Sign in Subscribe
News agencies

Energy Industry Update: Major Projects and Developments Across the Americas, Europe, and Asia

Strategic Insights

— 2 min read

American energy companies are juggling multiple projects with varying levels of progress. In the US, Duke Energy's Edwardsport project, worth $2.35 billion, has received regulatory approval. Progress Energy issued an expanded common stock offering to settle short-term debt, valued at about $469 million. However, the joint venture between Dynegy and LS Power may be halted due to the latter's wish to proceed with a separate $1 billion coal-fired power plant in Georgia. On the other hand, LS Power's affiliate, Elk Run Associates, has canceled plans for a $1.3 billion coal-fired plant in Iowa.

NRG Energy faces a hostile takeover bid from Exelon Corp., with around 46% of NRG shareholders tendering their shares. Exelon has extended its exchange offer until February 25. In a separate development, FPL Energy, a subsidiary of FPL Group, is rebranding as NextEra Energy Resources to emphasize its commitment to clean energy.

Meanwhile, Laidlaw Energy Group has acquired Fraser Paper mill in New Hampshire and is developing a 66 MW biomass project there. DMI Industries, a wind tower manufacturer, is cutting 20% of its work force due to declining demand. Progress Energy has partnered with Westinghouse Electric and The Shaw Group to design and build two 1,105 MW nuclear reactors in Florida, estimated to cost around $14 billion.

Key Takeaways:

  • Duke Energy's Edwardsport project has received regulatory approval, marking a significant milestone in the project's development. The project's total cost is estimated to be $2.35 billion, with a capacity of 630 MW.
  • Progress Energy's expanded common stock offering aims to settle short-term debt, valued at about $469 million.
  • The joint venture between Dynegy and LS Power may be halted, with_LS Power expressing a desire to proceed with a separate coal-fired power plant project in Georgia.
  • NRG Energy faces a hostile takeover bid from Exelon Corp., with around 46% of NRG shareholders tendering their shares.
  • FPL Energy is rebranding as NextEra Energy Resources to emphasize its commitment to clean energy.
  • Laidlaw Energy Group has acquired Fraser Paper mill in New Hampshire, where it is developing a 66 MW biomass project.
  • DMI Industries, a wind tower manufacturer, is cutting 20% of its workforce due to declining demand.
  • Progress Energy and its partners, Westinghouse Electric and The Shaw Group, are designing and building two 1,105 MW nuclear reactors in Florida, expected to cost around $14 billion.

Statistics:

  • $2.35 billion: The total cost of Duke Energy's Edwardsport project.
  • 630 MW: The capacity of Duke Energy's Edwardsport project.
  • $469 million: The value of Progress Energy's expanded common stock offering.
  • 46%: The percentage of NRG Energy shareholders who have tendered their shares under the hostile takeover bid from Exelon Corp.
  • 20%: The reduction in DMI Industries' workforce due to declining demand.
  • $14 billion: The estimated cost of Progress Energy and its partners' nuclear reactor project in Florida.
  • 2,640 MW: The total capacity of PT Central Java Power's Tanjung Jati B plant after the addition of two new generators.

Sources:

  • Charlotte Business Journal, 1/8
  • Associated Press, 1/8
  • Atlanta Business Chronicle, 1/5
  • Dothan Eagle, 1/7
  • Houston Chronicle, 1/7
  • South Florida Business Journal, 1/7
  • Business Wire, 1/5
  • Associated Press, 1/5
  • New Civil Engineer, 1/6
  • Financial Times, 1/5
  • iStockAnalyst.com, 1/2
  • Reuters, 1/8
  • Bloomberg, 1/5

Read more