NRG Poised to Relinquish Debt-Laden GenOn to Creditors

Under a proposed restructuring agreement, NRG Energy will hand over 100% equity of GenOn Energy, a wholesale generation company it acquired in a $1.7 billion deal in 2012, to the company’s bondholders once GenOn emerges from voluntary Chapter 11 restructuring. NRG, GenOn, and an ad hoc group of GenOn noteholders reached a mutual cooperation agreement […]

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Southern Company Could Delay Plant Vogtle Decision Until Late Summer

CEO Tom Fanning told Southern Company shareholders attending the company’s annual meeting on May 24 that a decision on how to proceed with the Plant Vogtle nuclear expansion could take several more months. The Vogtle expansion—one of two new nuclear construction projects underway in the U.S. utilizing Westinghouse’s AP1000 technology—has been in limbo, albeit still […]

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Ohio Committee Suspends FirstEnergy’s Nuclear Power Rescue Plan

Ohio-based FirstEnergy’s plan for a rescue of its two uncompetitive Ohio nuclear plants took a nosedive May 17, as the Ohio House Public Utilities Committee suspended action on the company’s proposal to charge its customers a fee to subsidize the plants. FirstEnergy’s plan mimics programs adopted in Illinois and New York to create “zero energy […]

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Wärtsilä Acquires Major Energy Storage Player

  Finnish technology firm Wärtsilä has acquired Greensmith Energy Management Systems, a firm that specializes in energy storage optimization and integration software, for an undisclosed amount. Greensmith, which has designed and deployed more than 180 MW of energy storage at 50 sites globally, has developed a software platform, GEMS, which optimizes the performance of energy […]

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