Companies and Agencies

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In Bankruptcy Reorganization, U.S. Coal Giant Alpha Is Overstating Cash Flows by $100 Million, Regulators Say

Taylor Kuykendall for SNL: West Virginia regulators admonished Alpha Natural Resources Inc. for a five-year business projection that overstated “cash flows by a whopping $100 million.” The West Virginia Department of Environmental Protection noted it would not challenge a settlement resolving the shortfall between Alpha and Contura Energy Inc., the entity formed from the bankruptcy […]

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Exelon Pushes for Illinois State Subsidies for Its Coal and Nuclear Plants

Kari Lyderson for Midwest Energy News: Illinois legislators today introduced a long-awaited massive energy bill that would provide subsidies to keep nuclear plants and coal plants running and introduce a controversial demand charge, along with fixing the state’s Renewable Portfolio Standard, increasing energy efficiency investments and other measures. For more than a year, Exelon has […]

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New York Town’s Post-Coal Transition Seen as Model for Colstrip, Montana

Eric Tegethoff for Public News Service Montana: Although the fate of the Environmental Protection Agency’s Clean Power Plan is up in the air now that Donald Trump has been elected president, at least part of Colstrip’s coal-fired power plant is still likely to close by 2022. Peter DeJesus, field coordinator for Western New York Area […]

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IEEFA Exxon: A Company in Need of More Accountability at the Top

As Directors Ponder CEO's Successor, Will They Seek a Much-Needed Change in Meeting Performance Standards?

ExxonMobil has been reducing its cash returns to investors over the past few years, a trend we highlighted in our report last week, “Red Flags on Exxon Mobil,” but has still paid out far more to investors than standard financial metrics would support.  Indeed, all indicators, including the company’s recent announcement that it will likely de-book […]

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IEEFA Exxon: Why the Abrupt Revision on Reserves?

Oil Giant Owes Investors Answers, and Much More Transparency

The headline news out of ExxonMobil’s third-quarter earnings call last week bears repeating: If low prices persist during the fourth quarter of 2016 then as much as 4.6 billion barrels of the company’s oil reserves in Canada and North America would no longer qualify as proven reserves.   This makes ExxonMobil the latest in a […]

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Exxon Widens Its Fight Against Climate-Change Disclosures

David Hasemyer for InsideClimate News: Attorneys for ExxonMobil have revealed a plan to ratchet up pressure on state attorneys general who have vowed to hold Exxon and fossil fuel companies accountable for their conduct on climate change. Exxon attorney Theodore Wells told a New York judge that the company is working on deposing at least […]

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IEEFA Exxon: The Problems Are More Than Cyclical

All Signs Point to Low Oil Prices Going Forward

Some stock analysts say the problems afflicting ExxonMobil are cyclical, which would mean that a spike or increase in oil prices are on the horizon and that the company will move back into the black across the board when that happens.  But the fact is that a rebound in oil prices is unlikely. Independent assessments—from […]

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IEEFA Update: FirstEnergy, on Thin Ice, Walks Away From a Half Million Ohio Households in Hopes of Saving Itself

A Break with the Northeast Ohio Public Energy Council Is the Latest Sign, Among Many, That a Poorly Run Utility Is on the Ropes

FirstEnergy’s financial tailspin took a spectacular turn late last month when the company abruptly cancelled the three remaining years of a nine-year contract to supply electricity to the Northeast Ohio Public Energy Council (NOPEC), a group that provides power to 500,000 customers. What’s happening here in Ohio, in brief, is that FirstEnergy’s bad business decisions […]

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IEEFA Puerto Rico: Electric Company, Off the Mark on Its In-House Outlook, Is Spending Twice as Much on Fuel Than Projected

PREPA’s Low-Balling of Oil Prices Will Drive Power Rates Higher; FY 2017 Total May Exceed Estimate by $600 Million; Agency Forecast Ignored Professional Consensus

The Puerto Rico Electric Power Authority is seriously underestimating the price of oil in the fiscal-year budget it put into effect on July 1. The result is likely to be higher-than-predicted and increasingly unaffordable power rates for residents and businesses of Puerto Rico, an island commonwealth that gets most of its electricity from oil-fired generators. […]

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NextEra Steps Into the FirstEnergy Void in Ohio, and at a Discount to Ratepayers

John Funk for the Cleveland Plain Dealer: The Northeast Ohio Public Energy Council, or NOPEC, has approved a three-year contract with NextEra Energy Services Ohio, a subsidiary of Florida-based NextEra Energy Resources, to supply power to some 500,000 Northeast Ohio consumers and small businesses. NOPEC made this decision10 days after current supplier FirstEnergy Solutions canceled […]

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