, said in a statement released late Thursday that the grid will benefit from new generation, mostly solar, stable imports and moderate peak demand growth.
SunEdison's Emerging Market Unit Files for IPO
TerraForm Global Inc, formed by solar company SunEdison Inc to own and operate some of its power plants in emerging markets, filed with U.S. regulators for an initial public offering of its class A common shares. TerraForm Global will operate as a "yield co", a corporate structure used by renewable energy companies to bundle up power plants and spin them off. SunEdison is following in the footsteps of NRG Energy Inc…
As New England Freezes, Natural Gas Stays Cheap
What a difference a year makes. Twelve months ago, tumultuous weather in the U.S. Northeast caused record natural gas price spikes and forced some power plants to shut for lack of fuel as power producers scrambled to outbid each other for scarce supplies. This February, the region has shivered through the coldest weather in 81 years, yet gas prices are a fifth lower than a year ago after power generators…
New England Power Grid Warns of Winter Natgas Constraints
New England should have enough electricity to meet demand this winter but the natural gas pipeline constraints that caused price spikes on the coldest days last winter will be a "concern" again this year, the region's power grid operator said Thursday. ISO New England, the grid operator, warned the region's dependence on gas puts it in a "vulnerable position" because current pipelines cannot deliver all the gas required for both heating and power generators…
Solar Plant Owner TerraForm Rises 37% in Debut
Shares of TerraForm Power Inc, created by SunEdison Inc to own and operate its solar power plants, rose as much as 37 percent in their market debut, valuing the company at about $3.26 billion. TerraForm Power's IPO raised about $502.5 million after the offering of 20.1 million shares was priced at $25 per share, at the higher end of its expected price range. The company's shares opened at $33.36 and rose to a high of $34.34 as of 1112 ET on the Nasdaq on Friday.
MHI Wins Big CO2 Capture System Order
Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for a world's largest post combustion CO2 capture system for the enhanced oil recovery (EOR) project in Texas, the U.S.A., which is primarily promoted by NRG Energy, Inc., an independent power producer (IPP) of the U.S., and JX Nippon Oil & Gas Exploration Corporation (JX Nippon), a JX Group company of Japan. The system…
NY Approves of NRG Plan to Refuel Dunkirk Coal Plant with Natgas
The New York Public Service Commission on Thursday approved of NRG Energy Inc's plan to refuel the 435-megawatt Dunkirk coal-fired power plant in New York with natural gas, the state utility regulator said in a release. (Reporting by Scott DiSavino, Editing by Franklin Paul)
NRG Yield Will Buy Largest U.S. Wind Farm for $870 mln
NRG Yield Inc, a unit of NRG Energy Inc, said it would buy California's Alta Wind Energy Center, the largest wind farm in North America, for $870 million. The acquisition totals 947 megawatts of operating wind capacity and includes a portfolio of land leases associated with the Alta Wind facility, NRG Yield said on Wednesday. The deal is expected to increase NRG Yield's annual run-rate earnings before interest…
