Electric utilities
Calpine Corporation and General Electric Company will begin construction of the Inland Empire Energy Center, North America's most advanced gas turbine combined-cycle power plant, in Riverside County, California. The 800-megawatt power plant is expected to generate enough electricity to supply nearly 600,000 households and reduce future carbon
Electric utilities
Calpine Corporation has finalized the sale of its interest in the 156-megawatt Morris Power Plant to Diamond Generating Corporation, a subsidiary of Mitsubishi Corporation, for approximately $84.5 million. This sale aligns with Calpine's strategic plan to reduce debt, increase cash flow, and optimize its North American power
Electric utilities
Scottish Power's shares skyrocketed on a late-day speculative surge, fueled by revived takeover rumors involving German power giant E.On. The shares jumped from 4911/2p to 512p before closing 83/4p higher at 504p on increased turnover of 30m, five times the previous day's total.
Electric utilities
The four Klamath Native American tribes have suffered a major setback in their $1bn legal action against ScottishPower's US subsidiary, PacifiCorp, over alleged damage to their salmon fishing grounds. On Thursday, a federal district court judge in Oregon affirmed a magistrate judge's opinion from May, recommending
Electric utilities
Warren Buffett has made the largest acquisition in eight years with Berkshire Hathaway's decision to buy PacifiCorp, an electric utility serving 1.6 million customers in six states, for $5.1 billion. The purchase will add to Berkshire Hathaway's portfolio of utility companies, with Mr. Buffett
Electric utilities
Berkshire Hathaway, led by the Oracle of Omaha Warren Buffett, has made its second-largest acquisition ever by buying electric utility PacifiCorp for $5.1 billion from Scottish Power. This deal is a significant expansion of Buffett's energy holdings, and when combined with its majority-owned gas and electric utility
Electric utilities
As the US electric utility sector continues to recover from the turmoil of the Enron era, a new wave of consolidation is gaining momentum. The five major transactions announced over the past year, including the pending takeover of Public Service Enterprise Group (PSEG) by Exelon, the sale of Texas Genco
Electric utilities
Dynegy's shares soared over 10 percent on better-than-expected first-quarter results and news that the company will consider selling its natural gas processing business. In an exclusive CNBC interview, Dynegy President and CEO Bruce Williamson discussed the company's future plans, industry trends, and the impact of the
Electric utilities
Shares of several companies rose significantly amid earnings reports and M&A speculation. Sun Microsystems Inc. (SUNW) jumped 16.5% after rumors surfaced that CEO Scott McNealy and Silver Lake Partners are considering taking the company private. Calpine Corp. (CPN) shares rose 15.2% after the energy company put
Electric utilities
Calpine, one of the largest high-yield bond issuers, is caught in a delicate situation. To pay off creditors and potentially attract a takeover bid, the energy company is risking alienating bondholders. The situation is exemplified by a letter sent to Calpine's board by Harbert Distressed Investment Master Fund,
Electric utilities
As Florida continues to recover from the devastating effects of Hurricane Jeanne, power companies are bracing for the financial fallout, with many Floridians facing the possibility of higher electric bills in the coming weeks. Some 2.3 million residents lost power, and while utility crews are working around the clock
Electric utilities
Following an initial assessment of damage to its service territory, Florida Power & Light Company has established estimated restoration dates for all counties affected by Hurricane Jeanne. The hardest hit areas, primarily in Palm Beach County north to Brevard County, will require an extensive rebuild of the distribution system, pushing
